Panama Sky Realty

In recent years, the republic of Panama has been the preferred place for foreigners seeking a second home for leisure or life. The tax advantages, the low cost of living, the use of U.S. dollar as its official currency, the international financial centre, modern shopping centers, excellent communications and health system are among the reasons that many pensioners and retired persons elected Panama to live and invest.

All of this sustained by the classification of the bulletin AARP (association of American Retired Persons) which has aligned Panama 4 as one of the best places in the world to live outside the United States. We also have the classification of international life, saying that Panama is one of the best places to live outside the United States.

Other benefits that can be found in Panama is the increase in the value of investment in housing and that the country has paradisiacal places such as virginal and white sand beaches, forests, flora and fauna, dense woods, mountains, islands, rivers, lakes, areas exclusively for retired people, the Panama Canal, historic sites such as: Metropolitan Cathedral, national theatre, The Precidente of the Republic, religious art museum, museum "Reyna Torres de Arauz," natural museum of science museum Panama Canal, ecotourísticos sites such as the park of international friendship and Volcan Baru National Park, and so on.

GENERAL INFORMATION	The Republic of Panama, with an area of approximately 76900 square kilometers, is located between Costa Rica and Colombia, and form the most narrow and low americas isthmus linking North with South americas. Panama is famous for its Canal, which links the Atlantic and Pacific Oceans. With a population of approximately 2.8 million and because of the importance of the Canal, Panama offers an excellent link in telecommunications as well as international airlines. It has a sophisticated banking and financial system, like a Free Trade Area principal. The country has a firmly established democracy, a legal system based on a constitution and is politically stable with a continuously growing economy. POPULATION The population of Panama is approximately 2.4 million, and about 52% are located in urban areas
POLITICAL ESTRUCTURE	The Isthmus of Panama was discovered in 1501 by Rodrigo de Bastidas and Vasco Nuñez de Balboa, who had a leading part in the establishment of Santa Maria La Antigua del Darien in 1510, the first permanent settlement on the mainland of the Americas. In 1513, Balboa led an expedition, in Panama, which discovered the Pacific Ocean. Pedro Arias Davila founded Panama City on 15th August 1519. Panama was a Spanish colony until 1821 when it became part of the Gran Colombia of Simon Bolivar. In 1903, Panama broke its alliance with Colombia and became an independent republic. The executive branch of the Government is at present composed of a President and two vice-presidents, elected for a five-year term by direct election.
INFRAESTRUCTURE and ECONOMY	Colon Free Zone The Colon Free Zone is located on the Caribbean side of the Isthmus of Panama near the Atlantic entrance to the Panama Canal. This Free Trade Zone is the second largest in the world after Hong Kong. Operations and transactions taking place in the Free Trade Zone (US$11 billion) are subject to a special tax treatment whereby imports from other parts of the world and re-exports to other countries are exempted from any import or export taxes imposed by Panama. Income earned from re-exports is taxed at specially reduced rates. Panama Canal Areas On December 31, 1999, the U. S. will turnover the Panama Canal to Panama's new Canal Authority. This date marks a new era for Panama and is the last day in which all U. S. Military bases must be reverted to Panamanian control. The canal areas, where these bases are found, comprise 233,000 acres of prime real estate and over 7,000 commercial and residential buildings. As a result of this land transfer, unique investment opportunities exist in the tourism, maritime, real estate, transport and industry sectors. Ports Nearly 14,000 ships transit the Panama Canal each year with more than 192 million tons of cargo and 700,000 passengers and crew onboard. Because of this traffic and modern port facilities, Panama is expected to become the region's principal multi-modal logistics center in coming years. Today, Panama has the largest maritime fleet in the world and its four (4) new container ports represent a total investment of over US$4.5 billion. The ports, combined with the trans-isthmian railroad, are projected to move one (1) million cargo containers in 1999 and two (2) million by 2002. Major opportunities for development of new business include: additional ports, shipyards and maritime services such as the storage, distribution and transport of cargo; financial and administrative services, insurance coverage, ship supplies and maintenance, as well as tourism enterprises. Financial industries Panama has the most modern and successful international banking center in Latin America, with more that 120 banks from 35 countries. Panama's new banking law meets the standards of leading financial centers around the world for transparency and regulation. The Panama Stock Exchange is the fastest-growing in the region with a total volume of US$848,172,713 in 1998- a 19.25% increase over 1997. In addition, Panama is one of the most secure offshore centers in the world. In the financial industry, diverse investment opportunities exist in banking, investment capital financing, insurance and reinsurance
LANGUAGE	Spanish is the official and spoken language. English is also spoken widely in urban areas and is used daily in commerce and international trade.
CURRENCY	Balboa which goes at par with the United States Dollar.
TYPE OF LAW	Based on Spanish Civil Law with many Common Law influences, particularly