Panama Relocation Newsletter

From the Retirement Wave Newsletter on November 5, 2021:

PANAMA IS ON THE WAY BACK

To friends and subscribers,

A few months ago, various international banks and financial institutions estimated Panama's GDP (think total national income) growth at 8% to 10%.

The International Monetary Fund predicted 12%, very unusual for a group famous for delivering bad news.

The Panamanian government and local economists had been predicting 4% to 5%. The higher levels seemed so unrealistic that they only increased their estimate to 7% to 8% and I think many of them doubted it.

Well, it appears we have a good shot at hitting the IMF's target as we already show double digits through September.

One thing I appreciate about the current government is that it has a habit of under-estimating growth monthly. By doing that, they purposely lower expenditures to fit the estimate and end up with a monthly "surplus". That is much better than over-estimating income and being disappointed. And if there is a need to increase spending unexpectedly, there will be money to pay it "saved" from earlier months. In the short run, it leaves you open to criticism. In the long run, it protects resources when your "opponent" is a virus that can mutate suddenly, but you cannot.

I am thankful to live here and to have passed through the last year and a half with the Panamanian people and all the other expats who did their part to make this work too. We did not like it any more than anyone else in the world, but we sucked it up and got through it and today have reduced daily Covid hospitalizations and deaths to extremely low levels, sometimes zero.

From Bloomberg on November 1, 2021:

PANAMA CANAL SAW RECORD YEAR AS CHINA-U.S. TRADE TENSIONS EASED

- The canal could benefit from ship congestion at U.S. ports.

- Canal Authority plans $16 billion in investments through 2030.

The Panama Canal saw a jump in cargo as China and the U.S. eased trade restrictions, opening up the market for grains, pork, and liquefied natural gas, canal administrator Ricaurte Vasquez said during a press conference on Thursday.

The canal saw a record 516 million tons of cargo pass through its locks in the fiscal year 2021, which ended last month, an 8% jump on the previous year. Revenue for transits totaled $3.9 billion in the fiscal year 2021 and the canal authority projects that to increase to $4.2 billion in the 2022 fiscal year, which began this month.

Grain shipments from the U.S. to Asia jumped as the U.S. eased some trade restrictions with China, and China’s pig herd stayed relatively healthy, boosting demand for animal feed, Vasquez said. Higher rainfall and improved water management in Panama meant the canal could offer a full draft to ships all year, allowing them to load more cargo onto larger vessels.

A harsh winter in the northern hemisphere led to higher demand for heating, causing shipments of liquefied natural gas to spike. LNG shipments from the U.S. to Asia through the canal rose 31% in 2021, he said.

The canal is planning to invest $16 billion over the rest of the decade in infrastructure improvements, technology upgrades, and land purchases for reforesting, Vasquez said.

The authority is in talks with the shipping industry to establish a new toll system that will center around water availability, ship capacity, and peak demand times. The canal plans to eventually implement a pricing system that punishes ships that don’t have zero or near-zero carbon emissions, he said.

Congestion at shipping ports in the U.S. could benefit the canal in 2022 should companies eye the canal as an alternative route for getting their goods to market, according to Vasquez.

Interested in Investing in 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 the Free Press Tampa, Florida on November 15, 2021:

SANTO BLOCKCHAIN LABS OPENS LATIN AMERICA SUBSIDIARY IN THE REPUBLIC OF PANAMA

Santo Mining Corp. dba Santo Blockchain Labs (OTC PINK: SANP) a vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end "BaaS" Blockchain-as-a-Service today announces, that it has legally incorporated its new Latin America subsidiary "Santo Blockchain Labs of Panama, S.A." in Panama City the Republic of Panama.

The main focus of this new subsidiary is to officially have a physical legal presence, with local tech support in the Republic of Panama to be able to participate in any RFPs "Request for Proposals" from the up and coming new crypto and blockchain governmental laws currently being studied on the Legislation floor in the Government of the Republic of Panama. It will also serve as a stepping stone for the Latin American crypto and blockchain industry.

Frank Yglesias CEO of Santo stated; "To be able to get awarded contracts, we must have a local and legal presence to show we have skin in the game; that we are hiring local talent, and that we are helping develop the new up and coming crypto and blockchain laws." additionally Yglesias stated; "this branch will also help with tech support on the American hemisphere and pick-up where the Vietnamese team clocks-off during non-working hours, truly becoming a 24-hour blockchain company."

If you’re looking to buy or rent properties in Panama, there are many options to suit any taste or any budget.

There are great deals to be had, fantastic areas to live in, and many diverse choices that can fit your need specifically. Just like anywhere else, you need to do a good amount of research and personal introspection before you make your decision when it comes to Real Estate. After all, you’re buying or renting in a foreign country, and you should know the rules before you start.

