Panama Relocation Newsletter

From the U.S. Embassy on October 8, 2021:

MARI CARMEN APONTE, NOMINEE FOR AMBASSADOR TO THE REPUBLIC OF PANAMA

Mari Carmen Aponte is a former United States Ambassador to El Salvador and Acting Assistant Secretary of State for Western Hemisphere Affairs.

She served on the Board of Directors of Oriental Financial Group (OFG) in San Juan, Puerto Rico, and as Executive Director of the Puerto Rico Federal Affairs Administration at the Commonwealth Federal Agency in Washington, D.C.

She is currently a consultant in Washington, D.C., and has previously worked as a consultant and solo law practitioner in both New York and Washington, D.C.

She is a former White House Fellow. Aponte earned a B.A. at Rosemont College (Pennsylvania), an M.A. at Villanova University, and a J.D. at Temple University School of Law.

She is the recipient of numerous honors, including honorary doctorates of laws from Temple University and the District of Columbia School of Law, and the Graciela Olivarez Award from UnidosUS. She speaks Spanish and French.

From ANPanama on October 13, 2021:

ACOBIR GOES IN SEARCH OF INTERNATIONAL INVESTORS FOR THE REAL ESTATE SECTOR

(Panama City-ANPanamá) The Colombian investor market was the main interest of the Panamanian Association of Real Estate Brokers and Promoters (ACOBIR) when participating in a business mission held in Bogotá, in which they presented the offers of the Panamanian real estate sector.

This meeting brought together real estate experts and important executives from different economic sectors, from Panama and Colombia, to promote Panamanian investment opportunities and incentives to potential international investors, as well as executives of companies dedicated to logistics, the digital world, tourism, energy generation, real estate, and construction.

The Association also had the opportunity to visit the AGORA Convention Center and accompany the president of the CCIAP, José Ramón Icaza, to meet with the president of Corferias, Andrés López Valderrama, and learn about the current panorama of market trends and innovations at the national and international level, in addition to generating alliances and business among actors related to the real estate world.

Francisco Cheng, president of ACOBIR had the opportunity to present how the Panamanian real estate sector is doing to his Colombian peers, highlighting the benefits in incentives that Panama offers in terms of foreign real estate investment. During the collaborative dialogue, the development of these sectors was promoted through strategic alliances with the different participating groups.

The mission in which ACOBIR participated was completed with the signing of an agreement between ProPanamá and the Chamber of Commerce of Bogotá. In addition, an Open House "Connecting with Panama" of the Chamber of Commerce of Bogotá and ended with a Networking Brunch (meet & greet) and B2B Meetings with businessmen of the Chamber of Commerce of Bogotá and the delegation of Panamanians.

ACOBIR assures that this meeting is a very useful instrument to empower Panama before possible investors from all sectors and favor the post-pandemic economic recovery. In this way, ACOBIR fulfills its objectives of contributing to development, with representativeness, defense of the sector, promotion of investment and education through national and foreign alliances.

Thinking about Buying Property in Panama?

Contact the Keller Williams Panama - KW Obarrio Real Estate office Panama City.

E-Mail: kwobarrio@kwpanama.com
Telephone: + (507) 368-0700

The address is building PH SL55, Floor 31, Samuel Lewis Avenue & 55th Street, Obarrio, Panama City, Panama.

(Panama City-ANPanamá) Panamanian export products are promoted in Europe to open new markets and generate greater trade with this region of the world and for this reason, they participated in Fruit Attraction, an international fruit and vegetable fair.

After attending a call organized by the MICI, 10 exporters of products such as pineapple, melon, Persian lemon, papaya, pumpkin, cassava, vacuum-packed banana, dehydrated pineapple, and ginger, managed to participate in this event, which has become an important instrument for the promotion of the Spanish fruit and vegetable sector and the second most important fair for the fruit and vegetable sector in the European Union.

"For the first time, the ProPanama Authority, the MICI, and the Embassy of Spain join forces to bring our exporters to this fair, where Panamanian products have had a great acceptance, such as the case of pineapple. We thank all the exporters who answered the call and allowed the Panamanian representation to be a success," said Albalina de Vallarino, Director General of Export Promotion of the Ministry of Commerce and Industries (MICI).

The exhibition of Panamanian products in the thirteenth edition of the international fruit and vegetable fair, Fruit Attraction, also had the participation of promoters of the ProPanamá Authority and exporters of various items who wish to position themselves in the European market.

From ANPanama on October 5, 2021:

PANAMANIAN COFFEE EXPORTING COMPANIES STAND OUT IN EUROPE

(Panama City-ANPanamá) Panamanian companies Café de Panamá S. De R.L., El Guapo, and El Salto Premium Coffee were positioned in the international competition "Great Taste 2021", whose accreditation scheme is one of the largest, oldest, and most respected in the world for artisanal and specialty foods.

