Panama is the entire isthmus connecting
Central and South America. It is bordered by Columbia and Costa
Rica and has two long coastlines, on the Pacific and Caribbean.
Enjoying a mountainous interior, it has a large number of protected
national parks mostly comprising dense, tropical rainforest with a
rich variety of flora and fauna. In addition there are long
stretches of fine, sandy beaches on both coasts with upmarket
tourist resorts that are now starting to develop more fully. The
Pacific coast offers good conditions for sports such as surfing and
as a result tends to attract a younger, sporty set. Meanwhile the
Caribbean coast offers coral reefs, island archipelagos still
inhabited by the local Cuna Indian population, and quieter waters
that are good for bathers and divers.
The Panama Canal was handed over from American
control in 1999 and resulted in a surge of inward investment
welcoming 5% of all seagoing trade per annum. It has recently been
given the green light for a massive five billion dollar expansion
project that will run over the next six years and should
significantly boost FDI inflows. The country has benefited from
increased press coverage and is already popular with Venezuelans,
Columbians, North Americans, Canadians and Europeans for
relocation, retirement and investment.
Unlike many other Central and South American
countries, Panama does not tend to base its income around export of
goods but in providing trade and service industries. The
construction industry is the backbone of the country, and among
Latin American countries, Panama is expected to show the highest
GDP growth in 2008, between 7.5% and 9%.
Still in this Chapter
Is this is good place to Buy?
Which type of Property should you go for?
Hotspots
The Purchase Process
Mortgages
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