For its 100 years of existence, Panama has been a pleasant and economically stable place, where the social stability and the security are fundamental elements in the development of the country.
INVESTMENTS IN PANAMA
Panama has a favorable and stable atmosphere to invest. Due to the nature of its economy, which is based in services, Panama is relatively less affected to the fluctuations and cycles of the world-wide economy. At the same time, the dollar-based economy has helped to keep the low inflation (average of 1, 8%) during the last the 40 years. The Panama Canal, the Port System, the Free Zone of Colón, the telecommunications industry, and the tourism sector head the Panamanian economy. The tourism in particular has had the more remarkable growth rate, from 1997, with a composed annual rate that exceeds 13%, with projections of growth of 11,2% in next the four years (source IPAT).
BANKING SERVICES
More than 150 international banks and their branches operate in Panama. The United States, Brazil, Colombia, Venezuela, Taiwan, Argentina, South Korea, Japan, Germany, Holland, Switzerland, Canada, China, Spain, France, among others, are represented here.
INVESTMENT LAWS The Law 54 of Investments' Stability (approved in 1998) guarantees to all foreign and locals impartial rights, continuing a policy of foreign investment that it does not require of authorizations or previous permissions.
Law 8 of Investment Incentives in Tourism (approved in 1994, modified in 1998) promulgated incentives for the investment in the hotel and tourism industries in general. This legislation has had an extraordinary impact in the development of the hotel industry by approving an approximate of $500 million in investments, and by almost doubling the number of tourists in the same period. (source IPAT)
Retirees receive many benefits in Panama such as receive the best interest rate for mortgages, personal and commercial loans. Tax exemption on the import of a car every two years and household goods up to USD$10,000.00. Retirees also obtain discount on hotels and restaurants, airfares, utilities, recreational places, private hospitals, medical services and medicines among others.
Under Panamanian law, nationals and foreigners are given equal treatment.
However, one of the areas with more tourist attraction yet less progress in hotel infrastructure development in the last 8 years has been the islands in the Archipelago of Las Perlas.