The Great Taste competition billed as the Oscars of gastronomy, supports and promotes producers large and small, providing food buyers and lovers in the UK and abroad with reliable recommendations for great-tasting foods. This year, judges tested more than 14,113 different products from 108 countries.

The agro-exporter Café de Panamá S. De R.L and Darkwood, the company's allied roaster in the United Kingdom, reached the category of excellence with their la Huella Natural coffee within the beverage segment, with three stars, a distinction that only about 2% of the participants receive each year.

Individually, Café de Panamá S. De R.L achieved two stars with its product Panama Terrior de La Huella and one star with its Black Honey. For its part, El Guapo received a star for its passion fruit liqueur, which is differentiated by its "fantastic flavor", as well as El Santo Premium Coffee with its Don Vidal Geisha ASD, which also received a star.

Eric Dormoi, National Director of Export Promotion of the Ministry of Commerce and Industries (MICI), highlighted the high level of national production and, mainly, the effort made by micro, small and medium-sized exporting enterprises (MSMEs) to bring the best of the Panamanian exportable offer to the world.

"We congratulate the companies that presented Panamanian items in this important event and achieved stars since each of them demonstrates the high potential of our exports." added Dormoi.

Meanwhile, Pedro Moss, owner of Café de Panamá S. De R.L, originally from the province of Chiriquí, expressed his satisfaction with the results of this edition, while informing that they have another nomination in the Gold Fork awards. This company exports Coffee Typica, Catuai, Caturra, Geisha, Pacamara, and Borboun, projecting for the future the LS28 variety.

From Coin Telegraph News on October 7, 2021:

REPUBLIC OF PANAMA INTRODUCES BILL FOR REGULATING CRYPTO

Amid Bitcoin (BTC) becoming legal tender in El Salvador, another country in Central America is progressing on its way to enable freedom to use cryptocurrencies like BTC and Ether (ETH).

On Monday, the Republic of Panama introduced a bill on regulating cryptocurrencies, aiming to make the country “compatible with the blockchain, crypto assets, and the internet.”

Announcing the news on Twitter, Panamanian pro-crypto congressman Gabriel Silva stressed that the new legal initiative has the potential to generate thousands of jobs, create new investment sources, as well as make the government “more transparent.”

According to the draft bill document shared by Silva, the new legislation intends to recognize crypto assets like Bitcoin as an alternative global payment method for “any civil or commercial operation not prohibited by the legal system of the Republic of Panama.”

The bill authors emphasized that cryptocurrencies enable fast and low-cost payments allowing them to finalize a financial transaction “regardless of the distance between parties and the transaction volume.”

In contrast to the government of El Salvador, which has required local businesses to accept Bitcoin in exchange for goods or services alongside the United States dollar, Panama’s new crypto bill does not intend to force obligatory Bitcoin acceptance. Instead, the legislation calls to establish freedom to use cryptocurrencies like Bitcoin and Ether in Panama, local TV network Telemetro reported.

Silva said that the new draft bill was prepared in collaboration with Panamanian citizens and a multidisciplinary team, including industry and technology experts. The legislation was created taking into consideration important guidelines provided by international organizations such as the Financial Action Task Force, he noted.

From KFGO News in Fargo, North Dakota on October 1, 2021:

NEGOTIATIONS OVER MAJOR COPPER MINE CONTRACT KICK-OFF IN PANAMA

PANAMA CITY (Reuters) – Panama’s government launched contract talks on Wednesday with the local unit of Canada’s First Quantum in a bid to get the Canadian miner to pay more in royalty payments and improve environmental conditions at its flagship copper mine.

President Laurentino Cortizo pledged just before taking office two years ago that a new contract for the lucrative Cobre Panama open-pit mine should provide more public benefit.

The mine, located about 75 miles (120 km) west of the Panamanian capital, is estimated to hold 3.1 billion tons in proven and probable reserves. It has generated some $6.7 billion in private investment and includes two open pits, a processing facility, two power plants, and a port.

Cobre Panama alone contributes 3.5% of the country’s gross domestic product, according to government figures, and at full capacity can produce more than 300,000 tons of copper per year.

Ramon Martinez, Panama’s trade and industry minister, said in a speech on Wednesday the negotiations would lead to a “completely new” contract, suggesting that if a fairer deal is not reached another company could be invited to take over the mine.

Toronto-based First Quantum, which holds a 90% stake in the Minera Panama local unit that runs Cobre Panama, began operations at the project in 2019.

Minera Panama negotiator Manuel Aizpurua said in a statement that he expects the negotiations to balance the public interest with the company’s legal rights.

From Reuters News Service on October 2, 2021:

EXCLUSIVE-PANAMA AIMS TO END COAL IMPORTS, PRODUCE ETHANOL TO CUT EMISSIONS

(Reuters) - Panama will advance a clean-energy push by embracing ethanol in its gasoline and ending the use of heavy fuels and coal for its power plants by 2023, the nation’s energy minister said.