Finding what area to live in is as important as the property you choose.

Panama is a small country, but there are a lot of areas that appeal to expats to relocate to. This is a positive for you and your family.

Panama City

If you’re a big city person in your home country, chances are, you’ll like living in a big city in Panama. As far as this goes, Panama City is your best bet. There are no other major cities in Panama, and even the 2nd and 3rd largest cities (Colon, David) are not quite up to the cosmopolitan or logistical standards that Panama City is.

Out of the City

Conversely, if you love the beach, or the mountains, or the suburbs of the city, you can find a great fit in Panama. The trick is focusing on what you want, and then getting to know what you’d be getting into if you moved there. Find an area that gives you the lifestyle you want, but at the same time, gives you good access to transportation, utilities, and comfort.

Don’t commit to moving to Panama without visiting first.

It’s very easy to get caught up in the allure of Panama, and many people float the idea of moving here pretty quickly. That being said, you don’t want to jump the gun. We highly recommend visiting first; and usually, your best bet is to spend at least a couple of weeks. If you relocate without visiting first, we highly recommend renting. Rentals can be very affordable here, and short-term leases (3-6 months) are a great way to get to know where you want to live in Panama, without making a long-term commitment.

Securing, and financing your new house or apartment in Panama

If you decide to rent, you have a lot of options as far as leases go. You can sign a lease without permanent residency, but usually need to provide a financial reference as well as a professional one; plus, you will need to leave a security deposit and may pay a significant amount more if you sign for short terms (1-3 months). There are many furnished apartments available for the short or long term, so you won’t need to take the plunge financially if you don’t want to.

If you choose to buy, you need to first secure a Panama Corporation; something we can help you with. Whether you pay the full amount all at once, or finance, it’s important to set up a local presence, or a local bank account. One of our lawyers can help you negotiate your price to make sure you get the best deal, at the best price.

Regardless of what you’re looking for, chances are, you’ll find it here in Panama.

Thinking about Buying Real Estate 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.

From Euro News Travel on November 1, 2021:

PANAMA: HOW TO PLAN A NATURE-FILLED TRIP TO THE HOME OF COFFEE AND CHOCOLATE

On the isthmus (a narrow strip of land) linking central and south America, lies Panama, a diverse country with unique flora and fauna. Home to hundreds of tropical birds, rare ecosystems, and, of course, the famous Panama Canal which cuts through the middle of the mainland.

With so much nature to protect, Panama is keen to attract eco-tourists looking to immerse themselves in the landscape and engage with the natural world. As well as the mainland, Panama also has a whopping 1,400 islands to its name, with landmasses in both the Caribbean and the Pacific.

What’s the best time of year to visit Panama?

Panama is effectively divided in two by the Tabasará Mountains, which form a central spine down its middle. This makes it's Caribbean and Pacific ecosystems quite different from one another, with higher levels of rainfall throughout the year on the Caribbean side.

Tourists looking for sunnier days should visit between mid-December and March, while April to early December is a great time of year to explore Panama’s lush landscape and see migratory birds and wildlife.

With all these natural wonders to see and so many options for eco-tourists, we’ve selected our favorite places to explore Panama’s unique and diverse landscapes.

One of the most famous maritime trade routes in the world, the Panama Canal connects the Atlantic and Pacific oceans. The man-made canal opened in 1914 and has been a vital waterway for global shipping ever since.

What you may not know, though, is that the Panama Canal is also a great place for watersports and birdwatching.

What you may not know, though, is that the Panama Canal is also a great place for watersports and birdwatching. With kayaking, canoeing, and boat tours on offer, you can explore this famous waterway and the surrounding tropical rainforests.

Keen kayakers are likely to see capuchino, howling and spider monkeys, as well as sloths and kingfishers, to name just a few. The Smithsonian Tropical Research Institute has been based in the Panama Canal for almost a century, making the area's unique ecosystems some of the most intensively studied in the world.

The STRI also has two museums in the area: The Panama Canal Museum and the Biomuseo, where visitors can learn more about Panama’s biodiversity and the history of the area.

What is there to see in Panama City?

Panama City sits on the Pacific side of the country at the opening of the canal and is full of huge skyscrapers but these are balanced out with lots of palm trees.

If hip neighborhoods are your thing, head to Casco Viejo. This little district is UNESCO-protected and full of cute boutiques, bars, and of course, this being Panama - coffee shops.

If hip neighborhoods are your thing, head to Casco Viejo. This little district is UNESCO-protected and full of cute boutiques, bars, and of course, this being Panama - coffee shops. It’s here you can sip Panama’s most expensive brew, Geisha coffee. Originally from Ethiopia, the Geisha coffee beans grow very well in the Panama climate and due to their exceptional taste can sell for as much as $1000 per pound.

