Enjoy the Holiday Season in Panama…and Get Ready for 2008

December 21, 2007
Panama City, Panama

Another year is coming to an end, and we'd like to thank you for spending it with us. We hope our First Alert tips help you realize your Panama dreams…and wherever you are, we hope you're gearing up for your best holiday season ever.

No doubt, 2007 has been Panama's most exciting year. Together, you and I have seen this country grow like never before. Among other regional titles, Panama took those of most globalized, first in foreign investment, and fastest growing economy in the region; it was a banner year for nearly anyone investing here.

The Panama Canal expansion mega-project is underway…along with major port expansions, this is one of many projects is expected to fuel the economy through 2011. With the Canal and Tocumen International Airport, Panama is already known as the whirring hub of the Americas...but the country may soon be a regional energy hub, with a $40 billion oil refinery, petrochemical production facility, and natural gas import terminal.

The construction boom is still going strong…by mid-2007 there were 380 construction projects in the works. Though some say this bubble is about to burst, experts agree that construction growth will continue as businesses are drawn by the Canal and port expansion, and as baby boomers continue to benefit from Panama's unparalleled pensionado or pensioner's visa.

Furthermore, London & Regional Properties (L&R) recently signed agreements to turn the Howard area into an immense residential/business community with its own tax regime, dubbed the Panama-Pacific Special Economic Area (AEEPP). L&R describes the $750 million project as one of the world's largest development deals…but a $2.4 billion project dubbed Panamarina could end up being even bigger, transforming sleepy Veracruz into a world-class marina and tourism/residential community.

Panama already has the region's largest international banking district, the world's largest shipping registry, and the world's second-largest free trade zone (after Hong Kong)…and all of these are expected to grow as the Canal is expanded to alleviate traffic and accommodate the world's largest ships. Not bad for a country that's no bigger than the state of South Carolina.

Thanks to all this development, demand for First World service and convenience—already available in Panama City—is on the rise. The government is trying to stay a step ahead, and already has several important infrastructure projects in the works—including road, water, and power projects. This just makes living and visiting here all that much easier.

There are many, many exciting things going on, so please stick with us in 2008 as we continue to report on news that's important to you…whether you're planning to retire or do business here. It's time to make your dreams a reality…after all, few countries rival Panama for hurricane-free tropical climate, First-World convenience, proximity to North America, and more…2008 is going to be a stellar year for all you Panama fans.

Again, our heartfelt thanks for reading Panama First Alert. Have a safe, happy holiday season…and may all your wishes come true.

Feliz Navidad y Próspero Año Nuevo,

Jessica Ramesch
Editor, Panama Insider

P.S. What's our pick for best value in 2008? It's a tiny hamlet, not far from the Costa Rican border, where prices remind us of Panama five years ago. There are pros and cons to living here, but the expats who've already relocated are thriving. We tell you all about it in the December edition of Panama Insider, available online now. Not a subscriber? It's easy and well worth it…find out exactly how Panama Insider can help you get the most out of Panama.