Panama Weekly News Roundup: March 28, 2014




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Welcome to the Panama Weekly Offshore Roundup! This week, we talk about Copa expanding their international routes (again), how Brazil is poised to gain from the Canal Expansion Project, and we show you some great options on where to live when you relocate to Panama. Here’s the latest:

 

Copa Airlines Continues to Grow, Launching Another US Route

Copa Airlines, the international air carrier headquartered in Panama, has laid out plans to launch another direct flight route to the US. The latest route will be from Panama’s Tocumen Intl. Airport to Ft.-Lauderdale/Hollywood, Fl. starting this July. Copa has already added new non-stop routes to Boston and Tampa this past year.

 “Officials of the Panamanian carrier were at the B Ocean Fort Lauderdale on Wednesday to promote the new flights to hoteliers, tour operators and members of the business community, hoping to “spread the word that there is a new player in town that can compete with anybody and has competed successfully,” said Joseph Mohan, Copa’s vice president of commercial and planning.

Copa plans to offer flights four times a week between Fort Lauderdale-Hollywood International Airport and Tocumen International Airport in Panama City, operating Mondays, Wednesdays, Fridays and Saturdays.”

Source: Sun-Sentinel.com

 

Brazil Looks to Make Big Gains with Canal Expansion

With the Canal Expansion back underway again, many Latin American countries are preparing to make big gains. One of these countries is Brazil. Brazil is Latin America’s largest country, as well as its biggest economy, and a powerhouse when it comes to global production and trade. It is also an agricultural hub, and in a key position geographically, to make big dividends once the new Panama Canal is finished.

“Brazil is set to be one of the major beneficiaries of the Panama Canal expansion, Walter Kemmsies, Moffatt & Nichol’s chief economist, told BNamericas on the sidelines of the LatAm Ports & Logistics Summit being held in Panama City.

“My feeling is that the winner of the Panama Canal expansion would be Brazilian agriculture, not US agriculture,” Kemmsies said.

Brazil’s Cerrado, located in the middle of the country, is bigger than the US corn belt and has three growing seasons a year, compared to the corn belt’s 1-2 growing seasons, Kemmsies said.”

Source: BNAmericas.com

 

Pittsburgh-Based PPG Industries Acquires Panamanian Canal Supplies Inc.

One of Pittsburgh’s biggest industrial coatings companies is planning a big expansion into Central America, and they’re starting with Panama. The company’s purchase, which comes at the tail end of double-digit growth in 2013, is expected to help expand its production rapidly, as well as solidify Panama as a regional hub.

“Canal Supplies distributes protective and marine coatings to customers in Central America. The transaction, which is subject to customary closing conditions, is expected to consummate in second-quarter 2014.

The buyout will expand the access of PPG Industries’ products to customers throughout Central America, especially in growth markets for protective and marine coatings such as Costa Rica and Panama.”

Source: Zach’s Equity Research

 

Where to live in Panama? How to choose the area that best fits your lifestyle

Relocating to Panama can be a tough task if you’re not familiar with the country, and what it’s like to live there. In our latest blog post, we discuss a few of the most popular places for expats, and how to find the right places that fits your lifestyle. From the hustle and bustle of the capital, to the serene beaches of the Pacific, there truly is something for everyone in Panama.

“Panama City is the epicenter of both economic and social activity in the country. The city is vibrant, new, and fun, but it can also be expensive and quite fast-paced. Rents downtown are comparable to a mid-sized North American city, with the daily cost of living being a bit cheaper. You will find brand new apartments available with every amenity available in Europe and North America, and most likely, whether you buy or rent, your building will have a pool, spa, and gym.”

Read more about choosing where to live 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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