Assets in Panama banks reach record level despite ‘Panama Papers’ | Weekly News Roundup, March 17th, 2017

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Assets in Panama banks reach record level despite ‘Panama Papers’

The International Banking Center, which represents Panamanian and foreign banks, said members’ assets “reached the record level of $121.075 billion” — a jump of 3.3 percent over 2015. Panama has come under intense international tax scrutiny since the Panama Papers revelations a year ago on how the world’s wealthy stashed their assets in offshore companies.

The two partners of the Mossack Fonseca law firm in Panama — whose plundered digital records were the source of the information — are in custody on allegations of money laundering. Panama’s economy is forecast to grow the fastest of any in Latin America this year — over six percent, according to the World Bank. The country is a regional transport hub, with a major international airport and the recently expanded Panama Canal.

Source: Yahoo News

What to Do During a Layover in Panama City

For centuries, people have been trying to pass through Panama—via the eponymous canal that opened in 1914, or by way of a connecting flight at Tocumen International Airport. And while things are now changing rapidly for this compact destination, due to an influx of new, upscale hotels and an expansion of the canal that permits mega cruise ships, it remains a popular stopover city for airlines traveling between North and South America.

Travelers with two or three days to spare can easily extend their layover in Panama City—which was named one of Travel + Leisure’s Best Places to Travel in 2017—and see plenty of the key attractions. Instead of searching for the quickest connection, make extra time to explore the newly polished capital of Panama. Because the country uses the U.S. dollar, you won’t even need to exchange your currency.

Source: Travel and Leisure

Fancy Software Brings the Panama Canal Into the 21st Century

than 40 container ships pass through the Panama Canal. They chug over the narrow isthmus separating the Atlantic and Pacific oceans, navigating three sets of multi-chambered locks that carry them uphill to an enormous lake 90 feet above sea level. After crossing that, another network of locks lowers them to the opposite coast.

The trip, which can take a full day depending on traffic, requires the careful choreography of skilled freighter pilots, tugboats, and the immense doors that separate each lock. As with most things these days, software keeps everything moving smoothly, but this most impressive feat of civil engineering relies upon a hodgepodge of systems added piecemeal over the decades. Today, the Panama Canal gets a system upgrade.

Source: Wired


How to Visit Panama on a Budget

Planning on moving to Panama or retiring in Panama? You’re going to want to visit first. For many people, budgets are tight when it comes to international travel, especially if you want to do a lot, and see a lot before making your decision to move. With so much to see in Panama, planning a full trip at a great price is important. Luckily for you, it’s also very doable, and with just a bit of preparation, can be done without a hitch. From lodging to transportation, food and entertainment, and excursions for the whole family, you’ll be able to find the perfect exploration trip, without breaking the bank. Here are some tips on how to do it.

Plan a visit during the tourist low season (rainy season)
Panama essentially has two seasons: wet/rainy season and dry season. Wet season goes from late April until January, and is the low season for tourism nationwide. If you’re looking to save money on your travel budget, this is the time you want to go (especially September and October). Prices for hotels can be as low as half of what they are in the high season, and there’s more availability for other services, including plane tickets, which can save you hundreds of dollars per person. Despite the rain, you’ll still have enough sunshine each day to get out and explore, and will find it much easier to get around and do your research for your big move.

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, POLS Attorneys 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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