eBizGuides Panama

ENTERTAINMENT & BUSINESS GUIDES

PANAMA

PRODUCCIÓN Producer: Pascal Belda Managing Director: Carolina Mateo Sales Executive Manager: Esther Posadilla Secretary General: David Hazán Legal Department: Lucía Martí Project Director: Emma Goldsmith Editorial Guide Developer: Manuel Sainz Project Associate: Simrina Pangli Editor: Paul Morrissey Creative Director: Luisa Tronea

EDITION Written and edited by eBizGuides - FOR ALL SOURCE MATERIAL SEE BIBLIOGRAPHY Sector overviews provided by Several Ministries and Secretariats, and eBiz Guide team Agriculture Sector Overview provided by Ministerio de Desarrollo Agropecuario de Panama -Ministry of Agriculture Economic Sector Overview assisted by Ministerio de la Presidencia Energy Sector Overview provided by National Energy Secretariat Mining and Mineral Development Sector Overview assisted by Mining Chamber of Panama & Capira Dorada Finance Sector Overview assisted by Ministerio de la Presidencia Transport, Maritime & Shipping Sector Overview assisted by Georgia Tech Logistics Innovation & Research Centre website Real Estate & Construction Sector Overview assisted by CAPAC Industry, Trade & Logistics Sector Overview assisted by the Chamber of Commerce, Industry and Agriculture of Panama and Georgia Tech Logistics Innovation & Research Centre website Health and Education overview assisted by Panama Legal Offshore Services website Tourism Information provided by ATP, various entities from Panama’s Tourism Sector and various travel sites Investment & Legal Framework written by KPMG Panama Investment data and graphs provided by KPMG, and different Ministries and Authorities Other information sourced from various websites and documents, all to be found in the Bibliography at the back of the guide Photos: pictures by eBizGuides, ATP & Miller Fotógrafo - Ruperto & Gustavo Miller

ACKNOWLEDGEMENTS We would like to thank the following people for their collaboration and support: Chamber of Commerce, Industry and Agriculture of Panama, CAMIPA, CAPAC, ATP, MIDA, National Energy Secretariat, all of the team at Central Park Hotel, Mr. Jon Hanna from Panama Legal Offshore Services We would also like to thank the heads of the following companies and organisations for their sponsorship and support and without whom this eBizGuide would not have been possible: Manzanillo International Terminal, Capira Dorada, INEXSA, Absolute Maritime Tracking Services , Air Panama, City of Knowledge (Ciudad del Saber), KPMG, Central Park Hotel Casino & Spa, Manrey Hotel DISCLAIMER While every effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither eBizGuides nor any related entity shall have any liability to any person or entity that relies on the information contained in this publication. This publication is not a substitute for professional advice and it should not be acted on or relied on or used as the basis for any decision or action that may affect you or your business. Any reliance is solely at the user’s risk.

World Investment News Customer Services: Tel: + 34 91 787 38 70 Fax: + 34 91 787 38 89 guides.info@ebizguides.com www.ebizguides.com

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Printed by Montegraf S.L. ISBN: 978-84-938169-8-8 Legal deposit: M-18710-2013

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HOW TO USE THIS GUIDE The goal of eBiz Guides is to offer extensive economic and investment information on a country, with a focus on the top companies, while offering the best tourism and entertainment information for your spare time. With this tool, we believe that our readers can get fully acquainted with the country, before investing in it long term.

This book comprises three major sections, which deal with general information, business information and entertainment.

General Information Background information on the country is coupled with a useful map and vocabulary.

Business This section of the book starts off with the main business resources available for you as well as an in-depth look at the country’s investment and legal framework and the economy itself.

Through personal interviews with the most important business people in the country, we then provide our readers with privileged information and sector analysis, including introductions written by decisionmakers in the sector, such as government ministers.

You will also find fact files of all major corporations, outlining their business activities, key projects and any investment opportunities.

Entertainment For you to fall in love with the country, we also showcase the best spots to visit, essential areas to discover, the top hotels, restaurants and much more.

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Icons

eBiz Recommended These companies were particular favorites of our team during their stays; this stamp is mostly given to restaurants, hotels and so on.

eBiz Recommended Partner Our team has been interviewing the heads of many companies; when they choose to allocate this stamp to a company, it is because they have received reliable service from the company.

ATTENTION! This indicates that the information is important and something to take notice of when planning, or during your stay.

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INDEX INTRODUCTION Map and Regional Profile

6

General Information

8

Diplomatic Institutions

30

Did you know?

? 37

Vocabulary

aA

38

BUSINESS Business Resources

40

Top Companies

60

Investment & Legal

62

Panama Economy

88

Finance

102

Mining & Energy

112

Trade & Industry

128

Real Estate & Construction

138

Transport & Communication

146

Education and Healthcare

162

Tourism Industry

174

ENTERTAINMENT Introduction

196

Panam City

213

Colon, Portbello & Isla Grande

231

El Valle de Anton & Bocas del Toro

234

Chiriquí Province

240

Pedasi

246

Santa Catalina

250

Pearl Islands & Isla Contadora

251

MAP

COSTA RICA

CARIBBEAN SEA

El Porvenir

Bocas delToro Colon

PANAMÁ CITY Puerto Obaldia

Penonomé

PANAMA

La Palma

El Real

Santiago Las Tablas

COLOMBIA

David

NORTH PACIFIC OCEAN

Capital City City National Park Rivers

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PANAMA PROFILE

Capital: Land Area: Population:

Other Main Cities: Provinces: International Airport:

GDP per Capita: GDP Growth: Main Industries: Main Exports: Government System: Languages: Climate:

Major Religion: Time: Currency: Internet Domain: International Dialling Code: Electricity: Measures:

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Republic of Panama Panama City 75,420 sq km/ 30, 193 sq mi 3,661,868 (Jan 2013 est.) "mestizo (mixed Amerindian and white) 68%, Black (West Indian) 10%, white 15%, Asian 1%, Amerindian 6%"(CIA World Factbook). The Amerindian population includes seven indigenous peoples: Ngäbe, Kuna (Guna), Emberá, Buglé, Wounaan, Naso Tjerdi (Teribe), and Bri Bri. San Miguelito, Las Cumbres, La Chorrera, Tocumen Bocas del Toro, Chiriquí, Coclé, Colón, Darién, Herrera, Los Santos, Panamá, Veraguas Tocumen International Airport, Albrook "Marcos A. Gelabert" International Airport, Enrique Malek International Airport (David, Chiriqui), Bocas del Toro "Isla Colón" International Airport, Changuinola "Capitan Manuel Niño" International Airport Around $15, 300 USD (2012) 10.5% (2012 est.)

6.1% (2012) construction, brewing, cement and other construction materials, sugar milling gold, bananas, shrimp, sugar, iron and steel waste, pineapples, watermelons Constitutional Democracy languages tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May) Roman Catholic 85%, Protestant 15% Balboa (PAB), United States Dollars (USD) .pa +507 120 volts AC, 60Hz Metric system

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GENERAL INFORMATION Home to the Panama Canal, the former Spanish colony is a country rich in nature that acts as a perfect bridge between North and South America; the ideal location for commerce, trade, and tourism.

9

General Information

INTRODUCTION

and residential towers.

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General Information HISTORY Panama emerged from the ocean approximately joining North and South America. Before the arrival of the Spanish conquerors, the native people, known as the Cuevas, inhabited this land. Rodrigo de Bastidas discovered the Isthmus of Panama in 1501. In 1513, Vasco Nuñez de Balboa led an expedition across the isthmus that discovered the on the Atlantic shore, the Spanish established a original settlement is nowadays known as “Panama

In 1538, the village became the seat of the Royal High Court of Panama, and the colonial region was valued not only as the departure point for ships leaving to conquer South America, but also used as a commercial route from the Peruvian Inca Empire to Spain. It was in 1671 when the English pirate Henry Morgan attacked Panama City and burnt it to the ground. The city was rebuilt in 1673

approximately eight kilometres southwest from the original settlement.

Panama remained a Spanish colony until 1821 when it declared its independence from Spain and became part of Great Colombia, which was comprised

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of today’s Colombia, Venezuela, and Ecuador.

However, Panama had a strong desire to become a free republic and was completely separated from Colombia on the third of November in 1903. One year later, the construction of the Panama Canal began. Considered a wonder of the modern world, crossing site and interchange.

More recently, the consolidation of democratic institutions in 1989 has brought a sustained reduction in political risk. The participation of the government in economic activities is limited to regulating the markets and the provision of social and infrastructure services in the areas where private capital is not available. With over a century of independence and a history of openness and foreign investment, Panama continues to strive for an excellent business environment and encourages both national and foreign investors.

With a healthy and effective democratic system, Panama is considered to be a safe and prosperous country. It has a service-based economy, mainly concentrated on the tourism industry. The Panama Canal and the International Banking Centre both contribute greatly to the country’s success. It offers world-class facilities such as modern infrastructure, top hotels, contemporary shopping malls, multi-lane highways, international call centres, and a workforce consisting of highly trained professionals and technicians.

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General Information THE PANAMA CANAL The 48 mile-long (77 km) international waterway known as the Panama Canal allows ships to pass eliminating the need for a journey of 8000 miles (12,875 km) around the southern tip of South America.

History of the Panama Canal From 1819, Panama was part of the federation and country of Colombia but when Colombia rejected United States plans to build a canal across the Isthmus of Panama, the U.S. supported a revolution that led to the independence of Panama in 1903.

The new Panamanian government authorized French businessman Philippe Bunau-Varilla to negotiate a treaty with the United States. The HayBunau-Varilla Treaty allowed the United States to on either side of the waterway.

Although the French had attempted construction of a canal in the 1880s, the Panama Canal was successfully built from 1904 to 1914. Once it was complete, the United States held a swath of land

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running the approximately 50 miles across the isthmus of Panama. The division of the country into two parts by the American-held territory of the Canal Zone caused tension throughout the twentieth century. Additionally, the self-contained Canal Zone contributed little to the Panamanian economy. The residents of the Canal Zone were primarily American citizens and West Indians who worked in the zone and on the canal.

riots. The United States and Panamanian governments began to collaborate to solve the territorial issue. In 1977, American President Jimmy Carter signed a treaty which agreed to return 60% of the Canal Zone to Panama in 1979. From 1979 to 1999, a bi-national transitional Panama Canal Commission operated the canal, which was led by administrator for the second. The transition at the end of 1999 was very smooth, for over 90% of the canal employees were Panamanian by 1996. The canal and remaining territory, known as the Canal Area, was returned to Panama at noon (local Panama time) on December 31, 1999.

The 1977 treaty established the canal as a neutral

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General Information

The Panama Canal

international waterway and even in times of war, any vessel is guaranteed a safe passage. After the 1999 hand-over, the United States and Panama jointly shared duties in the defence of the canal.

allow ships double the size of current Panamax to pass through the canal, dramatically increasing its productivity and the amount of shippable goods.

Operation of the Panama Canal

COLON FREE TRADE ZONE

canal through three sets of locks. Roughly half

In 1948, the Republic of Panama began a project to solve two basic needs at both the national and

passing through the canal from the Atlantic Ocean southeast, due to the east-west orientation of the Isthmus of Panama.

supertankers,

military

battleships,

and

aircraft

class of ships known as "Panamax," which are capacity of the Panama Canal and its locks.

Annually, over 12,000 merchant vessels from 75 different countries pass through the Panama Canal.

Panama Canal Expansion In September of 2007, a $5.2 billion project began to expand the Panama Canal. Expected to be complete in 2014, the Panama Canal expansion project will www.ebizguides.com

of the economic service sector and the second, a mechanism to streamline regional commerce on a larger scale. The Colon Free Trade Zone was established and is one of the pillars of the Panamanian economy today.

The "Zona libre" of Colon is a commercial showcase par excellence for the whole continent. Imports and exports registered in the Colon Free Trade Zone surpass 5 billion dollars annually, directed towards a market of over 525 million consumers.

It is a wholesale distribution centre where goods of all kinds, including raw materials and machinery, processed, assembled, repackaged, and then reexported without being subjected to custom duties.

The zone is located 50 miles north of Panama City, just one hour by car.

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General Information Over 20 banks, both local and international,

Amador Guerrero and sewn by Dona Maria Ossa December 20, 1903. The Constituency Assembly

within the Free Trade Zone commercial centre.

The International Financial District of Panama City contains branches of over 120 banks from diverse countries.

Panama has many factors that contribute to the strength of the commercial activity. There are 6 airports and 5 ocean ports; all equipped with modern cargo-handling facilities and spacious container terminals. It also contains a section of the PanAmerican highway (which begins in Alaska and ends in Argentina), the trans-isthmus highway (connecting railway, the Colon Free Trade Zone, and of course, the Panama Canal.

NATIONAL SYMBOLS

of 1925.

with a blue star; the one next to it is red. The third is blue and the fourth is white with a red star. The white squares symbolize peace and the peaceful unity of the historic parties that contributed to the Panamanian State. The red square represents the Liberal Party and the blue square, the Conservative Party.

Panamanians celebrate Flag Day, an annual holiday on November 14. On this day, all citizens of Panama great symbol of their independence.

The Symbols of the Nation, also known as “national Republic of Panama. They are recognized not only domestically, but also abroad as synonyms FOR both Panama and the Panamanian nationality.

The origin of the term comes from Article 6 of the 1941 Panama National Constitution, “The

Harpy Eagle was declared the National Bird of the Republic of Panama under Law 18 on April 10, 2002.

The Flag country´s proclamation of independence. It was designed on October 29 in 1903 by Don Manuel E.

The Coat of Arms Panama´s Coat of Arms was designed by Don Nicanor Villalaz. After the national insignia was created, the Ministry of the Provisional Government Board organized a contest of all of the country´s artists on December 13th in which 103 projects were presented. The jury decided on the one by Don Nicanor Villalaz, recommending several small

which was approved and adopted by Law No. 64 of June 4th, 1904.

description: Tresting on a green countryside, a

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General Information symbol of vegetation; oval shape and divided into three. The centre shows the isthmus with its seas and sky highlighting the moon rising and the sun falling behind the forest in the horizon, symbolizing the hour of independence. The chief is divided

abandonment signifying a forever goodbye to civil wars.

The corner of the coat of arms is divided into two example of cornucopia emblem of richness; and the left, a silver countryside symbol of progress.

Behind the coat of arms and covering it with its open wings is the eagle, emblem of sovereignty with the head wrapped towards the left with a silver ribbon in its peak, whose songs hang from right to left.

Over the eagle, in a form of an arch are 9 gold stars (formerly there were 7), in representation of the 9 provinces of the Republic. As decorative accesories, on each side of the coat of arms are two national pabelleons gathered together by its inferior part.

For 37 years the Coat of Arms of the Republic of Panama did not suffered any alternations, until the Constitution was proclaimed in 1941 which promoted some changes. Five years later, the regimen that inspired the changes in the emblem disappeared in 1946 and the old symbol was then

Y que adorne el azul de tu cielo De concordia la espléndida luz.

It is necessary to cover with a veil The past times of Calvary and cross; Let now the blue skies be adorned with The splendid light of the concord.

El progreso acaricia tus lares.

Al compás de sublime canción, Ves rugir a tus pies ambos mares Que dan rumbo a tu noble misión.

Progress caresses your path.

To the rhythm of a sublime song, You see both your seas roar at your feet Giving you a path to your noble mission.

(Chorus)

A los besos del tibio terral, Terminaron guerreros fragores; Sólo reina el amor fraternal.

To the kisses of the warm clouds of dust, Warrior roars have ceased; Only fraternal love reigns.

Adelante la pica y la pala, Al trabajo sin más dilación, Y seremos así prez y gala De este mundo feraz de Colón.

Ahead the shovel and pick, At work without any more dilation, and we will be as such at work and gala of this fruitful world of Columbus.

(Chorus)

currently found in the coat of arms.

The National Anthem Himno Istmeño (Hymn of the Isthmus) is the national anthem of Panama. The music was written by Santos Jorge, and the lyrics by Dr. Jeronimo de la Ossa.

The National Bird The National Bird is the Harpy Eagle (Aguila Arpia) belonging to the family Accipitridae, which also includes the sparrow hawk and the bald eagle. The habitat of the Harpy Eagle extends from Mexico to

CHORUS

En el campo feliz de la unión; Con ardientes fulgores de gloria Se ilumina la nueva nación At last we reached victory

A new nation is alight.

Es preciso cubrir con un velo Del pasado el calvario y la cruz; www.ebizguides.com

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General Information

Argentina in the Mesoamerican region. As they are in danger of extinction, efforts began in 1997 to reinstate the Harpy Eagles in Panamanian forests as well as a national campaign for their protection and conservation.

There are three independent organizations whose Constitution:

obligation to oversee public funds. honesty and effectiveness of popular vote.

State and its municipalities.

Reform Acts of 1978 and by the Constitutional Act of 1983, presents a Unitary, Republican, Democratic and Representative government.

The National Flower

Executive Branch The Executive Branch consists of the President and Vice-President of the Republic, the Ministers and Vice-Ministers of State, and their dependent

Santo Flower (Peristeria elata), which is a type of orchid. It is known for the pristine ivory colour of its

maximum authority of the Executive Branch. Both the President and Vice-President are elected

and delicate dove that blooms from July to October.

GOVERNMENT STRUCTURE

President cannot be re-elected for a second period in a consecutive election. An independent Electoral Tribunal governs the political elections. The current President of the Republic of Panama is H.E. Ricardo Martinelli Berrocal, for the 2009-2014 term.

The Republic of Panama is an independent state with sovereign territory where individuals and social rights are respected and where the will of the majority is represented by popular vote. It is a representative democracy divided into nine provinces and four indigenous reservations.

Legislative Branch The Legislature, or National Assembly is a onechamber body composed of 72 members (formerly known as legislators) who are elected by direct popular vote for a period of 5 years. The main activity of the National Assembly is the issuing of laws.

Panama enjoys a presidential system of government with three separate branches: the Executive, the Legislative and the Judicial. These branches operate independently, but have a complementary and collaborative facility as well in the creation and compliance of the country’s laws.

Judicial Branch The Judicial Branch is composed of the Supreme Court of Justice, the Superior District Courts, and other lower courts established by law. Supreme Court Judges are appointed by the President and his Cabinet (Executive Branch), are subject to the their position for a period of ten years. The Supreme Court of Justice is the highest power within the judicial branch and is responsible for the judicial revision of laws and its Camber III reviews the issuance of illegal dispositions including administrative matters.

Ricardo Martinelli Berrocal, President of the Republic of Panama

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Local Governments Panama is divided into nine administrative provinces, each headed by a governor appointed by the President, and one Amerindian territory. The provinces are subdivided into 67 municipal districts, each governed by a mayor and a municipal council

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General Information representatives in the National Assembly. There are 511 municipal subdistricts in total.

Foreign Affairs / Foreign Policy Panama is currently a member of the UN General Assembly and has served three terms in the UN Security Council. It maintains membership in most major UN agencies and several international the Inter-American Development Bank, and the International Monetary Fund.

Panama is a member of the Organization of American States and was a founding member of the Rio Group. Although it was suspended from the Latin American Economic System, known informally both as the Group of Eight and the Rio Group in 1988 due to its political instability under Manuel Noriega.

In September of 1994, Panama was readmitted as an acknowledgment of its current democratic credentials.

Panama also is one of the founding members of the Union of Banana Exporting Countries and belongs to the Inter-American Tropical Tuna Commission. It is also a member of the Central American Parliament (PARLACEN) as well as the Central American Integration System (SICA). Panama joined its six Central American neighbours at the 1994 Summit of the Americas as they signed the Alliance for Sustainable Development known as the Conjunta Centroamerica-USA or CONCAUSA to promote long-term economic development in the region.

Panama is also a member of the International Criminal Court with a Bilateral Immunity Agreement of Protection for the American military.

Political Parties Personalities rather than ideological platforms tend to be the dominating force in Panamanian politics.

The traditional political parties were the Liberals and the Conservatives, and their differences lay initially in the issue of church and state power. More recently, parties tended to be coalitions of the many splinter groups that had formed around local leaders. Military interventions frequently led to the banning of political parties. Such interruptions have led to an extremely splintered party system, held together only as they opposed the military regimes.

The coalition that came to power in 1990 consisted of Escalona, the Christian Democratic Party (PDC), led Liberal Republican Movement (MOLIRENA), led by second Vice President Guillermo Ford. Subsequently, www.ebizguides.com

Arias broke from the coalition and the PDC, which held a plurality of seats in the Legislative Assembly, became the leader of the opposition.

With the election of Ernesto PĂŠrez Balladares to presidency in May 1994, the Democratic Revolutionary Party (PRD), which had been closely linked to the country's former military regime, was returned to power as part of a coalition that also included the Liberal Republican Party (PLR) and the Labor Party (PALA).

This coalition gained effective control of the National Assembly as well as the Executive Branch.

Opposition parties included MOLIRENA, the PDC, Party (PA), the Solidarity Party (PS), the Liberal Party (PL), and others.

ADDRESSES OF THE MINISTRIES Ministry of Presidency Palacio de Las Garzas, Corregimiento de San Felipe Panama City Tel: (+507) 527 9600 prensa@presidencia.gob.pa www.presidencia.gob.pa

Ministry of Development of Agricultural and Livestock Panama City Tel: (+507) 507 0601 www.mida.gob.pa

Ministry of Commerce and Industry Plaza Edison, Pisos 2 y 3, Sector El Paical Panama City Tel: (+507) 560 0600 / 560 0700 Fax: (+507) 261 1942 contactenos@mici.gob.pa www.mici.gob.pa

Ministry of Economic and Finance (Calle Santuario Nacional) Panama City Tel: (+507) 506 6779 prensa@mef.gob.pa www.mef.gob.pa

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General Information

Ministry of Education Villa Cárdenas, Ancón Panama City Tel: (+507) 511 4400 / 515 7300 www.meduca.gob.pa

Ministry of Foreign Affairs San Felipe, Calle 3, Palacio Bolívar Panama City Tel: (+507) 511 4100 / 511 4200 Fax: (+507) 511 4022 www.mire.gob.pa

Ministry of Government and Justice Calle 3 y Avenida 7, Central San Felipe Panama City Tel: (+507) 512 7600 www.mingob.gob.pa

National Authority of Tourism Avenida Samuel lewis y Calle Gerardo Panama City Tel: (+507) 526 7000 www.atp.gob.pa

Ministry of Health Panama City Tel: (+507) 512 9240 www.minsa.gob.pa Ministry of Housing Avenida Ricardo J. Alfaro, Corregimiento de Betania Panama City Tel: (+507) 579 9200 info@miviot.gob.pa www.mivi.gob.pa Ministry of Public Works Panama City Tel: (+507) 507 9400 Fax: (+507) 9561 www.mop.gob.pa Ministry of Social Development Plaza Edison, Piso 4, Avenida Ricardo J. Alfaro, Corregimiento de Betania Panama City Tel: (+507) 500 6570 www.mides.gob.pa Ministry of Labour Ricardo J. Alfaro, Plaza Edison, Quinto Piso, Bethania Panama City Tel: (+507) 560 1100 www.mitradel.gob.pa Authority of Panama Canal Balboa-Ancón Panama City Tel: (+507) 272 1111 / 272 7602 www.pancanal.com

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GEOGRAPHY The Republic of Panama, located between the Republic of Costa Rica and the Republic of Colombia, is indeed at the heart of the Americas.

Being a true crossroads, it is only 80 kilometres wide at its narrowest point. The Caribbean Sea coastline 1700.6 kilometres. The country’s land mass is 74,517 square kilometres. Panama consists of three different landscape areas. The lowlands (below 2,300 feet above sea level) make up over 85 per cent of the country’s territory, the temperature lands (2,300 to 4,900 feet), and the highlands at elevations over 4,900 feet above sea level. Over half of the country is still forested today. The territorial area of Panama also contains roughly 1,600 islands and over 500 rivers.

CITIES AND DEPARTMENTS Territorial organization Panama is divided into 9 provinces, 75 districts, 621 municipalities, and the following 5 indigenous reserves: Kuna Yala, Ngäbé-Bugle, EmberáWounaán, Madungandí, and Wargandí.

Bocas del Toro Province The capital is Bocas del Toro, located on Colón Island and divided into 3 districts. Nine main islands constitute the province. Its land is suitable for growing bananas and cocoa.

Population: 121,954 inhabitants (2010 census) Size: 4,643.9 km2.

Coclé Province The capital is Peronomé and has 6 districts: Natá, www.ebizguides.com

General Information La Pintada, Olá, Aguadulce, Antón, and Peronomé.

Population: 228,676 inhabitants (2010 census).

Size: 4,927.4 km2. The land is suitable for agriculture and raising livestock.

Herrera Province Its capital is Chitré and has 6 districts: Las Minas, Los Pozos, Ocú, Parita, Pesé, and Santa María, as well as 44 municipalities.

Population: 107,911 inhabitants (2010 census).

Size: 2,340.7 km2.

Colón Province The capital is Colón and is divided into the following

Los Santos Province Its capital is Las Tablas, and it has 79 municipalities and 7 districts: Guararé, Las Tablas, Los Santos, Macaracas, Pedasí, Pocrí, and Tonosí.

Population: 88,487 inhabitants (census 2010).

Size: 3,804.6 km2

and Santa Isabel, and also into 91 municipalities.

It is considered a commercial city as it contains the Colon Free Zone and the Panama Canal.

Population: 232,748 inhabitants (2010 census) Size: 4,868.2 km2 Chiriquí Province The capital is David and it is divided into 13 districts and 91 municipalities. The 13 districts are: Alanje, Barú, Boquerón, Boquete, Bugaba, David, Dolega, Gualaca, Remedios, Renacimiento, San Félix, San Lorenzo, and Tolé.

Population: 409,821 inhabitants (2010 census) Size: 6,547.7 km2

Panama Province Its capital is Panama and has 11 districts: Arraiján, Balboa, Capira, Chame, Chepo, San Carlos, San Miguelito, Taboga, La Chorrera, Panamá, and Chimán, and 97 municipalities.

Population: 1,663,913 inhabitants (2010 census) Size: 11,670.92 km2 Veraguas Province Its capital is Santiago and has 85 municipalities and 12 districts: Atalaya, Calobre, Cañazas, La Mesa, Las Palmas, Mariato, Montijo, rio de Jesús, San Francisco, Santa Fe, Santiago and Soná.

Population: 226,641 inhabitants (2010 census) Size: 10,629.6 km2

Darién Province The capital is La Palma and it is the largest and the least populated province. It has two districts: Chepigana and Pinogana.

Population: 46,951 inhabitants (2010 census) Size: 11,896.5 km2

Province

Capital

Bocas del Toro

Bocas del Toro

Coclé

Peronomé

Colón Chiriquí

Districts

Population

Size

3

121,954

4,643.9 km²

6

228,676

4,927.4 km²

Colón

5

232,748

4,868.2 km²

David

13

409,821

6,547.7 km²

Darién

La Palma

2

46,951

11,896.5 km²

Herrera

Chitré

6

107,911

2,340.7km²

Los Santos

Las Tablas

7

88,487

3,804.6 km²

Panama

Panama

11

1,663,913

11,670.92 km²

Veraguas

Santiago

12

226,641

10,629.6 km²

Indigenous Region

Capital

Guna Yala

El Porvenir

31,577

2,340.7 km²

Emberá-Wounaan

Unión Chocó

9,544

4,383.5 km²

Ngäbe-Bugle

Buadidi

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Population

154,355

Size

6,968 km²

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General Information Guna Yala Indigenous Region. The capital is El Porvenir.

Population: 31,577 inhabitants (2010 census) Size: 2,340.7 km2 Emberá-Wounaan Indigenous Region. Its capital is Unión Chocó.

Population: 9,544 inhabitants (2010 census).

Size: 4,383.5 km2 Ngäbe-Bugle Indigenous Region. Its capital is Buadidi.

Population: 154,355 inhabitants (2010 census).

Size: 6,968 km2

are 11 national parks and over 20 conservation areas, including natural monuments, refuges, and biological reserves. La Amistad International Park and Darién National Park are UNESCO World Heritage sites. Its mountainous areas and protected reserves on the eastern and western extremes

The country lies in a hurricane-free zone and has relatively few earthquakes or other natural disasters.

Weather Panama has a pleasant tropical climate throughout the year with two seasons; the windy season from January through April and the rainy season from May through December. The temperature at sea level

LOCATION

and is typically cooler at night. In the mountains,

Panama is in the Eastern Standard Time Zone (GMT-5), therefore on the same time as New York City. However, Panama does not observe Daylight Savings Time.

lasts from May to December, though it never rains for the entire day.

Panama’s excellent location in the centre of the Americas is a factor in the wide availability of travel options. It is possible to arrive in Panama in several short hours from any city in North or South America.

There are many airlines that connect directly to one of Panama’s many airports. Similarly, from Europe, Asia and the rest of the world’s continents, it is easy to travel to Panama.

NATURAL RESOURCES Flora and Fauna As the land bridge connecting North and South America, Panama is home to an incredible diversity of wildlife. Almost 1000 birds are known to reside or migrate through Panama. At the famed Pipeline Road, a Mecca for birdwatchers, records are routinely set in the Audubon Society's Christmas bird count. Panama is home to 220 species of mammals (including six species of wild cats), 354 reptiles and amphibians, 1500 species of diurnal warm waters of both oceans, the snorkelling and diving are unparalleled. Naturally, many visitors come to take advantage of Panama's abundant ecotourism opportunities.

Source: http://www.panama1.com/info.php Rivers, Islands, and Volcanoes About 25% of Panama’s land mass has been

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PEOPLE AND CULTURE Population The population of the Republic of Panama is characterized by a diverse mix of people. Historically, the indigenous were the native inhabitants of the land.

workers during the construction of the Panama Canal, and the subsequent arrival of various other cultures, such as Chinese, Hindu, Muslim, and Jewish immigrants. Panama is known for its melting pot characteristics and promotion of racial and religious freedoms. According to the 2010 Census, Panama’s total population was 3,405,813 inhabitants.

The population density is evident along the coastal region of the Gulf of Panama, particularly on the Azuero Peninsula, and in the metropolitan areas of Panama City and Colon. A high degree of urban development in recent years has attracted a growing urban population, currently representing 59% of the total population. The fertility rate is one of the lowest in Central America, with an average of 2.6 children per women.

Ethnography 29.2% of Panamanian residents are under 15 years old, 63.4% are between the ages of 15 and 65 and 7.4% are over 65 years old. The country is culturally diverse with 62% of the population self-identifying as Mestizos (of European and indigenous descent), 14% www.ebizguides.com

General Information

Traditional costumes

of African descent, 10% of Spanish descent, 5% of Indian descent, and less than 1% of East Asian (such as Chinese) descent.

Language English is widely spoken as a second and commercial language, particularly in the cities of Panama and Colon. Hotels, restaurants and tourist-oriented activities have English-speaking personnel. Minority groups speak Arabic, Chinese, French, Greek, Hebrew, Hindustan, and Italian, amongst others. The literacy rate is approximately 92.6 percent.

Panama's seven indigenous groups speak their own languages in their communities, and in some isolated areas, the indigenous people do not speak speak a patois called Guari-Guari or Wari-Wari, a mix of English, Spanish, and NgĂśbe-BuglĂŠ.

Culture Panama’s cultural plurality makes it unique in the region. Residents are a mix of indigenous people, contributor to this cultural richness is the constant presence of visitors from all parts of the world. The origin of this singular cultural mix is the crossroads www.ebizguides.com

characteristic of the country.

Being a point of contact and a crossing site, this small strip of land is considered a true crucible of races. With almost 3 and a half million inhabitants, its population is compounded 67% of mestizos (Amerindian with targets) and Mulatos (white with black), 14% blacks, 10% whites, Amerindian 6% (indigenous) and a 3% of people are from varied ethnic origins. This mixture is particularly rich, because although it comes from cultural origins and very diverse traditions: the atmosphere of tolerance and harmony that has always reigned in the territory has stimulated the mixture.

Although the free religious creed is respected, the population of the country mainly practices Catholicism.

This religion is deeply bound to the traditions and cultural expressions of the country. An example of this is the fact that the majority of the holidays and celebrations are related to the saints. One of the biggest celebrations in the country is the Carnival of Panama. It is a massive four-day festival that precedes Lent.

Important elements of the cultural wealth of the country are also bound to the traditions of the seven indigenous groups of Panama. These groups are based in semi-independent territories where they

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General Information maintain many of their ancestral customs. These traditions are expressed in many different ways, including music, dance, and craftsmanship. The works of art produced by these groups, such as the chaquiras and chácaras of the Ngäbe and the woven baskets and statues carved of ivory palm of the Emberá are internationally renowned for their beauty.

Business Working Hours

Pollera is the name used in Latin America and Spain for a type of skirt and dress that is characterized by its elaborate decorations. The skirts are made of several different materials such as cotton and wool, and are often colourfully decorated using embroidery and lace with floral designs. It is believed that the pollera skirt was derived from a kind of Spanish dress in the 16th or 17th century. It was passed down to women in the middle and lower classes as a simpler and easier version in which to do their daily chores or to wear to regional celebrations. In presentday Latin America, it is currently used as a folk costume.

MONEY

Religion There is complete freedom of worship in Panama.

The majority of Panamanians are Roman Catholic as stated by the political Constitution. Politics and governmental activities are always separated from religious affairs. The country contains numerous churches, temples, and synagogues.

8 am to 4 pm weekdays and generally do not close for lunch. Other businesses normally open from 8 am to noon and 1:30 pm to 5 pm on weekdays and from 8 am to noon on Saturdays.

Currency Since 1904, the U.S. dollar has been legal tender in Panama. The Balboa (B/.) r Panamanian Balboa (PAB), Panama’s monetary unit, trades at parity with the dollar. Its ISO 4217 code is PAB, and it is divided into 100 cents. Named after the explorer Vasco Núñez de Balboa, it was lawfully created in the national Convention of 1904: Demetrius H. Brid proposed the idea of naming the currency after Balboa, for his junction as member of the Monetary Commission.

Panama does not print bank notes, except for collector or commemorative purposes, but it does mint its own coins, which have the same weight, dimensions and values as American coins. The Government-owned Banco Nacional acts as the nation’s bank and clearing house for the banking system. Prices may be written in Balboas (B/.) or dollars ($). Travellers’ checks and credit cards are widely accepted. Panama enjoys monetary stability as a result of its fully dollarized economy.

The Panamanian government does not collect various sources estimate that 75 to 85 percent of the

SCHEDULES AND HOLIDAYS Holidays January 1st - New Years Day January 9th - Martyrs Day February 28th - Tuesday of Carnival March/April (date changes) - Easter Friday May 1st - Workers Day October 12th - Columbus Day November 3rd - Separation from Colombia November 10th - First Cry of Independence / Los Santos Uprising Day November 28th - Independence from Spain December 8th - Mother’s Day December 25th - Christmas Day

Money Exchange The unit of currency in Panama is the U.S. dollar, but the Panamanian Balboa, which is pegged to the dollar at a 1:1 ratio, also circulates in denominations of 5¢, 10¢, 25¢, and 50¢ coins. (U.S. coins are in circulation as well.) Balboa coins are sized similarly to their U.S. counterparts, and travellers will have no trouble identifying their value.

Travellers with pounds or Euros can exchange money at the majority of the banks including Banco Nacional, which has branches in the airport and across the nation. There are also several money exchange bureaus across the city but they generally give a lower exchange rate and charge a commission.

There are no foreign exchange regulations.

Economy The economy of Panama is a fully dollarized free is based mainly on the services industry, heavily

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General Information weighted toward banking, commerce, and tourism.

The hand-over of the canal and military installations by the US has sparked new construction projects.

Panama's economy is based primarily on a welldeveloped services sector that accounts for nearly 80% of its GDP. Services include the Panama Canal, banking, the Colón Free Trade Zone, insurance, and other business. The country's industries include manufacturing of aircraft spare parts, cement, drinks, adhesives, and textiles. The leading exports for Panama are bananas, shrimp, sugar, coffee, and clothing.

Martinelli focused on the steps to secure an investment grade rating for Panama, only for the

initiatives which streamlined the tax structure, kept rates competitive internationally, and increased Administration

also

announced

a

bold

and

plan to promote Panama’s emergence as a worldclass transportation and tourism hub and further diversifying the economy.

and Moody’s all moved Panama’s sovereign rating to investment grade. In 2011, Fitch upgraded their rating again and Standard & Poor’s revised their

Banks More than 110 international banks and their branches do business in Panama. The United States, Colombia, Brazil, Venezuela, Argentina, Korea, Japan, Germany, Holland, Switzerland, Canada, Spain, China, France and other countries are represented in this local industry.

Open from Monday to Friday from 8 am to 1 pm or occasionally 3 pm. The banks in Panama are normally not open over the weekend, however there are some international banks with branches open on Saturday.

ATMs are located throughout Panama and are distinguishable by their standard red signs reading on most networks (Plus, Cirrus, MasterCard, Visa, Amex), though a charge is usually levied depending on your issuing bank. The amount that can be withdrawn at one time varies from bank to bank, though it is usually around $500.

However, opening a bank account for a foreigner

Ratings agencies took note of Panama’s progress and in 2010, Fitch Ratings, Standard & Poor’s,

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international banks present in the country.

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General Information Tipping Tipping in Panama is expected at restaurants at a minimum of 10%. Taxi drivers do not expect tips for short drives, but might if the taxi has been rented for the day. Porters and bellhops are normally tipped between $2 to $5, depending on the calibre of the hotel.

Credit Cards Major credit cards are accepted throughout Panama.

All major credit cards are accepted in many businesses, hotels and restaurants. The most popular are: Visa, American Express, Master Card and Diner’s Club. However, across the country in smaller towns cards are not always accepted so it is a good idea to always travel with some cash available.

There is a telecommunications law that guarantees the freedom to compete and to develop. Panama cable services. Direct dialling is available to every country in the world. Internet services are readily available, including wireless Internet cafés, particularly in Panama City.

