How the coronavirus will impact Panama’s economy. : Weekly News Roundup, March 22nd 2020

Mar 22, 2020 | Panama News

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

How the coronavirus will impact Panama’s economy.

As of March 17, 2020, Panama had more cases of coronavirus (COVID-19) than any other country in Central America, with eighty-six confirmed cases. Panama has implemented nationwide policies to combat the spread of the virus and signed a regional agreement to address the pandemic with members of the Central American Integration System (Sistema de la Integración Centroamericana—SICA).

President Laurentino “Nito” Cortizo has prioritized citizens’ health over the country’s economy, which in the third quarter of 2019 plunged to a near-decade low.

With Fitch Ratings downgrading Panama’s rating on March 2020 from stable to negative, and the country still unable to improve its international reputation for transparency—Panama is still listed in the Financial Action Task Force’s (FATF) money laundering watchlist—the coronavirus is likely to have severe effects on the Panamanian economy.

Source: Atlantic Council

Panama to suspend all international flights from Sunday night.

Panama will for 30 days suspend all international passenger flights from 11:59 p.m. on Sunday to contain the spread of coronavirus, President Laurentino Cortizo said on Thursday.

Writing on Twitter, Cortizo said cargo flights, humanitarian flights and domestic flights would continue operating as normal for the time being.

Source: WKZO

Panama Tribal Gathering festival locked down.

People attending a festival in Panama have been put on lockdown after the country declared a state of emergency over the coronavirus, organisers say.

he Tribal Gathering festival said officials had taken the “extraordinary step” of ordering all guests at the site to remain there until 23 March.

One attendee said some 300 people were there.

The organisers said there were no confirmed or suspected cases of the virus among the guests.

Panama, which appears to be the hardest-hit country in Central America, has confirmed 69 cases and one death. It has closed its borders to foreigners and non-residents, and ordered non-essential shops to close, amid other restrictions.

Source: BBC News


What you need to know before buying or renting property in Panama.

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.

Source: POLS Blog

POLS Attorneys Staff Writer

POLS Attorneys Staff Writer

As one of the leading Panama Law Firms, and one of the regions most reliable offshore service providers, POLS Attorneys brings a wide range of professional knowledge to our clients needs. Our staff is made up of professional offshore consultants, Panama attorneys and immigration specialists who are experienced in offshore business, understand international investment and asset protection strategies, and are experts in providing a seamless Panama immigration process.

The Asset Protection Newsletter

Sign up free and receive the latest news on Asset Protection