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Panama, officially Republic of Panama , is the southernmost country of Central America and the whole of North America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean to the north and the Pacific Ocean to the south. The capital is Panama City.
Panama is a presidential independent, sovereign state. It is well known as one of the most developed international business center. Panama has the fastest growing economy and the largest per capita income in Central America.
Panama Quick Facts:
- Geographic Coordinates: 8°58′N 79°32′W
- Land Area: 29,157 square miles
- Population: 3,661,868 (as of 2013)
- GDP: 36.3 Billion USD 2012 estimate)
- Currency: The official currency of Panama is the Balboa which is tied to the USD at 1:1. The USD is also recognised as an official currency and is used interchangably with the Balboa. .
- Economy: The economy of Panama is a fully dollarized free market economy with a history of low inflation. It is based mainly on the services industry, heavily weighted toward banking, commerce, and tourism. The hand-over of the canal and military installations by the US has given rise to new construction projects.
Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of its GDP. Services include the Panama Canal, banking, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health, and other business. The country's industry includes, manufacturing of aircraft spare parts, cements, drinks, adhesives, and textiles. Also the leading exports for Panama are bananas, shrimp, sugar, coffee, and clothing. - Internet Code: .pa
Advantages of Panama
- Independent jurisdiction
- Exemption from all local taxes for income received outside of Panama
- Panama companies have no restriction on doing business in Panama
- High level of privacy protection
- Well developed financial services industry
- Well developed professional infrastructure
- Excellent telecommunications system
- Easy air access to North America
- No foreign exchange restrictions
- Citizenship programs are available for investors.
