Real estate - Continued

Leading banking center and ship registry
Investors from across the globe are increasingly coming to the Republic of Panama to meet their banking needs due to the Latin American nation’s favorable banking, tax and other laws. With about 85 banks from over 32 countries operating in Panama, the country’s banking system is the second largest after Switzerland. Besides the usage of the US dollar as its legal currency, Panama’s attractive monetary policy and the free flow of capital draw huge clientele. Home to one of the biggest
and major canals, Panama also has the oldest and largest ship registry in the world.
An independent organization, which has no relation to any other part of the Panama government, controls the country’s banking system. The authority has separate funds and is relatively free from interference from the other constituents of Panama’s government. Ensuring the safety and confidentiality of investors are the strict secrecy laws governing Panama’s banking system. Although a bank might have offices in several countries, its unit in Panama is legally a separate bank and cannot share any information about its clients with any of its counterparts in other countries.
Panama’s banking laws meet the regulatory and transparency norms followed by the various leading financial centers around the world. The Latin American nation is a leading supporter of the FATF and OECD movement to implement measures in international financial centers to cope with capital laundering and terrorist financial activities. In fact, Panama has already put in place tighter controls on all banks operating in the country and has asked them to report all deposits and withdrawals of more than $10,000, as is the case in the United States. The credentials of all new customers are thoroughly checked with tighter reference requirements and origin of funds put in place.
Three types of banking licenses are given by Panama’s banking authority. While the General License allows the undertaking of local and foreign operations, the International License only authorizes foreign operations, with some participation allowed in the national inter-bank market. The third type of license, the Representation License is granted to offices of foreign banks, used only to market their services to potential clients in Panama.

The services and variety of accounts offered by banks in Panama are at par with all global banks across the world. Panamanian banks tend to offer very attractive interest rates on their US dollar savings accounts. These rates are, however, subject to change at any time due to the influence of international interest rates. The rates might also be dependent on a number of conditions, such as minimum deposits, minimum account balance, etc. Panama, the operator of the biggest canal linking the Pacific and the Atlantic Ocean, also has the world’s oldest and largest open ship registry. The Panama Ship Registry, established in 1925, has no restrictions on the age, type or size of ships that can be registered. The only requirement is that they should be seaworthy. While ships and ship mortgages are easily registered in Panama, the revenues generated from international shipping are tax free in this Latin American nation. Again, the proceeds from the sale or transfer of a ship registered in Panama are not subject to capital gains tax, even if the sale takes place in Panama. Q

Panama climate has two seasons. Both seasons average 87 degrees. The mountain areas have a pleasant temperature swing from the high 70's by day to the 40's on occasion in the evening.

According to Reuters and other press outlets, President elect Martinelli has committed his administration to “massive infrastructure spending in partnership with foreign investors”. This spending is not likely to stop anytime soon. The Panama Canal undergoing a major $6 billion (+) expansion.

Panama's strategic location benefits the world of trade, along with booming tourism, this hub of the America's is poised well going into the 21ST century.

La Colorada, Azuero (dry) Peninsula is red hot for development. Quietly this area is being bought up by a "Who Who" list. Located near the towns of Las Tablas and Chitre which are major towns within the province of Los Santos.

Panama City has an estimated 730,000 population, with a total estimated population within the Republic of Panama of 3,100,000.

President Obama believes that the U.S. needs a new framework for trade with Panama. Thus he recognizes trade to be essential to America’s prosperity with the potential to lift up workers in the U.S., and around the world. For this to be accomplished, trade agreements need to include strong labor and environmental standards. The greening of the globe.

Panama’s economy, is one of the fastest growing economies in Latin America. Panama’s GDP has grown over eight % in each of the last three years. Panama’s per capita GDP ranks among the highest in all of Latin America. In 2008, the unemployment level in Panama was 5.6 percent. For a global down turn this number is impressive.