Ambassador lambasts NYT over financial remarks on Panama- Weekly News Roundup, December 11th.

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Welcome to the Panama Weekly News Roundup! Here’s the latest.

Personal, Affordable, Top-Quality Healthcare in Panama

Healthcare in Panama is great, and a huge reason for many to both move and retire here. It’s also a great topic of conversation amongst many expats, as noted in this recent 1st-hand account.

When doing my research, Panama stood out as a country making great strides in implementing and upgrading their healthcare systems. The country has excellent resources for quality care and low costs compared to North America. There are clinics and hospitals throughout Panama and many doctors working in each medical specialty are bilingual.
Doctors in Panama work for the best interests and care of each patient. I recently visited my doctor here for preventative routine care. Making the appointment was easy and I only had to wait three days for an appointment.

Source: International Living

NYT Letter to the Editor: Panama’s Transparency on Finances. A good take from Panama’s ambassador to the US

In a recent New York Times article, Panama was painted as having difficulty in shaking its “shady image” when it comes to finances. This is something that is unequivocally rejected by those in the know, especially in Panama. As a result, Panama’s Ambassador to the United States decide to speak out. How? To the editor of the New York Times, through an op-ed of his own. Here’s what it included.

Progress includes expansion of financial and tax exchange agreements with countries including the United States, Japan and Germany; adherence to the Common Reporting Standards of the Organization for Economic Cooperation and Development and the Convention on Mutual Administrative Assistance on Tax Matters; and a comprehensive upgrade of legal and business registration systems.

These accomplishments, completed in record time, have been recognized by the global community, including the O.E.C.D., the intergovernmental Financial Action Task Force and world leaders.

Source: The New York Times

Panama bunker fuel hits 16-month high on firm demand

High-sulfur bunker fuel reached a 16-month high in Balboa, Panama, this past week amid strong buying interest as prices continued to track the overall oil complex higher five days after OPEC’s agreement to freeze output.

Four trades for IFO 380 CST in Balboa took place during the Platts Market on Close Assessment process for a total of 2,000 mt. In the first trade, Glencore sold 500 mt to Peninsula at $308/mt ex-wharf for delivery December 8-12. Peninsula then bought 500 mt of the same product at $308/mt three more times.

IFO 380 CST in Balboa at $308/mt is the highest level since July 16, 2015, when the product hit $313/mt, and a gain of 17.8% from November 29. On November 30, OPEC members agreed to implement a coordinated cut for the first time since the financial crisis in 2008.

Source: Hellenic Shipping News


In what sector should you invest in Panama in 2017?

As the financial year nears to a close, and you prepare to wind down before a busy start to the next year, it’s time to get your investment plans in order. And if you’re looking to make a splash in international investing, investing in Panama would be a great start for 2017.

It goes without saying that shipping and logistics are the safest bet for investing in Panama, in 2017 or otherwise. However, 2017 looks like it will be a banner year with the Panama Canal Expansion allowing a ton of new Post Panamax traffic through, which means big business for shipping and logistics companies. It also means big investment opportunities with fuel companies, land freight, and ancillary Canal business all throughout the service sector. This is not just a great 2017 investment, but one of the best sectors for sustained future growth as well..

Source: POLS Blog


About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, Panama Offshore Legal Services offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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