We offer Panama real estate investment information for Panama, Colon, Bocas del Toro, Penonome*,David, Santiago*, Chitre', Boquette, El Valle, Las Tablas and Pedasi'. The * signifies an inland city that has little interest for foreigners but are major transportation stops and offer shopping areas. The Beach cities are Santa Clara, Playa Venao (THE major surf beach!), Pedasi, Contadora, Isla Colon. Tourist attraction cities near water are (besides the previous listed) The San Blas Islands (home to indigence Kuni Yali Indians), Bocas del Toro (think Cabo San Lucas) and the Pearl Islands. Boquette and El Valle (and perhaps Contadora) have heavy ex-pat populations (as do areas of Panama City). The first two are quaint and cooler mountain villages.

Panama is served by Tocumen International Airport (Airport Code: PTY). Flights are available from most major international USA hubs. Major USA Airlines serving Panama include American, Continental and Delta. Visit our Airports & Airlines section for more airport and airline information.

About Panama

About The Weather: Dec-May- summer. Hot, dry and mild humidity on the Pacific coast (90 degrees by day, 78 degrees by night), muggy and (always) wet along the Caribbean. May-Dec- Winter. Warm, humid with frequent showers and downpours, yet regular sunshine on the Pacific coast (84 degrees by day, 74 degrees by night), wetter and muggier along the Caribbean. Elevated communties can experience mild temperatrures and more frequent, cool showers in general. Panama is south of the hurricane belt. There are never hurricanes here.

Panama has one of the best infrastructure systems of Latin America. Roads, bridges, cell service, telephone, electric grid, technology, etc. Water in nearly ALL areas is suitable to drink without consequence (except areas of the Darrien and San Blas Islands).

Panama is widening the canal, which is more than 90 years old and operating almost at full capacity, to allow it to handle more and larger vessels. Work on the scheme, which was approved in a referendum in 2006, began in September 2007. The canal, the natural attractions of its pristine forests and coastlines, and a lively, modern capital are fuelling a growing tourism industry.

Offshore finance, manufacturing and a shipping registry generate jobs and tax revenues. Panama's services-based economy also benefits from the Colon free trade zone, home to some 2,000 companies and the second largest in the world. A free trade agreement with the US was reached in late 2006.

Panama Population: 3,500,000+/- (2010 est.)
Languages: Spanish (official), English 14%
Capital: Panama
Government Type: Constitutional Democracy
Independence Day: 3 November 1903 (from Colombia; became independent from Spain 28 November 1821)
Legal System: Based on civil law system; judicial review of legislative acts in the Supreme Court of Justice; accepts compulsory ICJ jurisdiction, with reservations.
Currency: balboa (PAB); US dollar (USD)

Executive Branch:

Chief of State: President Ricardo Martinelli (since April 2009); note - the president is both the chief of state and head of government.

American Embassy: Avenida Balboa and Calle 37, Apartado Postal 0816-02561, Zona 5, Panama City 5
Mailing Address: American Embassy Panama, Unit 0945, APO AA 34002
Telephone: [507] 207-7000 FAX: [507] 227-1964

General Overview: With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. On 7 September 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of 1999. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the intervening years. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were turned over to Panama by or on 31 December 1999.

Economic Overview: Panama's dollarised economy rests primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03. The government has been backing public works programs, tax reforms, new regional trade agreements, and development of tourism in order to stimulate growth. Unemployment remains at an unacceptably high level.

International Disputes: None but official corruption, an ongoing concern and prevalent throughout Latin America, is successfully being addressed and reduced with the diligence of the new administration.