23
Jan

Panama’s Economy has grown by more than 8% over the last 5 years…

On average, Panama’s economy has grown by more than 8 percent in the last five years.  It’s a trend being observed in massive reconstruction projects countrywide, evidence of the consistent influx of investments (foreign direct investments totaling over one billion dollars so far this year), and the power of its financial principles.  The financial laws of Panama are largely agreeable to corporate and business interests which makes it particularly advantageous for foreign companies to set up operations here.  Those corporations whose income is generated outside the country are exempt from paying income taxes in Panama.  It is notable that Panama has no tax treaties with any other country.  In the case of income tax violations, it is considered a civil offense according to Panama law, not a criminal one.  Therefore, offenders are not subject to criminal prosecution.

Panama’s protection of the privacy of foreign investors is a strong part of the country’s policies.  Unless egregious crimes such as money laundering, drug trafficking, acts of terrorism and like criminal activities have been committed, Panama does not allow for the invasive investigation of its foreign investors.  It is a serious and effective policy that has established this country as the Switzerland of the Western Hemisphere.

For more information about Panama and business within the country, please visit our main GAP Financiera website here…

 

 

 

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30
Dec

Fitch upgrades Panama rating to investment grade

NEW YORK, March 23 (Reuters) – Fitch Ratings established Panama’s credit rating as “Triple B”-Investment Grade-its credit rating. Fitch is the first rating agency to give its coveted investment grade status to Panama, citing a sustained improvement in public finances underpinned by tax reforms.

“The upgrades reflect a sustained improvement in public finances, underpinned by recent tax reforms, and the economy’s resilience to the global financial crisis and associated recession,” Fitch said in a statement.

The outlook for the credit rating is positive, Fitch said, reflecting its expectation that the government’s debt-to-GDP ratio will continue to decline as economic growth accelerates and fiscal discipline is maintained despite “an ambitious public investment program.”

Both Standard & Poor’s and Moody’s Investors Service rate Panama one notch lower at BB-plus and Ba1, respectively.

More Panama investment information is available at http://www.gapfinanciera.com

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1
Dec

IMF Vets Panama

Concluding the analysis of an annual consultation visit in November, International Monetary Fund (IMF) mission chief to Panama, Corinne Deléchat, stated that the country was “Reaping the benefits of full dollarization and political stability”, and that “Panama has established itself as an important regional hub for banking services…”

Ending nearly 2 weeks of evaluations and discussions in the country, the consensus was that Panama had achieved much to be regarded as one of the strongest and most stable economies in the hemisphere.  Her statement included the following findings:

“Panama is now among the fastest-growing countries in the Western Hemisphere. Many years of strong real Gross Domestic Product (GDP) growth accompanied by successful fiscal consolidation have resulted in a rapid decline in debt ratios and in upgrades of its sovereign debt credit rating. Its financial sector showed resilience during the 2008–09 global crisis, and stress tests conducted in the context of a recent Financial Sector Assessment Program (FSAP) mission confirmed that that the banking system can be expected to remain sufficiently capitalized even under challenging external conditions…”

Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually annually.  A team visits the member nations, collects economic and financial data, and discusses with officials the country’s economic development and policies.  On return to headquarters, the staff prepares a report, which forms the basis for discussion. The Managing Director, as Chairman of the Board, summarizes the view of the Executive Directors, and this summary is transmitted to the country’s authorities.

For more information about investing in Panama and Central America, please visit our website at http://www.gapfinanciera.com

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1
Dec

Panama Canal News

Source:  Panama Digest

This year’s earnings for The Panama Canal are announced at $1.043 billion.  The amount surpasses prior projections of $840 million, making 2011 the Canal’s most gainful year under Panamanian administration. The US handed over control of the Panama Canal to Panamanian authorities in 1991. Record tonnage is the ultimate reason given for the outperformance.

The Panama Canal is undergoing major expansions to allow passage of larger class ships.

To learn more about Panama, the canal, and investing in Panama and their growing economy, please visit our website at GAP Financiera…

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29
Nov

Panama is Courting Europe for more than just finances

According to Panama’s Deputy Minister of Tourism, Ernesto Orillac, “Panama has positioned itself as the new Miami on this side of the world”.  To the thousands who attended the 2011 World Travel Market in London, Miami is a familiar and popular destination, and with a host of agencies from all over the world presenting various countries as “The” destination, Panama had a lot to prove.  Orillac acknowledged the challenge of introducing Panama to the other side of the Atlantic as exactly such a place.

Courting Europe has become a major part of Panama’s tourism agenda as evidenced by Panama’s increased participation in travel fairs across Europe, and ad blitzes in a number of European cities.  The challenge, to spur interest by dramatically promoting Panama’s charm and appeal, has been met and so far, it’s paying off.  According to Mr. Orillac, tourism has increased by 12%-13% over the last year.  This year, Panama has seen a considerable increase in the number European travelers to its shores.  In fact, curiosity for the small Latin American nation is such that airlines are boosting and adding direct flights between Panama’s Tocumen airport and cities across the old continent.  KLM, British Airways, Air France, Lufthansa, among others, are becoming a part of the orchestration and making Panama their Latin American hub.  With this increase in connectivity between Panama and the world, Panama’s tourism industry is booming.

Mr. Orillac praised Panama’s biodiversity as a reason for travelers to choose Panama, and he’s right.  Bursting with culture and biodiversity, made famous and strategic by the wonder that is the Panama Canal, Panama has become many things to many travelers.  Whereas Miami is widely known for its nightlife, fast pace, and sun-kissed faces, in reality, Panama is more than just glitz and suntans.  Affordable, diverse and very accessible, Panama is a whole wide world to the world-class traveler.

For more information on Panama, investing in Panama, or the economic stability of the region and country, please visit our website at http://www.gapfinanciera.com

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28
Nov

Panama Invests in Christmas

The Cinta Costera, a four-lane road winding along the Balboa Harbor in Panama City is arguably one of the finest infrastructural improvements made to the city’s ever-changing landscape.

Marked with fountains, parks, crosswalks, and a scenic walk along the sea, it did so much for the city’s traffic jams and allure, that this year, the decision was made to expand it further north along Casco Antiguo, the old colonial city flanking the Bridge of the Americas, and south parallel to the new upscale city of Costa del Este.

The whole project is a small part of a grander vision of the Government as it aims to make Panama the best place to invest in Latin America.  In the least, Panama’s praise is being sung in comparison to Miami as a number of luxury condominiums spring up along the length of the City’s remodeled coastline.

It looks too as if a new tradition is being constructed thanks to the Cinta Costera.  Every Christmas season since it’s creation, Santa sets up shop along this new seaside route.  Aptly named The Christmas Village, a charming display of elves, sleighs and fairytale characters spring up among bright decorations and festive lights.  It’s understandably a hit with the kids.

And, it may not snow in Panama, but one can hardly deny the illusion of being somewhere near 90210 North Pole when driving or walking along the Cinta Costera on a breezy December day in Panama.

For more information on Panama, and the current investment climate there, please visit the GAP Financiera website here…

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