Even though Panama promotes itself as being carbon-negative, the Central American nation wants to further diversify its sources of electricity generation, cut emissions from transportation, and expand its regional power interconnections.

A plan approved in November by Panama’s Cabinet set five goals to transition through 2030 from fossil fuels, Energy Minister Jorge Rivera told Reuters in an interview.

The plan includes electric mobility, distributed electricity generation, and energy efficiency targets.

Panama aims to replace a portion of hundreds of thousands of barrels per day of fuel, mostly imported from the United States, by biofuels, and to rely more on renewable sources, including solar and wind, for power generation.

The only power plant in Panama still using coal belongs to a metals mining project operated by a unit of Toronto-based First Quantum Minerals, which has faced legal challenges including being declared “unconstitutional” in 2018.

In April, First Quantum said its unit Cobre Panama delivered a record 82,042 tons of copper, over a third of the company’s global output, contributing to a $540 million gross profit for the quarter.

Panama began talks about a month ago with Minera Panama, in which First Quantum has a 90% stake, to negotiate a new contract. The government led by President Laurentino Cortizo wants to increase royalty revenue and press for environmental improvements at the $6.7-billion flagship mining project.

As part of the negotiations, Panama is asking the miner to upgrade its 300-megawatt (MW) power plant, Rivera said. A specific proposal for the conversion must soon be submitted by First Quantum, he added.

“We expect the negotiation to finish this year for a completely new contract,” the minister said.

BACK TO ETHANOL

Panama also plans to resume importing ethanol in 2023 to initially mix up to 5% into motor gasoline, and then work with sugar cane farmers to produce it locally and increase the mix to 10% to reduce air pollution. It had stopped importing ethanol in 2014.

The changes – along with mobility advances including a new subway line – would make Panama, which relies on imported fuels to cover 80% of its consumption, less dependent on foreign supplied fossil fuels.

Panama has resumed talks with the Colombian government for an ambitious 300-kilometer (186-mile) interconnection allowing both countries to share electricity.

Severe drought affected Panama’s economy in 2019, curtailing its ability to generate hydropower and raising costs such as Panama Canal passage fees. Even though rainfall has returned to normal, the government and the canal are investing in hurricane and drought preparations.

As part of the interconnection, Colombia had originally planned to sell its power surplus to Panama and Central America, but the price gap between the countries has recently narrowed.

“According to recent forecasts, Panama could export electricity as well,” Rivera said.

From the POLS Attorneys Blog in October 2021:

PANAMA RELOCATION CHECKLIST: QUICK TIPS FOR BEFORE YOU MOVE!

Moving to Panama? Planning on investing in Panama? Just coming for a quick visit? Get to know the country first.

There’s so much to this culturally rich, fun, and diverse country that you’ll want to be prepared to get the most out of it, no matter what your interest level is. So, before you hit the tarmac in Tocumen, or make the big leap to open your business or move here, check out these fast facts on Panama, and get to know why so many loves to live and work here.

The word “Panama” means “abundance of fish.”

While some historians believe that Panama was an indigenous name for a particular tree or an abundance of butterflies, the majority consensus is that it means “abundance of fish.” Panama was a thriving area for many indigenous tribes who settled there for natural resources and protection. Even today, the country is known for its natural riches and resources, which keeps the name ringing true.

Panama hats are actually Ecuadorian.

Despite the name, and representation in popular culture, Panama’s iconic tropical hats are actually originally Ecuadorian. They were common among men along the Ecuadorian coast and became so popular for warm weather climates, that they were exported to the tropics all over the world. In the early 20th century, this hat was the preferred style (and sun-shielding tool) for the Panamanian aristocracy, and was so popular, that they were adopted and made locally to fill the demand.

In Panama, you can see the sunrise on the Pacific, and set on the Atlantic.

Believe it or not, this is the only country in the world where this is the case. This is due to the unique sideways “S” shape of Panama, which makes the Pacific east of a good amount of land, and the Atlantic to the west. This can make directions tricky as well, as the country’s main highway pretty much exclusively runs east to west, while at the same time, curving to adapt to the “S” shape.

Panama has the 2nd most competitive economy in Latin America.

Despite being one of the smallest countries on the continent, Panama’s economy is at the top of the list when it comes to economic competitiveness. This is attributed to strong infrastructure, sustained economic growth, low unemployment rate, and a booming, stable services economy. Panama has sustained close to double-digit growth, on average, over the past ten years.

The original idea for a canal across Panama goes as far back as the 1500s.