Trek the Highlands of Chiriquí

Nicknamed ‘The Land of Eternal Spring’ the Highlands of Chiriquí are just a 40-minute drive from Panama’s most northern city, David, and close to the border with Costa Rica. Home to the country’s only volcano, Baru, this stunning landscape is full of twisting rivers, mountains, and lush vegetation.

Keen nature lovers may be able to spot strikingly colored (and named) Resplendent Quetzals, Ochraceous Pewees, and Black-thighed Grosbeaks.

A perfect location for birdwatchers and horseback riders, the Highlands are also markedly cooler than the rest of Panama, so if you’re not a fan of the heat, this is the place for you.

Keen nature lovers may be able to spot strikingly colored (and named) Resplendent Quetzals, Ochraceous Pewees, and Black-thighed Grosbeaks to name just a few.

For caffeine lovers, there are also lots of coffee plantations in the area, which is well known for its citrus groves too.

Explore the unique ecosystems of Bocas Del Toro

If that’s not enough nature for you, the luscious ecosystem of Bocas Del Toro should be next on your list. One of the country’s biggest islands on its Caribbean coast, Bocas Del Toros is Panama’s first Mission Blue Hope Spot. An ecological program led by Dr. Sylvia Earl, ‘Hope Spots’ are protected areas in ecologically sensitive parts of the world’s oceans, which Mission Blue are helping to rehabilitate and protect for future generations.

The archipelago has developed some unique species, flora, and fauna due to its isolation from the mainland over the last 10,000 years. “It is now home to 200 species of tropical fish, more than 400 species of birds, 28 different amphibians, 4 kinds of sea turtles, and 3 kinds of monkeys,” says Magda Cecilia Moreno from the Panama Tourism Board.

A must for nature lovers, there are also two caves to explore and the most diverse reef ecosystem in the Caribbean. Unsurprisingly, the island is home to one of Panama’s biggest diving centers, so visitors can suit up and see all these reefs up close and personal. And if you’re lucky, maybe a bottle-nose dolphin or two.

See golden frogs in El Valle de Anton

Set, somewhat dramatically, in the crater of an extinct volcano El Valle de Anton is surrounded by lush green mountains and a cool 600 meters above sea level.

A great location for hikers, the area is full of trails to explore, including the Cerro Gaital, which is considered one of the toughest hikes in Panama.

A great location for hikers, the area is full of trails to explore, including the Cerro Gaital, which is considered one of the toughest hikes in Panama.

The area also features the impressive Chorro El Macho waterfall and is home to over 500 species of tropical birds. The golden frog that the area is most famous for is sadly thought to be extinct in the wild, but you can see some in the small Nispero Zoo, where they are seeking to breed and preserve the species. For orchid lovers, there’s also an Orchid Conservation Centre, where you can see over 100 different species of these striking flowers.

What are the best places to stay in Panama for eco-tourists?

Panama offers visitors myriad ways to connect with the natural world through its tropical rainforests, mountains, and waterfalls. For a truly natural experience though, you can stay in some of the country’s nature-based lodges and farms.

Tucked away in Bocas del Toro, the Tranquilo Bay Eco Adventure Lodge helps its guests experience the beautiful surroundings of the rainforest, whether that’s birdwatching from their canopy observation tower, paddle boarding, and snorkeling in the bay, or hiking the local trails.

Also in the Bocas del Toro archipelago, La Loma Lodge and Chocolate Farm are only accessible by boat. Surrounded by tropical rainforests and mangroves, the Lodge has its permaculture garden where they grow tropical fruits, and of course cacao trees.
When you’re not watching white-faced capuchin and western night monkeys feast on the cacao pods, you can learn how chocolate is processed and produced on the farm too.

What are the travel restrictions for Panama?

Travelers from any country are no longer required to take a COVID-19 test or quarantine on arrival as long as they’ve registered digitally via the Panama Electronic Affidavit and can physically present a vaccination card.

This card needs to show that you’ve had both doses, with the second dose being no later than 14 days ago.

If you are traveling from what Panama deems to be a low-risk country, and you haven’t been fully vaccinated you will need to present a negative PCR or antigen test taken 72 hours before arrival.

If you’re coming from a country classified as high risk - which at the moment includes the UK - and are not fully vaccinated, you will have to present a negative PCR test and quarantine for 72 hours at an approved hotel. You will then have to take another PCR test to prove your negative status.

The other countries on Panama’s high-risk list are South Africa, India, and countries in South America.

Full details on Panama’s travel rules are here.

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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).