The United Nation’s Conference on commerce and with the best connectivity in Latin America. As a result of their strategic geographical position, their

of maritime trade routes. These conditions have Taxes National and municipal taxes are ruled by law on the grounds of the territoriality principle. The national network includes direct and indirect taxes collected by tax authorities; meanwhile the municipal taxation power resides on the Municipality Council of each district based on its law. With respect to national tax matters, a two-year term work has resulted in the signature of more than ten treaties for the avoidance of double taxation (TDT) under the standards of the OECD. In addition to those TDT, a tax information exchange agreement (TIEA) has been signed with the USA. Restaurants charge a 5% tax. Hotels charge a 10% consumer tax on the price of the room. Visitors may pay an airport tax of $20 at the airport upon leaving the country although this amount is often included in the airline ticket price.

State General Budget Yearly issued, Panama’s budget is fed by different sources: tax revenues are added to non-tax revenues (current income), in addition to capital revenues or State assets. No income could be revenue authorized by law.

Electrical appliances The electrical current is 110 volts (60 cycles). Plugs

Telecommunications Panama is served by the National Electric Grid (110V) and the automated telephone system that enable immediate national and international communications from any part of the country. There are public telephones in cities, towns, and highways that used 5, 10, and 25 cents coins as well as electronic cards purchased in Panama.

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country with the most connectivity in Latin America.

Panama projects itself this way as an ideal location for companies of telecommunications and data centers connected to North and South America, Europe, Asia and the Caribbean, as is demonstrated by the ample presence of cellular telecommunications companies and Internet services at a domestic and international level.

Land Lines Panama has a seven-digit phone numbering system; there are no city or area codes. The country code for Panama is 507, which you use only when dialling from outside the country. Mobile phone numbers are

Mobile Telephones Cell phone service in Panama is readily available and of good quality. There are several cell phone service providers in Panama such as Movistar, Más Móvil, Digicel Panama, and Claro. All offer similar services and competitive prices.

Television and Internet The television transmission system used in Panama is NSTC and most TV and video appliances can systems normally (with a few rare exceptions) have 220V voltage and 50 Hz frequency, while countries using NTSC normally have 110/220V voltage and 60Hz. The Autoridad Nacional de los Servicios Públicos (ASEP), Panama’s national public service authority, is in the process of switching over all television signals from analogue to digital (DVB-T). The transition to digital terrestrial TV broadcasting began in September 2011 and is expected to take a number of years. www.ebizguides.com

General Information The main public terrestrial channels in Panama, which have national coverage and are distributed free of charge are RCM Television, Sertv, Telemetro, and TV Nacional Canal 2. The majority of the content on these channels is in Spanish.

A licence is not required for public television.

The main cable television providers in Panama are CableOnda and Cable & Wireless PanamĂĄ. The programmes can be set to their original language for some channels.

Both providers have a number of channels in English, including news and sports channels. Each provider offers a variety of packages which can include a basic selection or "Ă la carte" channels.

In order to subscribe to cable TV or a local satellite provider, residents need to provide their residency card and proof of address.

Convention Centre The strategic location of Panama coupled with its modern infrastructure and high-tech connectivity has made it a prime location for conferences and business events. The logistics and specialized services offered in Panama are complemented with an excellent and diverse range of touristic attractions.

Panama is home to one of the most advanced and modern convention centres in all of Latin America.

ATLAPA is 8 hectares wide and has the capacity to host up to 10,500 people. The centre offers a wide scope of facilities and services, including 24 meeting rooms and an auditorium that can seat up to 2,806 people.

Panama is aiming to boost their convention tourism

Claro is a local satellite provider providing a service without a minimum term contract. Channels available include children's channels such as Disney, CN, Discovery Kids and Nickelodeon as well as a wide variety of sports channels. A number of packages are available and extra channels can be included at an additional cost. Coverage is provided throughout Panama.

Other popular satellite providers include Sky TV and DirecTV, which offer numerous packages with premium and sports channels and Ă la carte channel options.

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They include the free usage of the Convention Centre for conferences of 500+ rooms with a three nights minimum stay. This special offer saves up to $100,000, including the airplane tickets and hotel reservations for three conference speakers and a welcome reception for the assistants.

At the present time, Panama is in the process of building an even larger and more modern convention centre, which will be located in the Amador district. It is planned to be next to the Museum of Biodiversity, which was designed by the famous architect Frank Gehry.

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General Information TRAVELLING IN PANAMA

The airports in Panama are listed below:

bus system is already in place, facilitating transportation within the urban area. A metro system is currently under construction and is expected to be operational by 2014. Domestic and international cargo transportation services are provided by over 50 companies based in Panama.

Car Visitors may drive in Panama with a driver’s license from their country of origin for a maximum period of three months.

Aircraft Panama is well serviced by international airlines with States, Mexico, Central and South America, the Caribbean and Europe from the International Airport of Tocumen, which is used only for international Africa, Oceania and Far East. Throughout the country, indeed, four international airports projects are envisaged in the coming future.

Regional airports are located in the major cities of the country, such as Bocas del Toro, David, and Contadora. The main regional airport is Marcos Gelabert in Albrook, on the edge of Panama City.

del Toro)

Ship Panama Canal area. Balboa, Colon Container Terminal, Cristobal, Manzanillo International Terminal, and Colon Port Terminal.

Additionally to the railroad and to a huge port coming

near the Panama Canal area: Balboa, Cristobal, Manzanillo International Terminal, Colon Container Terminal, and Colon Port Terminal.

The major ports of Panama are listed below:

following: National: Copa Airlines Foreign: American Airlines, Delta Airlines, Aires, Avianca, Taca Group, Lloyd Aereo Boliviano, Iberia, Continental Airlines, KLM, Copa Airlines Colombia (before Aero República), LACSA (Líneas Aéreas Costarricenses S.A.), Mexicana de Aviación S.A., Rapsa Venezolana, Santa Bárbara, Spirit Airlines.

(Bocas del Toro) Toro)

Domestic: Air Panama, Aeroperlas (in stand-by situation), Helix Craft Trading Corporation.

Air Charter Services: Helipan Corp, Parsa S.A., Arrendamientos Aéreos S.A., Panamá Air Craft Rental & Sales Inc., My Fly Corporation, Roto Jet,

Charter Flights: Aires Aviation Corporation S.A., Arrendamientos Aéreos S.A., Personal Helicopters, S.A., My Flight Corp, Panamá Aircraft rental, Parsa S.A., Toror, Jet S.A., Sky Maxx Corp.

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Train Inaugurated in 1855 and improved upon during the last decade, the Panamanian Tran-Isthmus Railroad offers a cargo and a passengers’ service, travelling parallel to the Panama Canal.

Taxi There are 24-hour services at taxi stations, available nationwide at a pre-established cost per route.

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Buses Panama has recently updated their bus system for city transportation, known as the Metro Bus. There are also routes along the north and south corridors. in reduced wait times at bus stops, a guaranteed bus frequency, and increased reliability.

International Bus Routes: It is possible to take the bus into Panama from Costa Rica. There are three entry points and Paso Canoas is the main one. It closes at 10 pm (Costa Rica time) or 11 pm (Panama time). There are several bus companies such as Panaline and Ticabus which have direct routes from San Jose in Costa Rica to Panama City and David, and vice versa. The tickets are relatively cheap but the trip normally takes about 18 hours.

Car Rentals Many of the leading car rental companies are located in Panama. There are car rental kiosks at both the Tocumen (open 24 hours) and Albrook airports (open from 8 am to 6:30 pm). The majority of the agencies are also located in town.

When renting a car in Panama, you must purchase two basic insurances. The agency will also offer a variety of other full-coverage options, but generally, your credit card rental insurance should cover you, and you really only need the obligatory insurances.

One thing to keep in mind is the state of Panama’s infrastructure. In urban areas, the roads are modern and smooth, but in rural areas they are sometimes unpaved and rocky. In the case of the latter, it is recommended to rent a vehicle with four-wheel drive.

BEFORE ARRIVING IN PANAMA Safety Panama, a constitutional democracy since its independence from Colombia in 1904, is considered one of the safest countries in Central America, Panama City is mostly secure, with a low to moderate crime rate occurring in certain neighbourhoods such as El Chorrillo and CurundĂş; which should be avoided if possible. El Chorrillo surrounds Casco Viejo. If a tourist would like to visit this site, it is wiser to take a taxi than walk. Panama City is a modern, clean city, yet a visible lower class lives in run-down neighbourhoods on the west side of the city. As with any urban area, visitors should be alert, exercise caution when taking money out of an ATM, and not walk around with large sums of cash.

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General Information The port town of Colón is fairly dangerous day and night, except in the Colón 2000 cruise-ship and Zona Libre (Free Zone) areas. The north eastern region of the Darién Province near the Caribbean Sea is dangerous due to incidents of kidnapping, murder, and drug smuggling by Colombian guerrilla and paramilitary groups who have crossed the border into Panama. Other regions of the Darién are home to several lodges that are in a no-risk area.

Entry Requirements When entering the country, the following documents

Visitors headed for the beach should be extremely

destination

strong riptides. Often there are no warning signs and tour guides rarely advise their clients of dangerous areas. If caught in one, one should try to stay calm and swim parallel to the shore and out of the current.

credit card, bank reference, and letter of employment or travellers checks, in addition to an additional amount, according to nationality.

Health Panama is well known for its excellent medical care, recently earning a reputation as a hotspot for medical vacations. Its geographical proximity and long association with the United States, as well as governmental support has allowed the country to develop a sophisticated network of hospitals with the highest international professional level. Almost all health problems can be addressed in Panama today at lower prices than in Europe or the United States.

Panama City has pure potable water, which can be enjoyed straight from the tap. In very rural areas, it’s best to drink bottled water.

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of Immigration and Naturalization:

necessary)

Citizens of the following countries require a visa or tourist card to enter Panama: Antigua and Barbuda, Aruba, Australia, Bahamas, Barbados, Belize, Bermuda, Canada, Colombia, Granada, Guyana, Iceland, Jamaica, Japan, Malta, Mexico, New Zealand, Occidental Samoa, San Cristobal and Nevis, San Marino, San Tome and Principe, San Vicente and Grenadines, Santa Lucia, and the United States.

Citizens of the following countries require a stamped visa to enter Panama: Chad, Ecuador, Egypt, Philippines, Haiti, Peru, Dominican Republic, Russia, and Thailand.

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Citizens from countries that do not require a stamped visa to enter Panama: Germany, Argentina, Austria, Belgium, Bolivia, Brazil, Czech Republic, Chile, Costa Rica, El Salvador, Finland, France, Germany, Great Britain, Greece, Guatemala, Holland, The Vatican, Honduras, Hungary, Israel, Italy, Luxembourg, Lithuania, Monaco, Nicaragua, Norway, Paraguay, and Spain.

If your country does not appear on this list, you can obtain a tourist visa in the Panamanian consulate in your country. In case you need a tourist card to enter Panama, they are available for purchase for $5.00 from the airline when you check-in your luggage.

In the case that they are not sold there, one can be purchased from the Immigration Authority upon arrival at the national airport.

A tourist card is valid for 30 days. In cases where a visitor chooses to stay longer, an extension must be days prior to the 30-day expiration day (i.e. after 23 days in the country).

For more information please visit: www.migracion.gob.pa

Customs Visitors to Panama may bring with them personal items such as jewellery, and professional equipment including cameras, computers, and electronics, as

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of which are permitted duty-free. Visitors may bring in up to 200 cigarettes and 3 bottles of liquor tax-free.

the country, it is recommended to get in touch with the individual country authorities.

Access to Real Estate A reasonable selection of executive-standard apartments is normally available for rent.

Currently, the market is adequately supplied with rental or properties up for sale ranging from studios and lofts to apartment and houses with a garden. These are available both furnished or unfurnished. Condominiums are being built as second residences for foreigners. Remarkably, housing is growing fast in the trans-isthmus area as well as in rural areas.

As a foreigner you can own property in Panama just like a national - with one exception: foreigners cannot buy property within 6.2 miles from the borders to either Columbia or Costa Rica.

Even islands can now be purchased by non Panamanians - if they have the necessary cash!

It is also fairly easy to obtain a mortgage for purchasing real estate in Panama. Some banks for up to 80% of the selling price. For raw land, you

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General Information

DIPLOMATIC INSTITUTIONS

Argentina Calle 50 y 58, Edif.Global Bank, Piso 24, Panama City Tel: (+507) 302-0003 / 302 0009 Fax: (+507) 302-0004 embajada@embargen.org Austria Calle Sevilla Casa F 7b, Villa de las Fuentes No. 1, Panama City Tel: (+507) 260 4525 Fax: (+507) 260 8839 austriacon@cableonda.net The Bahamas Edif. Vista Bella, Jose G. Duque #20, La Cresta, El Dorado, Panama City Tel: (+507) 223 4911 Fax: (+507) 269-0193 conshonbahamaspty@surinvest.net Honorary Consul of Barbados Centro Especializada Paitilla, Calle 53 Este, Planta Baja, local 10, Marbella, Panama City Tel: (+507) 223 7652/ (+507) 263 8220 Fax: (+507) 269 4396 calleyne@cableonda.net

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Honorary Consulate of Belgium Calle XI (UndĂŠcimos) Juegos, after Plaza Conquistador and before Ferreteria Hopsa, Panama City Tel: (+507) 301 5200/ 301 5232 Fax: (+507) 301 5201 / 301 5203 cocige@grupoescope.com Consulate of Belize Edificio Atalaya, Planta Baja, Oficina No. 3, Ave. Balboa y Calle 32 Este, Panama City Tel: (+507) 227 0997 / 1697 Fax: (+507) 227 0947 Bolivia Calle 50, Edificio Bolivia No. 78, Panama City Tel: (+507) 269 0274 Fax: (+507) 264 3868 Brazil Calle Elvira Mendez N. 24 Edificio El Dorado, Zona Bancaria, Panama City Tel: (+507) 263-5322 / 5540 / 5943 Fax: (+507) 269-6316 embrasil@embrasil.org.pa

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FOREIGN EMBASSIES IN PANAMA Canada World Trade Center, First Floor, Calle 53E, Marbella, Galeria Comercial, Panama City Tel: (+507) 294-2500 Fax: (+507) 294-2514 panam@international.gc.ca

Cuba Ave. Cuba y Calle Ecuador, Bellavista, Panama City Tel: (+507) 227 0359 / 227 5277 Fax: (+507) 225 6681 respanama@sinfo.net

Chile Punta Pacifica, P.H. Torres de las America, Piso 7, Panama City Tel: (+507) 294-8901 / 294 8902 / 294 8903 Fax: (+507) 294-8904

Honorary Consulate of the Republic of Cyprus Edificio Proconsa 1, Calle 51 Este y Manuel Maria Icaza, Piso 11, Panama City Tel: (+507) 264 4147 / 264 4053 / 264 4562 Fax: (+507) 223 3554

Colombia World Trade Center Building, Office 1802, Calle 53, Marbells, Panama City Tel: (+507) 264 9513 / 214 9704 / 264 9266 Fax: (+507) 223 1134 epanama@minrelext.gov.co

Honorary Consulate of the Czech Republic Ave. Manuel E. Batista, Torre IBC (International Business Center), Piso 4, Oficina N. 401, Panama City Tel: (+507) 269 5537 Fax: (+507) 269 5537

Costa Rica Avenida Samuel Lewis, Edificio Omega Plaza, Piso 3ยบ, Panama City Tel: (+507) 264 2980 / 223 4059 Fax: (+507) 264 4057 embajadacr@cwpanama.net

Royal Danish Consulate General Via Cincuentenario 28A/Esquina Calle 50, San Francisco, Panama City Tel: (+507) 270 0944 Fax: (+507) 270 0874

www.ebizguides.com Las termas de Pucรณn, uno de los mejores destinos posibles adonde ir en alguno de los largos feriados chilenos

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General Information

DIPLOMATIC INSTITUTIONS

Embassy of the Dominican Republic Calle Elvira Mendez, Torre Delta, Piso 16, Panama City Tel: (+507) 263 6355 / 263 6324 Fax: (+507) 263 7725 Ecuador Edificio P.H. Torre 2000, Sexto Piso, Calle 50, Marbella, Bellavista, Panama City Tel: (+507) 264 2654 / 269 0477 Fax:(+507) 223 0159 eecuador@cwpanama.net

Honduras Avenida Balboa, Edificio Bay Mall, Piso 1, Oficina 112, Panama City Tel: (+507) 264 5513 Fax: (+507) 264 5513 info@embajadadehonduras.com.pa India No. 10325, Avenida Federico Boyd y Calle 51, Bella Vista, Panama City Tel: (+507) 264 2416 / 2643043 Fax: (+507) 264 2855 indempan@c-com.net.pa

Egypt Tel: (+507) 263 5020 / 2635 301 Fax: (+507) 264 8406 El Salvador Edificio MetrĂłplis, Calle Manuel Espinoza Batista, Piso 4, Panama City Tel: (+507) 223 6385 / 223 3020 Fax: (+507) 264 1433 embasalva@cwpanama.net Honorary Consulate General of Finland Via Simons Bolivar y Calle 64 Oeste, Panama City Tel: (+507) 279 9803 Fax: (+507) 260 4800 France Plaza de Francia - Las Bovedas, San Felipe, Panama City Tel: (+507) 211 62 30 Fax: (+507) 211 62 41 Germany Edificio Bancomer, Piso 6, Panama City Tel: (+507) 263 7733 / 263 7991 / 264 1147 / 263 4677 Fax: (+507) 223 6664 germpanama@cwp.net.pa Honorary Consulate of Greece Antiguo Edificio NCR, 3er piso, Calle Manuel Espinosa Batista y Entrada de la Via Argentina, El Dorado 6, Panama City Tel: (+507) 2630411 Fax: (+507) 2635511 greecepa@sinfo.net Guatemala Edificio Altamira Noveno Piso, Oficina 925 VĂ­a Argentina, El Cangrejo, Corregimiento de Bella Vista, Panama City.

Tel: (+507) 369-3475 / 269-3406 Fax: (+507) 223-1922

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Honorary Consulate of Indonesia Calle 50 Edifico Credit Corp, Piso - 302, Panama City Tel: (+507) 210 0041 Fax: (+507) 210 0042 Honorary Consul of Ireland Bank Boston Building, 14th Floor, Panama City Tel: (+507) 264 6633 Fax: (+507) 264 0269 Israel Edificio P.H., Torre Banco General, Piso 17, Marbella, Panama City Tel: (+507) 208 4700 Fax: (+507) 208 4755 Italia Avenida Balboa - Torre BBVA - Piso 25, Panama City Tel: (+507) 225 8948 / 225 8949 Fax: (+507) 227 4906 ambpana.mail@esteri.it Jamaica Avenue de Los Martires, No. 14-22, Panama City Tel: (+507) 228 4674 / 228 4822 Fax: (+507) 228 4674 Japan Calle 50 y 60E, Obarrio, Panama City Tel: (+507) 263 6155 Fax: (+507) 263 6019 www.panama.emb-japan.go.jp/ Mexico Edificio P.H. Torre ADR, Piso 10 Av.Samuel Lewis y Calle 58, Panama City Tel: (+507) 263-4900 / 263-2159 / 263-5327, 263-7423 / 263-6715 Fax: (+507) 263-5446 / 263-6633 embamexpan@cwpanama.net

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General Information

DIPLOMATIC INSTITUTIONS Consulate General of Netherlands Condominio Tower Plaza, 1er piso, Calles 50 y Beatriz M. Cabal, Panama City Tel: (+507) 264 725 Fax: (+507) 264 7257 consuladonl@cwpanama.net Nicaragua Quarry Heights, Casa No. 16, Bella Vista, Panama City Tel: (+507) 211 2113 / 211 1932 Fax: (+507) 211 2116 / 211 2080 Paraguay Tel: (+507) 263 4782 Fax: (+507) 269 4782 Peru Edificio World Trade Center, piso 12 Calle JosĂŠ de la Cruz, UrbanizaciĂłn Maribel, Corregimiento de Bellavista, Panama City Tel: (+507) 223 1112 / 269 6864 Fax: (+507) 269 6809 embapeu@pananet.com Poland Calle Anastacio Ruiz, Urb. Marbella, Panama City Tel: (+507) 263 6254 / 263 5097 Fax: (+507) 223 3717 Russia Bella Vista, Ave. Manuel Espinoza Batista, Hotel Crowne Plaza, Edificio International Business Center (I.B.C.), Piso 10, Panama City Tel: (+507) 264-1408 / 264-1635 Fax: (+507) 264-1558 Consulate of San Marino Edificio PH Condesa de Mar # 33, Avenida Balboa, Panama City Tel: (+507) 2141703 Fax: (+507) 2141709

Consulate-General of Sweden Ed.Galerias Balboa, Local 19, Primer Alto, Av. Balboa y Calle Aquilino de la Guardia, Panama City Tel: (+507) 264 37 48 Fax: (+507) 264 63 58 conswed@cwpanama.net Republic of Taiwan Edificio Torre Hong Kong Bank, Piso 10, Ave. Samuel Lewis, Panama City Tel: (+507) 223 3424 Fax: (+507) 269 8757 United Kingdom MMG Tower, Calle 53, Panama City Tel: (+507) 269 0866 Fax: (+507) 223 0730 www.britishembassy.gov.uk/panama britemb@cwpanama.net United States Apartado 0816-02561, Zona 5, Panama City Tel: (+507) 207 7000 Fax: (+507) 227 1964 www.panama.usembassy.gov PanamaWeb@state.gov Uruguay Avenida Balboa, Calle 50E Este, Edificio Los Delfines, Mezzanine, Oficina 8, Panama City Tel: (+507) 264 2838 / (+507) 264 83 89 Fax: (+507) 264 8908 urupanam@cwpanama.net Venezuela Torre HSBC, Piso 5, Avenida Samuel Lewis Panama City Tel: (507) 269 1244 / 269 1014 embvenp@panama.c-com.net

South African Honorary Consulate Calle 50 y Calle 69, Edificio Plaza Guadalupe, Oficina 404, San Francisco, Panama City Tel: (+507) 226 2559 Fax: (+507) 226 9966

Banco Atlantico, Piso 10, Calle 50 y 53, Panama-City Tel: (+507) 2652551 Fax: (+507) 265-6056 embavinapa@cwpanama.net

Spain Seat of Belisario Clubs, between Av. Peru and Calle 33, Panama City Tel: (+507) 227 5122 / 227 5472 / 227 5748 Fax: (+507) 227 6284 / 227 4926 embesppa@correo.mae.es

Sahrawi Arab Democratic Republic Calle 50-56, Edificio San Gabriel, Apartemento 10E Obarrio, Panama City Tel: (+507) 263 2599 Fax: (+507) 263 1199

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General Information

DIPLOMATIC INSTITUTIONS

DIPLOMATIC MISSIONS ABROAD

Consulate of Panama in Santa Cruz de la Sierra, Bolivia Seoane Street, between Liberty and September 24, Baldivieso Building No. 33, Third Floor, Office No. 2, Santa Cruz de la Sierra City Tel: (+591) 3 3300827 Fax: (+591) 3 3300827

Panama Embassy in Argentina Tel: (+54-11) 48138543, 48167384 Fax: (+54-11) 48110083 panama@ciudad.com.ar / epar@fibertel.com.ar Consulate of Panama in Argentina Paseo Sarmiento 49-9, Dept. A, 5500, Mendoza Tel: (+54-26) 1425 5678 Fax: (+54-26) 1425 5678 Consulate of Panama in Aruba Noord 68, Noord, Oranjestad Tel: (+297) 5862908 Fax: (+297) 5864089 Panamanian Consulate General in Australia 4/46 Slade Road, Bardwell Park, New South Wales, Sidney Tel: (+61) 2 9567 2347 Fax: (+61) 2 9567 1539 panaconsul.sydney@bigpond.com.au Embassy of Panama in Austria Elisabethstrasse, 1030, Vienna Tel: (+43-1) 5872347 Fax: (+43-1) 5863080 mail@empanvienna.co.at Panama Consulate for Belguim Meirbrug 1 B39, 2000 Antwerpen Tel: (+32 3) 232 6961 Fax (+32 3) 232 6961 Panama Embassy in Belgium Av. Louise 390-392, 1050 Brussels Tel: (+32-2) 649 0729 / 649 2879 / 649 4883 Fax: (+32-2) 648 9216 Panama Honorary Consulate in Belize Cor. Central American Blvd. & Mahogony Street, Belize City Tel: (+501) 2224551 Fax: (+501) 2224863 Embassy of Panama in Bolivia Calle 10, No. 7853 de Calacoto, La Paz Tel: (+591) 2 278 7334 Fax: (+591) 2 279 7290 empanbol@ceibo.entelnet.bo

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Embassy of Panama in Brazil SHIS QI 07, Conj. 09, casa 08, Brasilia D.F. Tel: (+55) (61) 3248 7309/ (+55) (61) 3248 7423 Fax: (+55) (61) 3248 2834 empanamabr@embaixada.brte.com.br Consulate of Panama in Rio de Janeiro, Brazil Rua Figueiredo de Magalhães 122 # 1002, Copacabana, Rio de Janeiro Tel: (+55-021) 2255 9085 Fax: (+55-021) 2255 2012 www.panaconsul.com.br panaconsul@panaconsul.com.br Embassy of Panama in Ottawa, Canada 130 Albert Street., Suite 300, Ottawa Tel: (+613) 236 7177 Fax: (+613) 236 5775 Panama Consulate in Canada 1425 René Lévesque Blvd West, North York, Suite 504, Montréal, Quebec, H 3G IT 7, Canada Tel: (+1 514) 874 1929 Fax: (+1 514) 874 1947 407-1112 Pender St West, Suite 07, Vancouver Tel: (+604) 682 6128 Fax: (+604) 682 0528 Panama Embassy in Chile Calle La Reconquista 640, Las Condes, Santiago de Chile Tel: (+56-2) 2297937 / 2026318 Fax: (+56-2) 2025439 panaembchhile@entelchile.net Embassy of Panama in Colombia Calle 92 # 7A-40, Bogotá Tel: (+57-1) 257 5067/8 Fax: (+57-1) 257 5068 http://www.empacol.org administrador@empacol.org Embassy of Panama in Costa Rica Barrio La Granja, del Antiguo Higueron de San Pedro 200 sur y 25 este, San Pedro de Montes de Oca, San José Tel: (+506) 280 1570/ (+506) 281 2442 Fax: (+506) 281 2161 panaembacr@racsa.co.cr www.ebizguides.com

General Information

DIPLOMATIC INSTITUTIONS Panama Embassy in Cuba Calle 26 No.109 e/ 1ra. y 3ra, Miramar Tel: (+53-7) 2041673 / 2040858 Fax: (+53-7) 2041674 / 2049011 Panama Consulate in Czech Republic Korunní 63, Praha Tel: (+420-22) 4251411 / 4255586 Fax: (+420-22) 2520081 Panama Consulate in Dominican Republic Benito Moncion #225, Santo Domingo Tel: (+1-809) 6881043 Embassy of Panama in Quito, Ecuador Alpallana 505 y Whimper, Edificio ESPRO Piso 6, Quito Tel: (+593 2) 508 856 / 508 857 Fax: (+593 2) 557 838 Panama Embassy in Egypt 4a Ibn Zanki St., El Cairo Tel: (+20-2) 7361093 / 7361094 Fax: (+20-2) 7361092 Embassy of Panama in El Salvador Calle Los Bambúes, Av. Las Bugambilias, No. 21, Col. San Francisco, San Salvador Tel: (+503) 2298 0773/ (+503) 2279 0234 / (+503) 2523 - 0600/01 Fax: (+503) 2298 0773 / (+503) 2523 0602 Embassy of Panama in France 145 Avenue de Sufren, Paris Tel: (+33 1) 4566 4244 Fax: (+33 1) 4567 9943 panaemba@worldnet.fr Panama Embassy in Germany Joachim-Karnatz-Allee 45, Berlin Tel: (+49-30) 22605811 Fax: (+49-30) 22605812 panama@elg.lg.de Embassy of Panama in Guatemala 10 Avenida 18-53, Zona 14, La Cañada, Guatemala City Tel: (+502) 2366 3331 / 6 Fax: (+502) 2366 3338 panaguate@hotmail.com Panama Embassy in Honduras Col. Palmira, Edif. Palmira frente al Hotel Honduras Maya 2do. Piso, Tegucigalpa Tel: (+504) 2398147

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Fax: (+504) 2395508 ephon@hondudata.com Panama Embassy in Hungary Mihaly utca 15, 1016, Budapest Tel: (+36-1) 4669817 / 2790957 Fax: (+36-1) 4669817 embpanbu@freemail.hu Embassy of Panama in India C -321, Defence Colony, New Delhi Tel: (+91) 11-2433 2684 / 5627 Fax: (+91) 11-2433 5631 panaind@bol.net.in Panama Embassy in Indonesia World Trade Centre Building, 13th Floor Jl. Jenderal Sudirman Kav.29-31, Jakarta Selatan Tel: (+62-21) 5711867 / 5700218 / 5211821 Fax: (+62-21) 5711933 Panama Embassy in Israel Hei Be Iyar 10, 3rd floor Kikar Hamedina, Tel Aviv Tel: (+972-3) 6960849 / 6956711 Fax: (+972-3) 6910045 Panama Embassy in Italy Viale Regina Margherita, 239 int. 11, Roma Tel: (+39-6) 44252173 / 44265443 Fax: (+39-6) 44252237 Panama Embassy in Jamaica 1 St. Lucia Avenue, Spanish Court, Suite #26, Kingston Tel: (+1-876) 9682928 Fax: (+1-876) 9601618 Panama Embassy in Japan Kowa International Bldg. Room 902, Nishi Azabu 4-12-24, Minato-ku Tel: (+81-3) 34993741 Fax: (+813) 54853548 http://www.embassyofpanamainjapan.org/ Panama Embassy in Mexico Horacio No. 1501, (Polanco), Delegación Miguel Hidalgo, Mexico City Tel: (+52-55) 55576159 / 55572793 Fax: (+52-55) 53954269 www.embpanamamexico.com Consulate of the Republic of Panama in New Zealand Level 7, Suite 2, 300 Queen Street, Auckland Central, Auckland Tel: (+64-9) 3798550 Fax: (+64-9) 3798449

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General Information

DIPLOMATIC INSTITUTIONS

Embassy of Panama in Nicaragua Reparto Mantica, del Cuartel General de Bomberos 1c. abajo, Casa No. 93, esquina opuesta al Restaurante, Managua Tel: (+505) 266 8633/ (+505) 266 2224 Fax: (+505) 266 8633 Panama Embassy in Paraguay Carmen Soler 3912 - B Seminario, Asuncion Tel: (+595-21) 211091 Fax: (+595-21) 211091 embapana@conexcion.com.py Panama Consulate in Peru Tel: (+51-1) 4419323 / 4413652 Fax: (+51-1) 4408554 Panama Embassy in Philippines 10th Floor, MARC 2000 Tower 1973, Taft Avenue and San Andres Street Corner Quirino, Manila Tel: (+63-2) 5211233 / 5212790 Fax: (+63-2) 5215755 panaembassy@i-manila.com.ph Panama Embassy in Portugal Av. Helene Keller, no 15 - Lote C, 4 esq., Lisbon Tel: (+351-2) 13642899 Fax: (+351-2) 13644589 panemblisboa@netc.pt Panama Consulate in Romania B-dul Lascar Catargiu 24-26, Sc. A, ap. 4, Sector 1, Bucharest Tel: (+40-21) 3123267 Fax: (+40-21) 3123267 Panama Embassy in Singapore 16 Raffles Quay #41-06 Hong Leong Building 48581, Singapore Tel: (+65) 62218677 Fax: (+65) 62240892 Panama Honorary Consulate in South Africa Old Mutual Centre, 26th Floor, 303 West Street, Durban Tel: (+27-31) 3362682 Fax: (+27-31) 3362511 Panama Embassy in South Africa 832 Duncan Street, Brooklyn, Pretoria Tel: (+27-12) 362 2629

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Panama Embassy in Sweden Ă–stermalmsgatan 59, Stockholm Tel: (+46-8) 6626535 Fax: (+46-8) 6628991 panaembasuecia@telia.com Consulate General of Panama in Switzerland Rue de Lausanne 72, Geneva Tel: (+41) 22 715 04 50 Fax: (+41) 22 738 03 63 Embassy of Panama in Taiwan 6F, 111 Sung Kiang Road, Taipei Tel: (+886) 2 2509 9189 Fax: (+886) 2 2509 9801 Panama Embassy in Thailand The 7th Fl., Sarasin Bldg, 14 Surasak Road, Bangkok Tel: (+66) 22379008 / 22379009 Fax: (+66) 22379008 / 22379009 Panama Embassy in Trinidad and Tobago Suite 6, 1a Dere Street, Port of Spain Tel: (+1-868) 6276791 / 6276793 Fax: (+1-868) 6276363 Consulate of Panama in United Kingdom Panama House, 40 Hertford Street, W1J 7SH, London Tel: + 44 (0) 20 7409 2255 Fax: + 44 (0) 20 7493 4499 (direct) Embassy of Panama in United States of America 2862 McGill Terrace, NW Washington DC Tel: (+202) 483 1407 Fax: (+202) 483 8413 www.embassyofpanama.org info@embassyofpanama.org Consulate of Panama in Uruguay Edificio Vanguardia, Parada 1 La Mansa, Punta del Este Tel: (+598-42) 485169 Fax: (+598-42) 485186 empauru@netgate.com.uy Panama Embassy in Venezuela Avenida Principal Macaraguay No 1960, entre Avenida Cuicas Y Carretera del Este, Caracas Tel: (+58-212) 2572747 Fax: (+58-212) 25772256 embaparven@cantv.net.ve

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General Information

DID YOU KNOW?

can see the sun rise on the Pacific and set on the Atlantic

the US and Canada combined.

world.

forest within the city limits.

the Americas due to the problems companies have getting US visas.

Panama as one of the top places in the world for retirement.

the Canal on August 15, 1914.

died during the completion of the Panama Canal.

by Richard Halliburton who crossed the Canal swimming in 1928.

hat, has its origins in Ecuador. Personalities such as Humphrey Bogart, Winston Churchill, Greta Garbo or Al Capone sported the wellknown hats.

200 million cubic meters of earth was removed and more than 60 million pounds of dynamite was used to excavate and construct the canal.

Canal Zone that was at the time considered U.S. Territory declared the 16th and 17th century “Old Parts of Panama. It travels from Panama City to Colon and back.

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aA

VOCABULARY

GREETINGS Hello Goodbye Good Morning Good Afternoon Good Evening How are you?

I am well What is your name?

My name is…

I am from…

COMMON PHRASES Hola Adiós Buenos Días Buenas Tardes Buenas Noches ¿Qué tal está?

Estoy bien ¿Cómo se llama?

Mi nombre es...

Soy de…

USEFUL WORDS No Yes Please Thank You Sorry

No problem When Go away I You Money change Tip Let´s go Stop/finish Good Everything is ok Closed

No Si Por favor Gracias Lo siento ¿Es posible…? ¿Hay…?

No hay problema ¿Dónde está…?

Cuándo Vete Yo Tú Dinero Cambio Propina Vamos Para/termina Bueno Todo está bien Cerrado

BUSINESS Company Meeting Available Busy Director Ministry Minister When will he get back?

Can I speak to?

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Empresa Reunión Disponible Ocupado Director Ministerio Ministro ¿Cuándo Regresa? ¿Puedo hablar con…?

I live in…

I want to go…

Do you speak English?

I don´t speak Spanish How do you say… in Spanish?

Vivo en…

Quiero irme... ¿Hablas inglés?

No hablo español ¿Cómo se dice…en español?

FOOD & DRINK Water Bread Coffee Milk Tea Sugar Meat Rice Potatoes Soup Fruit Banana

Agua Pan Café Leche Té Azúcar Carne Arroz Papas Sopa Fruta Banano

TIME & SPACE Yesterday Tonight Today Tomorrow Time What time is it?

Week Monday Tuesday Wednesday Thursday Friday Saturday Sunday Straight Left RighT Stop here Far

Ayer Esta noche Hoy Mañana Tiempo ¿Qué hora es?

Semana Lunes Martes Miércoles Jueves Viernes Sábado Domingo Directo/recto Izquierda Derecha Para aquí Lejos

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aA

VOCABULARY

SOME WORDS IN KUNA (from Kuna Yala Region) Yes No Friend Hell How are you?

Yo me llamo…

What’s your name Where are you going Come

Eye Suli Anai Déguite ¿Nue ganbi-be?

An nuga… ¿Igui be nuga? ¿Bia be nae?

Dague

See you later I want a hammock Where is the bathroom?

I want it Water Lobster Fish Typical dish I want to eat

An bedako An gachi abe ¿Bia surba si?

