How Panama Continues On The Up And Up
What makes Panama stand out among its Latin American neighbors?
This was one of the first questions our experts tackled on the opening morning of our 2019 Live and Invest in Panama Conference at the Sortis Hotel here in Panama City last week.
And, the resounding answer was… Panama’s safety and stability.
That may not sound romantic. What about its rain forest? Its beaches? The availability of first-world shopping? But, as our experts explored what makes Panama tick and continue to move forward while others in the region may struggle, you realize the importance of this safety and stability… and how, with a strong economy as a foundation, you can live and invest here with confidence.
Global Property Advisor Editor Samantha Russell brought attendees back to basics with her talk on the Panamanian economy—which gave everyone an appreciation for how this country of just 4 million people has done some remarkable things in the past two decades. And it helped us get a feel for how society here works.
Here are a few snippets from Samantha’s talk:
- It’s the service industry that drives Panama’s economy—the two prime areas are shipping and banking. The container ships that pass through the Miraflores Locks approximately every four minutes amount to profits of some US$1 billion a year. Meanwhile, the banking system is the most modern and successful in the region, hence Panama’s reputation as “the Switzerland of Latin America.”
- Panama’s GDP is currently just under 5%—as is its unemployment rate. These are strong figures for Latin America. By comparison, Colombia’s GDP is 2% and the unemployment rate is 8%.
- Panama is one of the best places in the world to incorporate and, while it has become more difficult for a non-resident to open a bank account as an individual, you can access the system by opening a corporation. Plus, Panama will only tax you on earnings generated in the country.
- Unlike other Latin American countries that are divided between the haves and have-nots, Panama has a growing middle class. It’s this middle class—with healthy disposable incomes—that is carrying the economy.
Samantha explained how Panama’s pay cycle also affects the economy. Whereas most Americans are used to being paid once a month, Panama operates on a fortnightly payday known as quincena. Every two weeks, as checks are paid out, Panamanians go out and spend… so money continues to be pumped into the economy.
“Don’t agree to meet your Panamanian friends on a weekend that’s not quincena,” warned Sam. “They’ll say yes to be polite. But they won’t be joining you for a burger.”
We don’t always take the time to explore the local economy in detail at our conferences, but Panama’s story is unique—and inspiring considering its size. Samantha’s talk set the audience up well for what was to come over the three days of the event… and how to take advantage of the path of progress that continues on the isthmus.
If you weren’t with us at the Sortis Hotel last week, you can still access all expert presentations (and bonus materials) with our 2019 Live and Invest in Panama Home Conference Kit.
Inside is everything you need to consider to find out if Panama makes sense for you. You’ll hear from dozens of expats on their experiences of living in and around Panama City… out at the beach… or in the cool highlands… and get the lowdown on every practicality of making a life here (from qualifying for Panama’s generous pensionado program to making sure your pets arrive safely and legally in the country—all bundled into more than 30 audio recordings (plus slideshows and a package of bonus reports)…
This week only, as we work to package all audio recordings and slideshows (plus a set of bonus reports) together, we’re offering more than 60% off the kit with our Special Pre-Release Discount Offer.
And, as a LIOS Confidential reader, you can enjoy an additional US$20 off the price…
This discount is strictly reserved for LIOS Confidential readers, and you can only access it via the links in this email.
This Pre-Release Discount Offer is available until Friday, March 1 only.
If Panama is at all appealing to you, I urge you not to delay.
Reserve your copy of this one-of-a-kind living and investing in Panama resource here now.
Valentine Fouché
