The economy is growing more than 6% annually with the possibility of exceeding 7% in 2006. The Latin Business Chronicle (9-19-2006) agrees:
"Panama is set to grow more than any other country in Latin America next year, the [IMF] fund predicts."
WHY is Panama growing? Here is our list of reasons Why Panama is one of the fastest growing retirement and investment destinations in the world:
It Feels Like Home: There are currently more than 15,000 Americans living in Panama. English is widely spoken. Panama City is a 1st world city with impressive highways, skyscrapers, medical facilities and shopping centers.
It Is Beautiful: Panama City is very cosmopolitan and has a bustling infrastructure. The countryside, mountains and beaches are unspoiled.
High Tech: A Technologically advanced country, Panama offers high speed internet, good cel phone coverage, fast install of home and business phone systems, and TV with English channels
It Is Affordable: No local taxes for residents on foreign earned income. There is no property tax for retirees until a home is sold, and a 20-year exoneration from taxes on new homes. Because Panama is a world class port, there are electronics, automobiles, clothes and other imported items available at reasonable prices.
The Almighty Dollar: No inflation worries or confusion over prices. Panama's currency is the US DOLLAR.
Banking Options: Panama is a world banking center. Foreigners can receive loans and do banking with dozens of respected banking institutions.
Safety: Low crime rates, high literacy, employment and a well-trained police force provide foreign investors a solid sense of security.
Diversity: Panama is a true melting pot. Shippers, traders and sailors from around the world have made Panama home. Latino, Japanese, Chinese, American, Canadian, European, Jewish and Arabic last names are common in the Panama phone book.
Great Weather: A warm, but diverse climate- the lowlands of Panama are hot and can be humid, yet there are year round cooler temperatures in the mountain areas (such as Boquete)
TWO Coasts: Panama boasts both Caribbean and Pacific coasts. You can swim in the Pacific and the Caribbean in the same day, or cross your sailboat through the canal and explore both coastlines. Where else can you do that?!
