The Republic of Panama is located in the center of the Western Hemisphere under the following coordinates: 7º12’07″ and 9º38’46″ North, 77º09’24″ and 83º03’07″ West. On its borders are: to the North, the Caribbean Sea; to the East, the Republic of Colombia; to the South, the Pacific Ocean, and to the West, the Republic of Costa Rica. Panama is the link between Central America and South America, constituting an isthmus of 80 km. (1.609km+1mile) wide at its narrowest point.
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- Official Name: Republic of Panama
- Capital: Panama City
- Nationality: Panamanian
- Area, Population and Density: 75,990 square km; the total population is approximately 2,839,177, (81 persons/square mi)
- Age Distribution (%): 0‐14 years 37.0%, 15‐59 years 56.3%, 60+ years 6.7%
- Political Division: 9 provinces and 3 indigenous communities
- Government: constitutional democracy, centralized Republic
- Legal System: based on the civilian legal system, judicial revision of legislative acts in the Supreme Court. Accepting international tribunal jurisdiction, except in some instances
- Language: the official language is Spanish. However, many Panamanians speak English
- Literacy Rate: 90%
- Weather: Panamanian weather is tropical, and uniform throughout the year. The average temperature is 27 degrees C (80.6 degrees F)
- Religion: there is an absolute freedom of Religion in Panama. Most Panamanians are Roman Catholic. However, due to the diversity in the country, you can find all kinds of places of worship throughout the country.
- Time Zone: the time in Panama, all year long, is the same as the EST (GMT ‐5). Panama does not observe Daylight Savings Time.
- Currency: the U. S. dollar. The Panamanian currencies are equivalent in size and value to those of the U. S. A.
- Commerce: businesses are generally open from 9:00 a.m. to 6:00 p.m. from Monday to Saturday. Some open on Sundays
- Gratuities: from 10% to 15% of the bill, is the suggested amount
- Driving License: visitors can drive up to 90 days with a foreign license
- Electricity: 110 volts; 60 cycles
- Tropical climate & low cost of living
- 962 miles of coast line
- Population approximately 3 million
- Valid Passport & tourist card to enter
- Colon Free Trade Zone is the second largest in the world
- Panama has no Military
- No hurricanes
- Rated on of the top 5 Places in the world to retire
- Stable economy with the US dollar as legal tender
- Economic growth that year after year continues to surpass most of the other Latin American countries. For over 40 years the inflation rate has averaged less than 2% yearly, unheard of in other countries south of the US border. Panama has special incentive laws for investors, and favorable offshore banking laws.
Panama is a country of white sandy beaches, rain forests, exotic vegetation and wildlife, thick jungles, mountains and unique islands. More than 30% of Panama’s fauna and flora are protected through government sanctuaries that include 15 national parks and 5 forest reserves. The country offers diverse geographic and social settings. The terrain ranges from mountains to tropical islands and offers lifestyle settings that range from the booming metropolis to vast jungles.
Panama has a level of security and efficiency not found in other Latin American countries. The country has more amenities, lower costs and lower crime rates than traditional retirement destinations in Mexico or Costa Rica.
The best way to get to Panama is by air travel. Continental Airlines, Copa Airlines, American Airlines, United Airlines, Spirit and Iberia all have daily flights to Panama. If you are driving, you can reach your Panamanian destination by way of the Inter‐American Highway that runs through Central America. If you are coming by sea, you can disembark in one of Panama’s many ports.
We at Try Panama are here to answer any questions you may have regarding Panama Real Estate. We are here to assist you in: making your move to Panama, investing in real estate abroad, setting up a Panamanian Corporation or simply moving out of Panama City. We offer property management & full relocation services to make your move to Panama a great experience!