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Panama Economy Over the course of the past decade and a half, Panama has experienced economic vibrancy that literally is unparalleled in all of Central America. During this same time period, people from different parts of the world have taken a look at investing or relocating to Panama, including a good number of individuals and business enterprises located in Canada and the United States. Panama Real Estate Along with the general economic surge in Panama over the course of the past fifteen years, investing and owning real estate – both residential and commercial – has advanced at a strong rate as well. Indeed, many foreign nationals have found that ownership of real estate in Panama is proving time and again to be a worthy addition to any financial portfolio. Moreover, many people are also finding that Panama is proving to be a wonderful locale to establish either a year round or a holiday or vacation residence. Beyond the fact that the Panama economy is thriving, real estate investment and ownership is attractive because unlike in many countries, there are no restrictions pertaining to the foreign ownership of real estate in this Central American nation. Moreover, in addition to a wonderful climate the entire year, Panama is also free from many of the threats that Mother Nature brings to bear in other countries in the area. Hurricanes, volcanic activity and earthquakes simply do not occur in Panama.
Panama GDP One of the reasons that the Panama economy is so strong rests in the fact that a full 69% of the annual GDP is generated through the service industry. It is precisely this segment of any nation's economy that is most stable. This economic stability has reinforced the fact that investing in real estate in Panama is solid course of action to pursue. Agriculture, manufacturing and other industries make up the remainder of the Panama economy in shares of about 10%.
Another reason real estate is in such a prime state in Panama at this juncture in the 21st century rests in the fact that foreign investment in the country is at an all time high. In point of fact, in 2006, Panama enjoyed the highest rate of foreign investment of any nation in Central America or the Caribbean.
Overall foreign investment in Panama topped $2,400 million U.S. in 2006, a record. Panamanian Politics & Economic Freedom The political climate in Panama also contributes to the strong economy of the country and to the value of real estate of all types. Panama ranks 30th out of all of the nations in the world when it comes to economic freedom. The country has an open economy with a very stable political system, perhaps the most stable in Central and South America at this juncture in history.
The Panamanian infrastructure and transport system is unparalleled, perhaps in the entire world. Simply put, it is extremely easy to move merchandise, product and material in and out of Panama to all destinations over the globe. The Panama Canal is of paramount importance to the Panamanian economy as a result.
The government of Panama is a representative democracy with three branches (similar to the United States): executive and legislative branches are elected for 5 year terms and an independent judiciary. The executive branch includes a president and two vice presidents. There is also a 72 member unicameral Legislative Assembly. The judicial branch has a 9 member Supreme Court and includes all tribunals and municipal courts. Find out who the current elected officials are in Panama today.
Panama Banking Real estate values and the economy more general also benefit from Panama's interconnection with the international banking system. The U.S. dollar is the legal currency for the nation. Moreover, there are no restrictions on the free movement of currency within and without the nation. Obviously, this makes it far easier to purchase and to sell real estate in Panama today.
The Colon Free Zone is another extraordinary economic bastion in Panama today. It consists at present of nearly 1,700 acres of real estate and is expanding with regularity. Nearly 2,500 companies / businesses are involved with the Colon Free Zone, a number that is also on the increase. At present, the international commercial exchange through the Colon Free Zone registers in at over $14,500 million U.S. annually. and Un an effort to further empower Panama as a major international trading center, major renovations continue to be made in the Panama Canal Zone itself. Indeed, significant work has been undertaken on the canal itself to ensure that it remains accessible to the most modern of ships that are carrying cargo the world over today.
In Panama today there are a number of different types of individuals that can be found investing in real estate with regularity. First of all, there is a growing number of retired persons from the United States and Canada who are purchasing residential real estate in Panama, more often than not to establish a second home. Second, there is a significant number of men and women in their 30s and 40s from the United States and Canada who can be found purchasing Panamanian real estate for investment purposes. (Of course, there are people in these age defined categories from other countries who are making similar real estate purchases in Panama as well.)
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