While the French are credited for beginning the Canal project, and the Americans are credited with constructing the majority of it (and finishing it), the idea to build a canal is originally credited to Vasco Nuñez de Balboa. Balboa was a Spanish explorer who “discovered” Panama and immediately started searching for a natural waterway that connected the Atlantic and Pacific. In 1534, after no such natural passage was found, surveyors were sent from Rome to see if building a canal was feasible. It wasn’t at the time, so the idea was scrapped.

Panama City is the only capital city in the world that is home to a rainforest.

It’s hard to imagine a rainforest in a major city, but Panama has it! After just a short taxi ride from the city center, you can be smack in the heart of one of the most biodiverse rainforests in the hemisphere, and you don’t even have to leave the city limits. This is not just popular for tourism, and local visits, but also serves as a major research opportunity for NGOs and other environmental organizations.

Interested in Relocating to Panama?

For more information, Feel free to visit our website at www.pols.com.pa or contact us directly at info@pols.com.pa or call or WhatsApp + (507) 6605-0867.

From Travel Agent Central on October 2, 2021:

PANAMA TEAMS UP WITH SMITHSONIAN TO BOLSTER TOURISM EXPERIENCES

For almost a century, via its research in Panama, the Smithsonian Tropical Research Institute (STRI) has made the tropical rainforests of Barro Colorado Island in the Panama Canal Watershed the most intensively studied in the world. The Panama Canal Watershed is home to a plethora of ecotourism activities fit for adventure-seekers, culture mavens, and water lovers, including kayaking, indigenous villages, and boat tours on the canal.

Travelers can also learn about Panama’s biodiversity and the canal’s history by visiting two Smithsonian affiliate museums: The Panama Canal Museum and the Biomuseo (worldwide, only Panama, Puerto Rico, and the United States have entities affiliated to the Smithsonian).

In its efforts to strengthen Panama’s sustainable tourism experiences and increase competitiveness as a tourist destination, the acting director of STRI, Dr. Oris Sanjur, and Panama’s minister of tourism, Ivan Eskildsen, signed a cooperation agreement where both entities will come together to support the “Tourism, Conservation and Research” (TCI) strategy which is currently being implemented by the Tourism Authority of Panama (ATP).

The agreement supports the TCI strategy and will further contribute to the development of the destination’s heritage routes, which were launched as part of Panama's “Master Plan for Sustainable Tourism.” A network of circuits that highlight the richness and diversity of Panama's natural and cultural heritage, the routes focus on three core areas: Cultural Heritage (multifaceted culture), Green Heritage (unique biodiversity), and Blue Heritage (ocean wonders).

ATP will support the Smithsonian Tropical Research Institute in developing its scientific, educational, and conservation activities in Panama with an emphasis on attracting travelers to its visitor centers and scientific stations. STRI will collaborate with the Tourism Authority of Panama by providing audiovisual material to promote tourism on the institution's websites, social media platforms, and presentations developed by the institution.

Interested in Investing in the Panama Tourism Industry?

For more information, Feel free to visit our website at www.pols.com.pa or contact us directly at info@pols.com.pa or call or WhatsApp + (507) 6605-0867.

[From our Editor: The World Series concluded in November. Congratulations to the Atlanta Braves. Here is a list of the best Panamanian players in MLB history.]

From USA Today on October 1, 2021:

THE BEST ALL-TIME LINEUP OF PLAYERS BORN IN PANAMA

As part of Hispanic Heritage Month, USA TODAY Sports put together All-Latino baseball lineups from throughout Latin America.

The first baseball player from Panama who comes to mind is almost certainly Hall of Fame closer Mariano Rivera of the New York Yankees. However, there's a surprising amount of depth from the other native-born players who have made their marks in the major leagues.

Fellow Hall of Famer Rod Carew, as well as three members of the Pittsburgh Pirates' 1979 World Series champions also hail from Panama.

Here are the players who made the team:

Catcher: Manny Sanguillén, 1967-80

First base: Rod Carew, 1967-85 (Hall of Fame)

Second base: Rennie Stennett, 1971-81
Third base: Héctor López, 1955-66
Shortstop: Frankie Austin, 1944-48
Outfield: Ben Oglivie, 1971-86
Outfield: Omar Moreno, 1975-86
Outfield: Roberto Kelly, 1987-2000
Designated hitter: Carlos Lee, 1999-2012
Utility: Adolfo Phillips, 1964-72

Starting pitcher: Bruce Chen, 1998-2015

Starting pitcher: Juan Berenguer, 1978-92
Starting pitcher: Ramiro Mendoza, 1996-2005

Relief pitcher: Mariano Rivera, 1995-2016 (Hall of Fame).

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Until next time, thank you for reading “Panama Relocation Newsletter”.

For your Panama relocation services, immigration, real estate, and a corporate law primarily for local Panama businesses needs contact:

Fax (Panama): ++ (507) 227 - 7485
Note: If calling to Panama from the US or Canada,
you must dial "011" prior to the country code (507).