An abegue Di Dulub Ua Dule masi An mas gunbie

Kuna woman

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Business Resources

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Business Resources

BUSINESS RESOURCES A comprehensive list of services useful for any visitor to Panama

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Business Resources ADVERTISING & COMMUNICATION AGENCIES

AIRLINES Air Panama

Llorente y Cuenca Panamá Avenida Samuel Lewis, edificio Omega, Piso 6, Panama City Tel: (+507) 263 9899 www.llorenteycuenca.com

Aeropuerto Marcos A. Gelabert (Albrook) Panama City Tel: (+507) 316 9000 Fax: (+507) 315 0290 www.flyairpanama.com

Star Communications Holding Calle 50 y 64 E, San Francisco, Panama City Tel: (+507) 300 5800 P4 Ogilvy Calle 50, Panama City Tel: (+507) 300 6015 www.p4ogilvy.com Pisa Publicidad 64 San Francisco No 2, Apartado 8434, Zona 7, Panama City Tel: (+507) 226 6008 www.pisagrey.com Rila Publicidad Calle 50, Edificio Torre global, Piso 7, Panama City Tel: (+507) 264 9433 / 264 9523 Fax: (+507) 264 1666 www.rilapublicidad.com Pumer Imagen Diez Clayton Edificio 691, Panama City Tel: (+507) 394 2214 Fax: (+507) 394 2217 www.pumer.com Metro Publicidad Vía España, Consultorios América, 3er Piso, Panama City Tel: (+507) 261 6588 Fax: (+507) 261 6577 info@metropublicidad.net www.metropublicidad.net Herbug Studio Panama City Tel: (+507) 277 4836 info@herbugstudio.com www.herbugstudio.com

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American Airlines Calle 50, Plaza New York ,Panama City Tel: (+507) 238 4695 / 4699 Destinations: Direct Panama-Miami Connections: To all destinations in America (North, Central & South America). In Europe: Italy, England, Germany, France, Belgium, and Spain. Asia: Japan. www.aa.com Copa Airlines Business Park, Costa del Este Tel: (+507) 238 1636 / 304 2672 / 304 2696 Destinations: Los Angeles, Orlando, Miami, La Havana, Mexico, Guatemala, San Salvador, San José, Tegucigalpa, Kingston, Port au Prince, Santo Domingo, San Juan, Caracas, Barranquilla, Cartagena, Bogotá, Medellin, Cali, Quito, Guayaquil, lima, Santiago, Buenos Aires, Sao Paulo, Cancun, Newark, Houston, New York. www.copaair.com Delta Airlines Calle 53, Marbella, Bella Vista, Panama City Tel: (+507) 238 4793 / 214 8118 Destinations: direct flight panama-Atlanta Connections: to all the premiere destinations in North America. Europe: England, Spain, France, Germany, Italy and Belgium.

Grupo Taca Avenida Manuel Espinosa Batista Tel: (+507) 360 2093 Fax: (+507) 360 2101 www.taca.com

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Business Resources

Iberia Avenida Balboa y Calle 43, Edificio BBVA, Planta Baja, Panama City Tel: (+507) 227 3966 Fax: (+507) 227 2070 Destinations: Miami, New York, Madrid Connections: Europe: Italy, Switzerland, Sweden, The Netherlands, England and France. www.iberia.com Continental Airlines Galerías Riande Continental, Vía España, Panama City Tel: (+507) 238 4979 / 263 9177 / reservations 00-800-044-0001 Destinations: Direct from Panama to Newark/ New York and Houston Connections: to all the premiere destinations in America, Europe, Asia, Africa, Australia and Micronesia. www.continental.com

ARCHITECTS Mallol & Mallol Arquitectos Avenida Manuel Espinosa Batista, Esquina de Vía Argentina, Panama City Tel: (+507) 265 5444 www.mallolarquitectos.com info@mallolarquitectos.com Pinzón, Lozano & Asociados Arquitectos Torre Global Bank, Piso 21, Oficina 2103, Panama City Tel: (+507) 340 3301 Fax: (+507) 340 3302 plasoc@plasoc.com www.plasoc.com CAO (Constructores y Administradores de Obras S.A.) Edificio Capital Plaza, Oficina 1003, Avenida Roberto Motta, Costa del este, Panama City Tel: (+507) 302 2563 / 302 2564 Fax: (+507) 302 2566 www.ceopanama.com Ventura & Asociados Arquitectos Edificio Ventury Plaza, El Carmen, Panama City Tel: (+507) 264 6527 Fax: (+507) 223 1497 ventury@venturaarquitectos.com www.venturaarquitectos.com

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Arango Arquitectos Panama City Tel: (+507) 300 2336 / 300 2337 / 300 2339 Fax: (+507) 300 2338 info@arangoarq.com www.arangoarq.com Edwin Brown & Asociados Paitilla, Panama City Tel: (+507) 223 6361 info@edwinbrown.com www.edwinbrown.com Samudio Arquitectos, S.A. Vía Italia y Calle Tomás G. Duque, Edificio Torre Alamar, Oficina 2, Punta Paitilla, Panama City Tel: (+507) 223 4721 / 223 1533 / 223 1535 Fax: (+507) 263 0447 www.samudioarquitectos.com Grupo I.V.D.G. Arquitectos Calle 50 y 75, Edificio Señorial 50 apartamento 1-A Torre Central, Corregimiento de San Francisco, Panama City Tel: (+507) 226 0699 / 226 5038 arquitectura@ivdgarquitectos.com www.ivdgarquitectos.com

BANKS Banco General Plaza Banco General, Calle 50 y Aquilino de la Guardia, Panama City Tel: (+507) 303 7000 Fax: (+507) 303 7200 www.bgeneral.com Bladex (Banco Latinoamericano de Comercio Exterior, S.A.) Business Park, Torre V, Avenida La Rotonda, Costa del Este, Panama City Tel: (+507) 210 8500 Fax: (+507) 269 6333 www.bladex.com Banco Nacional de Panama Torre Banconal Vía España y Calle 55, Panama City Tel: (+507) 505 2000 Fax: (+507) 505 0211 www.banconal.com.pa

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Business Resources

International Bank Inc. (BAC) Calle Aquilino de la Guardia, Edif. Bac Credomatic, Panama City Tel: (+507) 206 2700 Fax: (+507) 214 7045 www.bac.net

Global Bank Calle 50, Edificio Global Bank, Panama City Tel: (+507) 206 2000 Fax: (+507) 206 2072 www.globalbank.com.pa

Banco Bilbao Vizcaya Argentaria (BBVA) Calle 42 y 43 y Ave. Balboa, Panama City Tel: (+507) 207 2600 Fax: (+507) 2-7 2200 www.bbvapanama.com

BUSINESS SERVICES

Credicorp Bank Plaza Credicorp Bank, Panama. Ave. Nicanor, Obarrio, Panama City Tel: (+507) 210 1111 Fax: (+507) 210 0100 www.credicorpbank.com HSBC Bank Panama, S.A. Ave. Aquilino de la Guardia y Calle 47 Este, Urb. Marbella, Panama City Tel: (+507) 263 5855 Fax: (+507) 206 6009 www.pa.hsbc.com The Bank of Nova Scotia (Scotiabank) Ave. Federico Boyd y Cl. 51, Panama City Tel: (+507) 263 6255 Fax: (+507) 208 7702 bnc.panama@scotiabank.com www.scotiabank.com Tower Bank International, Inc. Calle 50 y Beatriz M. de Cabal, Edif. Tower Plaza, Panama City Tel: (+507) 269 6900 Fax: (+507) 269 6800 www.towerbank.com Citibank Calle Aquilino de la Guardia, Bella Vista, Panama City Tel: (+507) 210 5900 Fax: (+507) 210 5901 www.citibank.com.pa Banvivienda Avenida La Rotonda y boulevard Costa del Este, Panama City Tel: (+507) 306 2000 / 306 2100 Fax: (+507) 300 1133 www.banvivienda.com

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Mail Box Etc. Paitilla – Via Argentina – Via Porros – Albrook Tel: (+507) 264 7038 www.mbe.com 507 Office Center San Francisco Tel: (507) 270 1637 Optima Business Center Edif. Ocean Plaza, Piso 16 Te; (+507) 209 0122 Continental Executive Inc. Calle 50 y 53, Edif. Banco Atlantico Tel: (+507) 301 1300 Fax: (+507) 301 1399 Ocean Business Center Ave. Aquilinio de la Guardia, y Cl. 47 Tel: (+507) 340 0200 Panama Office Services Via Ricardo J. Alfaro Tel: (+507) 279 1990 Regus Instant Office Worldwide Cl. 50 y 53, Marbella Tel: (+507) 205 1699

CARGO Air Sea Worldwide Panama Calle 50, Edificio Credicorp bank, Piso 9, Oficina 901, Panama City Tel: (+507) 269 8988 Fax: (+507) 269 8061 info@asw-panamacity.com.pa www.airseaworldwide.com AMT Cargo International Tel: (+507) 236 5843 Fax: (+507) 236 9705 amtcargopma@cableonda.net www.amtcargop.com

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Business Resources

Intertrade Tel: (+507) 232 8588 Fax: (+507) 232 8078 interoper@cableonda.net www.intertrade.pty.com Sea Cargo Tel: (+507) 210 9600 Fax: (+507) 210 9635 seacargo@seabournemarinepanama.com www.seaboardmarine.com Supreme Overseas Corp.

Tel: (+507) 430 3537 / 261 0044 Fax: (+507) 430 0627 / 430 3705 supremepty@supremepty.com www.supremepty.com

CONFERENCE FACILITIES Centro de Convenciones ATLAPA Vía Israel, San Francisco, Panama City Tel: (+507) 226 7000 www.atlapa.gob.pa Figali Convention Center Via Causeway, Proyecto Panama Canal Village, Corregimiento de Ancón, Panama City Tel: (+507) 314 1414 Fax: (+507) 314 0757 ventas1@panamacanalvillage.com www.figaliconventioncenter.com Centro de Convenciones Hotel El Panama Via España 111, Calle Eusebio A. Morales, Panama City Tel: (+507) 215 9000 www.elpanama.com

CATERING Especialidades Bien Me Sabe Tel: (+507) 392 0508 Cel: (+507) 6780 8745 especialidadesbienmesabe@gmail.com

CONSULTANTS & OUTSOURCING KPMG Panama

Stylo Panama Calle 74 Oeste, edificio Centro Profesional el Golf, San Francisco, Panama City Tel: (+507) 6949 7907 info@stylopanama.com www.stylopanama.com Eleganza Panama Tel: (+507) 6612 7745 / 6090 0674 eventos@eleganzapanama.com www.eleganzapanama.com Banquetes Zambrano Villa de las Fuentes Nº1, Calle 1ra Local 1-A (detrás de Audiofoto Hogar) Panama City Tel: (+507) 236 3233 / 213 3033 Cel: (+507) 6616 4213 / 6613 6880 Fax: (+507) 236 6517 ventas@banqueteszambrano.net www.banqueteszambrano.com Naranjo & Limón Catering Edificio Saibo PB, Calle 68 Este, San Francisco, Panamá City Tel: (+507) 395 6272 info@naranjoylimon.com www.naranjoylimon.com

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Torre KPMG, Calle 50, Nº 54, Panama City Tel: (+507) 208 0700 Fax: (+507) 215 7624 pa-fminformation@kmpg.com www.kpmg.com Deloitte Panama Edificio Torre Banco Panama, Avenida Boulevard y La Rotonda, Piso 10,11 y 12, Costa del Este Panama City Tel: (+507) 303 4100 Fax: (+507) 269 2386 infopanama@deloitte.com www.deloitte.com Ernst & Young Panama Edificio Plaza 2000, Piso 12, Calle 50 Tel: (+507) 208 0100 www.ey.com PwC Panama Edificio PwC, Avenida Samuel Lewis y Calle 55 E, Urbanización Obarrio, Panama City Tel: (+507) 206 9200 Fax: (+507) 264 5627 www.pwc.com/pa

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Business Resources COURIER EXPRESS DHL Panama Avenida Centenario, Edificio DHL, Costa del Este, Panama City Tel: (+507) 271 3400 Fax: (+507) 271 3480 www.dhl.com.pa UPS Panama Via España, edificio Munish, Planta Baja Panama City Tel: (+507) 269 9222 www.ups.com TNT Panama Calle 60, edificio pavilion, Obarrio, Panama City Tel: (+507) 223 3518 Fax: (+507) 264 6792 www.tntpanama.com

DENTAL SERVICE Clínica Dental y Ortodoncia Perfect Smile Urbanización El Dorado, Boulevard El Dorado, Panama City Tel: (+507) 236 0350 / 236 0340 eldorado@panamadentalcenter.com www.panamadentalcenter.com Clínica Dental Sofer Urbanización Marbella, entre Calle Margarita Vallarino y Anastasio Ruiz Condominio Alfil, Planta Baja Panama City Tel: (+507) 269 3936 / 263 5457 / 263 4534 info@clinicadentalsofer.com www.clinicadentalsofer.com Clínica Rojas Pardini Entre Vía Transísmica y Vía españa, Vía Brasil, al lado de Soprt Tek Panama, Panama City Tel: (+507) 264 1625 / 269 6312 / 269 6762 / 264 1625 rojaspardini@cwpanama.net www.clinicarojaspardini.com Clínica Ford Dental Spa Royal Center Building, Torre A, Marbella,Panama City Tel: (+507) 223 4742 www.smilepanama.com Clínica Ford Dental Spa Royal Center Building, Torre A, Marbella Panama City Tel: (+507) 223 4742 www.smilepanama.com

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Eisenmann & Eisenmann Clínica Dental Calle 53 E, Panama City Tel: (+507) 269 2750 / 223 3198 geisenmann@cableonda.net www.dentalpanama.com

DRY CLEANER Dry Clean USA Costa del Este Tel: (507) 271 5328 G & G Laundry Via Miguel Brostella, Galeria El Dorado Tel: +507 236 4538 Metro Clean Calle 54, Marbella Tel: (507) 265 3188 Punta Pacifica Dry Clean Punta Pacifica Tel: (507) 215 4168 Prestige Cry Cleaners Centro Comercial Punta Pacifica, Paitilla Tel: (+507) 215 3478

ENTERTAINMENT (BAR, CLUBS & DISCO) (see entertainment section for more bars and night entertainment) Blue Martini Retro Bar Vía Causeway al lado del Figali Convention Center Panama City Tel: (+507) 314 0226 One Panama Calle Uruguay, Panama City Tel: (+507) 392 7307 The Gallery Calle 50, Plaza New York, Segundo Piso, Marbella Panama City Tel: (+507) 265 3210 ELITE (International entertainment Club) Calle 50, Panama City Tel: (+507) 263 6890 www.elitepanama.net

www.ebizguides.com

Business Resources

Cielo, Manrey Rooftop Pool Bar and Lounge

Tel: +507 203-0000 www.manreypanama.com

Pure Lounge & Terrace Calle Uruguay, Calle 48 Bella Vista, Panama City Tel: (+507) 269 3454 ‘Stage’ at the new Hard Rock Megapolis Hotel Tel: +507 294-4000 www.hrhpanamamegapolis.com/nightlife/stage

FOREX BUREAU Western Union Costa del Este, Panama City Tel: (+507) 269 1055 www.westernunion.com.pa Universal Exchange Calle Manuel María Icaza, Edificio Angeliki, Planta Baja, Área Bancaria Tel: (+507) 269 0000 www.universaldegiros.net Multigiros Plaza Concordia, Vía España, Panama City Tel: (+507) 294 3480 www.multibank.com.pa

HAIR AND BEAUTY Salvador Peluquerías Metro Mall, Vía Diego Díaz, Panama City Tel: (+507) 391 3172 www.salvador.com.ve

Havana Panamá Calle Eloy Alfaro y Calle 12 Este, barrio San Felipe, Casco Antiguo, Panama City Tel: (+507) 212 0152 www.habanapanama.com Istmo Brewpub Tel: +507 265 5077 www.istmobrewpub.com Le Palace Calle 52, Diagonal Al Hotel Ejecutivo.

Two Blocks from the Panama Hotel Tel: (+507) 269 1844 Moods Calle 48, Bella Vista, Panama City Tel: (+507) 263 4925

www.ebizguides.com

El Salón Avenida Samuel Lewis Calle 59, Edificio 19, Local 2, Obarrio, Panama City Tel: (+507) 265 0013 www.elsalon.com.pa Salon de Belleza Mariam Vía Cincuentenario, Centro Comercial Plaza Cristal, local 9, Costa del Este, Panama City Tel: (+507) 271 4410 www.mariamsalon.com Natural Look Via Porras, Panama City Tel: (+507) 226 4177 www.naturalookpanama.com

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Business Resources

SPA

Central Park Hotel, Casino & Spa

The Haven Spa

Calle Miguel Brostella, cerca de restaurante Friday’s, El Dorado, Panama City Tel: (+507) 306 1000 info@centralparkpanama.com www.centralparkpanama.com

Boquete Tel: (+507) 730 9345 admhaven@gmail.com www.boquetespa.com

Le Corp Spa Vía Grecia, entrando por Esporttek, Duplex 30c, El Carmen, Panama City Tel: (+507) 264 1865 / 392 0653 info@lecorpspa.com www.lecorpspa.com Spa Mosaic Panama Mall Multiplaza Pacific, local B250, arriba de Boutique Center, Panama City Tel: (+507) 302 8350 customservices@spamosaic.com.pa www.spamosaic.com.pa Sensory Spa by Clarins Vía Uruguay y Avenida Balboa, Le Meridien, Panama City Tel: (+507) 297 3200 Carretera a Veracruz, Kilómetro 7, Intercontinental Playa Bonita, Region de Arraijan Tel: (+507) 211 8600 Parque Nacional Soberanía, Gamboa Rainforest Resort Tel: (+507) 314 5000 www.sensoryspabyclarins.com

HOTELS Sheraton Panama Hotel & Convention Center Vía Israel y Calle 77, San Francisco Panama City Tel: (+507) 305 5100 / 305 6960 (reservations) reservations@sheratonpanama.com.pa www.sheratonpanama.com.pa

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Continental Hotel & Casino Avenida Ricardo Arias con Vía España, Bella Vista Panama City Tel: (+507) 395 8000 Fax: (+507) 366 7970 www.continentalhotel.com

www.ebizguides.com

Business Resources

Manrey Hotel Calle Uruguay, Panama City Tel: (+507) 203 0000 reservas@manreypanama.com www.manreypanama.com

Le Meridien Calle Uruguay con Avenida Balboa, Panama City Tel: (+507) 297 3200 Intercontinental Hotel Miramar Cinta Costera, Panama City Tel: (+507) 206 8888 reservations@bernhotelspanama.com www.miramarpanama.com

INSURANCE

Trump Ocean Club International Hotel & Tower Calle Punta Colón, Punta Pacífica, Panama City www.trumppanamahotel.com Riu Panama Plaza Calle 50 con 53 Este, Urbanización Marbella, Panama City Tel: (+507) 282 0444 sales.panama@riu.com www.riuplaza.com El Panama Hotel Vía España 111, Panama City Tel: (+507) 215 9182 reservas@elpanama.com www.elpanama.com De Ville Hotel Calle 50 y Beatriz M. Cabal, Área bancaria, Panama City tel: (+507) 206 3100 / 263 0303 Fax: (+507) 206 3111 / 263 6313 Radisson Decápolis Avenida Balboa, Multicentro, Paitilla, Panama City Tel: (+507) 215 5786 / 215 5000 reservas@decapolishotel.com www.radisson.com Panama Marriot Hotel Calle 52 y Ricardo Arias, Área bancaria Panama City Tel: (+507) 210 9100 Fax: (+507) 210 9110 www.marriot.com/ptypa

www.ebizguides.com

Aseguradora Ancon Torre Afra, Avenida Samuel Lewis y Calle 54, Urbanización Obarrio, Panama City Tel: (+507) 210 8700 Fax: (+507) 210 8791 www.asegurancon.com British American Insurance Panama Edificio Vallarino, Calle 52 y Elvira Méndez, Panama City Tel: (+507) 269 0515 info@britishamerican.com.pa www.britishamerican.com.pa The Generali Group Avenida Samuel Lewis y Calle 54, Torre Generali, Panama City Tel: (+507) 206 9105 Fax: (+507) 206 9104 servicioalclientele@generali.com.pa www.generali.com Aseguradora Mundial, S.A. Avenida Balboa y Calle 41 E, PH. Grupo Mundial, Panama City Tel (+507) 390 9090 info@amundial.com www.amundial.com American Life Insurance Company Edificio American International, Calle 50 y Aquilino De La Guardia, Panama City Tel: (+507) 208 8000 Fax: (+507) 208 8001 www.pa.alico.com Cía Internacional de Seguros S.A. Plaza Credicorp Bank, Panama City Tel: (+507) 206 4000 www.iseguros.com

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Business Resources INTERNET SOLUTIONS

LEGAL SERVICES

ADR Technologies Torre ADR, Avenida Samuel Lewis, Urbanización Obarrio, Panama City Tel: (+507) 263 9333 Fax: (+507) 223 2303 www.adrpanama.com

Mizrachi, Davarro & Urriola Avenida Samuel Lewis y Calle 58, Torre ADR, Oficina 6-C, Panama City Tel: (+507) 263 0604 Fax: (+507) 263 2581 www.mdulegal.com

Network Solution Century Tower, Piso 4, oficina 401, Tumba Muerto, Panama City Tel: (+507) 279 3227 Fax: (+507) 236 3906 www.nspanama.com

Lombardi Aguilar Group Calle 47, Ocean Plaza, Piso 12, Panama City Tel: (+507) 340 6444 www.laglex.com

Solasoft Panama City Tel: (+507) 411 3777 inquires@solasoft.com www.solasoft.com

Panama Offshore Legal Services

LANGUAGE INSTITUTIONS Spanish Panama Language School Vía Argentina, El Cangrejo (above GreenHouse Restaurant), Panama City Tel/Fax: (+507) 213 3121 www.spanishpanama.com ILERI Institute 17 C North Street, House 20H, Altos de Betania, El Dorado Tel/Fax: (+507) 392 4086 info@ileripanama.com www.ileripanama.com ELS Language Centers Centro Comercial Plaza Paitilla, Piso 2, locales 62 y 63, Avenida balboa y Vía Italia, Panama City Tel: (+507) 264 0924 www.els.edu.pa Oxford Language School Urbanización Edison Park, Vía Transísmica, Panama City Tel: (+507) 321 3828 / 3801 www.cursosoxford.com Berlitz Edificio New Horizons, Calle 47, Marbella Panama City Tel: (+507) 265 4800 Fax: (+507) 265 4801 berlitzinfo@berlitzedu.net www.berlitzedu.net

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Calle 41, Edificio IPASA, Piso 3º, Bella Vista Panama City Tel: (+507) 227 6645 Fax: (+507) 227 7485 www.panama-offshore-services.com

Alemán, Cordero, Galindo & Lee MMG Tower, 2º Piso, Calle 53 Este, Marbella, Panama City Tel: (+507) 269 2620 / 264 3111 Fax: (+507) 263 5895 / 264 3113 alcogal@alcogal.com www.alcogal.com Panama Relocation Attorneys Calle D, Edificio 17, Planta Baja, El Cangrejo, Panama City Tel: (+507) 263 1896 / 263 1897 Fax: (+507) 263 3380 www.prapanama.com Mossack Fonseca Edificio Mossfon, Calle 54 Panama City Tel: (+507) 205 5888 / 206 9400 Fax: (+507) 263 9218 mf@mossfon.com www.mossfon.com Fábrega, Molino & Mulino Avenida Samuel Lewis y Calle 53, Omega Building, Mezzanine, Panama City Tel: (+507) 301 6600 Fax: (+507) 301 6606 jrmulino@fmm.com.pa www.fmm.com.pa

www.ebizguides.com

Business Resources

Arosemena, Noriega & Contreras Calle Elvira Méndez, Nº10, edificio Interseco, Piso 2º Tel: (+507) 366 8400 Fax: (+507) 264 4569 anc@anorco.com.pa www.anorco.com Morgan & Morgan MMG Tower, Piso 16, Calle 53 Este, Marbella Panama City Tel: (+507) 265 7777 Fax: (+507) 265 7700 info@morimor.com www.morimor.com/lawfirm Patton, Moreno & Asvat Capital Plaza, Piso 8, Paseo Roberto Motta, Costa del Este, Panama City Tel: (+507) 306 9600 Fax: (+507) 263 7887 info@pmalawyers.com www.pmalawyers.com Solís, Endara, Delgado & Guevara Calle 50, edificio Solendeg, Nº 59, Panama City Tel: (+507) 264 0011 Fax: (+507) 269 1940 mail@solendeg.com www.solendeg.com

MEDIA Capital Financiero Calle 50, Edificio Frontenac, PH 5º Piso, Panama City Tel: (+507) 210 1414 www.capital.com.pa El Panamá América Avenida Ricardo J. Alfaro, Panama City Tel: (+507) 230 7777 Fax: (+507) 230 7773 www.panamaamerica.com.pa El Siglo Calle Alejandro Duque y Avenida Frangipany, Panama City Tel: (+507) 204 0000 Fax: (+507) 227 0238 digital@elsiglo.com www.elsiglo.com

www.ebizguides.com

La Prensa Avenida 12 de octubre, Hato Pintado, El Dorado, Panama City Tel: (+507) 222 1222 Fax: (+507) 221 7684 www.laprensa.com

MEDICAL SERVICES Clínica Hospital San Fernando Avenida Central España, Panama City Tel: (+507) 305 6300 Fax: (+507) 305 6347 www.hospitalsanfernando.com Hospital Punta Pacífica Boulevard Pacífica y Vía Punta Darién, Panama City Tel: (+507) 204 800 / 204 8184 (emergency) www.hospitalpuntapacifica.com Hospital Chiriquí Avenida 3ra y calle Central, David, Chiriquí Tel: (+507) 774 0128 Fax: (+507) 777 8073 www.hospitalchiriqui.com Centro Médico Paitilla Avenida Balboa y Calle 53, Corregimiento de San Francisco, Panama City Tel: (+507) 265 8800 Fax: (+507) 265 8861 www.centromedicopaitilla.com Hospital de Niño Avenida Balboa con Calle 34, Panama City Tel: (+507) 512 9801 www.hn.sld.pa Hospital Nacional Avenida Cuba, entre Calle 38 y 39, Panama City Tel: (+507) 306 3300 / 207 8100 www.hospitalnacional.com Hospital Santa Fe Avenida Frangipani y Simón Bolivar, Panama City Tel: (+507) 227 4733 Fax: (+507) 227 3019 info@hospitalsantafepanama.com www.hospitalsantafepanama.com Panama Medical Solutions - Dr. Nataly Ashouri Tel: (+507) 6060 3838 info@panamamedicalsolutions.com www.panamamedicalsolutions.com

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Business Resources OFFICE SUPPORT Office Depot Avenida Ricardo J. Alfaro s/n, Corregimiento de Bethania, El Dorado, Panama City Tel: (+507) 300 7001 www.officedepot.com.pa Jellini Vista Hermosa entre Calle 4 y Francisco Filós Panama City Tel: (+507) 229 0028 www.jellini.com Cuadernos Escolares S.A. Vía Tocumen, Panama City Tel: (+507) 220 5790 www.cuesapanama.com

Hogar y Salud Calle 71 y Vía Israel, Panama City Tel: (+507) 270 1444 www.hogarysalud.net

PHOTOGRAPHY Miller Fotógrafo - Ruperto & Gustavo Miller Calle 1°, Vista Hermosa No, 18.

Condominio Marta Tel: (+507) 261 4135 / 6672 6121 rupertomiller@hotmail.com http://bit.ly/millerfotografo

Inks and Toners Depot Inc Urbanización Industrial los Ángeles, Panama City Tel: (+507) 394 2667

Jose Angel Murillo Photography Tel: (+507) 6671 7922 jam@jamurillo.com www.jamurillo.com

Utili-Office Rover Tel: (+507) 392 1582 Fax: (+507) 392 1682 www.utilioffice.com

Istmophoto Tel: (+507) 392 1915 / 6747 3838 info@istmophoto.com www.istmophoto.com

Compañía Atlas Tel: (+507) 236 0066 Fax: (+507) 236 0044 www.atlastore.com

Efraín Gómez Clayton Edificio 691, Panama City Tel: (+507) 394 2217 egomez@efraingomez.com www.efraingomez.com

PHARMACIES Farmacias Arrocha There are several branches in Panama City Urbanización Industrial Los Ángeles, Panama City Tel: (+507) 279 9000 www.arrocha.com C.G. de Haseth & Cia De Haseth Plaza, Vía Cincuentenario Final, Panama City Tel: (+507) 224 7000 www.grupodehaseth.com Farmacias Metro There are several branches in Panama City Calle 50, Panama City Tel: (+507) 226 0243 / 226 6527 www.farmaciasmetro.com

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REAL ESTATE Arco Properties Tel: (+507) 211 2548 www.arcoproperties.com Tribaldos Real Estate Corp.

Centro Comercial Plaza Pacífica, Palnta Baja, Local nº5, Punta Pacífica, Panama City Tel: (+507) 300 2222 Fax: (+507) 300 1087 www.tribaldos.com.pa Panama Realtor Edificio Balboa Business Center, Piso 1, Oficina 101, Calle La Boca, Panama City Tel: (+507) 314 1005 Fax: (+507) 314 1002 info@panamarealtor.com www.panamarealtor.com

www.ebizguides.com

Business Resources

Panama Equity Tel: (+507) 6030 6782 www.panamaequity.com Panama Pacífico Former Howard U.S. Air Force Base), just outside Panama City Tel: (+507) 316 3500 info@panamapacifico.com www.panamapacifico.com Two Oceans Property Consultants, S.A Torre Banco General, Piso 10 Auquilinio de la Gueardia, Marbella, Panama City Tel: (+507) 263 6363 info@twooceansproperties.com www.twooceansproperties.com

RENT A CAR Cruise Rent a Car Calle D, Edificio San José, Bajo 1. El Cangrejo, Panama City Tel: (+507) 394 7100 www.cruiserentacar.com National Car Rental Edificio P.H. Universal 50, Calle 50 (Nicanor de Obarrio), Panama City Tel: (+507) 265 3333 Fax: (+507) 265 3232 www.nationalpanama.com

Las Clementinas Cafe & Bar Casco Viejo Historic Sector Tel: +507 228 7617 www.lasclementinas.com Las Tinajas Tel: +507263 7890 www.tinajaspanama.com Maito Tel: +507 391 4657 www.maitopanama.com Miraflores Restaurant At The Panama Canal Tel: +507 232 3120 www.elpanama.com/dining-restaurants/index.cfm Fenecia Restaurant & Hookah Lounge Tel: +507 269 0188 www.restaurantefenicia.com Habibis Restaurant Tel: +507 264 3647 www.habibispanama.com La Posta Tel: +507 269 1076 www.lapostapanama.com/Home.html

LT Signature at Manrey Hotel

Tel: +507 203 0000 www.manreypanama.com

Thrifty Car Rental Via España Nº 100, Panama City Tel: (+507) 214 7677 Fax: (+507) 204 9515 www.thrifty.com

Luna Tel: +507 263 5862 www.lunarestaurante.com

RESTAURANTS

Market Tel: +507 264-9401 www.marketpanama.com/Home.html

Barandas at the Bristol Hotel Tel: 507 265 7844 www.thebristol.com

Puerta de Tierra Steak House Tel: +507 377 7747 www.puertadetierrapanama.com

Diablicos: Casco Viejo Sector Tel: +507 228 9495 www.diablicospanama.com

Sushi Itto Tel: +507 265 1222 www.sushi-itto.com.pa

El Trapiche Tel: +507 269 4353

Caffe Pomodoro Tel: +507 265 4701 www.1985.com

www.ebizguides.com

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Business Resources

La Chesa - Fine Italian Tel: +507 265 1225 www.lachesa.com/Home.html Bucanero’s

Oxford International School Avenida Federico Boyd con Vía España, Panama City Tel: (+507) 265 6422 Fax: (+507) 265 7446 oxford@ois.edu.pa www.ois.edu.pa

Tel: +507 314 0881 www.bucanerospanama.com

La Mar Tel: +507 209 3323 www.lamarcebicheria.com

SECURITY SERVICES Seguridad Unida Panama Calle Ernesto T. Lefevre, Casa 2B, Panama City Tel: (+507) 224 8499 / 224 8700 (24h.) www.seguridadunida.com

SCHOOLS Balboa Academy City of Knowledge, Building 100, Clayton Panama City Tel: (+507) 302 0035 Fax: (+507) 302 0030 contactba@balboa-academy.org www.balboaacademy.org Metropolitan School of Panama Avenida Vicente Bonilla, City of Knowledge, Clayton, Panama City Tel: (+507) 317 4700 / 317 1130 Fax: (+507) 721 2083 admissions@themetropolitanschool.com www.themetropolitanschool.com Instituto Justo Arosemena Vía Israel, Corregimiento de San Francisco, Panama City Tel: (+507) 282 1600 / 282 1601 Fax: (+507) 226 2026 info@ija.edu.pa www.ija.edu.pa Colegio San Vicente de Paul Avenida Omar Torrijos Herrera, Los Rios, Corregimiento de Ancón, Panama City Tel: (+507) 317 9207/ 317 9208 Fax: (+507) 317 9209 sanvicente@cwpanama.net www.colegiosanvicente.edu.pa The Oxford School Urbanización Edison Park, Vía Transísmica, Panama City Tel: (+507) 321 3800 / 321 3801 www.oxfordpanama.com

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SHIPPING & LOGISTICS VT Shipping International Inc. P.H. Balboa Point, Piso 5, Avenida Balboa y calle 40, Panama City Tel: (+507) 225 9271 Fax: (+507) 225 3476 www.vtshipping.com PSA - Panama International Terminal Tel: (+507) 378 3800 Fax: (+507) 378 3801 panama@psa.com.sg www.psa.com.pa Absolute Maritime Tracking Services, Inc Ciudad del Saber, Edificio 221, Panama City Tel: (+507) 301 5748 / 225 1142 sales@panama-lrit.com www.panama-lrit.com Panama Shipping Agency & Services Avenida Manuel Maria Icaza, Edificio PSAS, Piso Primero, Panama City Tel: (+507) 213 8901 www.pancanalagent.com Cosco Panama Maritime, S.A. Torre Banco General, Piso 24, Panama City Tel: (+507) 223 9903 Fax: (+507) 223 9821 www.coscopan.com CSAV Tel: (+507) 304 4600 Fax: (+507) 269 1013 www.csav.com

www.ebizguides.com

Business Resources

Panama Ports Company Avenida Arnulfo Arias Madrid, edificio 1501, Panama City Tel: (+507) 207 5100 Fax: (+507) 232 6583 www.ppc.com.pa Colon Container Terminal (CCT) Coco Solo North, Colon Tel: (+507) 430 9500 Fax: (+507) 430 9532 Colon Port Terminal (CPT) Tel: (+507) 430 7330/31 Fax: (+507) 430 7335 www.calpa.com IME (International Marine Experts) Williamson Place, Edificio 0750-D, La Boca, Panama City Tel: (+507) 314 1756 Fax: (+507) 314 1757 www.ime.com.pa SSA International Torre Plaza Edison, Piso 12, Avenida Ricardo J. Alfaro y Calle 10, El Paical, Panama City Tel: (+507) 430 9803 Fax: (+507) 430 9809 www.ssamarine.com Maersk Tel: (+507) 206 2200 Fax: (+507) 206 2222 pansalgen@maersk.com www.maerskline.com Manzanillo International Terminal (MIT) Tel: (+507) 430 9800 / 430 9900 / 304 8200 Fax: (+507) 430 9809 / 430 9899 www.mitpan.com

SHOPPING & ARTISAN REPROSA-Treasures of Panama Tel: (+507) 271 0033 Fax: (+507) 271 0672 info@reprosa.com www.reprosa.com

SHOPPING CENTRES Multiplaza Pacific www.multiplaza.com

www.ebizguides.com

Metromall www.metromallonline.com Albrook Mall www.albrookmall.com Multicentro Avenida Balboa, Paitilla, Panama City Tel: (+507) 208 2500 Fax: (+507) 208 2501 www.multicentropanama.com.pa

SUPERMARKETS Grand Deli Gourmet There are several branches in Panama City Costa del Este – El Dorado Obarrio – San Francisco Tel: (+507) 300 1350 / 300 2066 / 263 0687 / 300 2071 Supermercados El Rey There are several branches in the country Calle Gerardo Ortega y Vía españa, Bella Vista, Panama City Tel: (+507) 223 7850 / 223 4981 www.smrey.com Supermercados Riba Smith There are 4 in Panama City Urbanización Costa del este, Avenida Marina Norte y Calle 1era, Panama City Tel: (+507) 399 9313 Fax: (+507) 209 3938 www.rimith.com Super 99 There are many branches across the country.

