Panama Canal
Employment in Panama is good with work on the Panama Canal. They are getting ready to release
the major contract. Tourism has been good, too. Hotel rooms are scarce with the second highest
fill rate of any large city.
Employment in Panama is good with work on the Panama Canal. They are getting ready to release
the major contract. Tourism has been good, too. Hotel rooms are scarce with the second highest
fill rate of any large city.
Airline passengers thru the Tocumen Airport in Panama were up 19.5% in 2008 over 2007 more than
4.5 million passengers. Tourist growth continues strong. Expansion of the Panama Canal continues
to add jobs and boost the economy. Hotel rooms in Panama City are still in short supply.
Below are some of the major projects that will continue to boost Panama's economy over the next several years:
T
The economy in Panama is still going strong. Banks are not having problems like
in other parts of the world. Their lending practices are much more stringent than the US was.
The expansion of the Panama canal continues which is a big boom to the economy. Panama's
economy probably will be somewhat affected by what is happening to the World's economy
but there still will be jobs and growth.
Construction continues to boom in Panama with US $357.8 million for permits for apartments,
residences and commercial in the first quarter of the year.
Panama has extended the 20 year property tax exemption on new construction for 2 more years.
The permit must be obtained before July 1, 2009 and an occupancy permit must be issued
by December 30, 2011. Law 21, 2008 applies to both residences and commercial.
Panama has passed a new immigration law estimated to start on September 1, 2008.
The old laws are more advantageous. Those that apply before the start of the law will be probably
be under the old law. Regulations that define the new law have not been written.
Spirit Airlines has started three new low cost flights from Ft Lauderdale to Panama City.
Daily service to Panama City will start on May 1, 2008.
Panama has just revised the property tax law to reinstate the 20 year tax ememption for new
construction homes or condos. The change extends the time for completing construction until
December 31, 2009. If you buy a resale that qualified for the tax exemption, the remaining
tax exemption time is transferred to the resale buyer. Land is not tax exempt if the value
is over $30,000.
Panama is "Market of the Month" for October on the U. S. government's website www.Export.gov.
The report shows Panama economic growth and highlights the country's popularity as a business
and investment destination. There are numerous major project that will fuel economic growth.
Maritime Opportunities:
The Panama Canal expansion which is estimated to cost over 5 billion.
Port Expansion of existing ports costing over 700 million.
New port on the Pacific side located at the Canal entrance.
Energy Projects:
Twelve hydroelectric projects in the approval stage with an estimated investment of 680 million
over 5 years.
Two regional refineries under consideration that would have an investment of over 10 billion.
Brazil's Petrobras wants to process ethanol in Panama which is a pefect redistribution point
for ethanol moving between North, Central and South America.
Telecommunications:
Two new cellular concessions will be given in 2008.
Panama is developing the call center industry. Dell has a large operation.
Panama is a submarine fiber optic cable crossroads with five major cables passing through Panama.