Japan will finance Panama’s Metro Line 3. – Weekly News Roundup, January 15th

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

Line 3 Of Panama Metro Will Be Financed By Japan

While Panama’s Metro Line 2 hasn’t even broken ground yet, plans are already in motion for the financing of Panama’s Metro Line 3. And this month, the government announced that it will be partially financed by Japan, to the tune of $2 billion. The third line of mixed underground/over-ground rail construction will cover 27 km, and connect Panama’s western suburbs to the city.

Line 3 will be 27 kilometers with 6 trains and 14 stations going from Line 1 in Albrook to Arraiján and La Chorrera, connecting people in West Panama to the city center. Part of the construction for the new metro line will feature a new 6 lane bridge going over the Panama Canal with 2 of the lanes reserved for the Metro. No word on when construction will actually begin on the project but meanwhile line 2 of the Metro began construction in October and is expected to be completed in 2019.

Source: PTY Life

Emirates Delays Much-Anticipated Panama Launch

In 2015, Emirates Airlines announced that it would launch the world’s longest non-stop flight (17.5 hours), from Panama City to Dubai. The route was strategic, as it would use Panama as a hub for other cities in Latin America and the Caribbean. However, after a few setbacks, Emirates has announced this launch will be delayed until March.

“Emirates firmly believes in the potential of the route, not only as a valuable trade and tourism link between the two fast growing global cities of Panama and Dubai, but also as a gateway for travellers across Emirates’ global network to access Central and Latin American markets with just one stop in Dubai, and vice versa.

“We look forward to offering our customers seamless connections to Panama and beyond, and to launching non-stop flights to Panama.”

Source: Business Traveller

Odebrecht seeks addendum to Tocumen contract

The expansion happening at Tocumen International Airport is massive and costly. But the developers, and the Panamanian government are confident the ends will justify the means. This week, Odebrecht, the Brazilian developer in charge of the project has asked for more money, which would bring the total cost of the contract up to around $900 million.

The company has asked for an addendum to the contract of $84 million. That money will be used to build a pedestrian bridge connecting the new terminal with the existing one and to improve the baggage handling system

Tocumen Manager Joseph Fidanque III said that the bridge is necessary and improving the baggage handling system will make the project more functional.

Source: La Prensa Panama

Panama is Ranked as the #1 Place to Retire…Again

Panama is well known as a great spot to retire amongst both expats and locals alike, and for good reason. When it comes to retiring in Panama, the country seems to have it all. This month, International Living recognized Panama for the second time in five years, as the #1 foreign retirement destination for expats. Here’s a snippet from one of our latest blog posts.

Quality of Life for Retirees

When it comes to retirement, being comfortable is not just about price or location; it’s about your quality of life. Being happy where you are, and enjoying each day is what retirement’s all about, and Panama is well known for both. Panamanians are considered (and surveyed as) some of the happiest people on earth, and for good reason. Life is simple in Panama. Less stress, more rest, and a happier outlook will make any retiree smile: and it does.

Continue reading about why Panama is the best place to retire

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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