Tel: (+507) 323 8745 www.super99.com

TAXIS Taxi City Avenida Frangipani Panama City www.taxicity.com.pa Taxi Tours Panamá Tel: (+507) 6983 7096 contacto@taxitourspanama.com www.taxitourspanama.com

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Business Resources

Panamataxi Turismo S.A. Tel: (+507) 263 8311 info@panamataxi.com www.panamataxi.com Maxi Taxi Panama Tel: (+507) 233 4828 Fax: (+507) 233 3206 order@maxitaxipanama.com www.maxitaxipanama.com Triple A Tours Jose Manuel Ramon Tel: (+507) 6674 9798 tattourspty@hotmail.com @tatttourspty(twitter)

TRADE & BUSINESS American Chamber of Commerce (Amcham) Ocean Business Plaza, Suite 1709, Ave. Aquilino de la Guardia & Calle 47, Marbella, Panama City Tel: (+507) 269 3881 Fax: (+507) 301 3882 amcham@panamcham.com www.panamcham.com Asociación Bancaria de Panamá Piso 15 de la Torre HSBC, en la Ave. Samuel Lewis, al lado del Santuario Nacional Tel: (+507) 263 7044 Fax: (+507) 263 7783 abapa@movistar.net.pa www.asociacionbancaria.com Asociación de Usuarios de la Zona Libre de Colón Edificio 46, Locales 10 y 11, Calle 18 y Calle C, Zona Libre de Colón Tel: (+507) 441 4244 Fax: (+507) 441 4347 usuarios@auzonalibrecolon.com www.auzonalibrecolon.com British Chamber of Commerce Panama Tel: (+507) 264 5875 www.britcham.com.pa

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Bureau de Convenciones y Visitantes de Panamá (Conventions Office) Tel: (+507) 394 4820 Fax: (+507) 263 7175 info@panamaconventions.com www.panamaconventions.com Cámara de Comercio, Industrias y Agricultura Avenida Cuba y Ecuador, Calle 33ª, Panama City Tel: (+507) 207 3400 Fax: (+507) 207 3422 www.pancamara.com Asociación Panameña de Ejecutivos de Empresa (APEDE) Avenida Justo Arosemena, Calle 31 (frente a la Piscina Adán Gordón), Panama City Tel: (+507) 204 1500 Fax: (+507) 205 1510 www.apede.org Asociación Panameña de Derecho Marítimo (APDM) Calle 39, Bella Vista, Edificio Tarraco, Panama City Tel: (+507) 302 0106 Fax: (+507) 302 0107 info@apademar.com www.apademar.com Colegio de Abogados Calle República de Bolivia y Calle 38E, Panama city Tel: (+507) 225 6371 / 225 7466 / 227 8841 Fax: (+507) 225 0189 info@cnapanama.com www.cnapanama.com Asociacion de Exportadores (APEX) Tel: (+507) 230 0169 Fax: (+507) 230 0805 apex@cableonda.net www.industriales.org Cámara Panameña de la Construcción (CAPAC) Calle Aquilino de la Guardia y Calle 52, diagonal al Hotel Ejecutivo, Panama City Tel: (+507) 265 2500 Fax: (+507) 265 2571 información@capac.org www.capac.org Cámara Minera de Panamá Tel: (+507) 393 8388 Fax: (+507) 393 8389 www.camipa.org

www.ebizguides.com

Business Resources

Asociación Panameña de Ingenieros y Arquitectos (SPIA) Ateneo de Ciencias y Artes, Avenida Manuel Espinosa Batista, Cerca de la Iglesia del Carmen, Panama City Tel: (+507) 269 7734/35 Fax: (+507) 223 7265 spiaadmin@spia-pma.org www.spia-pma.org Cámara Marítima de Panamá Miguel Brostella St., Camino de Cruces Plaza, Oficina 601, Panama City Tel: (+507) 360 2165 Fax: (+507) 360 2166 camara@camaramaritima.com www.camaramaritima.org.pa

consultas@biomuseo.com www.biomuseopanama.org Es el primer edificio diseñado por el arquitecto Frank Gehry en América Latina Teatro de Panamá Calle 3era Catedral y Avenida B, Casco Viejo, Panama City Tel: (+507) 262 3525 www.teatrodepanama.com Teatro ABA Vía Transísmica, frente al S/M Riba Smith Tel: (+507) 260 6316 www.teatroaba.com

Panama Pacífico Antigua Base Aérea de Howard Tel: (+507) 316 3500 info@panamapacifico.com www.panamapacifico.com

Teatro en Círculo Avenida 6ta Calle Norte, Urbanización Herbruger, Panama City Tel: (+507) 261 5375 / 261 5259 www.teatroencirculo.com

Sindicato de Industriales (SIP) Tel: (+507) 230 0169 Fax: (+507) 230 0805 sip@cableonda.net www.industriales.org

Teatro La Quadra Calle D, El Cangrejo, Panama City Tel: (+507) 214 3695 info@teatroquadra.com www.teatroquadra.com

MUSEUMS & THEATRES

POSTAL SERVICES

Museo de Arte Contemporáneo Avenida de los Mártires, Calle San Blas, Ancón Tel: (+507) 262 8012 / 262 3380 Fax: (+507) 262 3376 Close on mondays and national holidays www.macpanama.org

Correos Y Telégrafos Nacionales de Panamá Calidonia frente a la Iglesia de Don Bosco Tel: (+507) 512 7601 recepcion@correospanama.gob.pa www.correospanama.gob.pa

Museo Antropológico Reina Torres de Araúz (M.A.R.T.A.) Avenida Juan Pablo II, Llanos de Curundú Tel: (+507) 501 4731 Museo del Canal de Panamá San Felipe, Plaza de la independencia, Panama City Tel: (+507) 211 1649/50 Fax: (+507) 211 1994/95 www.museodelcanal.com Museo de la Biodiversidad edificio 136, Calzada de Amador, Panama City Tel: (+507) 314 0097 / 314 1877

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UPS Union Pak de Panamá, Vía España, Edificio Munish, Planta Baja, Panama City Tel: (+507) 269 9222 Fax: (+507) 269 9250 upspanama@unipak.net www.ups.com

TRAVEL AGENCIES Global Tours S.A. Via Porras y Calle 65, Edificio 1995, Planta Baja, Panama City Tel: (+507) 270 1136 Fax: (+507) 270 2751 www.globaltours.com.pa

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Business Resources

Pesantez Tours Paitilla, Panama City Tel: (+507) 223 5374 Fax: (+507) 263 7860 www.pesantez-tours.com Experience Panama Tel: (+507) 263 4524 ana@experiencepanama.net www.experiencepanama.net

Telefónica Panama Costa del Este www.telefonica.com.pa Grupo Comtel Avenida 4ª A Sur 30, bella Vista, Panama City Tel: (+507) 208 7600 www.comtel.com.pa

Panama Trails Edificio Plaza Morica, Piso 11, Oficina 1104, Calle 50 y 71, San Francisco, Panama City Tel: (+507) 393 8334 Fax: (+507) 393 8337 info@panamatrails.com www.panamatrails.com

UNIVERSITIES

Gamboa Tours Tel: (+507) 269 1262 reservations@gamboatours.com www.gamboatours.com

Universidad de Panamá Simon Bolivar Avenue(Transithmian Highway) and Manuel Espinoza Batista and Jose De Fabrega Avenues, Panama City Tel: (+507) 523 5000 rectoria@ancon.up.ac.pa www.up.ac.pa

Panama Star Tours Tel: (+507) 265 7970 Fax: (+507) 265 7980 www.panamastar.com

TELECOMMUNICATIONS Digicel Panamá Via Transísmica, Edificio Digicel, Panamá City Tel: (+507) 306 0688 servicioalcliente.pa@digicelgroup.com www.digicelpanama.com Cable&Wireless Panama Vía España, Panama City Tel: (+507) 314 6318 / 6319 Central telefónica: 800 2102 www.cwpanama.net Telecarrier / Cable Onda Edificio Corporativo Cable Onda, Avenida 12 de Octubre Tel: (+507) 300 0088 info@telecarrier.com www.cableonda.com Claro Panamá-Movistar Tel: (+507) 6247 3288 www.claro.com.pa

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University of Louisville Calle 45, Balle Vista, Panama City Tel: (+507) 264 0777 Fax: (+507) 264 7962 www.louisville.com.pa

Universidad Santa María La Antigua (USMA) Vía Ricardo J. Alfaro, Panama City Tel: (+507) 230 8200 / 230 8300 Fax: (+507) 230 3593 www.usmapanama.com Universidad Marítima Internacional de Panamá (UMIP) Campus Universitario, La Boca, Panama City Tel: (+507) 314 3700 Fax: (+507) 314 3701 info@umip.ac.pa www.umip.ac.pa Universidad Latinoamericana de Comercio Exterior (ULACEX) Calle F al lado del teatro la Cúpula, El Cangrejo, Panama City Tel: (+507) 223 7941 Fax: (+507) 213 1792 info@ulacex.com www.ulacex.com Florida State University Building 227, City of Knowledge, Clayton, Panama City Tel: (+507) 317 0367 panama.fsu.edu

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Business Resources

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Business Resources

TOP COMPANIES

INVESTMENT & LEGAL FRAMEWORK

MINING

ABA Legal Bureau ALCOGAL AMCHAM Arosamena, Noriega y Contreras British Chamber of Commerce Chamber of Commerce, Industry and Agriculture KPMG Lombardi, Aguilar & García Morgan & Morgan Mossack Fonseca Mizrachi, Davarro & Urriola Panama Offshore Legal Services Panama Relocation Attorneys PROINVEX

Cámara Minera de Panamá Capira Dorada Minera Panamá Petaquilla Gold

ENERGY AGREKKO INEXSA Secretaria de Energía Union Eólica Panameña

REAL ESTATE & CONSTRUCTION FINANCE Banco General Banviviendas BLADEX Generali Global Bank HSBC Metro Bank Superintendencia de Bancos

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Cámara Panameña de la Construcción CAO CEMEX Costa Blanca Villas Cubita Global Business Terminal Grupo Calpe Maccaferri Centroamérica Panama Pacifico Grupo Melo

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Business Resources

TOP COMPANIES INDUSTRY & TRADE

HEALTH & EDUCATION

Empresas Panameña de Alimentos Grupo Cervecería Nacional de Panamá IPACOOP Nestlé

City of Knowledge-Ciudad Del Saber Hospital Punta Pacifica Clínica Hospital San Fernando University of Louisville

TRANSPORTATION, MARITIME & SHIPPING

TOURISM

Absolute Maritime Air Panama Colon Free Zone Users Association CH2M HILL Copa Airlines International Marine Experts International Shipping Bureau MIT - Manzanillo International Terminal Cámara Marítima de Panama PPC - Panama Ports Company PSA - Panama International Terminal

Bucaneros Tavern Central Park Hotel Casino & Spa Continental Hotel De Ville Hotel Experience Panama Global Tours Golden Americas Tower Hotel Hotel Coronado Golf & Beach Club Manrey Hotel Pesantez Tours Sheraton Hotel Trump Ocean Tower Hotel

ICT ADR Technologies Cable & Wireless Panamá Cámara de Tecnologías y Comunicaciones Claro Panamá Llorente y Cuenca Star Communications Holding Panama

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Investment & Legal Framework

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Investment & Legal Framework

INVESTMENT & LEGAL FRAMEWORK A framework clearly outlining the relevant laws and regulations that apply to both local and foreign companies operating in Panama.

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Investment & Legal Framework

BUSINESS ENTITIES All national and foreign entities have equal rights under the Panamanian Constitution and must fulfill the same basic requirements to organize and operate business activities in Panama. However, there are restrictions for foreigners operating retail trade activities as well as certain professional practices. Individuals may engage in business activities under their own names or through legal entities.

Type of legal entities The following are the different types of legal entities that may be formed, based on Panamanian civil and commercial laws. A foreign entity may also redomicile in Panama or open a Panamanian branch: Partnerships · General partnerships (“Sociedades Colectivas”): Partners responsibilities are unlimited, unless the partnership instrument provides that a partner will be liable only for a limited sum (which cannot be lower than her/his contribution to the partnership). · Simple limited partnerships (“Sociedades en Comandita Simple”): Limited partnerships with general and limited partners. General partners share management responsibilities and are jointly liable for partnership debts. Limited partners are liable only up to the amount of capital that they have invested. · Joint-stock partnerships (“Sociedades en Comandita por Acciones”): Limited partnerships, similar to simple limited partnerships, but with the partners’ capital represented by shares. · Limited liability companies or LLC (“Sociedades de Responsabilidad Limitada”): Under this form of organization, liability of shareholders is limited to the individual capital participation. The name of the partnership must include the words “Sociedad de Responsabilidad Limitada”, the initials “S. de R. L.”, or the abbreviations “Sdad. Ltda.”, otherwise, the partners’ liability will be unlimited.

Joint Ventures This partnership type is utilized for temporary association for commercial purposes without incorporation; joint ventures are widely accepted in Panama although they have no separate juridical registry. Therefore for this type of association of

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persons to carry out a single business enterprise to profit, the Directorate General of Revenue may assign a tax number to the joint ventures to pay taxes.

Private Interest Foundations

these private interest foundations shall not be profitoriented activities in a non-habitual manner, or exercise rights deriving from titles representing the capital of business companies held as part of the assets of the foundation provided that the economic result or proceeds from such activities are used exclusively towards the foundation’s objectives juridical persons register under their own name, or through another, to constitute a private interest foundation an amount of no less than US$ 10,000 authorized capital foundation. The objectives, duration, domicile, and board of the foundation must also be indicated, along with beneficiaries trust in its operation, but unlike the trust, there is no need to transfer the assets to a third party of Panama, no taxes are levied, when these assets (whether movable or immovable, shares, bonds, and others) are transferred.

Corporations

foreigners, may establish a local corporation known as “Sociedad Anónima” (stock company) in Panama in capital

prepare the articles of incorporation (“pacto social”), and register in a public deed before a Panamanian notary Mercantile Section at the Public Registry the same law firm, to incorporate it, and then assign their rights to the clients. The identification of the shareholders does not need to be disclosed in the articles of incorporation.

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Investment & Legal Framework Legal requirements for incorporation Law 32 of 1927 and its amendments regulate corporations. The following requirements must be satisfied in order to incorporate a company in the Panamanian Public Registry:

name for the corporation corporation is required, although the law entitles the corporation to perform any legal business aside from the specified principal objective authorized capital is required, including the number of shares information regarding the amount of authorized capital, including the number and nominal value of shares is required operations.

Share Structure Under the Panamanian law, shares may be issued with or without par values. These shares may be of different classes, values and rights. Also, shares may be issued in a nominative form, bearer form or both.

Identity of Directors The Panamanian law requires a minimum of three directors, with no restriction on a maximum number of them. Full names and addresses of directors must be provided, and citizens from any country may be appointed as directors. Also, legal entities (juridical persons) may act as directors for a corporation.

Resident Agent and Annual Tax Fees The Panamanian law requires every corporation to hire a local attorney acting as resident agent of the corporation. Fees for this service start at US$250 per year. Additionally, there is an annual tax of US$300US$250 for the first year.

Procedures The procedures to form a Panamanian corporation are as follows:

resident agent, and a notary public must notarize this chart

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Public Registry of the Republic of Panama and legal books of the corporation In such a case, documents certifying the authenticity and good standing of the corporation are requested.

These documents have to be certified by the Panamanian Consul at the place of origin.

Registration Fees Registration fees vary according to the registration authorized capital, as follows: AUTHORIZED CAPITAL

REGISTRATION FEE

For the first US$10,000

US$50

From US$10,001 up to US$100,000 Plus for each US$1,000 or fraction from US$10,001 up to US$100,000

US$50

From US$100,001 up to US$1,000,000 Plus for each US$1,000 or fraction from US$100,001 up to US$1,000,000

US$131

Over US$1,000,000 Plus For each US$1,000 or fraction from US$1,000,001

US$671 Plus 0.12 cents from US$1,000,001

Plus 0.90 cents

Plus 0.60 cents

Accounting Requirements All companies in Panama are required by law to maintain accounting records according to generally accepted accounting principles in the Republic of Panama: International Financial Reporting Standards (IFRS) or NIIF as per its abbreviation in Spanish. The following records are required for corporations operating in Panama: a general journal, a general ledger, a minute book, and a stock register (shareholders registry). Only two books are mandatory for merchants: a general journal and a general ledger. All accounting records must be maintained in Spanish.

According to Commercial Code, endorsement by a certified public accountant is required when capital is higher than US$100,000 or sales volume is over US$50,000. For companies that exclusively perform offshore operations, the legal and accounting

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Investment & Legal Framework

records and correspondence may be maintained anywhere in the world.

For all companies operating in the Republic of Panama, tax regulations require taxpayers to maintain the financial statements at the disposition of the Directorate General of Revenue and attested by a certified public accountant according to the generally accepted auditing standards in Panama.

Legal Entity Annual Franchise Duty Every registered corporation, limited company or any other legal person, domestic or foreign, must pay the Treasury an annual tax of US$300 (“tasa única anual” or TUA). Private interest foundations must also pay this annual tax, but the applicable fee is US$350.00 for the first year and US$400.00 for all the subsequent years. According to the law, penalties are applied when lack of payment of the fee for two consecutive or alternate periods. Payments should be made by the legal representative or registered/resident agent.

BUSINESS NOTICE OF OPERATION To engage in commercial or industrial activities, all corporations, partnerships, or individuals must obtain a permit, called “notice of operation” (in Spanish, “aviso de operación”). The application and granting of the business notice of operation is done through the electronic system www.panamaemprende.com from the Ministry of Commerce and Industries.

Process to Obtain a Notice of Operation All enterprises doing business in Panama are asked to adhere to the following procedure in order to obtain a notice of operation, in addition to specific procedures for each of the field activities:

activities before receiving the notice of operation

operation which includes a code number and the tax identification number (or RUC as per its acronym in Spanish). The RUC must be used for payment of all taxes (central and municipal taxes) Activities Exempt from the Operation Notice Exemption for business notice registry is granted to natural/individual persons or legal entities engaged either in agricultural activities or in the handcraft business or in homemade goods with no more than five employees. Also, non-profit associations like

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those engaged in charitable activities do not require business notice of operation either. A free trade zone is also exempted.

COMMERCIAL AND INDUSTRIAL PROTECTION Registration of Products

cans, bottles or any other form of packaging, should be registered with the Ministry of Public Health, and must comply with requirements of hygiene and quality control territory are forbidden, if products are not authorized in the country of origin sanitary regulations at the request of the Ministry of Public Health, regarding the manufacturing, warehousing, importation, and sale of medicines and related products to the country without prior analysis and registration sale issued by the sanitary authority of the country of origin, authenticated by the Panamanian Consul, should be accompanied with the application of the sanitary registration

introducing and managing food security standards in the country Patents

the protection of industrial property in the Republic of Panama right of the author of any invention, through a patent of invention license issued by the Ministry of Commerce and Industries, which will assure the inventor the exclusive rights to use the invention for a term of twenty years previous acquired rights the detriment of third parties’ rights, or when they are not used countries can obtain a corresponding patent of invention in Panama, provided that the inventions are not in the public domain

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Investment & Legal Framework

Trademark

underwent substantial reform in Law 35 of 1996 mentioned above. The new legislation updates industrial property protection and complies with international standards and treaties in this area a phrase and a symbol, or a combination of these elements, or any other means capable of individualizing a product or service in commerce another, so that a given trademark can be clearly distinguished and no confusion arises in the course of its use Panamanian citizen, may request a registration from the Ministry of Commerce and Industries, in order to acquire the exclusive right to use it in the Republic of Panama

(60 days) from the date of publication, no claim to the contrary is filed; registration of the trademark should be made renewable for equal periods of time, provided that the renewal is requested a year in advance or six months following the date of expiration; if renewal is not requested within the period specified above, the registration will be cancelled, and the rights acquired will be lost.

Copyright Proof of the title to the work is required by the law, but the work does not need to be registered to obtain the protection granted by the law; the author is recognized unless the contrary is proven; the author is basically granted moral and patrimonial rights.

The copyright is granted to the author while she/he is alive and to heirs for a fifty-year (50) period after her/his death.

INCOME TAX REGIME The Supreme Court of Justice oversees constitutional control through judicial review of laws and rulings, and has a crucial role in providing certainty to the legal system. As national tax, income taxation is covered by the Tax Sections of the Fiscal Code and some other laws.

International Taxation Since June 2011, Panama’s income tax treaty

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network includes more than ten countries, indeed twelve and has completed income tax treaty negotiations with some others. Tax treaties already passed as laws by the National Assembly have demanded tax reforms and might request other changes in the coming future.

Panama currently has tax treaties in force with Luxemburg, Qatar and Singapore. The treaties with Portugal, France and South Korea will be applicable from 2013. A treaty with Italy has been signed but it is pending ratification from the Italian government.

Territoriality Principle On the grounds of the Constitution, taxes are not collected unless it is specifically stated by law.

The Panamanian Tax Code adopts the territoriality principle and defines a taxpayer as any natural/ individual person or legal entity (corporation or partnership) national or foreign, receiving or perceiving taxable or assessable income.

The Republic of Panama bases its income tax system on the territoriality principle, as opposed to the worldwide taxation method used in most countries. This means that all income derived from local (or domestic) operations is subject to income tax while income arising from foreign sources is exempt. According to the territoriality principle, income produced in Panama or considered to be as Panamanian-sourced is taxable regardless of the place the contracts are signed or even of the place where the amounts are paid.

Then, the tax regime is structured by the territoriality principle as governing rule of law whereby residents and non-residents are taxed on Panamanian source income. Otherwise, income exempted or from foreign source is not taxed.

However, for the first time in the Panamanian legislation, a tax reform that was passed on February 2005, established that income derived from any act or services provided outside of Panama is subject to income tax. This also applies when said income benefits individuals or corporations residing in Panama and are related to the generation or continuance of their Panamanian source income.

This utmost reform represented a modification of the previous understanding that income arising from any service or act rendered overseas was not considered Panamanian sourced.

the current Income Tax Regulation defines in more detail three different kinds of income sources that

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Investment & Legal Framework

an individual or legal business entity may have. This regulation has punctually classified certain items of income as Panamanian (local), foreign and exempt income.

Stability of Investments Regime Freedom of investment is allowed under the Panamanian Constitution such as private property acquisition. For foreigners, protection of property is not limited to measures found in the Constitution and other domestic laws. Foreigner investors’ intellectual and industrial property is subject to the same regulations as national investors. The benefits and conditions of investing in Panama offered under international agreements and signed by the Panamanian authorities apply to national and international investors alike. Apart from bilateral trade agreements, Panama is also a signatory to the Multilateral Investment Guarantee Agreement (MIGA) for promoting and protecting investment.

The stability regime applies to investment activities within the Panamanian territory, such as: the tourism industry, agro-export, agro-forest, mining, export processing zones (now named free trade zones), commercial and oil-free zones, telecommunications, constructions, railroad and port developments, electric energy generation, distribution and transmission, irrigation projects and efficient use of hydro-resources and other approved activities for improving technology.

as refinery, storage and transport of petroleum, its derivatives and natural gas;

Knowledge, such as laboratories and specialized training centers.

CORPORATE INCOME TAXATION Taxable income of corporations is the balance of gross income less deductible disbursements and expenses. Expenses and cost of doing business necessary to generate assessable income in Panama are deductible if they are adequately documented; and from 2010 if they comply with a formula of maximum limit to deduct.

Tax Rates

govern income taxation for legal entities. a rate of 25 per cent for 2011 and 27.5 per cent for 2010. Therefore, legal entities such as corporations, branches and partnerships pay their income tax at these rates. is 25 percent.

granted to any national or foreigner individual or corporation that meets the requirements; unless causes such as public interest presents conflicts

2010 (Law 8), certain activities are taxed at higher tax rates, gradually decreasing from 30 per cent to 25 per cent. These activities are power energy, telecommunications (except call centres), insurance, reinsurance, financial companies (ruled by Law 42 of 2001), production of cement/ concrete, gambling management, mining and banking, as follows: in 2010 and 2011, the tax rate remains at 30 per cent; in 2012 and 2013, it decreases at 27.5 per cent, and since 2014 the tax rate is 25 per cent as the general one is from 2011. Subsidiaries and affiliates that have the same principal activity are taxed in such a way as well.

granted for a five-year period

participates as shareholder or partner with more than 40 per cent of shares continue to be taxed at 30 per cent as it was before 2010.

The law for stability of investments (Law 54 of 1998) reads as follows:

investment of no less than two million US dollars (US$2,000,000) and paying a fifty US dollar (US$50) fee to get registered at the Minister of Commerce and Industries (MICI)

decisions are acceptable except for taxation disputes, which should be submitted to the courts In 2007, Cabinet Decree 17 extended the stability regime to include the following activities:

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Monthly Advanced Sum on Income Tax (AMIR) exceptions should pay an advanced sum on income tax in replacement of the estimated income tax.

Due on a monthly basis since January 2011, this AMIR (as per its acronym in Spanish) or ‘MASIT’ is equivalent to one per cent of monthly taxable

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Investment & Legal Framework

income and a return must be filed within the first twenty days of next month. Only agricultural and agro-industrial sectors might pay at a rate of 0.5 per cent. Refer to Tax Code, Article 710. Tax credit from previous fiscal periods might be used for paying the AMIR. Special Tax Regimes Several specifications on income tax are in force, and thus, some of the most relevant special regimes are the following:

well.

Tax Rates From 2010, new progressive tax rates are applied to individuals; and they vary between 25 per cent and 10 per cent according to gross income and category of income.

is 25 per cent on the excess of fifty thousand US dollars (US$50,000). Then, on the grounds of progressive tax rates of 15% and 25%, individuals are taxed depending on their gross income between US$11,000 and US$50,000 by 15% and then by 25%, as shown on charts later in this chapter.

professionals separately on progressive tax rates of 10% up to US$25,000 and then 15% on the excess. constitute the estimated tax for next year. entities, they will apply the alternative calculation established for legal entities. other ones)

Exemptions Citizens, residents and non-residents are not taxed on exempt income. Thus, they are only taxed on income earned from Panamanian sources.

on foreign financing tax, the amounts received from pension, and retirement funds in accordance with Law 10 of 1993 when individuals begin to receive periodic payments. of US$150,000 or less for persons dedicated to agriculture and cattle activities. retirement and pension funds are exempt, as long as the labor termination arises from a retirement or indefinite withdrawal of the employee. and distributors

Individual Tax Burden According to Panamanian tax law, only Panamaniansourced income is taxable.

Despite the territoriality basis of Panama’s tax regime, special rules have been established to bring into the tax net the following:

INCOME TAXATION ON INDIVIDUALS

occupations and all kind of performances of services by individuals within the territory whenever the taxpayer receiving income has remained consecutively or alternatively in Panama.

Taxable Income Taxable income of individuals is determined under different rules applicable to corporations and legal entities but based on the territoriality principle as

physical presence of the individual in the country for generating taxable income or its maintenance regardless of the place where the compensation is

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Investment & Legal Framework

paid or where the contract is signed. per year. taxpayers working in Panama, the payment related to Panamanian-sourced income is subject to the individual’s progressive rates up to 25 per cent over the net taxable income; however, educational tax and social security contributions are withheld over gross remunerations. sourced withholding income and has the proper amount withheld from employer even though she/ he is paid on salary and representation allowances.

Tax Rates The first US$11,000 of an individual’s net taxable income is exempt from income tax. Income over US$11,000 is taxed on progressive rates over the total net taxable income as follows.

ITBMS Tax on the Transfer of Tangible Personal Goods and Rendering of Services (ITBMS)

Foreigners Working Temporarily in Panama

or more in a calendar year, either in a continuous or non-continuous form, are considered as tax residents for income tax purposes, regardless of their immigration status. And they are subject to the payment of income tax as regular taxpayers. calendar year, they are taxed at the 15 per cent preferential fixed rate on gross income with no right to deductions, plus educational tax at the 2.75 per cent rate and social security contribution. individuals must pay net income tax according to the regular progressive tax rates (see chart ahead) as resident taxpayers.

In general, all transactions involving the transfer of tangible personal property (commodities and

April 2003. Effective on February 3, 2005, Law 6 introduced some amendments to the tax; and effective on September 18, 2009, Law 49 newly modified its angle of covertures, also spread with Laws 8 and 33 of 2010 (both effective on July 1).

Collectors and Taxpayers Individuals or entities providing professional services and sellers, including State-owned industrial and commercial enterprises are liable for the collection

NET TAXABLE INCOME TAXABLE INCOME

Tax on (US$) over column I

Percentage (%) over excess of column I

From (Column I)

To

0

11,000

0

0

11,000

50,000

0

15

50,000

and above

5,850

25

Tax on (US$) over column I

Percentage (%) over excess of column I

25,000

0

10

and above

2,500

25

REPRESENTATION ALLOWANCES TAXABLE INCOME From (Column I)

To

0 25,000

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Investment & Legal Framework and payment of this tax, which must be paid either monthly or quarterly, depending on the gross monthly income of the seller. Independent or self-employed professionals are advised to pay it quarterly.

Penalties as well as interests are assessed for late payments.

Tax Rates Since July 1, 2010, the tax rate is seven (7) per cent

of the product, including the value of any additional service furnished along with the merchandise, such as transportation, freight, and interests for financing.

However, the seller will deduct from the tax received to the Treasury only that portion of the tax sum that corresponds to the value added to the product. This tax may be considered a tax levied on consumption, since it is the consumer who finally assumes its total

CHART - SPECIFIC RATES Tax

ITBMS

ISC

License

Educational

ITBI

Insurance premiums

General Rates

7%

5%

2%

2.75%

2%

2%

Exceptional Rates

10% 15%

7%

of the amount of the professional fees or of the value of the transfer of personal property or commodities, except for the import, wholesale, and retail sale of alcoholic beverages which carries a ten (10) per cent tax rate. Additionally, the import, wholesale, and retail of all kinds of cigars carries a fifteen (15) per cent tax rate (see chart); the tax base increased to include all kinds of cigars or tobacco products in addition to cigarettes.

Moreover, an addition was made to indicate that an amount of the tax collection will be for the benefit of the National Oenological Hospital Institute.

Government, along with the income tax and import duties -- it works as a value added tax (VAT). It is applicable to every transfer of products, until it reaches its final destination. The tax base is the price

7% impact.

goods transferred but also services provided within the territory. Since 2005, its tax base has been expanded to cover new services but delimiting exclusions such as retail sales of food on canteens not offering alcoholic beverages.

Other Relevant Taxes Tax on Banking Institutions Panama regulated by Law Decree 9 of 1998 and also on exchange houses.

the closing of the tax year.

CHART – ANNUAL TAX ON BANKING INSTITUTIONS

Type of financial institution (PAB)

Amount of tax (US$)

Banks with general license Up to 100 million in total assets

$75,000

From 100 million to 200 million in total assets

$125,000

From 200 million to 300 million in total assets

$175,000

From 300 million to 400 million in total assets

$250,000

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Investment & Legal Framework

From 400 million to 500 million in total assets

$375,000

From 500 million to 750 million in total assets

$450,000

From 750 million to 1,000 million in total assets

$500,000

From 1,000 million to 2,000 million in total assets

$700,000

More than 2,000 million in total assets

$1,000,000

During their first year of operations, the new banking entities with general license are asked to pay the 50 percent of this annual tax.

Banks with international license

$75,000

Banks of investment promotion and microfinance

$30,000 $10,000

Exchange bureau *Legal base: Article 1010 of Tax Code

TRADITIONAL AREAS FOR DOING BUSINESS Panama encourages investment from both foreign and national investors, by offering equal constitutional protections and non-discriminatory laws and regulations. Furthermore, there are a number of taxes and financial incentives for firms that choose to operate in Panama.

Micro, Small and Medium (´MSM’) Businesses For the purposes of Law 33 of 2000, micro, small and medium businesses are defined as those enterprises whose annual gross income or invoicing ranges between the sum of US$150,000 and US$2,500,000 as shown on the chart below: There is a special regime for these commercial types of enterprises on which addresses financial, administrative and tax matters. With respect to

the administrative aspect of MSM businesses, the Government will introduce more streamlined procedures in addition to the unique official stand for transactions, named unique window (‘ventanilla única’).

Agricultural Sector The Ministry of Agricultural Development is responsible for the agricultural sector, which benefits from general tax incentives as well as specific export oriented benefits.

Industrial Sector Since the 1950’s, the Panamanian Government has shown a continued commitment to attract foreign direct investment (FDI) on industrial activities. For these purposes, the Republic of Panama has granted a number of tax measures (including exemptions, targeted tax deductions, tax credits and tax rates reductions) designed to attract economic investment.

CHART OF MSM BUSINESSES Enterprises

Gross income or invoicing

Micro

Up to US$150,000

Small

From US$150,001 to US$1,000,000

Medium

From US$1,000,001 to US$2,500,000

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Investment & Legal Framework Fossil Fuel Operations Several oil companies have explored regions in almost all the provinces of the country.

The Ministry of Commerce and Industries, through the Department of Hydrocarbons, is the entity in charge of granting exploration permits for geological, geochemical, and geophysical exploration.

Maritime Registry Since its creation in 1925, the Panamanian Maritime Registry has experienced a tremendous growth.

operations; operations, and from direct sales (drop shipments), are subject to dividend taxes at a reduced rate of 5%, instead of the ordinary 10% rate; are exempt from taxes on the re-export of capital; are not taxable to the recipient, but the expense is not deductible for the payee;

on shipments from this area to consignees abroad; Law 8 of 1925 created the National Merchant Marine, when the open registry system was adopted and restrictions concerning nationality and residence were eliminated.

Since then, the Panamanian Maritime Registry accepts ships belonging to nationals and foreigners alike, provided that all legal provisions in force are complied with, especially those related to the administration of vessels, safety pollution control standards with technical criteria and fiscal matters.

SPECIAL ECONOMIC ZONES AND REGIMES

import duties; any other charge for goods entering or departing the

Tocumen International Airport Tocumen International Airport is currently under the management of a corporation owned by the Panamanian State according to Law 23 of 2003. In Latin America, Panama is a logistics and transportation hub on easily reached.

Baru Free Zone

western side of the Republic, within an area called

Colon Free Zone has been a segregated free trade area for wholesale operations. Located on the Atlantic entrance to the Panama Canal and 90 kilometers from Panama

development status and a fiscal pier structure for cruise ships; among the incentives.

international commerce, becoming the leading free zone in the Western Hemisphere and one of the largest global logistics centers.

Petroleum or Oil Free Zones (PFZ)

Goods (except firearms or petroleum products) may be imported, stored, modified, repackaged, and re-exported without being subject to any customs

national policy regarding hydrocarbons in Panama and included a chapter dedicated to petroleum tax-free zones where companies are granted tax benefits;

exempt from import duties. A surveillance service fee is charged by customs authorities for the custody of exported goods. The fee charged varies depending on the exported goods.

export, store, trade and sell oil products to domestic markets and ships in transit through the Panama Canal;

More than 2,000 companies are operating from the area; the re-exportation of products is the most important activity carried out.

and exit petroleum free zones without paying income tax, import tax and any other tax except when destined to Panamanian custom territory;

Tax Incentives Granted to Companies within the CFZ

including sales made to ships in transit through the Canal or those sales made to ships and airplanes on international traffic that use Panama’s ports and airports facilities;

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companies are totally exempt from import tax when acquiring crude oil and derived products even when products are introduced within the custom territory.

City of Knowledge and the International Technologic Park (or Clayton) Law Decree 6 of 1998 approved the contractlaw contract for the City of Knowledge, which is a foundation created to promote educational and scientific research within an area formerly used as a military base (Clayton). The International TechnoPark of Panama is located in the City of Knowledge and its objective is to host innovative businesses that produce, assemble, process or render services for high-tech products destined for sale in the local or international market. This area is given with the following tax exemptions:

Call Centers For telecommunications, Law 54 of 2001 offered Call Centers the same incentives granted to export processing zones by Law 25 of 1992, which has been repealed by Law No. 32 of 2011, the law on under the umbrella. The most relevant incentives

other national taxes levied on call centers export operations

contract termination Any person exploiting call center activities duly authorized by the Panamanian Authority of Public Services may benefit from the tax benefits granted to companies operating in ‘Free Trade

to projects ‘export’ services (e.g. the final destination of telecommunication services provided they are used outside the Panamanian territory). Under the regular regime, there are no specific exemptions preventing enterprises with a high technology standard in goods and services purposes may be settled at this special area in order to accomplish a social mission such as education or conduct research The Seventieth Century Old Panama City (or ‘Casco Antiguo’) Restoration of Historical Patrimony became a trendy development last decade when incentives for the seventieth century Old Panama City begun. Law Decree 9 of 1997 grants special tax incentives for restoration of historical monuments and buildings located in “Casco Antiguo”.

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telecommunications services (with the exception of fixed-line telephone services and internet access to households and educational entities).

Tax benefits include tax exemptions applicable to activities, operations, transactions, transfers of movable or immovable goods / property, acquisition and importation of equipment and construction materials, raw materials, machinery,

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Investment & Legal Framework tools, accessories and any other goods or services required to conduct exportation activities which are carried out within the export processing zone.

Said exemptions refer to direct and indirect taxes

and a private Developer (London & Regional), PPSEA offers real estate opportunities under the umbrella of Law 41 of 2004 which creates and regulates this special area.

excises.

Location PPSEA, located in the former Howard US Air Force

Free Trade Zones (Former EPZ) The free trade zones are special export-oriented areas with a particular tax and labor regime mainly for the establishment and development of industrial, commercial and service enterprises.

the Canal), is a tax free zone with a special legal, tax, customs, labor and immigration regime. It carries the purpose of increasing the trading of goods, services and capital, offering real estate opportunities (over land and installations) and also promoting investment and employment.

Although in principle exempt from all direct and Scope of Business be obliged to pay the following taxes from the year 2016:

subleasing activities Tax, at a rate of 2%

operations, the PPSEA has an extremely broad scope of business, and Law 41 of 2004 states that natural or juridical persons that establish themselves in the PPSEA will be allowed to carry out all kinds of activities as long as they are not expressly forbidden by law.

with a minimum of US$100.00 and a maximum of US$50,000.00

Taxation Regime The special regime of PPSEA can be summarized in the characteristics below, taking into account general and specific tax exemptions.

Social security contributions are currently payable.

PPSEA is a tax free zone where companies are exempt from income tax, income tax on dividends,

Other Economic Zones in Panama may arise from the following: focuses on certain business activities and are centered on specific locations or zones, as outlined above. In addition to other zones mentioned, the following special zones are also closely regulated.

outside the Republic of Panama; in the PPSEE

Panama-Pacific Special Economic Area (PPSEA) or Howard Through a Government agency created for PPSEA

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and also

services provided to ships

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Investment & Legal Framework crossing the Panama Canal with foreign ports as their destinations, or to ships sailing between any Panamanian port and a foreign port, unless the transfer is made by the manufacturer or a member of the manufacturer’s economic group services to aircrafts that use airports in Panama, with destination to foreign airports, unless the transfer is made by the manufacturer or a member of the manufacturer’s economic group general, and also the repair of aircrafts or aircraft components to be imported, exported or transferred by any means to other companies in the PPSEA or in other special economic zones spare parts sale of merchandise manufactured outside of the PPSEA, with destination abroad, provided that the sale is carried out by a multinational company, or a subsidiary or affiliate thereof

of digital data and information; uplink of radio, television, audio, video and/or data signals, and also research and development of digital resources and applications to use in Intranet networks or Internet.

The income arising from the transfer of goods that have not been subject to any kind of transformation or alteration process inside the PPSEA will be subject to the abovementioned taxes, regardless of the transfer destination, except for those that are transferred to companies located in petroleum- or oil-free zones. The abovementioned benefits will not be applicable if such income is taxed but subject to credit in the transferor’s country of origin.

PPSEA has a special customs regime that allows companies located in this area to introduce all kinds of merchandise and goods to the PPSEA without limitations and are exempt from paying taxes, import duties and other fiscal contributions, except for those established in Law 41 of 2004.

Merchandise can be sold to other companies within the PPSEA. All types of merchandise and equipment will be allowed to enter the PPSEA without previous consent of any authority, except for imports that may be subject to restrictions or forbidden altogether.

If products are imported to the Panamanian fiscal territory (Panamanian territory outside the special economic zones), they will be subject to payment of all corresponding taxes and all applicable tariff regulations. All merchandise, products or equipments

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that enter the PPSEA from the Panamanian fiscal territory will be treated as an export.

