Panama Canal Expansion opens to huge crowds, international fanfare. – Weekly News Roundup, June 26th

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

Panama opens $7.2b canal extension forecast to boost trade

History was made this week as Panama inaugurated the newly expanded Panama Canal to much fanfare and international celebration. The first post Panamax ship crossed this Sunday, originating from China.

The Chinese container ship Cosco Shipping Panama entered from the Atlantic to begin the first crossing of the roughly 80-kilometre-long waterway, set to emerge at a ceremony attended by thousands of onlookers, several heads of state and foreign dignitaries.

Panama’s Foreign Ministry said the event was a diplomatic success, with representatives from China, Japan, Peru, South Korea, Colombia and Mexico in attendance, as well as executives from top shipping firms and thousands of Panamanians.

Source: ABC Australia


House Hunting in … Panama City

Panama City’s housing market is hot, especially when it comes to high-rise oceanfront property. Recently, the New York Times took a look at some of the best properties in the area, and why they’re a great buy.

After several years in which existing inventory was absorbed, waterfront construction of both luxury high-rise towers and low-rise buildings of four to six stories is “finally heating up again,” said Jeff Barton, managing director of Punta Pacifica Realty.

The strongest sector of the market is made up mostly of resales in buildings in waterfront areas that have little or no more land to build on, such as Punta Pacifica. Of more than 80 new projects underway throughout Panama City, about 20 percent are luxury high-rises, said Rafael Gangi, the director of Panama Sotheby’s International Realty.

Source: The New York Times


The $5.4 billion HOV lane: Will new Panama Canal expansion boost global trade?

As the new Panama Canal is inaugurated, ports and port cities are preparing for an economic boost. But will it happen as predicted? Find out more from USA Today.

Anticipation of the new high-capacity lane sparked a global investment trend that dwarfed the canal expansion price tag as ports from Rotterdam to New York to Brazil prepared to welcome the megaships. But its opening comes amid a global shipping industry slump, raising questions about whether these enormous investments will pay off.

The Port Authority of New York and New Jersey has spent $6 billion over the past decade to deepen its harbor and complete other projects to prepare for the bigger ships, said Beth Rooney, an assistant director with the port. “As the largest ships come, our ability to compete increases,” Rooney said. “It will be very dynamic and very interesting to watch.”

Source: USA Today

Transportation in Panama: How to get around on any budget, for any need

If you’re moving or relocating to Panama, you’re going to want to get around. But sometimes, it’s hard to plan how if you’re unfamiliar with your new place. Here are some helpful tips from our latest blog post, on how to get around on any budget in Panama.

Should you buy a car in Panama?

If you’ve been reading about Panama, and planning on moving to Panama, you’ve asked yourself this before. For lots of people who live and work in Panama, owning a car is vital to their everyday needs. For other people, it’s not. This all depends on how much you’ll need a personally driven vehicle, and how much you budget for travel. In all honesty, and despite popular opinion amongst expats, if you live in the center of Panama City, and work/play in the center of Panama City, you don’t need a car.

Continue reading about cheap transportation in Panama

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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