The PPSEA has special labor regulations, and although it is based on the Panamanian Labor Code, the PPSEA is more flexible.

The wholesale of import and export of finished products will not be allowed until the Panama Colon Highway, currently under construction, is completed.

This prohibition was included in the law that creates the PPSEA in order to equalize competitiveness conditions

HEADQUARTERS OF MULTINATIONAL ENTERPRISES (HME) OR SEM Legal Regime of MEH or SEM Law 41 of August 24, 2007 created a special regime for the establishment and operation of Headquarter of Multinational Enterprise or SEM as per its Spanish abbreviation. The primary objective of the law is to promote investments, employment and technology transfer, as well as making Panama more competitive in the global economy.

Law 41 aims to attract multinational enterprises to set up offices in Panama for the purpose of providing intra-group services.

Definitions

from the Panama Headquarter to the head office/ parent company abroad, its subsidiaries, affiliated or associated companies. juridical person whose head office/parent company is in one country and commercial operation is taking place in different countries or different regions of such country, which decides to establish a branch, affiliate, subsidiary or associated company in Panama, with the purposes of doing business under premises of commercial transactions within the region.

Services The HME is expected to provide the following services (or a combination) described below:

operations (in an specific area or globally) of a company of the Enterprise Group: strategic planning,

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Investment & Legal Framework business development, management of personnel training, operations control and/or logistics.

great flexibility and possibilities for structuring international transactions.

manufacturing products. of the EG but also for the clients of products and services of the EG.

and/or construction that constitute the ordinary course typical the business activity of the head office company or any of its subsidiaries. consolidations of the EG operations and network operations. goods and services, marketing and advertising. and services development. the Counsel Cabinet according to the Law 41.

Taxation Regime The HME license is granted along with the following tax exemptions:

provided to persons located abroad who do not generate taxable income in Panama; however, acquisitions of goods and services in Panama are to be taxed, as well as importation. This exemption relies on the exportation of services. in Panama to entities abroad that do not generate taxable income within Panama. exemption just mentioned above, a withholding tax is to be applied over the half part of revenues paid by a local company to the HME from performing of services which have effects on the generation or maintenance of the Panamanian-sourced income of the local company when such revenues are considered as deductible expense. Effective tax rate is 12.5%.

WORKING CONDITIONS AND VISAS Visas Foreigners planning to work for a local company will require a work permit from the Ministry of Labor and Employment Development. Under the Panamanian immigration laws, there are different kinds of visas that authorize an alien to either visit or reside in Panama, as long as the immigrant meets the requirements established in the Law Decree 3 of 2008 (and subsequent amendments and regulations).

Temporary residents may enter the country for employment purposes, special politics and other matters (e.g., education, cultural, religious, humanitarian and family reasons). This category of foreigners and their dependents are allowed to reside with a one-year permit renewable for up to six years.

Moreover, permanent residents are those foreigners that enter the country for economic and investment reasons, special politics, demographic matters, international agreements and other subcategories of aliens whose main purpose is relocating to Panama on a permanent basis. Initially, a renewable twoyear permit is granted.

Tourist Visa Requirements

visa or a tourist card, which allows them to stay in the country for a 90-day period. days, at the discretion of the competent authority, when changing the category. allowed to enter Panama with a tourist card.

an income tax return and report its exempt income along with the income tax paid as withholding tax.

almost all airlines flying into Panama, while the tourist visas are issued by the Panamanian Consuls.

operation costs and expenses.

days must be registered at the Immigration Office, and need an exit permit to leave the country.

Compared to other countries Panama is considered one of the region’s most efficient countries to establish corporate coordination, regional headquarters, back office facilities and distribution centers for multinational corporations. From both practical and regulatory viewpoints, Panama offers www.ebizguides.com

Panama will need a re-entry permit to travel abroad and return to the country, which may be valid for one or multiple trips.

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Resident and Work Visas The most common visas for businessmen are immigrant visa, temporary visa and a temporary visa for special visitors.

Temporary Visa as a Special Visitor The temporary visa as a special visitor (TVSV) is based on the Cabinet Decree 363 of 1970 and the Migration Services which grants this type of visa to expatriate executives with a minimum salary of US$1,000.00 who work in Panama for an offshore business.

The visa has been available for all foreign executives who entered Panama to work for international companies (or for Panamanian subsidiaries of said companies that carry out business operations outside of Panama). (which is in charge of work permit issuance) makes top priority foreign personnel who are working in Panama and satisfy the 90%-10% statute.

The issuance of this type of visa may slightly exceed the 10% statute; however, both companies and expatriates in this situation must fulfill the offshore activity and minimum salary requirements.

This special visa is granted for a one-year period and can be extended for up to six years. The visa is available even after August 27, 2008 (the date when new immigration requirements commenced per Law Decree 3 of 2008).

Visas for Pensioners and Annuitants According to Law 9 of 1987 and its corresponding amendments, the following visas are issued based on pension or annuity income:

TOURISM Traditionally, people visiting Panama, usually do it for business purposes. The banking center area, the other activities have attracted international visitors.

Recreational tourism offers great opportunities for development too. The tourism sector is experiencing a rapid recovery and there are ample opportunities for investing, especially in the field of ecotourism, cruisers and residential tourism.

Republic of Panama for incentives and benefits granted to projects including hotels, restaurants, nightclubs, convention centers, condominiums, airports, ecological tourism, infrastructure and restoration of historical buildings and monuments. The Panama Authority for Tourism or PAT (formerly ATP as per its abbreviations in Spanish) is responsible for this area. Only investments in areas of public interest (which are considered special tourist zones) will be granted benefits until December 31, 2015.

TAX AUTHORITIES Taxation Administrative Court of Appeals (TAT) Tributario (TAT) has been called to attend appeals emerging from the governmental or administrative litigation (first level). This tax administrative court of appeals, the second and final administrative level for plaintiffs, replaced a former agency and deals with tax litigation coming solely from the Directorate General of Revenue which manages the majority of national taxes, except by Duane duties, tax of autonomous agencies and social security contributions. Municipal taxation is also apart. The TAT decisions might be revised by the Third Chamber of the Supreme Court of Justice.

Directorate General of Revenue The Directorate General of Revenue of the Ministry of Economy and Finances (known as DGI; its initials in Spanish), is the Government institution in charge of overseeing and collecting revenues, services, rights, taxes, tolls, fees, duties, and excise taxes for the State, except by those referred above.

Since January 2006, it has been in charge of collecting social security contributions from selfemployed workers to assist the Social Security Administration (CSS).

Legal Entities In the case of legal entities, sworn declarations must be signed by the legal representative, the general manager and the chief financial officer. Whether the legal representative of the company has at the time operative duties, her/his signature as legal representative should be replaced by the treasurer, the secretary, or other member of the board of directors who do not have operative duties within the enterprise. The signers of this declaration are severally liable for its accuracy.

Investing under Law 8 of 1994 Law 8 of 1994 regulates tourism activities in the

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FINANCIAL SECTOR Banking System Law Decree 9 of 1998, which reformed the banking regime established by Cabinet Decree No. 238 of was updated and modified by Law Decree 2 (February 22) of 2008, in order to both conform to international regulatory standards and improve the banking sector’s competitive edge.

Panama as International Banking Center Panama’s geographic location, its function as an international commercial center and the growth of the Eurodollar market are some of the most important elements contributing to Panama’s growth as an international banking center. As of now, Panama has been awarded investment grade by Fitch Ratings, Standard % Poor’s and Moody’s.

Banking Facilities For more than 40 years, Panama has grown rapidly as an international banking center. The country has 92 banks, of which 48 are under a general license, 28 under an international offshore license, and 14 are representative offices. Some of these institutions are Panamanian-owned banks, as well as two Government institutions (owned by the State) and the remaining banks are international operations.

The Banking Superintendence responsible for the supervision and control of the banking system, including the prevention of money laundering in the banking system and the financing of terrorism. The entity is also entrusted with the protection of the clients’ consumer rights.

This institution has legal personality and its own patrimony, independent of its exercise, but subject to inspection by the Office of the Comptroller General of the Republic of Panama. The Superintendence is composed of the Superintendent and five members which was approved by the Superintendence in order to finance the operations of the Superintendence of

A foreign supervisory entity may request information and carry out inspection visits to branches and subsidiaries of foreign banks in Panama over which they exercise consolidated supervision. Information that is obtained in this manner is subject to strict reserve and cannot be disclosed without previous authorization of the Superintendence.

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Licenses to Engage in Banking Business Except for Panamanian official banks, no person or entity can engage in a banking business without having been previously authorized by the Superintendence.

subsidiaries of foreign banks. General licensed banks may engage in both domestic and foreign transactions, while international licensed banks can only engage in foreign transactions. There are no restrictions on the type of services that can be offered, as long as they are within the scope of normal banking business practices.

Capital Requirements Panama must meet the minimum requirement of US$10 million paid-in or assigned capital established by the Superintendence. (international

licensed

banks)

must

maintain

Panama as guarantee and must have a minimum paid-in capital of US$3,000,000 to guarantee the proper fulfillment of their obligations under the banking license.

Deposits A bank established in Panama, under an international license, is free to accept all types of foreign deposits (e.g., demand and time deposits).

Liquidity Reserve Requirement Every bank holding a general license must maintain a legal reserve of cash assets not exceeding 35 percent of its total local deposits (excluding deposits from related entities).

Local Finance Companies Finance companies, although small, are part of Panama’s financial center, and contribute to the economic development of the country by providing financial resources through loans and credits facilities to the public.

authorizes the operation of these companies, which must obtain a commercial license and must have a minimum paid-in capital of US$500,000, according to Law 42 of 2001. from banks, insurance companies, cooperatives, pawnshops, mutual funds companies and furniture companies.

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ABA LEGAL BUREAU Torre ADR, 8th Floor Samuel Lewis Avenue Panama City, Panama Tel: (+507) 263 4455 Fax: (+507) 263 5773 info@abalegal.net

have vast experience in providing legal services to domestic and international clients. With main offices also has an international presence supported by a network of correspondent agents in the Caribbean, Europe and East Asia, which allows them to effectively meet the needs of their clientele.

Created in 1985, ALCOGAL has reached success at a tremendous rate. Today it is considered to be one of the leading law firms in the country. From its initial creation of a single law firm in Panama, it

Luxemburg. ALGOGAL also has a vast network of correspondents throughout Europe.

ALCOGAL specializes in representing domestic & foreign clients, providing advice on a wide range of legal matters. The strength of the firm lies within its banking department, as it services the largest banks situated in Panama, both locally & foreign. Complete primary areas of practice include:

Their services include: Corporate Law

Public Law

Maritime Law

Private Law

The fundamental goal is to build strong and long-term client relationships based on trust and excellence.

ALCOGAL (Aleman, Cordero, Galindo & Lee) Dr. Jaime Aleman Partner MMG Tower 2nd Floor, East 53rd Street, Marbella Panama City Tel (+507) 269 2620 Fax (+507) 263 5895 www.alcogal.com jaleman@alcogal.com

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The law firm prides itself on its team of highly qualified and experienced lawyers. Their strong client base consists of public and privately held corporations, banks, financial institutions and numerous other types of business entities. Their business is to provide timely, efficient, and cost effective legal advice to their clients in a highly collaborative manner. The Latin Lawyer 250 of 2012 has named it as one of its most recommended firms and the same goes for IFLR 1000 in 2012, as it also named ALCOGAL amongst the worlds Top Tier Law Firms by IFLR 1000 in 2012.

AMCHAM

Ave. Aquilino de la Guardia & 47th Street Marbella, Panama Tel: (+507) 301 3881 Fax: (+507) 301 3882 www.panamcham.com

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Investment & Legal Framework

The American Chamber of Commerce and Industry of Panama (AMCHAM) was created on October 31, 1979, by a group of businessmen who believed that the organization could play an important role in the promotion of business ideas in Panama. AMCHAM membership has grown from 68 firms in its first year, to over 460 member companies today. Since it was founded, the Chamber provides its members with conferences and seminars on a variety of important topics and publishes a selection of newsletters, research articles, a monthly magazine and an annual directory.

AMCHAM is a non-profit, non-political, independent, voluntary association supported primarily by membership dues. Much of the organization’s work is accomplished through the efforts of volunteer member committees which collaborate to help AMCHAM promote free enterprise in Panama.

Today, AMCHAM organizations are established in over 90 countries throughout Latin America, Asia and Europe. Panama’s Chamber is affiliated with the Association of American Chambers of Commerce in Latin America (AACCLA) and is a fully accredited member of the U.S. Chamber of Commerce of America.

The dissemination of business and economic information, which can be difficult to obtain in Panama, is one of AMCHAM’s primary and most valuable member services. Periodic market studies and reports covering topics such as local legislation have all provided critical data about the Panamanian market for business people locally and in the head offices of American businesses in the United States.

In 1986, for example, a comprehensive study was made by AMCHAM of the “Assets and Liabilities” of Panama in the development of tourism.

In 1995, AMCHAM promoted a very successful international investment forum on the “Opportunities in the Panama Canal Areas”. Research of this kind helps the Chamber’s members stay abreast of the most important and timely business information in Panama. As the independent voice of business in Panama, AMCHAM has been instrumental in communicating U.S. trade and multinational commerce concerns to the American Embassy, as well as to the U.S. Congress in Washington.

Improved communications and better understanding between U.S. and Panamanian member companies have also resulted from the Chamber’s activities.

The current President of AMCHAM Panama is Luis Laguerre, and the Executive Director is C.E. Maurice

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AROSEMENA, NORIEGA & CONTRERAS (ANORCO) Jose Angel Noreiga Partner Elvira Mendez, Street N.10, Panama City Tel: (+507) 366 8400 Fax: (+507) 264 4569 jnoriega@anorco.com.pa www.anorco.com

country, Arosemena, Noreiga y Contreras is one of the most prominent law firms in the Republic of Panama. With 40 years of experience serving local and foreign clients, they have a strong foundation of knowledge and have established themselves in a prominent position in the legal market of Panama. One of their distinguishing features is their extensive expertise in industrial consultancy and law services for employers and litigation in this area of practice.

Established in 1968, the legal firm is proud of their loyal client base and the consistent flow of business over the years. Their company philosophy has always been geared to finding the best solution to the challenges. They have sculpted a legal and institutional framework that has been specifically geared to provide facilities and incentives for the development of international commercial service activities in Panama.

ANORCO provides a range of legal services to private and corporate clients across the country in corporate, estate planning, admiralty & maritime law, intellectual property, immigration, labor & employment, commercial transactions, banking, taxation, dispute resolution & litigation, mergers & acquisitions, energy & communications, environmental law, privatization & public bids, real estate, management and administrative services.

They offer tailor-made services for companies or individuals wishing to invest in Panama.

BRITISH CHAMBER OF COMMERCE

53rd. Street Panama City Republic of Panama Tel: (+507) 297 6560 Fax: (+507) 297 6560 www.britcham.com.pa

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Investment & Legal Framework Panama also had a fundamental, if unwitting, the underlying reason for the final signature of the Act of Union which created the United Kingdom in 1707…Scotland’s one attempt to establish a colony in the Darien region of Panama in the 1690’s led to near bankruptcy for Scotland and left them with little choice than to sign the Act of Union.

The UK has had a connection with Panama going back several centuries, from the days when Francis Drake and Captain Henry Morgan stalked her shores, to the 80 or so years ago when commercial, financial and shipping ties began to be forged.

Dame Margot Fonteyn de Arias, married to a leading Panamanian and Queen Mary I who wore the world’s largest pearl, La Peregrina (The Wanderer), discovered in 1503 in the waters off Panama’s Pacific Coast.

The mission of the chamber is to foster strong links and community ties between current membership of

They have a strong vision to act as a platform from which to assist new business interests in Panama and as a bridge to encourage a business highway between Panama, the Americas and the UK.

CHAMBER OF COMMERCE INDUSTRIES AND AGRICULTURE OF PANAMA Avenida Cuba y Ecuador. Calle 33-A Apartado 0816-07517 Panama, Republic of Panama Tel: (+507) 207 3400 Fax: (+507) 207 3424 www.panacamara.com The Chamber of Commerce, Industries and Agriculture of Panama was founded on May 17, 1915, at the initiative of Mr. Ramon Arias Feraud, in order to unify efforts, in an organized manner, with the aim of promoting and developing commercial activities and the service industries of the country.

Currently, the Chamber of Commerce, Industries and Agriculture of Panama is comprised of more than 1,500 companies classified in 15 different sectors of the national economy, which are: Agriculture, Food Construction and Real Estate, Automotive and Heavy Equipment, Information and Communications

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Technology, Transport and Logistics, Personal Items, Home & Office, Health and Chemistry, Advertising Insurance, Tourism and Recreation, Professional Services, and Human Development.

As a body that represents major private sector groups in Panama, this institution provides its members with a full range of services that support the development of commercial, industrial, agricultural and professional activities. These include the following: defending the rights and interests of members against measures affecting the principles of free enterprise and private initiative, guiding members on Proposed Draft Laws, Executive Orders and Cabinet affairs that affect business activities; access to valuable information for statistical and marketing purposes, the organization of trade missions to other countries, the publication of a bimonthly magazine LINK, which includes issues of interest for associates and an annual Commercial Directory.

Since 1983, the Chamber of Commerce, Industries and Agriculture of Panama has hosted an annual International Exhibition called EXPOCOMER. Over the last 27 years, this “World Trade Showcase” has become renowned for being one of the most prestigious business events in the region. Expocomer is a multi-sector trade exhibition, highlighting the categories of food, textiles, construction, technology and services. During this event, exhibitors from over 30 countries from Latin America, the Caribbean, Europe, Asia and Africa, realized large-scale trade deal and commercial exchanges that reached hundreds of millions of dollars.

KPMG Carlos Karamañites Senior Partner Panama City Tel: +507 208 0700 www.kpmg.com.pa Activity: Audit, Tax & Advisory Date of creation: 1958 (Peat, Marwick, Mitchell & Co.) Employees: 250 KPMG in Panama provides audit, tax and advisory services, and is an independent member firm affiliated with the KPMG International Cooperative, a Swiss entity. KPMG is a Panamanian civil partnership, has 13 partners and over 250 professionals from different branches grouped in multidisciplinary teams, who seek to address the www.ebizguides.com

Investment & Legal Framework special needs of the Panamanian market using indepth knowledge of the local regulatory framework, focussing on client service, and continuous training and specialization in the profession.

As a member of the network of 150 member firms, the firm has access to a full range of resources that allows them to keep the staff well informed and trained regarding accounting and auditing standards and the industries in which their clients operate.

The range of clients at KPMG in Panama includes multilateral banks, state and private banks, insurance companies, leasing companies, factoring companies, real estate firms, investment funds, as well as manufacturing, industrial and service companies.

KPMG in Panama is the leader in audit services for financial entities in the local market. According to the 6 of the 10 most important financial institutions in the country. In addition, the firm´s clients include important companies listed in the Panamanian Stock Exchange; KPMG audits 38 percent of the total of companies registered.

Attitudes to tax are changing. Organizations of all sizes are ever more exposed to new trends in tax regulation, not just locally but globally. In Panama, KPMG’s tax team includes specialists who can advise on issues such as Mergers & Acquisitions, Indirect tax, Transfer Pricing, International Corporate Tax and other.

Their Advisory practice works with clients to tackle challenges in Management Consulting, Risk Consulting and Transactions & Restructuring, combining specialist skills to provide objective advice and execution to help preserve and improve value.

Their focus on customer service, commitment to excellence and global perspective helps them to build trusting relationships, which are at the core of their business and reputation.

“We are present in Panama since 1958 serving the largest companies in the country. Our highperformance staff use their expertise and knowledge to help overcome complexity, providing clear insight and solutions to benefit our clients.”

Carlos Karamañites Chairman of KPMG Central America and Senior Partner of KPMG in Panama

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LOMBARDI, AGUILAR & GARCIA Dr. Jorge Lombardi Partner 47th Street and Aquilino de la Guardia Str. Ocean Plaza, 12th floor Panama City Tel: (+507) 340 6444 / 6638 8707 Fax: (+507) 340 6446 infoweb@laglawyers.com www.laglawyers.com Attorneys of Lombordi, Aguilar & Garcia have expertise in the legal field, representing various clients before different forums. A principally Panamabased law firm with access to a wide network enables them to provide quality legal support throughout the Americas, Europe, and Asia.

The firm was founded by 2 Panamanian lawyers who began their business by offering personalized and specialized services, catering to local and offshore clients throughout the Republic of Panama.

With the enterprising and dynamic lawyers, the firm’s strength lies in its personnel who have extensive experience in all types of legal matters. Highly trained and with vast experience, they are able to quickly and efficiently advise on even the most complex legal issues.

The firm’s clients include individual and corporate clients in Panama as well as in the Americas, Europe, and Asia.

The high global demand for protection and confidentiality of family or business assets of clients has focused the practice of Lombardi, Aguilar & Garcia on asset protection (private interest foundations, trusts) business and enterprise structures (offshore and international business corporations) tax consulting and banking intermediation (bank account opening and management), as well as other aspects of the law such as company law, commercial law, immigration law, civil law, administrative law and the proper counseling in any conflict or litigation that may arise from clients activities.

The firm believes in doing their best to understand the needs of clients and to be responsive, and provide comprehensive services. Success lies in the success of their clients.

With constant and direct communication with clients that allows for a comprehensive understanding of their needs and problems allows

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Investment & Legal Framework the team at Lombordi, Aguilar & Garcia to present the most accurate and precise solutions in the shortest period of time. They always give their clients an in-depth consultation before providing legal advice. They feel proud in providing efficient and cost-effective services to their clients, helping and safely guiding clients to meet their objectives.

organizations with their legal needs, including the following:

MOSSACK FONSECA

Panama, Republic of Panama Tel: (+507) 205 5888 / 206 9400 Fax: (+507) 263 9218 mf@mossfon.com

Since June 2010, Mossack Fonseca is proud to be the first ISO 9001 certified law firm in the Republic of Panama. They received the global quality management system certification from SGS, a two of the leading and most rigorous independent auditing and certification agencies in the world.

Mossack Fonseca is a global leader of international trust and corporate services with 44 offices worldwide and industry experience since 1977.

Their professionals are always available to discuss their services, privacy policy, due diligence requirements and technology platforms.

Research-oriented professionals specialize in Trust Services, Investor Advisory, International Structures and Commercial Law.

MORGAN & MORGAN

Mossfon full service law firm is active in matters relating to shipping, trademarks, immigration, contracts, and intellectual property, as well as commercial law in general. They also assist clients in physically relocating to Panama and support them with regard to all steps required, from handling immigration matters and buying or renting property to establishing a business.

Mossfon Trust Corporation is a fully licensed trust company of lawyers, accountants and bankers that can assist you in creating solutions that are solid, legal, convenient and advantageous. They provide solutions for Privacy, Wealth Protection, Spendthrift Protection, Wills and Estate Planning, Inheritance Structures, Pension Plans, Tax Optimization, and many more.

Mossack Fonseca enjoys a strategic alliance with Mossfon Asset Management, S.A., an Investment Advisory firm licensed by, and under the supervision of, the National Securities Commission of Panama and that also engages, upon request, in Discretional Portfolio Management.

Corporate Social Responsibility represents an important commitment for Mossack Fonseca & Co. and their affiliates, and it is also a daily reminder about their responsibility towards society. They are committed to community involvement and as a result, their legal experts have assisted many

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Eduardo Morgan Senior Partner MMG Tower, 16th Floor, 53rd E Street, Marbella Panama City Tel: (+507) 265 7777 Fax: (+507) 265 7700 info@morimor.com www.morimor.com Attorneys of Morgan & Morgan have over 88 years of experience in the legal field representing various clients before different forums. Principally a Panamanian based law firm that was founded

by Eduardo Morgan Alvarez, they however have access to a wide network of Lawyers and Counsel for support in more than 20 cities, throughout America, Asia & Europe, employing approximately 800 employees.

With their enterprising and dynamic lawyers, the firm’s strength lies in its personnel, who have extensive experience in all types of legal matters, working round the clock to provide the finest legal training and experience, they are able to quickly and efficiently advise on even the most complex legal issues.

Their team is concocted of more than 70 specialized Law, Mergers & Acquisitions, Financing and Capital Markets, Arbitration and Litigation, Intellectual www.ebizguides.com

Investment & Legal Framework

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Investment & Legal Framework Property, Immigration & Employment Law, Real Estate, Private Foundations, Company Formation and Management, Admiralty and Shipping Litigation, Ship Finance & Vessel Registration, among others specialties.

Morgan & Morgan do their best to understand the needs of their clients and to be responsive, and provide comprehensive services. They are able to provide clients in-depth consultation beyond providing legal advice, because they take pride in providing efficient and cost-effective services to their clients. They endeavor to practice the values that have sculpted into the firm’s culture, abiding by integrity, reliability, fairness and the highest quality service.

MIZRACHI, DAVARRO & URRIOLA Street 58 y Samuel Lewis Avenue Tower ADR, Office 6-C Tel: (+507) 263 0604 Fax: (+507) 263 2581 www.mdulegal.com Mizrachi, Davarro & Urriolais a law firm committed to serving its individual and institutional clients with effectiveness, efficiency and ethics. The firm takes pride in the quality of the work and the commitment of its professionals and staff to fulfill the legal needs of its clients to the best of their ability.

PANAMA OFFSHORE LEGAL SERVICES Jon Hanna Attorney & General Manager Panama City Tel (+507) 227 6645 Fax (+507) 227 7485 jon@pos-inc.com www.pos-inc.com Panama Off Shore Legal Services is a law firm with 12 years of operational experience. It began working in the formation of corporations, foundations, and banking investment accounts, and has since then expanded to include immigration processing and real estate transactions. A reputable practice in the offshore industry with attorneys and consultants who have direct expertise and a deep understanding of international investment and asset protection strategies, Panama Off Shore Legal Services is able to set up a client’s corporation or foundation at a rate of 2 business days.

The advantages of doing business with Panama Offshore Legal Services is: with the best asset protection package available today Panama Corporation or Foundation excellent reputation

Its main areas of practice include commercial transactions, labor law, intellectual property, foreign investment, corporations and commercial litigation.

Among the areas of litigation they most commonly handle are as follows:

fees

investments.

It’s fast, friendly, and affordable. It has enjoyed a client list of such practices through its years of operations, but recently has branched out to be able to provide discounted retail prices to the public for establishing Panamanian corporations, foundations, and corporate accounts.

From their offices located in Panama City, they serve local and foreign clients on issues of Panamanian law. They also coordinate legal matters abroad for their local clients through a network of qualified law firms in other countries, which they have identified through continuous professional contact.

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“We offer integrity, ethics, competitively priced services, a one-stop shop as well as a phenomenal service compared to most firms. The majority of our business comes from referrals. We have over 5000 clients and are growing regularly. That statement says it all; if the majority of your customers are referring you to others, their friends & family, that means you’re doing something right.”

Jon Hanna Attorney & General Manager www.ebizguides.com

Investment & Legal Framework PANAMA RELOCATION ATTORNEYS

Panama Rep. de Panama Tel: (+507) 263 1896/7 info@prapanama.com Panama Relocation Attorneys is a law firm located in the heart of Panama City. Their experienced and professional legal team is specialized in issues regarding investments in the country of Panama.

Due to that fact, their expertise is mainly based on the following:

Ministry of Commerce and Industries (MICI).

It manages a One-Stop-Shop Integrated Information System that allows the investors to easily identify all the instruments that the National Government has available for the Direct Foreign Investment. The agency is focused on investment promotion in strategic sectors set by the National Government’s Strategic Plan 2009-2014.

They offer investors a Concierge service in processes of due diligence for investing in the Republic of Panama. PROINVEX is also responsible for coordinating the international commercialization and the promotion of the exports of national products.

Its basic functions are:

the compliance with the objectives of the Agency by recommending the best practices of the private sector

Their team of lawyers at Panama Relocation Attorneys can help in many different ways those looking to apply for legal permanent or temporary residency status in Panama. They take pride in providing support to national as well as to international investors about the Real Estate Process in Panama and its characteristics for every type of investment.

PRA prides itself in having a specialized litigation department that will be able to assist clients in civil and criminal processes in the Republic of Panama.

Their goal as a law firm is simple: “to provide outstanding and comprehensive legal services and advice to our clients in a timely and efficient fashion.”

PROINVEX

National Director Ricardo J. Alfaro Avenue, Edison Plaza, 3rd Floor, Panama City Tel: (+507) 560 0686 From US: +1 888 453 8257 www.proinvex.mici.gob.pa

of the Foreign Direct Investment, that impact on business climate, and recommend the necessary corrective measures results The goal of PROINVEX is to manage an integrated information system that allows the investors to easily identify the instruments that the National Government has for attracting the direct foreign investment, as well as all the necessary information for this purpose, with emphasis on sectors identified as engines of the Economic Growth in the Strategic Plan of the Government Their strategic vision is to operate PROINVEX PANAMA offices in local territory and abroad to bring Foreign Investors and promote national product exports, in coordination with the Ministry of Foreign Relations, and through the embassies and consulates with the purpose of building strong relationship with all national institutions involved in the development of FDI and exports.

The agency for the Attraction of the Investments and Promotion of the Exports (PROINVEX PANAMA) (11) personalities with proven experience in the entrepreneurial sector and these will be designated

PROINVEX is a new agency for investment attraction and export promotion, ascribed to the www.ebizguides.com

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PANAMA ECONOMY The economy of Panama is based on three primary sectors: banking, transport, and business tourism. The Panama Canal is its core strategic asset, a logistical dream for the country, which allows it to attract an extraordinary amount of cargo transportation services. The general economic situation is very healthy, with a consistent growth trend witnessed in recent years.

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Panama Economy

OVERVIEW Panama has been a member-State of the World Trade Organization (WTO) since 1997 according to Law 23 of 1997. As a consequence of such affiliation, a number of economic measures have been implemented by successive governments, including the privatization of State-owned companies, the adequacy of internal laws to international standards, as well as the drastic reduction in import tariffs and tariff processes in the agricultural sector. The country has signed comprehensive bilateral trade agreements with its major trading partners (e.g. the United States – Panama Trade Promotion Agreement, 2007, recently in force since 2011), and it has also currently engaged in negotiations of additional free trade agreements (FTA) with other important trading partners in order to enhance the country’s competitiveness in the international economy.

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Panama’s investment climate is generally positive.

The country’s sterling economic success is based on a strong macro-economic policy and excellent management of the Panama Canal and associated transportation services. Panama has enjoyed some of the highest economic growth in Latin America in the past decade, and most observers predict continued strong growth in the years ahead due to stable and consistent macro-economic policies.

Growth tallied 10.6% in 2011 and 7.6% in 2010, after a deceleration to 3.9% in 2009 from 10.1% and 12.1% annual growth in 2008 and 2007 respectively.

The Government of Panama (GOP) has promoted economic growth over the last decade through open market policies and by encouraging trade.

Competitiveness is a priority to President Ricardo Martinelli’s Government. A strategy and a specific

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Panama Economy

action plan have been designed and are managed at the highest level of government. Consequently, for the second consecutive year, Panama is ranked as the most competitive country in Central America, the second ranked country in Latin America, and the forty-ninth in the world after improving 10 spots since 2009, in the World Economic Forum’s Global Competitiveness Report.

Panama has gone from being just a canal to becoming a logistical platform by air, sea and land, with the growth of the Panama Canal as a main axis, transporting over 300 million of CPSUAB (Container, Bulk, etc.). The Canal presently serves more than 14,000 ships through 144 maritime routes and complements a system of container terminals in the Pacific and the Caribbean, that serve as cargo tranship and redistribution.

Why invest in Panama?

Panama´s geographical position, located in the centre of the American Continent, has great connectivity through land, sea and air. An open service economy, simplified tax and visa structures, economic political and social stability, a dollarized economy, an international financial centre, and a world class logistics platform make Panama the ideal site for doing business in the region.

Panama is the only port in the world with terminals in two oceans: the Pacific, and the Atlantic.

The terminals record an annual movement of containerized cargo of 4.25 million TEU’s, in addition to the inter-oceanic railroad that has a capacity 330,000 containers per year from one coast to another. Panama also has the Colón Free Zone, the most important one in the Western hemisphere, with an annual trade exchange of over 19 thousand million dollars through its approximately 3,000 companies established in the Colón Free Zone.

The development of the Panamá Pacífico Special Economic Area, in the former Howard Air Station, has received $250 million in investments since its creation, and serves as a space for the production of goods and high technology services for more than 170 international companies like 3M and Caterpillar.

Panama: Regional Business Hub Panama possesses a privileged geographical location that has allowed it to become one of the most important logistic centres of the Western Hemisphere for the storing and distribution of world cargo. The country has a bridge for the mobilization of passengers to the entire American Continent and facilitates efficient and modern communication services. With a service vocation and as a commerce promoter, both nationally and internationally, Panama enjoys political, social and economic stability.

TOCUMEN AIRPORT’S OPERATIONS Thousands operations per year

We offer an efficient air service through the Tocumen International Airport, presently undergoing a US$100 million expansion process to offer a comfortable and safe atmosphere to all travellers that visit our country and an expeditious and efficient attention to the transiting of passengers, who do not have to go through customs or migration checks. From the airport, Copa Airline operates its Hub to the Americas, which offers more than 46 destinations to 25 countries in America and excellent connections, some of them with three daily flights to the most important cities of Latin America. In addition they have an excellent internal network of direct flights to the main cities in the interior of the country.

Panama has become the preferred centre for the installation of five submarine optical fibre cables, turning into the ideal place for telecommunication companies and data centres since it has the advantage of offering great

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Panama Economy connectivity with North and South America, Europe, Asia and the Caribbean; advantages that companies such as MCI, Cable & Wireless and Movistar, have learned to use effectively, by providing cellular telephony services and first quality internet to the international market.

located by the Panama Canal, in the former Fort Clayton. It has become an excellent model of how to transform a military installation into a centre dedicated to science, technology and education. The City of Knowledge operates within the Panamanian State by means of the Decree Law 6 of February 10, 1998.

The prestigious International Banking Centre, with over 90 internationally renowned banks, reflected over US$83 billion in assets for the first semester of 2012.

Allowed Activities: Scientific, Human Development, Cultural.

Our medical and health services are well known internationally and include two of the best private hospitals of the Central American region; equipped with the most recent medical technology, and are affiliated with world famous hospitals such as the Baptist Hospital in Miami, Florida and the Johns Hopkins Medical Centre in Baltimore, Maryland.

The tropical climate and various tourism offers set us among those preferred for the travellers that can find in our country picturesque indigenous and colonial communities, white sand beaches and coral reefs with indescribable beauty, mountains with fresh climates and tropical jungles with exuberant vegetation, habitas of innumerable flora and fauna species. And with our excellent highway network and short distances the country can detoured in only six hours.

For these reasons, Panama has been chosen by important multinational companies such as Samsung Electronics, Inc., DHL, DELL, Hutchinson Port Holding Group, GE, HSBC, BICSA, SCOTIABANK, Assicurazioni Generali, American Life Insurance Company and many more, as main offices for their regional operations. In addition, some of the most recognized International Organisms such as UNICEF, UNDP, OAS, the Spanish Agency for International Cooperation (AECI, initials in Spanish), and the BLADEX [Latin American Export Bank] among others, have chosen Panama for establishing their operations.

Panama offers goods and services at reasonable prices as compared to its nearest neighbours, with Free Trade Treaties (TLC, for initials in Spanish) with Taiwan, all of Central America, Singapore and Chile. Furthermore, in October 2012 we will begin implementing the recently approved Promotion Trade Agreement with the United States.

SPECIAL ECONOMIC AREAS The City of Knowledge The City of Knowledge (Ciudad del Saber) is a scientific, technological and entrepreneurial park

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Technological,

Fiscal Incentives: Exoneration from: Income Tax, import Tax, ITBMS (real estate transfer and service taxes), Real estate Tax, and wire transfer’s foreign countries.

Labour Incentives: International personnel can be hired as seen fit by each company to fulfil their needs.

Migratory Incentives: Special Visas are granted to foreign employees of affiliated companies, their spouses and dependent children.

All benefits have a duration of 25 renewable years which is more than any other incentive law.

THE PANAMA PACĂ?FICO SPECIAL ECONOMIC AREA The Panama Pacifico Special Economic area is an area assigned for the production of goods and services with high added value and technology.

It is located in the former Howard Air Force base.

Panama Pacifico operates its relations with the Panamanian State by means of Law 41 of 2004.

Encouraged Activities Main Corporate Offices, Back Office operations; Call Centres; Multimode and logistics services; High technology products and manufacturing processes; Aircraft maintenance, repair and reconditioning; Transfer services to the aviation industry; offshore services; Movie-making industry; Transmission of data, radio, television, audio and video; Transfer of inventories between companies established in the area; Transfer of goods and services to ships, airplanes and their passengers; Sale of merchandise destined for export not manufactured in Panama Pacifico, when manufactured by multinationals or any other of its affiliates, subsidiaries or companies of the same economic group.

Fiscal Incentives: - Exemption of any tax, levy, rate encumbrance or import duties on any merchandise, product,

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Panama Economy equipment, service or other gods in general that are introduced into Panama Pacifico.

- Exemption of Real Estate transfer Tax and Services Taxes (ITBMS).

- Exemption from any tax, duty, rate, levy or fee with regard to the movement or storage of fuel or other hydrocarbon and its by-products.

- Exemption on any commercial or industrial license or registration tax.

- Exemption from the Stamp Tax. - Exemption on the Real estate on lands and commercial/industrial improvements, as well as Real Estate Transfer Tax. - Exemption of the export/re-export tax of any merchandise, product, equipment, goods or services.

Exemption of any tax, rate, duty, encumbrance, withholding or other charges applied to foreign creditor payments including interests, commissions, royalties and other financial charges generated by the financing or re-financing granted to companies of Panama Pacifico and for the financial lease of the equipment necessary for the development of the activities, businesses and operations that take place within Panama Pacifico.

Labour Incentives: - Fixed rates for overtime (25%) and holidays (50%).

- Flexibility in assigning employees holidays.

- The companies can be open on Sundays and holidays.

- Foreign labourers: possibility of exceeding the percentage rule of the Labour Code. The companies can request additional expat employees in excess of 15% if local labour is unavailable.

- Training Centre for College level education.

- Justified cause for dismissal due to losses and/or market fluctuations.

Migratory Incentives: - The one-stop-shop handles all the procedures related to visas and work permits for their employees.

- Special visas are available for investors and labourers (aprox. 3 to 5 years).

- Visa benefits are extended to immediate relatives: spouse, dependent children up to 25 years of age and dependant parents over 62 years of age.

- One time tax-free import of any personal and domestic belongings (up to US$ 100,000).

Up to 2012, 170 international corporations operate in Panama Pacifico’s Special Economic Area and generate approximately 8,000 jobs.

SPECIAL FREE ZONES Free Zones created under Law No.32 of April 5, 2011, are zones of tree enterprise, specifically www.ebizguides.com

delimited, in which all infrastructures, installations building, support systems and services, are carried out under criterion of maximum efficiency; for the establishment of enterprises from all over the world whose activities are the production of goods and services, high technology, scientific research, logistics services, higher education, environmental services, health services and general services.

Permitted Activities Inside these Free Zones we find companies involved in manufacturing activities, assembly, processing of finished or semi-finished products, logistical services, higher education, scientific research, high technology, environmental services, health services and general services.

Fiscal Incentives: - Raw materials, semi-finished products, purchase and imports of equipment and construction materials, machinery, spare parts, tools, accessories, consumables, packing materials and any property or service required for their operations, will be exempt from taxes and costumes duties.

- Income tax exemption in the lease and sublease for free promoters.

- Service Companies, Business Logistics, Business of High Technology, Scientific Research Centre, Higher Education Centres, General Services Enterprise, Specialized Centres for the Provision of Health and Environmental Service Companies, are one hundred percent (100%) exempt from income tax for its foreign operations.

Special Labour: Special labour of Free Zones makes them more flexible than companies operating in the rest of the territory.

Migratory Incentives: - Permanent Resident Permit as an investor . Temporary Resident Permit for special staff member, executives, experts and/or technical valid for the term of contract.

- Short term visas for up to 9 months for investors and traders to perform their business in the Free Zones.

- Temporary permits for special policies: teacher, student or researcher of a Higher Education Centre and Scientific Research Centre in a Free Zone.

- Permits will be extended on equal terms, to the spouse, under age children and elderly dependents of the main applicant.

These zones can be established anywhere in the country - As of today, there are 14 Free Zones that house 97 firms, which have invested approximately $77 million and directly employ around 2,621 people.

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Panama Economy COLON FREE ZONE The Colon Free Zone (Zona Libre de ColĂłn), created by means of Decree-Law No. 18 of 1948, is the biggest commercial and distribution hub in the Western Hemisphere, and second to Hong Kong in the world. Because of this there is constant modernization of warehouses, port and transit systems for all types of merchandise maintaining its position at the forefront of the modern technology and always ready to offer an ample range of excellent services.

The function of a Main Office of a Multinational Company shall be to provide services only to the business group to which it belongs, in attention to the activities permitted.

Permitted Activities: specific geographical or global area of a company of the entrepreneurial group. spare parts required for the fabrication or assembly of products to be manufactured.

Permitted Activities: and/or constructions, or part thereof that is in line with the typical activity of the company’s head offices or any of its subsidiaries. guidelines and advertising of goods and services produced by its business group. activities appropriate to establishment and operation of international free trade zones.

Fiscal incentives:

the consolidations of operations for the business group. group.

re-exportation.

products and services for business group. the Executive Branch.

Migratory Incentives: Expedited migratory procedures are granted for foreign executives and investors.

Ways of Establishing Operations: Operation Permit, Representation Agreement, Lease of Premises, Lease of Lot (land), and Public Storage.

The Colon Free Zone is located a few kilometres from the Panama Canal in the Caribbean sector, in the Colon Province and it is considered the first Free zone in the Western hemisphere and the second largest worldwide.

INCENTIVE LAWS PANAMA MULTINATIONALS HEADQUARTERS The government, along with the private sector, has created the conditions necessary so that Panama becomes a destination of Multinational Companies and by means of Law 41 of 2007; the diverse incentives and benefits were outlined.

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Fiscal Incentives: provided to its the business group outside the country. their salaries come from foreign sources.

Panama, half of the income tax will be paid on the amount to be taxed.

Labour Incentives:

The SEM (Multinational Head Office) may hire foreign executives of high and mid levels that they consider necessary to carry out their activities.

Migratory Incentives: Permanent Visas: These are issued to executives and their dependants for a term of five renewable years.

Temporary Visas: These are for technical personnel that the company requires on a temporary basis

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Panama Economy INVESTMENT STABILITY LAW Its objective is to promote and protect the investment carried out in the sectors of economic activity in the country. It was created by means of Law 54 of July 22, 1998. It establishes that the foreign investors and the companies where they participate, have the same rights and obligations that the national investors and companies have, without more limitations than those established in the Political Constitution and the Law, including what is referred to as the commerce and industry freedom, and the exportation and importation.

Permitted Activities:

right, national or foreign, that carry out investments within the national territory.

INCENTIVES FOR FILM INDUSTRY Movie Law: By means of Law Nº 36 of 2007, “that promotes the Movie-making and Audiovisual Industry and dictates other dispositions” and its bylaws by means of Executive Decree Nº 34 of 2009:

Secretariat were created created regulated in the national territory are granted for the foreign productions and special areas are assigned for the development of the movie making and audiovisual industry. bureaucratization and guarantees prompt process from the productions.

resources Projects Council with previous recommendation by the Ministry of Commerce and Industry

The benefits for the foreign productions granted by means of the Technical Secretariat of the Panama Film Commission are:

personnel

Benefits: public utilities or social interest

guarantee bond for the development of the movie-making and audiovisual industry.

from the Special Laws.

national territory

Investors’ Obligations: investment, an investment plan that includes the obligation to invest the minimum sum of two-million US$ (B/. 2,000, 000.00), that shall be executed within a term established by the Law that regulates the activity, or in the rest of the cases within a minimum term of two years.

and national personnel

and verifying the aforementioned investment.

Call Centers and the benefits of Law 25 of 1992 of the Export Processing Zones.

investment, the amount of the investment shall be accredited and the activity developed.

The benefits shall be granted for a period of 10 years and these are applied to natural and corporate persons of private

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INCENTIVES LAW FOR THE ESTABLISHMENT OF CALL CENTERS IN PANAMA

Law 54 of October 25, 2001, in its article 2 indicates that the natural or corporate persons that own a Concession issued by the Autoridad Nacional de los Servicios Públicos (ASEP, for initials in Spanish) for the provision of Call Centers Services for commercial

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Panama Economy

export purposes (Call Centers), may recourse to the benefits granted by Law 25 of November 30, 1992, of the Processing Zones.

These benefits shall only be applicable for installation and operation of the call centers for commercial use.

Call Centers and the Ministry of Commerce and Industries.

incorporation of technologies of high value added, attract FDI and encourage the local investment for incentivizing the efficiency within the national production channels, contribute to the innovation and to the Research and Development (R&D), and guarantee the stability in all the productive sectors, among others.

Activities Permitted:

Through the Ministry of Commerce and Industries, the Call Centers can be registered in the Official Registry of the Processing Zone as a Call Center Services Company for Commercial Use, in an international manner, and thus benefit from the incentives of Law 25 of November 30, 1992. For this, the Call Centers shall comply with all the documentation and requisites demanded in article 1 of the Executive Decree 97 of September 25, 2002 and present its request to the “Dirección Nacional de Promoción de las Exportaciones”.

Fiscal Incentives: - Exoneration of taxes and import rights on raw material, semi-elaborated products, purchase and sale of equipment and construction material, machinery, spare parts, tools, accessories, reinvestments, packing material and all the goods or services required for its operations.

- Exoneration of capital assets or property taxes.

- Exoneration of the Income Tax on the storage and warehouse services that provide their effects abroad, since the latter are considered as exterior operations and of export, for the purposes of the Income Tax.

of Environmental Management

Production Benefits of the Certificate: the reimbursement of 35% of the payments made.

the raw material, semi-elaborated or intermediate products, machinery equipment and spare parts thereof, canning, packing and other inputs that are a part of the composition or in the process of elaboration of their products.

Use of the Certificate: The Company that has the aforementioned certificate may use it for the payment of the national taxes, fees and their own contributions

conditions, to the spouse and dependant minor and adult children, of the principal requestor.

The certificate cannot be used for paying taxes, fees or contributions caused in fiscal periods previous to their emission, excepting those caused during the fiscal period that generated the right to the certificate of industrial promotion, payments of the minimum complementary taxes or dividends; payments of consumption taxes of fuel and petroleum byproducts; payment of taxes subject to the retention system.

Labor Incentives: Special labor provisions that make the labor incentives more flexible than those of the companies that operate in the rest of the Panamanian territory.

CERTIFICATE OF PROMOTION TO THE AGRICULTURE EXPORTS

Migratory Incentives:

personnel, executive, expert and/or technician for the term of the contract.

INDUSTRIAL PROMOTION CERTIFICATE (CFI) Its objective is to incentivise the industry’s development in Panama, by means of the promotion and execution of actions, oriented towards the

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The program for the promotion of competitiveness of agriculture and livestock export was created by means of Law Nº 82 of December 2009. It consists of supporting the agriculture export effort of nontraditional products by means of the fiscal instrument

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Characteristics of the CFA:

its endorsement by the General Comptroller of the Republic date of its endorsement by the General Comptroller of the Republic

fees, rights and encumbrances. tax, with the exception of the municipal taxes. will cause the income tax at a definite rate of 5% on its value.

Who can apply for the CFA? All the agricultural or the agricultural-industrial exporting industries Who cannot apply?

fiscal incentive programs.

INVESTMENT OPPORTUNITIES Panama’s efforts for attracting investments.

The Government of Panama has decided to create an organization that specializes in the attraction of investments so recently it created PROINVEX, the agency specialized in the promotion and attraction of investments and exportations in Panama and whose main objectives are centered in: Implementing an Integrated Information System (One-Stop-Shop) that allows the investors to identify and take advantage of the diverse instruments and facilities that Panama has for the attraction of Direct Foreign Investment, with emphasis on the four sectors identified as strategic areas: logistics, agriculture export, tourism and financial services.

Facilitating the necessary tools to the exporters for successfully materializing the businesses in the global market, focusing on those goods and services in which the country has competitive sustained advantages (agriculture exports).

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Panama Economy companies, in making decisions linked to the dynamics of the transformation and promotion of Panama as the logistics, commercial and financial Hub of the region.

Maintaining the feedback to all the government entities that affect the business climate (ex. education, migration, security, infrastructure, etc. systematically recommending the measures considered necessary, providing follow up thereto, for achieving the fundamentals of the agency.

In Panama there is also a conscious effort to reach out to potential investors outside Panama’s borders.

Each year, President Ricardo Martinelli travels to the main capitals in the world to present the benefits of investing in Panama, especially within the Panama Invest conferences, organized by the Ministry of Trade and Commerce.

The Government of Panama also organizes international conferences in Panama, which mean to provide potential foreign investors with a firsthand glance at the available business opportunities.

Investment Opportunities in Panama The Panamanian economy has given proof of its strength and macro-economic stability, recording a growth of 10.6% in GDP during the year 2011, and the first quarter of 2012, in the midst of uncertain conditions at a worldwide level. We have achieved congruity between the favorable performance of the economy and fiscal responsibility, allowing Panama to maintain its public-debt levels under control, thus achieving its historical minimums in its debt-ratios levels.

Consequently, Panama has been the fastest growing country in Latin America during 2010 and 2011, and one of the fastest growing economies in the world. 2012 estimates foresee a sustainable growth trend for the long run thanks to Panama’s ongoing investments to modernize its infrastructure, which will increase its productivity.

Throughout the past six (6) years Panama has positioned itself among the leaders of the region in regards to attraction of Direct Foreign Investment, which has been directed mainly to sectors related to Logistics, Energy, Real Estate, Free Zone and Financial Services.

Panama is the largest recipient of Foreign Direct Investment in Central America and the Caribbean. In 2011, with $2.8 billion, Panama received more FDI than bigger economies in South America such as Uruguay, and more in receipts than Bolivia, Ecuador,

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and Paraguay combined.

Panamanian President Ricardo Martinelli has prepared a Five-year Strategic Plan with a fundamental objective to improve productivity and competitiveness in sectors with greatest economic potential (Logistics, Agro-industries, Financial Services and Tourism) by means of an ambitious public investment plan, directed to the improvement of our business environment.

With this in mind, during 2010 to 2014, important investments will take place within the infrastructure area for an estimated amount of US $ 13.6 billion, a figure that does not include the investment of US $ 5.25 billion in the expansion of the Panama Canal.

Such as it has been mentioned, the sectors in which we have the most potential and comparative advantages are: Logistics: This platform consists of the Panama Canal, the Inter-oceanic Railroad, a Maritime Hub with ports in both the Atlantic and the Pacific Oceans, and an International Air Transportation Platform for cargo and passengers, among others.

Currently, the Panama Canal Authority is advancing its US$5.2 billion project to double the Canal’s capacity to service the maritime commerce industry with a new set of locks that will permit Post-Panamax type ships to travel across the isthmus. This new set of locks will be ready by year 2014.

All this comes together with our geographic position, which has been one of our most valuable assets and presently serves as a natural access hub to markets of over 3.5 billion people.

The Canal’s capacity is complemented by the container ports in the Atlantic and the Pacific Oceans that function as merchandise transshipping and redistribution centers, moving more than 4 million TEU’s annually.

These ports are considered among the most modern in Latin America and make up the largest Logistic Center in the region. Both Pacific and Atlantic terminals have the highest container traffic in Latin America and the Caribbean, surpassing powerhouses like port terminals in Santos, Brazil.

The Panamanian government will continue to invest in the construction of a very well developed transportation and communication infrastructure.

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Panama Economy

PORT CONTAINER TRAFFIC IN LATIN AMERICA AND THE CARIBBEAN 2011 Ranking

Port

Country

2009

2010

2011

% Change (2011-10)

1

Colon

Panama

2,210,720

2,810,657

3,371,714

20%

2

Balboa

Panama

2,011,778

2,758,506

3,232,265

17%

3

Santos

Brazil

2,255,862

2,715,568

2,985,922

10%

4

Cartagena

Colombia

1,237,873

1,581,401

1,853,342

17%

5

Buenos Aires

Argentina

1,412,462

1,730,831

1,851,687

7%

6

Manzanillo

Mexico

1,110,356

1,511,378

1,762,508

17%

7

Kingston

Jamaica

1,728,042

1,891,770

1,756,832

-7%

8

Callao

Peru

1,089,838

1,346,186

1,616,165

20%

9

Guayaquil

Ecuador

884,100

1,123,098

1,405,762

25%

10

Freeport

Bahamas

1,297,000

1,125,000

1,116,272

-1%

Agro-industry: In the agro-exports sector, Panama has exceptional natural advantages that make us different to other countries in the region. The high amount of daylight hours, the absence of extreme summers, and high soil and water quality contribute to the fruit’s greater sweetness allowing Panama to position its exportable goods in markets such as the United States, Central America and Europe.

In this regard, one of the most important investment projects of President Martinelli’s administration is the implementation of a new cold chain infrastructure for agricultural products. This ambitious effort will improve competitiveness in the current agricultural distribution chain, from post-harvesting techniques and refrigerated storage and transportation, to cold processing units and distribution centers, to walk-in cold rooms and freezers in supermarkets.

Financial Services: As of 1904, Panama has used the dollar as its legal tender, thus allowing it to enjoy the low inflationary pressures and zero exchange risks. These conditions have contributed to the development of our prestigious International Banking Center made up of more than 90 financial institutions among banks with general license, banks with international license and representation offices that, at the present time,

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add up total assets in excess of US $ 83.0 billion, and it is strictly governed by the principles of the Basel II Convention. To this we may add that we do not have a Central Bank and we enjoy international trustworthiness in our Banking System.

Tourism: Due to the relevance that the touristic sector achieves each year in the country, the government of the Republic, through the Tourism Authority of Panama [ATP, for initials in Spanish], considers essential the disposition of a strategic framework of integral nature for the tourist development of Panama; that includes milestones and compliance indicators, in such a way that the different public and private organisms, become acquainted with the scenario in which the tourism growth is to be developed, thus generating: certainty, legal security and transparency in regards to effectiveness of the public management.

This instrument carried out by the firm Tourism and Leisure Europaxis Consulting and impelled by the government and the private sector of Panama, is funded by the IDB (Inter-American Development Bank) and the support of WTO (World Tourism Organization), is known as the Sustainable Tourism Master Plan 2007-2020.

The regulation of the sector is a necessary step that

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allows for the strengthening of the tourism institutions and streamlines the development of the sector.

Likewise, the institutions of the public and private sector that line up within the sphere of tourism and the inter-institutional coordination is established as a priority for an effective development.

To this plan we must add our air connectivity that accounts for more than 54 destinations by way of 14 international airlines, within a comfortable and safe environment for all the travelers that visit or transit through our country in their path to other destinations of the continent.

Our flagship airline is responsible for the operation of the HUB of the Americas that offer over 54 destinations to 24 countries in the Americas with excellent connections, in some cases with a frequency of up to three daily flights to the most important cities of Latin America.

Panama’s tourism is one of the fastest growing industries in the economy. Hotel and restaurant activities have grown an annual average of 9% over the last five years thanks to ongoing investments in new international hotel and resort chains like RIU, Hilton and Trump.

The resulting commercial activity generated by Panamanians and tourists has increased accordingly.

In the last five years, wholesale and retail sales have also increased by an average of 9% annually.

1. Why should I invest in Panama?

When you, as an investor, come to the moment in which the decision as to where to install your facilities for the long term development of your company or multinational, you will have to consider the key factors that are the conclusive indicators for choosing the adequate option:

development and promotion of the investment

and with international projection

An investor has these factors in mind when he decides to expand beyond the frontiers and Panama meets all of these without exception. In brief, Panama has a multimodal services platform that allow for its positioning with respect to other destinations in Latin America and the Caribbean, supported by a solid financial system that allows the mobility of capital to and from abroad, as well as air, surface, maritime and rail connectivity

2. Where I can invest in Panama?

The Government of Panama is oriented in developing four strategic sectors clearly identified by the Government’s Strategic Plan: Logistics - Consulting Entity: PROINVEX Construction, expansion and modernization of the ports facilities.

Construction of infrastructure for connecting the strategic sites (completion of the Panama-Colon highway, rebuilding the road infrastructure in Colon, connection between Howard and the Centenario bridge, bridges, inter-city connectivity, Metro-Bus transport system, San Miguelito aerial Tramway, widening of the North and South Corridors and completion of the North Corridor) Agriculture - Consulting Entity: PROINVEX Construction of access roads to agricultural and cattle production areas Expansion of the irrigation systems Development of the Cold Chain (Distribution center, secondary collection center and installation for the final delivery) Tourism - Consulting Entity: Panama Tourism Authority Construction and modernization of new airports (Central Provinces, Colon and David) Expansion project of the Tocumen International Airport - Phase II to Phase V (through 2030) Development of the road infrastructure and coverage of basic needs in zones identified as potential luxury tourism attractions (Farallon Zone, Las Perlas Archipelago, City of Panama, Azuero Peninsula and Santa Catalina, and the Western Chiriqui area) Development of real estate housing projects targeted to the tourist

that you will need Financial Services. Consulting Entity: Ministry of Economy and Finance infrastructures and facilities

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3. What limitations exist for the mobilization of capital?

In the Republic of Panama, as of 1904, the United States Dollar is the legal currency. The development that the country has experienced spins around this advantage, which is accompanied by other factors: Historically low inflation (the inflation generated is related to the price increases of the fuel oil), the absence of a Central Bank, the capital transfer freedom, the well known soundness of the international financial center and a large number of financial entities whose services contribute to the needs of each business

4. What guarantee is there that the rules of the game do not change in the future?

The State encourages and protects investment through clear and simple laws. In addition, there is the Law No. 54 of 1998, which offers legal stability for investment.

Legal concept: Panama has no specific legislation on foreign direct investment. Its general legal regime applies equally to nationals and foreigners; equality is enshrined in the Constitution of the Republic of 1972, reformed by the Reform Acts of 1978 and by the Constitutional Act of 1983.

Article 19: There will be no personal privileges or exemptions or discrimination based on race, birth, social class, sex, religion or politics.

Article 20: The Panamanians and foreigners are equal before the law, but it may for reasons of work, health, morality, public security and national economy, subject to special conditions or deny the exercise of certain foreigners in general. They may also, by law or the authorities, under the circumstances, take actions that affect only nationals of certain countries in war or in accordance with what is established in international treaties.

The existence of law 54 of 1998 in its article 5 that establishes the legal stability regime granted to natural or legal persons or corporations of private law, nationals or foreigners that carry out investments within the national territory for developing the following activities: touristic, industrial, agricultural, exportation, agricultural and forestall, mining, export processing zones, commercial free-zones and of fuel oil; telecommunications, constructions, ports developments, and railroads, of electric power generation, irrigation projects and efficient use of the hydraulic resources, and any other activity that the Government’s Cabinet Council approves, prior to recommendation of the Ministry of Commerce and Industries www.ebizguides.com

5. How is a company in Panama?

Panama has one of the most modern corporate laws in Latin America to establish a business. Below are listed some of the advantages of Panamanian Corporations Act (Act 32 of 1927): The object is large; it is permitted to engage in any lawful business. No subscription is required nor the capital outlay to start their activities. Businesses can take place in Panama or anywhere in the world.

Does not require a certain number of shareholders; the deed may be the carrier.

The law does not require any correlation between the invested capital and the value of the assets of the society.

The directors and officers can be of any nationality.

It requires the coincidence of three individuals to the board of directors. The meetings of the board of directors and shareholders can take place anywhere in the world.

The companies only pay income taxes in Panama for the lucrative income from activities carried out in the country. Any income earned outside of Panama does not pay income tax.

It is necessary to place the Company in the Public Registry. The Company pays an annual operating fee of $ 250 in the Public Registry the first time, then pays $ 300 each year. Investment capital must be at least $ 10,000.00 and this amount is paid to the Public, and about $ 60 plus the cost of notary which are approximately $ 40.The higher capital, the higher payments to the Public.

Information to be presented: language, but it should end in a word or abbreviation indicating that it is a business.

authorized capital will consist of U.S. $ 10,000.00 divided into 100 shares of U.S. $ 100.00 each. perpetual. directors and / or officials.

The procedure will be executed by an attorney duly authorized to practice in Panama.

To engage in commercial or industrial associations, all companies or individuals should have notice of operation to operate.

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FINANCE

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OVERVIEW Although Panama has its monetary currency, it does not have a central bank, like most countries do. The banking act amended in 1998, modified in 2008, organized the Superintendence of Banks; it also functions as a central bank by determining a reserve system and interest rates. Panama enjoys monetary stability as a result of its fully dollarized economy. The state-owned bank, Banco Nacional de Panama, is in charge of the supply of US dollars from the Federal Reserve Bank of New York. As the US dollar is a legal tender currency in Panama, it has free circulation and there are neither foreign exchange regulations nor restrictions on other banks importing US dollars into Panama.

Because of Panama’s monetary system, inflation tends to be low. For expatriate executives, the cost of living in Panama is lower than that of other major cities, according to The Economist’s Worldwide Cost of Living 2012 report, which puts Panama City among the world’s 5 least costly cities for expatriates.

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INVESTMENT OPPORTUNITIES IN FINANCIAL SERVICES The Panamanian financial activity has consolidated its regional leadership in the International Banking Center. The latter grows each year with a dynamic participation of the public and private sectors, regulated by the Banks’ Superintendence and represented by Panama’s Banking Association.

Panama’s Banking Superintendence has as its objective to elevate the competitiveness of the International Banking Center, thus contributing significantly to the economy of the country and guaranteeing the stability of its economic and monetary system. Panama’s Banking Association, acts as a private, apolitical and non-profit organism, that groups within its organization the public and private banking entities, which develop activities in Panama and on an international scale.

The largest part of the financial activity is constituted by the Panamanian consumption banking (83% www.ebizguides.com

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of the sector), which presents great opportunities for growing in the consumption services banking, corporate banking, private banking, insurance and values. According to data from the Contraloría General de la República, the Foreign Direct Investment [IED] made towards banks with general and international license increased from 20.4% of total IED in 2007 to 32% in 2011. As of the first quarter of 2020, this rate had increased to 36%.

The consumption and corporate banking offers a large number of banking services such as checks, savings instruments, products for the Pymes [Small and medium size companies], that contribute to the growth of the GNP per capita. The corporate banking offers transactional banking, corporate loans and financing to the commerce in general.

The private banking, in general, bases its solidity in the confidentiality and on the political and monetary stability. The insurance services report a high demand, and the stock exchange (bonds and stocks) evolve positively. In general terms, the Panamanian banking offers an ample variety of firstworld financial products under very competitive and superior conditions to various countries of the region.

The Panamanian banking systems has US$ 67,355 million in assets as of May 2012. That represents an increment of 13% in relation to the similar period last year. The assets on a consolidated basis are in the order of US$ 82,789 million resulting in a growth of 10% as compared to the similar period of the previous year. The average level of the liquidity is found to be 64.40% (the minimum required is 30% according to the legal provision). The basic basket of liquid assets is made up of highly liquid and secure diversified instruments.

The internal credit to the Private Sector records a balance of US$ 29,149 millions as of May 2012, an increment of 15% as compared to May 2011. The loans disbursed during 2009 in the most important sectors totalized US$ 13,846 million, the segments with the largest growth are: construction (19.2%), mortgage (11.1%) and personal consumption (2.0%).

PANAMA AS AN INTERNATIONAL FINANCIAL AND BANKING HUB Panama is the largest international banking center in the world next to Switzerland.

Approximately 90 international banks are located in Panama.

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- Panama offers a modern and technologically advanced banking system.

- Panama is one of the most stable banking jurisdictions in the world.

- Thanks to an excellent, diversified economy, and very strict banking regulations, very few banks have failed in Panamanian banking history.

The USA, UK, and even Switzerland have had several bank failures within the last 10 years, not to mention many other tax havens’ bank failure rates. Even during the recent (2008 – 2009) global banking crisis, not one Panamanian bank reported liquidity or solvency problems.

- The Panamanian government has enacted strict bank auditing guidelines, to monitor banking practices, credit guidelines, and overall bank administration. Each bank must submit monthly auditing reports to Panama’s Banking Superintendence and the government owned Banco Nacional de Panama (National Bank of Panama).

- The Panamanian banking system is set up to ensure depositors the security of their deposits. The Superintendence of Banks oversees the banking system, and sets the reserve requirements. The BNP functions as the Panamanian governments principal depository, manages the country’s international reserves and is the clearing-house for the banking system.

- Panama’s new comprehensive banking law (Decree Law No. 9 of 1998) meets the standards of leading financial centers around the world for transparency and regulation, and conforms to the statutes of the Basle Commission.

- Some of the banks present in Panama’s banking center are: Citibank, HSBC, International Commercial Bank of China, Banco du Brasil, Societe Generale, Banque Sudameris, BBVA, Metrobank, Banco General, Global Bank, Multibank, Banco Aliado, BancoLat, BIPAN, Bank of Nova Scotia (Scotiabank), Banvivienda, Credicorp Bank, Towerbank, Balboa Bank & Trust, Cayman National Bank, Credit Andorra, Andbank, and much more.

Panama’s communications systems and infrastructure are the equivalent of any first world country such as the USA, Canada, or the United Kingdom.

Telephone, fax, internet, and cellular communications are all offered in Panama by the worlds’ largest communications companies.

- Panama has the highest level of communications infrastructure for telephone, fax, internet, and cellular communications in all of Central & South America, including the Caribbean.

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- Panama’s privatization efforts in the telecommunications sector were initiated in 1995, with the restructuring of the state-owned monopoly operator, INTEL, the subsequent concession to Bell South in 1995 to operate one of the two (2) cellular mobile telephone licenses and the sale of 49% of the shares of INTEL to Cable & Wireless (a UK company) in 1997.

- Cable & Wireless enjoyed complete management responsibility, exclusivity in certain telephone services (including international long distance services) for a period of five years (which expired in 2003) and has a license to operate in the mobile cellular communications sector. Movistar has the second largest share in the mobile cellular communications sector. Digicel and Claro Communications also operate in the cellular communications sector in Panama.

- Panama has the best access to multiple highbandwidth continental fiber optic networks in telecommunications infrastructure. The extremely low risk of natural disasters (hurricanes etc.), gives the Panama telecom sector security and reliability of service as well as a competitive advantage over other offshore jurisdictions.

- Panama is extremely easy to access from almost anywhere. Due to its central location in the middle of the Americas, Panamas’ COPA Airlines has converted Panama into a major hub for international travelers. Panamas’ proximity to large cities with direct flights from North America, Central America, South America and Europe makes it relatively cost effective to bring in specialist know-how for installation and maintenance. Direct flights are available to Panama from most major cities around the globe.

- Panama’s long history as an international banking and services jurisdiction, has resulted in the availability of technical know-how in internet technology and information technology as well as sufficient human resources to install and maintain e-commerce operations. The MAYA-1 and ARCOS-1 ring systems link the continental Americas and the Caribbean Basin, which was completed in December of 2000.

- All the preceding advantages, incentives and infrastructure place Panama as an ideal location for: Internet Service Providers, E-Commerce Providers, Applications Outsourcing ASP, Broadband Content Providers, New Media Content Providers, and Exchange Traffic.

English and Spanish.

- English is a widely spoken language in Panama.

- 9 out of 10 educated Panamanians have traveled to the USA. - Panama has a very high literacy rate in comparison with other Central and South American countries.

Panama’s official language is Spanish.

However, English is the second most widely spoken language. 8 out of 10 Panamanians living within the banking sector of Panama City are bi-lingual in

The Republic of Panama is located at the narrowest point of the Central American Isthmus, which connects the continents of North and South America.

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Panama’s Economy Keeps Growing.

The Latin Business Chronicle reported in May of 2010 that Panama is rated as the number 1 place to do business in Latin America according to the fifth annual Latin Business Index by their publication.

The main reasons for this are: The $5.2 billion expansion of the Panama Canal, along with a fastgrowing shipping sector, is already earning it the title of the Singapore of the Americas. Multinationals like Procter & Gamble, G&E, Dell and DHL all have regional hubs or headquarters in Panama. Panama can also boast being host of the world’s top shipping registry, the world’s second-largest free zone (after Hong Kong), and the largest international banking center in Latin America.

Panama is now the 6th Richest Country in Latin America.

According to a report issued by the Latin Business Chronicle, Panama became the 6th wealthiest country in all of Latin America in regards to Gross Domestic Product (GDP) and per capita Purchasing Power Parity (PPP). In 2009 Panama’s GDP (PPP) was $11,788, an increase of 1.8% from 2008. Argentina overcame Chile for 1st place. Mexico was in 3rd place. The report was created from data supplied by the International Monetary Fund (IMF).

Panama is an Investment Grade Country according to S&P. On May 25, 2010 S&P raised Panama to an investment grade of BBB- from BB+. Panama joined Brazil, Mexico and Chile in the investmentgrade club when Fitch ratings upgraded its debt to BBB-minus in March. “The upgrade reflects our assessment that continued economic growth - combined with moderate fiscal deficits should reduce the government’s debt burden,” S&P said.

As of 2012, Panama’s sovereign rating stands at BBB/stable, BBB/stable, Baa3/positive; by Fitch, Standard & Poors, and Moody’s respectively.

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It is just 2.5 hours by air from Miami, FL, USA and located in the same time zone as the U.S. East Coast (five hours behind Greenwich Mean Time).

- Panama is located between Costa Rica & Colombia.

- Panama is on Eastern Standard Time (same as New York, USA).

- Panama is just 2.5 hours away by air from Miami, Florida, USA. Panama is the ideal jurisdiction for international investors and businessmen to operate their offshore corporations, banking, investing, finances, and all other areas of international trade!

Panama Insurance Insurance companies in Panama are supervised by the Superintendent of Insurance and Reinsurance at Panama’s Ministry of Commerce and Industry.

Licences to operate a captive are issued by the Superintendent, but only a handful of companies have taken them up.

A license application documents:

requires

the

following

Association; registration;

that the company is organised according to the laws of its place of incorporation; Panamanian operation; and directors; undertaken;

Ongoing annual license fees of USD 2,000 per annum are payable, as well as the regular USD150 incorporation fee. General insurers need paid up capital of USD150, 000; long-term insurers need minimum paid-up capital of USD250, 000.

Profits made from external insurance activity will not be subject to taxation.

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Finance PANAMA STOCK EXCHANGE In 1989, when Panama was passing through the worst political and economic crisis in its republican history, a group of businessmen conceived one of the most needed projects in the local financial market: the founding of a stock exchange. This private sector initiative sought a centralized trading mechanism whereby the forces of supply and demand for securities could operate transparently and freely. In line with this objective, the Panama Stock Exchange, Inc. [Bolsa de Valores de Panamá, S.A. o BVP] was created.

On the 26th of June of 1990, the BVP held its first trading session, marking a new stage in the development of the securities market in Panama. During the decade of the 1990s, the BVP consolidated its position in the local competitive financial brokerage market, as more participants joined the BVP as seat holders or as Issuers and Investors. New institutions evolved to support the growth of the securities market. This led to an increase in trading volume, year after year, growing from US$ 3.3 million in the year 1990 to US$ 2,256.3 million in the year 2006, and US$ 3,366 million in 2011. This growth was the result of a positive business environment, characterized by the return to political stability, together with far-reaching economic reforms - as well as the adoption of equal tax treatment for the different financial instruments, which eliminated the tax bias that existed until 1991 and which held back the development of the securities market.

Parallel with these developments, the BVP sought to modernize the local securities market by creating a securities liquidation and custody entity. This effort led to the creation of the Central Latinoamericana de Valores, S.A. o LatinClear, which started operations in 1997 to provide clearing and liquidation services for stock exchange operations through its electronic systems (instead of by manually means), thus making it possible to reduce operational risks and to efficiently liquidate and clear securities transactions.

Recently, in September 2011, the Securities Superintendence law was upgraded to improve coordination with other financial regulatory bodies (Insurance and Reinsurance Superintendence, the Banking Superintendence, and other public sector regulatory entities).· Some of the brokerage firms present in Panama are (some through affiliates): Merrill Lynch, Pershing / DLJ, Paine Webber, Solomon Smith Barney, Credit Suisse, EFG Securities, Thales Securities, PanAmerica Capital Group, Financial Pacific, and several others.

The Panama Stock Exchange, although small in terms of transaction numbers and participants, showed a percentage growth of 61.35% in 2010 and 30% in 2009. In 2011 the total negotiated value of the Panama Stock Exchange was $3,366 billion whereas in 2010 it closed with a total negotiated value of $2,639 billion according to an official press release form the Panama Stock Exchange. This is the largest negotiated value since the Panama Stock Exchange began operating 20 years ago.

PANAMA´S STOCK MARKET TRADING VOLUME IN US$ MILLION

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Finance The increase in transaction volume attributed to an 82.6% increase in the volume negotiated in the primary market as a result mainly of the Treasury Note program renewed by the government, corporate bonds, preferential shares and the increase in Negotiable Commercial Values. The market capitalization of the companies listed in the Panama Stock Exchange has also grown very strongly. In 2000 the market cap was $2,974 billion whereas at the end of 2010 the market cap was $8,849 billion, a 287% growth in a decade.

To improve this outlook, The Government of Panama is implementing a Market Creation program to build a stronger and more stable securities market, with public debt infusion. According to the Ministry of Economy and Finance, in 2011 US$312 million was traded in Panamanian Treasury Notes compared with only $26 million in 2010.

The Panama Stock Exchange offers the investor both debt instruments such as bonds and notes, as well as corporate stock. This is in the primary market, meaning first issue instruments or IPO’S, which in the Panama Stock Exchange could be bonds or shares. Bonds were the indisputable stars of the 2010 transaction volume, with transactions totalling $539.8 million by mid December 2010, followed by Treasury Notes with a transaction volume of $471 million.

In the secondary market, meaning the market where you can buy and sell titles already in circulation, shares were the biggest movers with a transaction value of $59.2 million followed by preferential shares with a transaction value of $37.2 million.

owned capital bank in Panama. A few Panamanian businessmen had a vision of a privatized banking system and soon after,Banco General was incorporated in April of 1955. Today, Banco General remains the largest private bank in the market of Panama. It has a widespread infrastructure consisting of 60 branches and approximately 290 ATMs. Additionally, it has many representative offices in Latin American countries such as in Mexico, Costa Rica, and Colombia, as well as an extensive network of correspondent banks around the globe. Since 1997, the bank has been a part of a select group of banks regionally that possess ratings from International Investment Grade Ratings from the Standard and Poor’s and Fitch Ratings agencies.

Banco General offers personal, commercial, private, and regional banking. Their financial products and services include deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, and cash management services.

Banco General has a vision to be a leading institution recognized for its financial strength, ethics, creativity, and dedication to their clients and the community.

In order to make this vision a reality, they plan to continue satisfying the financial needs of their clients, staying true to their ethical beliefs, have enthusiastic and dedicated personnel who are continuously bringing forth innovative ideas and fulfilling the concept of maximizing return on investment.

BANVIVIENDA

The Panama Stock Exchange has only 22 registered companies that trade their shares publicly on the market. Many of the companies registered in the Panama Stock Exchange are there not to trade their shares publicly but to seek funding through debt instruments such as bonds or Negotiable Commercial Values.

Juan R. De Dianous Vicepresidente Ejecutivo y Gerente General Avenida La Rotonda y Boulevard, Costa del Este, Panama City Tel: (+507) 306 2096 Fax: (+507) 300 7000 www.banvivienda.com

BANCO GENERAL

Banvivienda is a 100% Panamanian institution, with more than 30 years of presence in the domestic financial system. It is part of the World Financial Group, one of the organizations of leading financial services in Panama.

Ginny de Hoyos Vice President Tel: (+507) 303 7000 Fax: (+507) 303 7200 ghoyos@bgeneral.com www.bgeneral.com Panamas Banco General is the first 100% privately www.ebizguides.com

At the beginning, Banvivienda focused on the residential mortgage business. However, after the new Strategic Plan implemented in 2009, new opportunities were identified, such as financing of mediumsized companies. Under this new policy, the bank supports and plays an important role in financing the

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agricultural sector. All this change has been accompanied by continued investment in both technology and human capital.

Backed by a first class management team, a solid brand positioning, and most importantly, the loyalty and trust of each of its customers, Banvivienda’s objectives are clear. In order to compete with the big banks operating in Panama, one must be knowledgeable while providing excellent personal service.

In Banvivienda each client is treated as a special relationship.

At present, the Bank serves 45,000 customers through a network of branches in Panama City and inside the country, offering the best conditions for the management of savings accounts, and current and time deposits. It also has an electronic banking system that allows online transactions, increasing the efficiency of their services.

The Banvivienda slogan “You progress, the country progresses” gives an idea of the bank showing commitment to sustainable development in Panama.

Besides financing key sectors such as agriculture, Banvivienda also funds several projects of clean energy, such as hydro and renewable energy.

operations were first underway. Due to its history of being an offshore banking center, a USD based system, a central geographical location, and possessing no exchange controls, Panama was an optimal choice. Throughout the years, Bladex continued to expand and established offices in other countries serving the capitalization needs of other banks in the region.

The bank’s lending and investing activities are funded by interbank deposits, primarily from central banks and financial institutions in the Region, by borrowings from international commercial banks and by sales of the bank’s debt securities to financial institutions and investors in Asia, Europe, North America and the Region.

Bladex has a wide network of customers in Latin America. Commercial banks, state owned entities, and private corporations formulate Bladex’s client franchise, 161 in total. Its shareholders include central banks and commercial banks from 23 countries in the Region, as well as Latin American and international banks, and private investors through the New York Stock Exchange.

Offering a long range of products and services to its customers, including:

Juan de Dianous Executive Vice President and General Manager

BLADEX Jaime Rivera Former Chief Executive Officer (CEO) 50th Street and Aquilino De La Guardia Republic of Panama Tel (+507) 210 8500 Fax (+507) 269 6333 webmaster@blx.com www.bladex.com Banco Latinoamericano de Comercio Exterior, S.A., also known as Bladex, was founded in 1977 as a Panamanian based Supranational bank. The idea for such an institution was first conceived by the Central Banks of Latin American and Caribbean countries to support trade finance in the region.

The beginning of the year 1979 was when official

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On its way to becoming the premiere provider of integrated solutions across Latin America’s foreign trade value chain, Bladex stands apart with its many competitive advantages:

Latin America

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a competitor

Bladex has been seeing tremendous growth and had a remarkable year last year, with the company’s fullyear 2011 net income totaling USD $83.2 million, or $2.25 share, compared to that of 2010 which drew in USD $42.2 million.

Bladex´s success for 2011 rode on 2 overlapping themes. The first, Latin America continued on a successful path to economic growth. Secondly, Bladex was able to maintain reasonable levels of liquidity and capital and credit quality due tothe European Union’s debt crisis.

GRUPO GENERALI PANAMÁ Ave.Samuel Lewis y Calle 54 Torre Generali Apartado Postal: 0816-02206 Panama Rep. de Panama Tel: (+507) 206 9100 servicioalcliente@generali.com.pa mercadeo@generali.com.pa

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Generali GROUP is the largest insurance company in Italy, founded in 1831. It does not recognize borders because their presence in the world has led to places of leadership in all countries where it operates. It is one of the world’s most powerful Insurers.

Currently, Generali operates in 68 countries on five continents. Providing experience, strength and support to millions of people around the world, with a workforce of over 85,000 people, it operates under the slogan “The Insurer Without Borders”. Generali Group is a fully integrated entity with a consolidated 521 companies, of which 113 are insurance companies and 126 are financial institutions and real estate companies, all of them led by Assicurazioni Generali SpA, based in Trieste, Italy.

In 1970 Generali opened its first office in Panama as a branch of the Group Generali (Parent company).

The company has over 200 employees with offices in David, Chitre, Tumba Muerto and Albrook Mall.

The main office is in Panama City at the prestigious Torre Generali. Their marketing network consists of the largest insurance brokers in the market as well as its exclusive Life Agency network of over 300 agents who offer their products to all sectors of the Panamanian market on a daily basis. Generali Panama is among the top companies in the market in premium volume and is one of the insurers with the best personalized service with fast and efficient local implementation. It is characterized by its leading products in Personal Lines and Small and Medium enterprises (SMEs).

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MINING & ENERGY Panama is a natural mining haven, with its chief raw materials being gold and copper, which combined generate more wealth through exports than the bountiful Panama Canal. Indeed, prospects are increasing all the time, particularly in copper, with the sector due to steadily continue growing over the next 20 years. Natural mining deposits belong to the state; a clear and concise system of rules for prospecting and concessions has been put in place by the Constitution.

Panama’s core energy assets lie in its geographical location and logistical advantages, with the Panama Canal at its heart. Electrical energy forms the base of Panama’s energy resources, and this looks set to continue with demand and consumption due to rise in the near future. A high amount of petroleum is consumed, though as of yet undiscovered, it is indeed believed that there are untapped exploration possibilities to be discovered. A recent shift in attitude and policy has seen a new emphasis placed on renewable energies, in order to exploit the country’s huge solar, wind and hydropower potential.

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MINING OVERVIEW Panama has a bewitching geology, lying over four colliding tectonic plates. The presence of both tectonic movements and volcanic activity over a long period of time has created a very promising area for mineral exploration. The country has not only an enviable geographical location: its geological position has led to the existence of world-class mineral deposits.

The formation of CAMIPA, the Mining Chamber of Panama, in 1990, was the starting point of an important shift toward establishing mining as an industrial sector in Panama. In the wave of exploration that followed, the Cerro Colorado

reservation covers almost one-tenth of the territory of the Republic of Panama. The prohibition included in Law 11 of 2012 also extends to the Cerro Colorado copper deposit.

Copper reserves are concentrated in Panama in the following projects: Cerro Petaquilla (Cobre Panamá), Cerro Colorado and Cerro Chorcha, which altogether contains about 47.200 million pounds of copper, which at the low price of $ 2.00 has a total value of US$ 209,096 million. However, it is estimated that the country’s mining potential is even greater.

earlier government exploration – as well a similar class of gold reserves found around the country -, were shown to be truly world class. But it wasn’t until the price of these commodities started to rise dramatically that interest grew and investment began to pour into the country.

The sum of all of the gold deposits spread over 8 reserves shows a total reserve of approximately 8,355,000 ounces of gold, which at the price of US$1,742.00 represents US$145,544.10 million

Gold Mining and Mineral Exploitation Before 2010, except for scrap metal, Panama exported no minerals. During 2010 and 2011 gold has become the number one export. Gold production accounted for 14 per cent of total Panamanian exports during 2011.

of US$ 43.1 million (representing US$ 15.2 million more than the same period of the previous year).

The current Panamanian administration has openly expressed its willingness to support and foster mining and has been trying to modernize mining legislation. In early 2012 two laws addressing mineral resources were enacted. Law 11 of 2012 prohibits the exploitation of mineral resources within the Ngäbe-Buglé native reservation. The law also annulled any existing mining concessions located within the reservation. The Ngäbe-Buglé native

Canal (estimated $1.5 billion per year); if we bear in mind the mixture of royalties, taxes and investment into social and environmental management plans.

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Today, gold ranks at the top of the list of Panama’s

When Cobre Panama goes into production it will produce 250 million tonnes of copper a year; i.e. the mining sector will produce more than the current

Regarding mining employment in Panama and in the more than 1,200 jobs being generated directly and thousands indirectly in the area of the districts of Pintada, Donoso, and all the development industry

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Mining & Energy generated by mining (services, energy, transport, etc‌). In the case of Minera Panama, it is estimated that its activity will generate between 5,000 to 6,500 jobs during the construction of the project, and will create at least 1,000 to 1,500 direct jobs in 23 years.

Existing Wealth Currently, there are about 12 mining projects for the exploitation of metals (gold and copper). Some of these have reached the state of metal deposits with proven reserves.

MINERAL RESERVES 1.Copper (Cu) Project

Mineral

Reservations (Million lbs)

Situ value (U.S. $ Millions @ U.S. $ 3/lb)

Cerro Colorado

Copper

25.000

75.000

Petaquilla

Copper

11.000

33.000

Chorcha

Copper

2.200

6.600

38.200

114,600.00

Sub-total 2. Gold (Au) Project

Mineral

Reservations (Ounces)

Situ value (Value (U.S. $ Million @ U.S. $ 1,000 / oz))

MolejĂłn

Gold

1000000

1000.00

Cerro Quema

Gold

500.000

500.00

Santa Rosa

Gold

400.000

400.00

Remance

Gold

100.000

100.00

2000000

2000.00

Sub-total MINERAL RESOURCES Project

Mineral

Reservations (Ounces)

Value (U.S. $ Million @ U.S. $ 800/onza)

Bare Hill

Gold

115.000

115.00

C. Gold

Gold

40.000

40.00

Cold wind

Gold

125.000

125.00

Zioro

Gold

75.000

75.00

Others

Gold

1000000

1000.00

1355000

1355.00

Sub-total TOTAL (U.S. $ M)

117.955

Box 1.Value of proven reserves of metals (mineral reserves) and mineral resources (probable reserves), in millions of U.S. $.

Source: DNRM (ICIM), technical reports published by companies.

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Mining & Energy METALLIC MINING CONCESSIONS 1. Metals Exploration Concessions: 11 concessions granted since 1992 and four at the present time.

2. Mining Concessions: 3 granted since October 1996 3. Exploration and Mining Concessions: Petaquilla Gold (Contract Law 9 , 1997), Minera Panama SA (Contract Law 9, 1997), CODEMIN-Cerro Colorado (Law 31, 1975, repealed in April 2012) (1994) and SILVER GLOBAL SA (2008)

CAMIPA Panama Chamber of Mining CAMIPA is an association of some 30 mining, services and consulting companies operating in both the metallic and non-metallic mining sectors and plays a leading role in developing the mining sector in Panama. One of the biggest challenges for CAMIPA in the coming years is that the association wants to introduce environmental, social and a mineclosure framework into the mining code, to protect the are shared with the local communities in a way that is mines have closed.

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MINING AUTHORITIES Article 257 of the Political Constitution of the Republic of Panama states that all mineral assets belong to the state. The Panamanian Constitution provides for the granting of mineral concessions enabling persons, other than the state, to explore for and exploit mineral deposits.

Mining legislation in Panama must be passed by the National Assembly (the legislative body of the government of Panama), sanctioned by the

The Code of Mineral Resources of Panama (adopted by means of Law Decree No. 23 of 1963, as amended) (the CMR) is the main legal body governing most activities relating to Panama’s subsurface estate (other than hydrocarbons), establishes the system of mining concessions and determines the relevant privileges and obligations of concession holders. In the case of minerals used in the construction industry (sand, gravel, clay, etc,) the CMR has been supplemented by Laws 55 and 109 of 1973, and Law 32 of 1996, in order to create a separate regime for the granting of concessions relating to those minerals.

The CMR states that the Ministry of Commerce and Industries, through its Directorate General of Mineral Resources (the DGMR), is the governmental entity in charge of overseeing mining activities in Panama. According to the CMR, the DGMR oversees the granting of mining concessions to particulars and ensures that mining is carried out in accordance with the law.

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Mining & Energy Since Panama has a unitary system of government, the DGMR and other central authorities (such as the National Environmental Authority) are the only ones in charge of regulating mining.

security arrangements, etc.

The CMR and related laws provide a general framework for the granting of mining concessions, which is available to all projects and investors.

There are no export limits on mineral products currently in effect. The CMR empowers the government to require concession holders to deliver a portion of their production for internal use in Panama. Such product is to be paid at production prices (which are deemed to be the prices that a third party in Panama may have to pay to the concession holder for the mineral). Thus far, the government has not made use of this legal power.

The CMR and related laws establish a system of mining concessions for the exploration and extraction of mineral resources and determine the relevant privileges and obligations of concession holders.

The CMR sets forth two principal types of mining concessions: the exploration concession and the extraction concession. In addition, the CMR allows the grant of prospecting permits and processing and transportation concessions. A mining concession is

Exploration concessions grant the concessionaire

CONCESSION REGIMES In the case of mining projects in Panama, there are two types of concession regimes: legislation government pursuant to the terms of the CMR Concessions for some of the largest infrastructure projects in Panama have been granted by means of special legislation (for example, Texaco’s former in the early 1990s) and Northville’s trans-Isthmian pipeline (built in the late 1970s and refurbished in the 1990s and during the start of the 21st century).

Some of the advantages of such special legislation are that the terms of the concession can be tailormade to the project; tax relief from some taxes (withholding and stamp taxes and registration duties to step-in, greater certainty as to enforcement of

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geological work (as would also be conferred by a Prospecting Permit); secondly, the exclusive right to engage in all necessary exploration and related the zone constituting the concession; and thirdly, the exclusive right to be awarded an extraction concession over the relevant area should minerals in commercial quantities be discovered during exploration activities.

Exploration concessions are available for initial periods of four years, subject to two discretionary extension periods of two years each.

from the exclusive right to apply for an extraction concession on the same area. The CMR also provides for the award of extraction concessions over minerals not then subject to exploration activities.

Extraction concessions are granted for: an initial period of 25 years and for a maximum area of 5,000 hectares for base metals; an initial period of 20 years and for a maximum area

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Mining & Energy of 5,000 hectares for alluvial precious metals; and an initial period of 10 years and a maximum area of 3,000 hectares for non-alluvial precious metals.

Extraction concessions may be extended, at the

the case of construction materials, such concessions are granted for an initial period of 10 years and a maximum area of 500 hectares, and their term may be extended for an additional 10-year period.

The prospecting permit allows the permitted the right to engage in preliminary geological surveying delineated for the relevant permit for an initial period of six years.

The DGMR, a bureau within the Ministry of Commerce and Industries, is the administrative entity in charge of all matters relating to Panama’s subsoil, except for hydrocarbons. The DGMR is in charge of receiving and reviewing applications for mineral concessions and recommending their acceptance or rejection. Once the concessionaires and their applications have been approved by the DGMR, the concession will be granted by means of a concession contract entered into by the concessionaire and the Minister of Commerce and Industries, representing the state of Panama.

The law requires that concession contracts be General of the Republic and published in the

Mining concessions may be granted to foreign and local private and governmental entities. The vast majority of mining concessions are currently granted to private entities. However, the state also holds concessions mainly with respect to the extraction of construction materials (generally employed in public works). In the case of metallic minerals, the government holds the concession for the Cerro Colorado deposits; however, the government has not been directly involved in exploration or extraction at Cerro Colorado and has always sought the assistance of large mining companies (for example, RTZ).

The application process for mining concessions involves the submission to the DGMR of information applicant, maps, mining plans and budgets for at least four years, a nominal application fee, and environmental impact studies. Our authorities require environmental impact studies for the granting of mineral concessions. The type and scope of the environmental impact study will depend on the degree

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of intrusiveness of the intended exploration plans.

The National Environmental Authority (ANAM) is the government entity in Panama in charge of reviewing applicants of mining concessions and overseeing the compliance by concessionaires with approved studies and remediation plans.

DUTIES, ROYALTIES AND TAXES Since the enactment of the CMR in 1963, concessionaires have been expected to contribute to the government:

concessions

Law 13 of 2012 introduced a set of amendments to the CMR, which, inter alia, include a new regime regarding duties and royalties applicable to mining concessions:

annual surface tax, ranging from $1 to $3 per hectare, with the amount increasing progressively with the length of the concession. tax and royalties vary depending on the mineral: the surface tax will range from $1.50 to $8 per hectare and the royalties will range from 4 per cent to 8 per cent. Royalties are calculated as percentages of the “gross negotiable production”. “Gross negotiable

gross mineral production minus production losses, other minerals extracted that have no commercial value, etc. receipts minus transportation and other expenses, calculated in accordance with the international

Concessionaires are also required to post performance bonds. The 2012 amendments to the CMR state that these bonds would range from $0.10 per hectare in the case of exploration concessions to $0.25 per hectare in the case of extraction concessions.

Performance bonds may be posted in cash, delivery of bonds issued by the government of Panama or surety bonds issued by insurance companies

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Mining & Energy

FOR MORE INFORMATION: Webpage of the Ministry of Commerce and Industry, which includes links to the page of the Directorate General of Mineral Resources: www.mici.gob.pa

ENERGY OVERVIEW Panama is a country that has been geographically blessed so to speak. Right at the heart of the Americas and near the Equator, Panama is a narrow

people consuming more but there are also many ongoing (mega) projects; such as the Panama Canal expansion, massive transport system construction, etc.

throughout the isthmus. The country basically stretches horizontally (east - west) and due to its narrowness it was the place of choice to develop the waterway that would soon unite both oceans, the Panama Canal.

This economic growth needs to be managed in a renewable and sustainable way. Panama signed the Kyoto Protocol in 1998. As a consequence, Panama

Panama’s logistics have also been very successful in

sources with emphasis on renewable energies, so as to diminish the dependency on traditional fossil fuels.

Apart from the Panama Canal, Panama has been able to create the Hub of the Americas in air travel, Caribbean regions.

ENERGY SECTOR

It’s not a secret that Panama has had an important economic growth over the last years. However, this has also increased the energy demand. Not only are

Figure 1 shows the 2011 Energy Matrix of the Republic of Panama. It can be noticed that Panama

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Mining & Energy energy needs, while water represents only 11.8 %.

Regarding electricity production, 7796.1 GWh were generated in 2011, of which 52.6% came from hydropower plants.

where distribution companies are enforced by law to contract all their forecasted demand.

the country was 851 million gallons.

The remaining necessary energy and power requirements to satisfy the clients’ needs, which were not previously allocated in contracts, are obtained on the spot market. The spot market was designed as compensation among market agents.

ELECTRICAL SECTOR

In this market the energy is negotiated on an hourly basis and a marginal system is applied; that is, those who offer the lowest energy prices are called to

Background Panama’s electric market as it is known today was created in 1997 when IRHE (Hydraulics Resources integrated company, was restructured.

At this time, a private model in the electric sector was chosen and the company IRHE was unbundled. This process resulted in:

companies (Private share participation was 51% for thermal and 49% for hydropower plants).

System Status The National Interconnected System (SIN) consists of all transmission and distribution lines, power plants connected, and the complementary required installations. This does not include the isolated systems in rural areas.

SIN’s daily demand is shown in Figure 1. It can be observed that the peak usually happens during midday typically due to the high amount of air conditioning used.

belong to the State) companies (Private share participation was 51%).

Since then, the generation was totally opened for private investors. Currently there are more than 20 generation companies where the State has no participation.

The electric system is regulated by the National Public Services Authority (ASEP) and the policies are created by the National Energy Secretariat (SNE). Figure 2 shows the current structure of the electric market.

All transmission operations are controlled and authorized by the National Dispatch Center (CND) which is within ETESA.

Electrical Market The generator sector is a supply and demand market regulated. Generator agents have to compete to sell their products (energy and power) within 2 submarkets: the contracts market and the spot market.

In the contracts market, generator agents can obtain contracts for up to 15 years through public bid acts

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Figure 1 - Electric Demand Source: CND (June 22nd, 2012)

The country demand is expected to keep growing.

Historically the electricity demand has grown at 4 %, but in 2008 the rate doubled up to 8 % with respect to 2007. Based on the 2010 Expansion Plan, elaborated by ETESA, under a moderate scenario, the electricity consumption in the next 15 years will increase at a rate of 5.8%. Figure 2 shows the electricity demand and the projection.

Future Project and Investment Potential in Panama Panama’s strategic position protects it from typical natural disasters that attend tropical regions.

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Mining & Energy These laws are: incentives for all renewable energy sources.

encourages wind energy for electricity production. fosters the use of bio-fuels in the country and biomass for generation or cogeneration.

Figure 2 - Electricity Demand Source: SNE-ETESA Expansion Plan year 2010

The country has a high amount of natural resources like solar, wind and hydropower with more than 500 rivers grouped in 52 hydrographical river basins; 18

As for hydropower, based on the last re-evaluation done by ETESA, there is a potential of 3040 MW using the rivers: Changinola, Teribe, Santa María and San Pablo.

This potential is allocated as follows:

Law 45-2004 gives incentives to renewable power plants to encourage the investment in these technologies.

contributions and burdens, as well as the Transfer of Movable Goods and Rendered Services Tax

the direct investment cost in the respective project, based upon the reduction of tons of equivalent carbon dioxide (CO2) emissions per year.

It’s important to highlight that these incentives conditions that are properly explained in the Law.

throughout the country

Law 44-2011 establishes the possibility of exclusive auctions or bidding processes for wind energy. Early

This explains why Panama generates an average of 60% of its energy using hydropower plants, and there is still more than 1000 MW to be installed in the next 4 years.

amount of 124 MW was awarded and is expected to be ready by 2014.

There are 15 companies working to comply with the requirements needed to get a hydropower generation concession from ASEP. Regarding wind energy, ETESA estimated the country potential to be in the region of 71801 MW . Right now there are 1564 MW as licenses in process, 560 MW

The law for the use of bio-fuels (Law 42-2011) gives incentives for the production of anhydride bioethanol; this as a mean of creating jobs, developing and/or activating rural or depressed economies, environmentally friendly fuel.

construction.

The SNE recently created a law fostering the use of natural gas in the country.

Promotion of Renewable energy in Panama In order to foster and diversify the use of renewable energy sources, several laws have been created.

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Panama’s mining sector creating opportunities and wealth for the country

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Mining & Energy Regional Integration The intention is to promote the regional integration with Central America, through the Electric Interconnection System for Central America (SIEPAC) and with Colombia through the project Interconnection Colombia-Panama (ICP). This will help to achieve economies of scale and diversify energy sources. Panama has then the opportunity to become an energetic hub between South and Central America.

A. Electric Interconnection System for Central America (SIEPAC) The Project has two main objectives: 1. Consolidate the Electric Regional Market.

2. Establish an electric infrastructure to allow energy exchanges.

The entities created within the frame of the Central American Regional Electrical Market are:

(CRIE)

EPR is responsible for the infrastructure, including design and construction, and is the owner of the grid. CRIE is the regulator of the Central American regional market and EOR the grid operator.

The SIEPAC Project consists of 1793 km of 230 kV transmission lines, with towers designed to include a future second circuit. The infrastructure will allow initially a transmission capacity of 300 MW among participating countries; commercial operation is planned to start in May 2013. The project is also adding 298 MVAr of compensation equipment and connection for 28 access bays in 15 substations.

Figure 6 shows when the lines are planned to be in operation.

B. Interconnection Colombia-Panama (ICP) Generalities The connection of the electric system between Colombia and Panama will lead to the integration of the Andean and the Central American Markets, countries but also in terms of resource optimization in the entire region.

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Status

evaluation (Phase 1 and 2) are completed.

purchase rules to allow the participation of MER agents, international interconnection agents and potential international interconnection agents.

HYDROCARBON SECTOR The legal frame work for the hydrocarbon market is set by the Law 8 of 16 of June 1987 and the Decree N° 36 of 17 September 2003. They contain all the information regarding exploration, concessions and requirements of the hydrocarbon sector.

Infrastructure Panama has 9 zones for storing crude oil and oil derivates, which comprise a total capacity of 18.1 million barrels. The storage capacity will be increased with 3 new projects comprising 14.5 million barrels.

Panama’s petroleum derivates consumption has been increasing over the years, following the trend of the Gross Domestic Product, as can be seen on Table1.

Gross Domestic Product and Petroleum Derivates Consumption YEAR

GDP

PDC

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

9,322.1 9,916.8 10,648.8 11,071.5 11,370.9 11,436.2 11,691.1 12,182.8 13,099.2 14,041.2 15,238.6 17,084.4 18,812.9 19,414.1 20,862.9

402,165 455,628 541,447 486,321 426,260 492,047 501,800 621,165 604,507 599,727 636,233 731,409 740,721 762,122 850,700

Table 1 - GPD in millions of US dollars, PDC in thousands of gallons

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Mining & Energy Projects Due to the Panama Canal Expansion, Panama is expected to increase its bunkering services substantially and with this in mind companies like Chevron and Vopak have partnered to increase the petroleum liquids storage capacity on the Atlantic investments being made to increase the storage capacity of fuels by 3.3 million barrels.

Even if Panama does not have proven oil resources, there are evidences of petroleum formation.

Therefore there is an interest in fostering the activities of oil exploration and production. SNE performed an in-depth study to review the legal framework and to analyze, organize and digitalize the available data on the sector.

to the Bocas Fruit Company as of 2005. With low rainfall depleting reserves at hydropower plants and shortfalls in production from other suppliers, Aggreko was hired by the Panamanian government as a preventative measure against possible energy shortages. In 2010, the energy company signed its largest deal in its history in Latin America, with the project consisting of providing temporary power of 100 megawatts to the national grid in Panama.

Aggreko is establishing its regional headquarters and operations center in Panama.

Another product of the study was to determine the suitable areas where it is worth exploring. As a result, 8 suitable areas were found and SNE is organizing a bid act for the concession of the exploration rights.

In this sense, the reference terms for the bidding documents are being prepared.

customer base worldwide, as well as creating value for its customers by maintaining its position as a global leader of power and temperature control rental. They offer an assortment of products and services with 24/7 emergency availability, delivering premium value, as well as sustaining long-term relationships with customers as well as building new ones. Aggreko also focuses on adding value for their customers by continuously innovating, keeping a certain level of safety standards, and by consistently operating with honesty and integrity.

AGGREKO International Power Projects

CAMARA MINERA DE PANAMA (CAMIPA)

Nestor E. Sanchez Business Development & Sales Manager www.aggreko.com

Ing.Zorel Jaime Morales Director Ejecutivo

Aggreko is a Dutch company founded in 1962. Their highly trained team serves their customers locally through service centers or globally through the ‘International Power Projects’ business. A consistent and long-term expansion policy has resulted in branches in over 34 countries and over 3,800 employees today. It has become the world’s largest temporary power provider, specializing in power and temperature control solutions for their clients.

The company is responsible for servicing and maintaining its equipment that it commissions to customers to operate independently. Local business generates 60% of their revenues while international accounts for the remaining 40%. For its international projects, Aggreko operates and installs power plants, then charges customers for the generating capacity and electricity produced. Recent customers for international power projects have been Vancouver 2010 Olympics & Beijing 2008 Olympics.

market in 2007, as it was already providing power

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Via Espana y 12 de Octubre, Apdo 3501-02597, Panama City Tel: +507 393 8388 Fax: +507 393 8389 zmorales@camipa.com www.camipa.org The Mining Chamber of Panama, founded in 1990, and religious, all associated with the purpose of promoting mining and through it, the socioeconomic development of the country; especially in the rural areas besides safeguarding the collective interests of the members.

The Chamber is a business organization, a member of the National Council of Private Enterprise (CONEP), which brings together national and foreign companies in the mining sector and nonmetallic metal (construction materials and industrial minerals).

Besides mining, the House includes providing services to other mining companies and thus has links with the industry, such as energy companies,

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Mining & Energy

and buffets.

Its mission is to contribute to sustainable development of the mining industry in the country, so as to generate alternative community projects and also create more jobs and opportunities in the areas that impact mining activities. It also strives to encourage its member companies to implement good mining practices and to use the latest technologies, as well as conform with environmental standards that apply to the mining sector.

“In Panama, we can learn from the experience of other countries, and introduce the best elements from the start” “Panama has currently some great projects in hand, but there are plenty of opportunities for further exploration and development. After all, only around 40 percent of the country’s mining potentialhas been explored and the rest is still to be done”.

Zorel Morales Engineer

CAPIRA DORADO S.A. Edgar Btesh President/CEO Plaza Liza Building, 4thFloor, Vía España, Panama City Tel +507 264 4705/ 4731 Fax +507 264 4680 ebtesh@capiradorada.com www.capiradorado.com Activity: Mining Date of creation: 1992

systematically explored the district. Although vein and bulk tonnage gold potential exists elsewhere in the district, the current focus of Capira Dorada is the Columbia Project within the eastern half of the Cindy Zone. Exploration at the Columbia Project has revealed an above-average epithermal gold-silver vein system, which clearly warrants further work and has considerable promise as a viable mining operation at conservative metal prices.

Capira Dorada was awarded the Capira Concession in January 1992, which covers 5,000 hectares of potential ground 50 km southwest of Panama City and The Cacao concessions that also have 5,000 hectares of defined epithermal alkaline vein system.

These concessions are valid for exclusive extraction for 20 years. Capira Dorada owns surface rights for 155 Has. The company, since its creation, has invested several millions of dollars into exploration and evaluation of the epithermal, Bonanza vein systems and has actually identified gold and silver mineralisation in more than 60 veins. This gives a combined strike length of approximately 25km throughout the Capira Concession.

The mission of Capira Dorada is to establish a highly profitable mining company with sustainable growth in shareholder value as well as emphasizing their focus on quality. In pursuit of these goals, Capira Dorada will acquire quality tenements, explore for gold and other minerals, utilize the most effective exploration and recovery techniques, and extract resources in the most efficient way with a strong commitment to health, safety, and the environment.

“We are looking for a qualified business partner with the necessary capital to develop our gold deposit.

In Capira Dorada we consider as essential values both truth and honesty, in order to do business and we believe our future partners should have the same ethical values. “ Capira Dorada’s strategic approach can be characterized as both innovative and practical. The company operates with a very flat management structure, which allows all company personnel to be hands-on, practical and single-minded about improving bottom line performance. Also, use outsourcing technical assistance for reliable and recognized information.

The Capira Mining District of central Panama has been mined for gold and silver since precolonial times. Since 1991, a private Panamanian company, Capira Dorada, S.A, has consolidated and

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The core values of the company are based on integrity, cooperation, respect, environmental responsibility, and safety consciousness. The founders of the company have fallen nothing short of their values from the initial discovery, throughout its organization and expansion and to present day www.ebizguides.com

Mining & Energy

1. Capira Dorada’s Geologists exploring a volcanic neck at the property 3. Digitalized microscopic precious minerals

activity. Taking their social responsibilities very seriously, the mining company is continuous in its involvement with community by supporting many projects with churches, schools, emergency centres, ANAM centre, community roads and other facilities.

2. in a caldera setting at the Capira concession trend

since 1992 low sulfidation alkaline, economically rewarding. quartz similar to Hishicari mine.

Capira Dorada is focused on expanding and growing the company and has therefore established the following visions:

outcropping). renewable.

Company to develop the project.

company.

efforts on Cacao and Capira Concessions.

samples from recognized laboratories.

Ministry

“All results of our deposits are representative of what is in the rock as they are performed by internationally recognized independent laboratories, such as ACME Analytical Laboratories. Our mines are very similar to two other very important mines: one located in Japan, “Hishicari”, and the other in Papua New Guinea, “Lihir” “Quality” is a word taken seriously at Capira Dorada S.A. Quality is defined as a team of professionals dedicated to dynamic growth. This is done by increasing resources for the maximum benefit of the Company’s shareholders, always in harmony with the world around them.

The assets of Capira Dorada, S.A. are the following:

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for over 10 years. transportation equipments.

“Investors who want to do business with Capira Dorada will be in good hands. Our mine is high quality with highly skilled technical work. The Company has both mining and on surface rights. Capira Dorada is a company where ethics are its principal value, working to ensure sustainable growth for the future of Panama.”

Edgard Btesh O.B.E. President & CEO Capira Dorada, S.A.

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Mining & Energy

INEXSA (INGENIERÍA Y EXPLOSIVOS S.A. Ing. Roberto L. Cuevas El Dorado, Panama City Tel: +507 360 2123 Fax: +507 360 2124 inexsa@cwpanama.net www.inexsapanama.com

construction in infrastructure, ports, and other works.

their customers in terms of technology and services.

Above all, INEXSA is a company where the customer

“INEXSA has a long, very successful story in Panama.

We have worked in almost all the country’s major projects in areas such as hydropower, construction, mining, quarrying Panama Canal and nationally.

INEXSA is a reliable company and they can give the best services in our industry in Panama. “ Engineer Roberto Cueva General Manager PETAQUILLA GOLD S.A.

INEXSA onsite projects in full swing

INEXSA is a specialized engineering company with over 20 years of experience. Their services include rock excavation, quarry development, drilling and blasting, hydroelectric dams, and civil works. They have worked extensively on the Panama Canal.

The company coordinates the entire process. They offer their clients an integrated service: exploration, research, design and development, and optimization in the drilling and blasting to obtain the desired fragmentation. The INEXSA team also coordinates the importation of explosives and land transport regulations of the country.

INEXSA is considered to be the best local company in drilling and blasting in Panama. Their wide range of services along with their long experience and excellent reputation ensures a strong commitment to their clients, their community, and their country.

The team at INEXSA consists of industry experts and highly trained personnel. They work with two of Panama’s leading manufacturers: Orica Limited (formerly ICI Explosives) and The Ensign Bickford Co, the largest manufacturers of commercial explosives and initiation systems in the world.

Currently, INEXSA aims to diversify its operations and add rock aggregate production to their services.

In order to achieve this goal, the company has ensured a strong position as a partner in several

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Rodrigo Esquivel K. Presidente VíaCincuentenario 56, San Francisco, Panama City Tel: +507 226 8274 / 9218 Fax: +507 226 9215 info@petaquilla.com www.petaquilla.com Petaquilla Gold SA is a leader in mine management, known in the industry as the company with the highest standards of community relations, quality of work, health and safety, and environmental protection.

Following the initiation of commercial production to export Panamanian silver and gold in the month of January 2010. They use the latest technology throughout their process; open-pit mining, transport, crushing, grinding and leaching in a closed circuit.

Then they move on to electro smelting to activate carbon absorption of the gold and silver and produce the bar known as “Doré” composed of both metals as end product production process for export.

Petaquilla Gold has been ranked as the largest exporter of the Republic of Panama in 2010 with gold exports worth $64,585,942.50, and silver worth $ to $ 93,704,176.00 for gold and $ 2,272,528.00 for silver, maintaining their position for a second year as the country’s largest exporter.

Petaquilla Group currently generates over 1,200 direct jobs, especially in the district of Donoso in

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Energy Columbus, and The Painted Penonomé Cocle. The direct impact on these communities is evident.

Petaquilla Gold has a strong corporate social responsibility awareness, which has resulted in the development of the Petaquilla Foundation. They have implemented several social programs that directly projects. Examples include the construction of the Coclesito Rural Hospital, the rehabilitation of the roads in education programs. The Foundation has poured a total

MINERA PANAMA Ernest Mast Presidente Torre Global Bank piso 26, Calle 50, Panama City Tel: +507 212 5101 Fax: +507 212 5139/ 5140 www.minerapanama.com Minera Panama is a Panamanian company and a subsidiary of the American company Inmet. They have over 50 years’ experience in the mining industry and have four operations around the world: Turkey Çayeli, Pyhäsalmi in Finland, Troilus in Canada and

Cobre Las Cruces in Spain.

Currently, Minera Panama is evaluating the feasibility of implementing a project, Cobre Panama, worldclass copper mining in the province of Colon. The objective of Minera Panama is to grow as a company communities, and country as a whole.

The Cobre Panama mine is expected to have a life of over thirty years, making it one of the largest in the world. Furthermore, the private investment planned Panama among the largest private investments in the history of Panama. The project will develop the mining concession area and will be connected by a road to the Atlantic coastal area of Rio Caimito.

For the extraction of the mineral, Minera Panama uses the latest technology in addition to the best practices of the industry: highly skilled people working safely, responsibly and ethically. The company is committed to maintaining the highest standards in all its activities, acting in strict compliance with national and international standards of quality and safety.

Thus, through internal and external audits, Minera programs to effectively protect the environment and the safety and health of people.

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TRADE & INDUSTRY Panama’s major industry contributors are construction, mining, milling, and maritime – its fastest growing industry; but industry prospects are low when compared with its far more Logistics, on the other hand, is a core asset, connectivity both within and without; not to placed great focus on its logistical advantage, recently making huge investments to ensure its

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OVERVIEW The development of Panama’s industry sectors has been slow due to several factors, such as its small domestic market which restricts economies of scale. High unit and labor costs in Panama is another key factor responsible for the slowdown of Panama’s industrial development. Currently, Panama’s industry sector is dominated by construction, mining and milling.

Construction The initiation of the Panama Canal reconstruction project has spurred the growth of the construction industry significantly. This sector is developing high impact projects such as: the third set of locks, Panama City metro, important public housing projects and road zoning, as well as residential and commercial works being built today.

Maritime Industry The Panamanian maritime industry, the fastest growing sector in Panama’s economy, accounts for about 20% of the nation’s GDP. More than 14,000 ships transit this waterway every year. Over 300 million tonnes are transported through more than 140 different routes.

Energy Panama’s energy sector has a production capacity of over 60,000 barrels per day. US-based Texaco operates the largest oil refinery in the nation, exporting 8,000 barrels per day.

Panama Industry Sectors: Outlook Despite persistent measures by the government to stimulate Panama’s industry sectors, the chances of Panama becoming an important industrial and manufacturing center seem bleak. Panama’s service sector continues to be the backbone of its economy.

PANAMA: IMPORTS & EXPORTS (US$ MILLIONS)

TRADE & EXPORT Panama’s economy is based mainly in the tertiary sector activities accounting for over 80% of the Gross Domestic Product (GDP).

At the closing of 2011, imports totaled

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$11,341.5 million in CIF terms, while for the same period, exports amounted $785.2 million in FOB terms.

LOGISTICS IN PANAMA Panama has a great number of logistics assets that provide support to national and international markets.

These logistics modes interact among themselves and ease the flow of goods and passengers using the existing local network which includes the Panama Canal, the multimodal port system with three high capacity ports in the Atlantic, one in the Pacific and another under construction; a railroad capable of moving passengers and goods between the two oceans in less than an hour; an airport network where Tocumen International Airport has become the Hub of the Americas; special duty treated economic areas and a system of national roads, and highways.

PORT INFRASTRUCTURE The port infrastructure has the capacity to move around 6.5 million containers (TEU´s) yearly. The Panamanian port system served 6.5 million TEUS in 2011, which signified the ports system working to its maximum capacity. Important investments are being made to expand the existing facilities. A new port is being built and all the major global shipping lines that connect the five continents pass through Panama’s waterways.

RAILROAD The interoceanic railway connects the two oceans and has the capacity to transport more than 350,000 containers each year. Panama is the only place in the world where it is possible to move containers by road from the Atlantic to the Pacific in less than two hours without touching tax jurisdiction.

INTERNATIONAL AIRPORTS In recent years, Panama has developed a platform that allows large-scale air transportation operations

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using the Tocumen International Airport as its hub for passengers and cargo. The airport is expanding, which means: An estimated more than 15 million passengers annually More than 70 simultaneous operations for passenger boarding.

20 simultaneous operations for cargo load.

New 4 kilometres runway.

With an investment of $ 100 million Tocumen SA successfully began the construction of the North Terminal project, a complete two-level terminal that increases by 21,000 m2 he existing airport infrastructure The Panama Canal: dynamic driving axis of the Logistics Assets The Panama Canal has become the dynamic driving axis of the logistics development of our country where an average of 14,000 ships transit through it annually by way of 144 routes to more than 80 countries worldwide.

Logistics Platform of Value Added Activities The creation of a “High Value Added Logistics Services” (SLVA, for initials in Spanish) would take advantage of the volume of the Canal for capturing a larger value and improving the domestic employment.

Development of Container Ports The container ports in the Atlantic and in the Pacific that function as transshipping and redistribution of merchandise, moving over 4.25 million TEU’s annually.

It comprises mainly: Manzanillo International Terminal (MIT), Colon Container Terminal (CCT) and Panama Ports Company (PPC) HPH. At the present time a fifth port container terminal is under construction at a cost of 70 million dollars in the Pacific side of Panama, in front of the PPC’s Balboa terminal.

Connections between the current logistics assets in Panama The approach making the value added logistics possible in Panama is in fact the necessary strategy based upon reducing the actual cost of doing business in Panama upon the generation of solutions for the factors that increment this cost: 1. Reduce the time of the merchandise in transit 2. Reduce the time volatility of the merchandise in transit

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3. Reduce the cost of direct inputs of the logistics activities The Government of Panama has programmed an investment of approximately US$ 1,000 million for stimulating to a great extent the value added logistics activity.

For this purpose consideration has been given to the construction of five highways which are fundamental for the development of the existing logistics industries such as the Tocumen Airport:

Panama

Tocumen International Airport class service Multimodal Transport and Logistics Centre Cluster During the past recent years millionaire investments have taken place in the construction and modernization of the ports system by some of the world’s most important operating companies such as Hutchinson Port Holdings and Evergreen Corporation, bringing about as a consequence the capacity of moving over 4.25 million containers in the year 2009.

Cold Chain A cold chain that allows the producers for aggregating product level and transport theses to final destinations with the highest and the minimum loss is a key factor in the strategy of the Government of Panama.

With the construction and development of cold chain projects we would increase the national production and reduce the high percentage of losses that presently results in 60%.

LOGISTICS PARKS The small size of Panama allows a close interaction among different assets: seaports, airports, railroad, special economic zones and the local market. Logistics parks are being developed as a new model of logistics integration in Panama where specialized operators take advantage of the existing platform.

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MIT Logistics Park MIT Logistics Park is located in Colon near France Field and Manzanillo International Terminal (MIT).

The prime location of this logistics park allows its customers to provide a full array of value-added logistics services to their represented multinational brands.

Costa del Este Industrial and Comercial Park Strategically located, Costa del Este Industrial and Commercial Park. connects a four lane gate to the Centenario Avenue where visitors, customers and cargo enter and leave the special zone.

New Projects Las Americas Industrial Park Las Americas Industrial Park is located on the Panamerican Highway at the eastern side of Panama City, and about 12 kms distance from the Tocumen International Airport. The project has an area of approximately 200 hectares and it is designed to be developed in parcels of 3 acres in minimum lots of 1000 m2.

Panama Logistics Park Panama Logistics Park is another project located at the east side of Panama City at 8 km distance from Tocumen International Airport. The design is geared towards industrial, logistics and free zones activities.

SPECIAL ECONOMIC ZONES Panama has created laws and regulations allowing local and foreign investors to establish companies in segregated special areas with a variety of fiscal, migratory and labour incentives with the main objective of developing different kinds of activities and to promote international trade, manufacturing and complimentary services. These are called Special Economic Zones.

Colon Free Zone is a free trade zone whose objective is to serve as a platform for redistributing wholesale and tax exempted goods from Asia, Europe and North America to Latin America and the Caribbean.

As a proof of this growth, by the end of 2011, trade is expected to reach over the US$ 28.3 billion in transactions mainly for pharmaceuticals, textiles and

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manufacturing goods, machinery, and electronics.

The Free Zones are part of an integrated and simplified system that promote the establishment and operation of companies that contribute to the country’s development, job creation, the inclusion into the global economy of goods and services through the promotion of investment opportunities, and the economic, scientific, technological, cultural, educational and social growth.

Different types of companies can be established within free zones, mainly dedicated to the following categories of activities: Manufacturing/Assembly companies Finished and semi-finished goods processing companies Hi-Tech companies Logistics services companies Specialized Centres for health and enviornmental services Higher education/Research Centres General services companies The licenses given by the Ministry of Commerce and Industries (MICI) referring to the Free Zones are: 1. License as Developers / Free Zone Operator 2. License as a Company to establish and operate within a Free Zone

Colon Free Zone The Colon Free Zone (C.F.Z.) is a gigantic entity at the Atlantic gateway to the Panama Canal, dedicated to re-exporting an enormous variety of merchandise to Latin America and the Caribbean.

For the year 2011, the commercial movement of the free trade zone reached $29,154 million, representing an increase of 34.8% compared to 2010.

Global logistics centre Nearly all world routes pass the Colon Free Zone located as it is at the Atlantic gateway to the Panama Canal with access to both the Atlantic and the Pacific.

As Latin tariff barriers have fallen, the Zone has had to reshape and expand its business according to the ground rules now prevalent worldwide: globalization of trade, speed and efficiency of transit, and competitive prices.

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Advantages The Colon Free Zone has a number of elements which support commercial activity on such differing levels as transport and financial operations.

Panama’s main cargo airport is Tocumen International and there are five major seaports with every modern cargo handling facility.

In addition, it houses Panama’s International Banking Centre with over 90 banks from around the world.

All of these advantages, together with the national currency, the Balboa - which is permanently at par with the American dollar - make an ideal climate for international commerce.

Facts about the Colon Free Zone The Colon Free Zone, with over 2,500 companies operating within its 450 hectares, is the world’s biggest free zone after Hong Kong. It is served by five major ports – all within a few kilometres of each other.

The Zone hosts 250,000 buyers, business people and tourists each year.

Colon Free Zone has maintained a constant growth throughout the last decade. For the year 2011, the commercial movement of the free trade zone has reached $29,154 million, representing an increase of 34.8% compared to 2010. The imports totalled $14,041 million and re-exports totalled $15,113 million at the end of 2011.

Special tax treatment “Tax free” is the key phrase involved in nearly all operations in the Colon Free Zone. In the Colon Free Zone companies obtain fiscal benefits such as:

Free Zone to foreign countries.

There is no capital gains tax on the sale of Free Zone assets that have been held at least two years, nor any capital investment tax.

Additionally a series of discounts from taxable income is provided in proportion to the number of Panamanian nationals employed with the company on a permanent basis. These discounts on income tax are based on the following rates:

workers are employed permanently.

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permanent workers are employed.

responsible for assisting and informing investors about business opportunities and the benefits that Panama Pacifico offers

Panamanian permanent workers are employed.

PANAMA PACIFICO The Panama Pacifico Area is one of the most important projects of the Panamanian Government that develops an international trade hub and attracts large multinational companies, logistics services, commerce and industry. The main objective of this Special Economic Area is the attraction of new direct foreign investment in Panama.

This Special Economic Area uses public - private partnership for the development of the zone, and encourages effective policy compliance with relevant regulatory frameworks. These entities are: 1. Panama Pacifico Agency - Government entity

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2. London & Regional Panama - Master Developers This area offers special corporate benefits for companies established in this economic zone:

location)

taxes at all

CITY OF KNOWLEDGE – CIUDAD DEL SABER Panama’s Ciudad del Saber (Spanish for City of Knowledge) is a government sponsored cluster of

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academic organizations, technology companies and non-governmental organizations. It is located just across the Miraflores locks, in what used to be United States Army South headquarters, Fort Clayton.

Ciudad del Saber was born from the idea of converting some military areas located in the former Panama Canal Zone into a centre for knowledge exchange. The institution provides facilities and support to programs in education, research, technological development and innovation, while promoting integration of institutions, business, and programs.

GRUPO CERVECERÍA NACIONAL DE PANAMÁ Fernando Zavala Executive Presidente Apartado 6-1393, El Dorado, Panama City Tel: (+507) 279 5800 Fax: (+507) 279 5861 www.cerveceria-nacional.com Activity: Industry Year of Establishment: 1909 Grupo Cervecería Nacional de Panamá (Cervecería Nacional) is the largest privately owned industrial company in Panama, founded in 1909 as the Panama Brewing & Refrigerating Company by five local businessmen. In 1939, on

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the eve of World War II, the various breweries that existed in Panama at the time decided to unite and form a single company thus making the National Brewery SA. Its first manager was Don Rodolfo Herbruger. In the field of industry and commerce, the National Brewery SA has been a propelling impulse of other important industries and today Cervecería Nacional has grown to become one of the leading brewers in the country.

In 1910, the company brought out its first beer to the Panamanian market, Balboa beer, which is still one of the most widely drunk beers in the country along with their other well known brand, Atlas.

In the thirties, it began in the soft drink business with Canada Dry brand and in 1995, acquired the franchise of Pepsi Cola. It then went on to buy the Nevada Factory, which was dedicated to dairy processing. Through its subsidiaries, Cerveceria Nacional also distributes the Miller and Corona brands of beers as well as other brands such as Pepsi, 7 UP, Canada Dry, Orange Crush, Squirt, Brisa bottled water and La Chircana shelf-stable milk products.

The development of the brewing industry in Panama, led by the National Brewery SA and the company’s other enterprises, consolidated the company as the unquestionable leader within the Panamanian manufacturing industry. This enviable position, their financial strength, the top quality technology used and the popularity of their brands, mainly Atlas and Balboa, meant that it did not escape the wave of consolidation that the

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beer industry experienced worldwide. It came in for high demand from major brewing groups. In December 2001, the owners of National Brewery Group SA closed a deal with Grupo Empresarial Bavaria. Thus, as of the beginning of 2002 the National Brewery became part of that brewery.

In 2005 the National Brewery SA, took a new direction when Grupo Empresarial Bavaria Group merged with SABMiller, the second largest global brewer by volume worldwide, with operations on four continents and a production that exceeds 170 million hectoliters of beer annually across more than 170 countries.

EMPRESA PANAMEÑA DE ALIMENTOS (EPA) Juan Carlos Jaramillo Gerente General Avenida José AgustínArango, Juan Díaz, Panama City Tel: (+507) 300 4471 Fax: (+507) 233 2971

Panamanian Food Company (EPA) brings together some of the most recognized and wellloved brands in the Panamanian food industry: Bonlac, Cafe Duran, La Suprema and Products Pascual. EPA belongs to the Colombian Group Casa Luker, a brand that has been operating in its country for over 108 years. It was nine years ago when Casa Lukeropted for Panama with the purchase of Products Pascual. This came at a time when the Colombian company was emerging from its borders to try investments further afield.

The expertise of Casa Luker has always been characterized by two values: brand building and distribution: Productos Alimenticios Pascualmet that profile perfectly. Such was the success of Casa Luker that it has continued with its policy of investment in the country, always trying to stick with well recognized Panamanian brands. The success of Casa Luker is knowing how to build and maintain brands, and keep the consumer loyal to them. More than a Colombian company in Panama, Casa Luker seeks to be simply just another Panamanian company, only differing by the fact that the capital is Colombian.

The quality of the products that make up the portfolio of Casa Luker in Panama is admired and recognized by the Panamanians, besides the fact that all these brands are in the minds and hearts of

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its entire people. For this reason, the Company’s strategic base is the Panamanian market and only a mere 3% of its production goes for export to other markets, primarily the U.S. and The Caribbean.

Empresa Panameña de Alimentos (EPA) aims for the coming years to continue growing at the same rate as the country’s growth.

The company is strongly committed to the sustainable development of the country, both in its strategy to further strengthen the native brands of Panama, and in its commitment to purchase the raw materials needed for its products from Panamanian suppliers. Hence, EPA plays a very important role in the domestic industry of coffee producers (thanks to one of the country’s most beloved brands, Café Duran), and also in the livestock industry, primarily in milk production.

EPA values are mainly ethical, with a high respect for the consumer demonstrated both by the high quality of products demanded, as in meeting the needs that the consumers require. Furthermore, the company also believes that its human capital is one of its main strengths to grow steadily. The result of this policy is that of the 1,750 people that the company employs no more than 15 are foreigners: Casa Luker believes in Panamanian talent.

“EPA views Panama as a very professional market, where competition helps to strengthen and develop country and accompany us are very welcome to join

Juan Carlos Jaramillo A. General Manager

THE PANAMANIAN AUTONOMOUS COOPERATIVE INSTITUTE (IPACOOP) Ana Giselle Rosas de Vallarino Executive Director Headquarters, Urbanization Los Angeles, Bethania, Panama Tel: (+507) 501 4400 / 50 4453 Fax: (+507) 501 4452 info@ipacoop.gob.pa www.ipacoop.gob.pa Activity: Cooperatives Government Institute The Panamanian Autonomous Cooperative Institute

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(IPACOOP) is the institution responsible for formulating, directing, planning and implementing cooperative policy of the State. It was created by Act 24 of July 21, 1980, promulgated in Official Gazette No. 19.121 of July 21, 1980.

During the first 50 years of the Republic, the Panamanian government legislated on cooperatives on the following dates: cooperative school in 1920, in 1926 the Commercial Code, and in 1947 in the Labour Code. None of these established laws initiated dynamic or growing cooperatives in the country. During these first stages, between 1933 and 1948 there were 9 credit cooperatives (credit unions) based on the old Canal Zone under U.S. law. This presence had no impact on Panama or on the national approach to cooperatives.

The creation of the Cooperative Education Section at the Ministry of Agriculture, Trade and Industry, Product of Decree Law 17 of September 22, 1954, was the first general cooperative law to initiate Panamanian cooperative knowledge, in the midtwentieth century. At that time the State not only legislated on the issue of cooperatives, but created an administrative unit responsible for implementing the law and endowed it with very modest resources.

This section had at its head Mrs. Ofelia Hooper who initiated a systematic program of cooperative development credit union that has not been broken to this day. The first actions were to organize dozens of pre-cooperative groups, from which several cooperatives emerged as well as the Bocatoreña Cocoa Cooperative which was established in 1952 under another law.

As a product of the cooperative efforts of the industry itself, it obtained on July 21 1980 the approval of Law 24, which created the Panamanian Autonomous Cooperative Institute, better known as IPACOOP, which is exclusively responsible for the formulation, direction and execution of cooperative policy in Panama.

In Panama, the Cooperative Movement is growing significantly on the basis of cooperative principles and values.

The Institute has as its vision to be a modern and dynamic institution that educates, promotes, and monitors cooperatives. Its principal mission is to apply modern methods of education, technical assistance, monitoring and reporting, in order to promote cooperatives as a socio-economic, democratic, united and self-sustaining alternative.

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NESTLE Leo Leiman General Manager Urbanizacion (La Loma) Calle 69 Oeste 74D Panama 9A Tel (+507) 229 1333 Fax (+507) 229 1957 www.nestle.com The Nestle Corporation was born in Switzerland in the 1860s, beginning as a condensed milk company in the small city of Cham. Since its creation, the company’s presence has vastly spread itself across the globe, providing the company with a welldeserved competitive advantage. As of today, it has a strong presence in nearly every country in the world. Not only in nations of established markets but also in those of emerging markets, as it has in Panama. The company has grown to understand the needs and trends of its consumers in each market and continues to grow over the years as a result of key factors driving the economies such as nutrition, health and wellness, emerging markets, power of purchasing, power parity, out-of-home leadership, and premiumization.

The pillars of Nestle’s success have been attributed to its long-term commitment of vigorously innovating and renewing their products and product lines to keep up with the ever-changing world and consumer trends. By putting emphasis on operational performance and continuous interaction with their customers and keeping true to what has originally set the company apart from its competitors, they have built up a reputation of being consistently “consumer-centric”. The team at Nestle never forgets to provide quality in all the services they provide and in their products.

Nestle is the only company with such a broad range of value added processed foods and beverages. In line with the parent company, Nestle’s strategy in manufacturing is to assemble all products in-house instead of outsourcing them to a third party.

Maintaining their investments into the future while keeping future generations in mind, Nestle ensures financial and environmental sustainability of actions taken and operations. In capacity, in technologies, in capabilities, in people, in brands, and in research and development. Meeting today’s needs without compromising those of the future generations, as corporate social responsibility is key.

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REAL ESTATE & CONSTRUCTION With a real estate boom ongoing since 2005, and having survived the bubble burst provoked by the worldwide economic crisis, now is the time to invest in Panama’s growing real estate opportunities. Moreover, the advantages to foreigners are many: liberal immigrations laws making it easy to relocate to Panama, as well as the safety and security of foreign investments being protected by law.

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OVERVIEW In 2012, the sector’s performance improved with respect to the previous year; the contribution of the

In relation to housing, this industry provides about 17,500 housing solutions per year.

18.19% (227.8millones dollars).

The construction industry, recognized by all as a multiplier of economic activities and a major contributor to the national economy, organises amongst other activities, housing fairs: EXPO Vivienda and CAPAC EXPO (both important housing and living fairs), creates an environment that is ideal for developing the commercial activity of this large industry, all concentrated under the one roof offering;

sector was the implementation of a number of mega projects, both public and private investment, mainly residential work (developments) and non-residential, public works and infrastructure, among which must be highlighted important hydroelectric projects, construction of new highways and motorways, the Panama Metro, sanitation work within the city of Panama, the third phase of the construction of the coastal strip, the expansion of the main ports of the expansion of the Panama Canal, among other major projects.

Regarding the national GDP, a preliminary growth of 10.6% (2229.3 million dollars) is estimated in 2011, higher than that recorded in 2010 of 7.61% (1,485.9 million dollars).

The construction industry as a whole contributes to employment by creating more than 160,000 jobs, representing about 10% of the working population and whose salaries exceed $ 500 million annually.

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the sales and purchases, a large number of visiting best suit their family and economic conditions. For example in the last Housing Expo over the four-day fair approximately $ 180 million was recorded in transactions.

REAL ESTATE Panama’s Real Estate Boom Panama has had a non-stop real estate boom since 2005. The worldwide economic crisis did not affect Panama’s economy which remains as one of the strongest in all of Latin America.

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Real Estate & Construction In 2012, Panama City has over 200 condominium buildings over 20 stories tall being constructed. The city is experiencing a complete infrastructure overhaul.

Panamanians. Purchasing real estate in Panama includes title deeds which are recorded in a Public Registry just like in the U.S. and Canada.

are replacing the old and dangerous “diablos rojos”; a new 13 kilometer metro subway system is under construction, which will provide new, sleek, modern subway trains; and a line that will cross the entire city centre through to Albrook where one of the largest malls in Panama can be found, as well as the largest inter-nation bus terminal and domestic airport.

declared several years ago that: “Titled land, and the process of buying this, is similar in concept to that of the U.S., and land deeds are duly recorded with the Public Registry…”

Panama’s Constitution states that property ownership by foreigners will be treated the same as its citizens. Property ownership is an inherent right under Panama’s Constitution.

Panama Real Estate Investment Opportunities and Atlantic oceans are seeing new resorts being Panama has over 1,000 islands, many of which are attracting new infrastructure and resort projects, which will make Panama one of the most popular beach resort destinations in all of Latin America.

Tourism has been rising by an annual average of 10% since 2005. Panama has laws encouraging development within the tourism sector by foreigners, which is now experiencing a boom in new hotels across the country.

Easy to Relocate to Panama Panama has the most liberal immigration laws in Latin America with over 15 immigration visas and permanent residency programs inviting foreigners to relocate to Panama. In May of 2012 Panama’s President issued a decree for citizens of 24 friendly nations to quickly and easily become permanent residents by starting or purchasing Panama businesses. In addition, foreign workers from these countries hired by a Panama company can also apply for this permanent residency visa. More countries are expected to be included.

Foreign Investments in Panama are Rising Real estate investments by foreigners in Panama have also been on the rise every year since 2005.

The United Kingdom’s largest real development company, London & Regional, is building an entire city to service the Panama Canal Zone with a freight airport and high tech companies, airplane and boat maintenance & repair companies, freight companies, and over 130 internationally based corporations

Panama has Created Laws to Protect Foreign Investments Law 54 of 1998: Foreign Investor Protection Law Panama created Law 54 in 1998 to protect foreign investments. It is clear by declaring that foreign investors in Panama along with their businesses have equal rights as its citizens. Foreigners have the freedom to participate in trade, industry, exporting, through their investments can be disposed of as

commercialize their goods, products, and other investments in Panama. In addition, foreigners will have 10 years of stability in regards to continuity of the laws regarding taxation, customs, labor, and municipality rules.

In conclusion, Panama is a safe country to invest in with laws protecting private ownership and foreign business.

CAMARA PANAMEÑA DE LA CONSTRUCCIÓN (CAPAC) Ing. Gastón Regis Presidente Calle Aquilino de la Guardia y Calle 52, Diagonal al Hotel Ejecutivo, Área Bancaria, Panama City Tel: (+507) 265 2500 Fax: (+507) 265 2571 información@capac.org www.capac.org

Take advantage of Panama’s booming real estate market by visiting, relocating, or investing.

Activity: Chamber/ Association Year of Establishment: 1961

Panama is Safe to Invest in Real Estate Purchasing Panama Real Estate is safe and secure for foreigners who have the same rights as

The Panamanian Chamber of Construction was founded in 1961 by a group of engineers and contractors with the aim that the organization

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Real Estate & Construction would take care of the interests of professionals and companies within the sector. Currently the Panamanian Chamber of Construction (CAPAC) is an established association which exerts leadership in the construction industry.

comprehensive array of building materials. To this end, they tailor their products and services to

promote, develop, protect and defend the activities of the construction industry and other related sectors, as well as ensuring the defense of its members when necessary. The Chamber represents the industry both in Panama and internationally and likewise represents the members of CAPAC before state agencies and the private sector.

CAPAC’s participation is voluntary and its operation is governed by the state, and by rules and regulations

They create value for customers by focusing on more vertically integrated building solutions rather than separate products and they foster long-term customer relationships by providing them with reliable, high-quality service and consistent product quality.

objectives.

and commercial construction, improvement, and renovation to infrastructure, agricultural, industrial, and other specialty applications.

Sustainable development is embedded in their core business strategy and their day-to-day operations.

They seek to build a smarter world through a simple and focused model that follows three main lines of action: Enhancing Value Creation: They seek to increase

CEMEX Plaza Credicorp Bank Panamá Piso 28, Calle 50 Panama, Republic of Panama Tel: (+507) 278 8700 Fax: (+507) 278 8765 www.cemex.com CEMEX is a global building materials company that provides high quality products and reliable service to customers and communities throughout the Americas, Europe, Africa, the Middle East, and Asia. They produce, distribute, and sell cement, ready-mix concrete, aggregates, and related building materials in more than 50 countries, and maintain trade relationships in approximately 102 nations.

growth markets, all of which focus on their core business of cement, aggregates, and ready-mix concrete.

They constantly create value for shareholders through a forward-looking growth strategy and disciplined fund allocation. Their vertically integrated portfolio of cement, aggregates, and ready-mix concrete—tailored to each market’s needs—provides them with the opportunity to manage their assets as one integrated business rather than as distinct businesses, further improving

At CEMEX they are committed to providing their customers with the most reliable and

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collaboration, in order to develop building solutions to meet the needs of a world with limited resources.

Managing their Footprint: They contribute to the development of a low carbon economy, helping to address climate change which is one of the world’s greatest challenges.

Engaging Stakeholders: Their long-term success rests on fostering positive, long-term relationships with key stakeholders.

As the construction industry shifts toward more friendly solutions, the team at CEMEX are inspired to be more innovative in conducting their global business. Their Global Centre for Technology and Innovation in Switzerland houses a state-of-the-art research laboratory. This laboratory has a unique and broad range of investigation tools and novel in-house testing methods that are available to the CEMEX community. Their research centre has considerable expertise in the following areas: new and enhanced construction materials; sustainable ash, and slag); concrete and mortar products; admixture formulations; and aggregates.

CEMEX are constantly evolving in order to become their commercial offerings, more sustainable in their use of resources, more innovative in conducting capital allocation.

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Real Estate & Construction

COSTA BLANCA VILLAS Costa Blanca Villas Calle 50 with 72 and 73 East Panama, Republic of Panama Tel: (+507) 270 2014 sales@costablanca.com.pa www.costablanca.com.pa

COSTA BLANCA VILLAS by Royal Decameron Golf & Beach Panama is a project developed

by CARIBBEAN PROPERTY GROUP (Hoteles Decameron - CPG), a leading real estate investor, developer and assets manager in the Caribbean, Central America and South America.

West Palm Beach and San Juan, Puerto Rico.

Its Headquarters is located just 90 minutes from Panamá city, in Costa Blanca, Farallón on one of water sports abound.

Costa Blanca Villas Panama is a destination that’s becoming world-famous for offering unprecedented value on breathtakingly scenic vacation residences, and offers an incredible beach, golf and spa resort lifestyle.The resort offers all the advantages of living near the beach and is surrounded by exclusive facilities. It is a project of extraordinary beauty in which to live and relax.

Decameron Hotels manages the real estate transaction in Costa Blanca Villa, with operations in 19 countries including Mexico, Jamaica, El Salvador, Panama and others.

The community of Costa Blanca has over 300 villas and townhouses, a beautiful beach club with restaurant, pool and beach huts exclusively for residents, as well as a spectacular golf course with 18 holes.

The future development plans include a Lake Club for residents, and a shopping center that will house 3.000 m2 prestigious shops to continue offering

The owners of a house in Costa Blanca Villas & Beach obtain exclusive privileges such as:

18 holes, considered to be the best in the country, designed by Randall Thompson. with private cabanas with ocean views and luxurious www.ebizguides.com

resort style pools, dinners in the restaurant of the club with its neighbours, relatives or guests.

day.

Royal Decameron Golf & Beach Resort. agency Decameron Explorer.

As an added value there is the option of spa, car rental agencies, Casino, Marina for water sports

CUBITÁ Iván Eskildsen Owner Ciudad de Chitré, Plaza Azuero, Local No. 28 Tel: (+507) 910 1600 Fax: (+507) 910 1601 ventas@proyectoscubita.com www.cubitapanama.com Cubitá is the most ambitious hotel and residential real estate project on the AzueroPeninsula, more conceived as a vision of rescuing and preserving the local expressions that have marked Panama’s identity. The name comes from a pre-Columbian group that inhabited the region around the La Villa River (550-700 AD), formerly known as the Cubitá River.

Cubitá offers residents a quality of living unmatched by other Chitre real estate projects, not to mention all Azuero Peninsula real estate. Cubitá is unique in that it offers residents the full amenities of a top hotel while enjoying the privacy of their gated residential community. Beyond the complete access to hotel amenities, Cubitá provides residents with property management services and discounts to the hotel restaurant and spa. The offered amenities are unparalleled in the country, including beautiful homes, luxury condominiums, a 100 room hotel, and commercial shopping plaza, all located on 4.8 hectares of professionally landscaped property.

Cubitá provides a unique opportunity to make an excellent investment in real estate in Chitre, with property prices starting in the low $100,000s.

Cubitá strives to be the premiere Chitre real estate development on the Azuero Peninsula. Additionally, the developers have gone the extra mile to ensure that it is the most environmentally friendly development in the region. All homes and condos

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optimal investment return.

By combining the luxurious touches of modern comforts with the preservation of colonial design and architecture, CubitĂĄ will surely become the gold standard of quality Azuero real estate.

GLOBAL BUSINESS TERMINAL PTY 08-16-01660 Panama City, Republic of Panama Tel: (+507) 6678 2629 info@gbtpanama.com www.gbtpanama.com Global Business Terminal is a new and fully equipped business centre of international standard conveniently located in close vicinity to Tocuman International Airport in Panama City and an easy 20 minutes from the city centre. The project is one of the most complete, exclusive and well conceived business complexes in the region, based on worldclass quality and functional design. The project consists of a state-of-the-art business centre with a Corporate Area, an Exhibition Arena, and a Hotel.

and multinational companies that operate within the Terminal.

The project is an initiative of Empresas Bern, which since 1978 has been at the forefront of the Real Estate business in Panama and has been recognised for its seal of excellence. The Group has built and delivered more than 130 projects and is considered industry leader for providing innovative concepts and the highest quality products.

GRUPO CALPE, INC. Ave. Aquilino de la Guardia, Torre Ocean Business Tel: (+507) 340 6390 / 340 6391 / 340 6392 ventas@grupocalpe.com.pa www.grupocalpe.com.pa Grupo Calpe, Inc. is a company whose roots date back to 1985 when Eng. Luis Petti, in a search to Story Family Housing Units, Other Buildings and Shopping Centres, decided to settle in LecherĂ­as, Edo AnzoĂĄtegui, Venezuela.

In 2007 he decided to transcend borders to Panama

Global Business Terminal is intended for businesses with international interests and has a selection class A+, spacious common rooms, cafes and 24hr security.

The Exhibition Arena will also offer many convenient services to accommodate both tenants and visitors, including: Free Shuttle Service from Tocuman Airport, Concierge Services, Legal Assistance, Representation from Ministry of Commerce for consultation, Tourism Information and Real Estate Assistance, and much more.

Companies setting up operations in Global Business under law 41, as well as favourable labour incentives, and special immigration services facilitating both permanent and temporary visas for employees working within the zone.

With an investment of $20 million, Intercontinental Hotels Group and Bern Hotels & Resorts have signed an agreement to build the Crowne Plaza Panama Airport, which will be located on the premises of GBT. The hotel will initially have 126 rooms, - with plans to increase to 300 at a later stage - a restaurant, exercise room, business centre, bar and meeting rooms, and will serve both travellers

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Business Plaza, Panama City. They consequently made strategic alliances with Panamanian companies to develop innovative projects, whilst always conducting studies and taking into consideration the locations of their initiatives in order to guarantee their customers a winning investment.

Their mission is to be a service company dedicated to the construction, development and sale of innovative projects, to always comply with international standards for the protection of the environment, and to ensure quality products and ensure on-time delivery. They are fully committed to their customers and ensure full support before, during and after completion of projects, and thereby generate lasting relationships with all clients.

Grupo Calpe has built up years of experience and professional know-how and has established strategic links with suppliers, customers and employees, therefore ensuring opportunities for sustainable development and increased advantages for investments.

Their vision is to be recognized as one of the best construction companies in the country, and as a leader in the development of projects whose investments are characterized as the most reliable and cost effective amongst domestic and www.ebizguides.com

Real Estate & Construction international markets, and provide welfare and quality of life for all concerned.

themselves within the market for their technical capacity, and their staff of over 50 engineers advises

MACCAFERRI OF PANAMA, SA

technical and economical performance whilst using the technologies available to them.

Lefevre Park, 16211 First Street building Panama, Republic of Panama Tel: (+507) 292 8608 / 292 4539 Fax: (+507) 278 8765 panama@maccaferri.co.cr www.cemex.com

PANAMA PACIFICO Juan McKay Tel: (+507) 316 3500

The Maccaferri family, who founded the company - and which until now presides over it - originates from the mid-sixteenth century Sacerno Italy, when a 14-year old stood at the College of Art and received the name Herreros Maccaferri - (‘the one who hits irons’), which he would later incorporate in his own name. Since then Maccaferri have been operating in the metal industry; the initial and principal activity consisted in the production of manufactured artistic pieces of iron; fences and gates, for example.

In 1879, in the vicinity of Bologna, the company Some years later the company started manually manufacturing gabion, a product in which the company has to date the global manufacturing leadership.

In 1893, when the Reno River broke its banks, in the region of Bologna, the gabion product became to recover the borders and systematization of the river.

In 2004, the Panamanian government opened the door for the transformation of the former U.S. Howard Air Force Base into Panama’s most modern and with its vision of creating a model community for Panama that lives up to the extraordinary potential of this country.

destination, located just across the canal from

thriving international business hub, a sustainable living environment and a dynamic urban town center in one. When complete, this multibillion-dollar community will boast some 20,000 new residences, 40,000 new jobs and a million square meters of commercial space—all connected by lush parks, trails and protected open space.

Since then Maccaferri has participated in several defence and systematic hydraulic projects, control. The industrial vocation of the Maccaferri family gave birth to the current Maccaferri Industrial has over 2,000 direct employees and annual sales of over $ 750 million.

In

1974,

in

Brazil

(Jundiaí-SP),

Maccaferri

continues to intensify its activities in this market, based on its technical capacity and its centenary and global experience, focusing on solutions for geotechnical engineering, water and protection of the environment. Today Maccaferri Latin America also has factories in Argentina, Peru and Costa Rica, and maintains technical and commercial units in other Latin American countries.

It operates in several market segments by providing solutions for environmental engineering, structural engineering, wires and fences. They differentiate www.ebizguides.com

business, residential and recreational centers. It was designed over 40 years by renowned developer London & Regional Panama in conjunction with the government of Panama. For those expanding business overseas, retiring in Latin America, or simply visiting this beautiful locale, the sustainable, mixed-use business and residential hub provides a balance of world-class amenities, infrastructure and services.

includes concepts from the international standards of Smart Growth, New Urbanism and sustainable land use. The new design includes a healthy work and housing balance, ensuring future success and growth in the community and making Panama workers, visitors and those companies expanding business overseas will experience the convenience and diversity of a dynamic business center and residential Mecca set in a lush tropical environment.

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TRANSPORT & COMMUNICATION Panama’s location is of great advantage to its communications sector. Moreover, its thriving banking sector has directly contributed to the services, with the natural necessity for ecommerce development. In terms of language, Panama is essentially bilingual in Spanish and English in its working environment.

Panama’s Transport and Maritime sector begins and ends with its world-renowned Panama Canal; in engineering terms undeniably one of the wonders of the world. The Maritime and managing to become one of the most important hubs in the world thanks to its strategic location areas have experienced huge growth in commerce in the last 10 years, and this looks set to continue as maritime focus becomes ever more centralized on the Panama Canal.

Transport & Communication

OVERVIEW AIR TRANSPORT SERVICES At the present time the Tocumen Intl. Airport attends over 5 million passengers annually with over 54 destinations by way of 14 international airlines.

Nevertheless, the new master development plan of the international airport considers four (4) phases that will allow its growth throughout the year 2025.

This growth will enable it to handle the transit of 30 million passengers and also contemplates the development of 20 cargo terminals.

With an investment in the order of 4 million dollars and an infrastructure of 3,500 m2, the company Gulf Coast International Cargo has foreseen the establishment of a logistics handling center in the Tocumen Intl. Airport. This will account for a storing and reception center of the Cold Chain; in the said for both the agriculture export products of our country, as well as as those that transit through the center.

This project shall be an area of aerial transfer of refrigerated products only and it will have the means for attracting cargo through Panama.

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Cargo Ships loading and unloading their goods at MIT

As an additional complement, the government of Panama is initiating substantial improvements to the airports in key sites of the country such as Colon, David, Bocas del Toro, and the construction of an airport in the central provinces that will allow direct access to the coasts and beaches from the interior of the country.

The HUB of the Americas operated by Copa Airlines In recent years the Panamanian national airline, Copa Airlines, has developed Panama’s Tocumen International Airport into the so-called ‘Hub of the

day to over 40 destinations covering the whole of North, Central and South America and the Caribbean.

in one hour railroad, in 1855, a great migratory movement was initiated across the Isthmus of Panama; however it was not until1998 that the Government of Panama granted in concession this railroad. The Panama Canal Railway Company is a joint venture between Kansas City Southern and Mi-Jack Products that

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Transport & Communication provides railroad transportation for passengers and containerized cargo between Panama City and Colon City under a 50-year concession. The primary role of the railroad is to serve as a transshipment link

of the rail cars have connections for refrigerated containers.

seaports. However, the passenger service allows travellers to enjoy a journey through the lush jungles

PANAMA METRO

Railroad is a mode of land transportation in which rails or tracks, drawn by a locomotive or propelled by self-contained motors. The transport of merchandise by railway is very economical when traveling long distances, but is less suitable for short distances and small loads.

The transportation model of PCRC includes the its Atlantic terminal that is divided in two lanes: the allows an easier loading and unloading of containers; and the second lane ends in the Coco Solo terminal, serving MIT and CCT through intermodal facilities.

Panama Canal Railway Company The PCRC operational model aims to provide an

use double-stack cars divided in seven groups; each group has 10 double stack cars.

The Panama Metro is a transport project in Panama City, in Panama, planned to open in January 2014.

The government of Panama invited tenders for a contract to build the metro system. The LĂ­nea Uno won the contract. The government of Brazil and Taiwan offered credit to Panama in order to invest in the project. Completion is expected by the end of 2013.

The project has a cost of $1,452 million. The Metro authority, in charge of the planning, construction and execution of the project was allocated a budget of $200 million for the year 2012.

Line 1 has been planned with a mostly north-south route, from Los Andes to the Albrook bus station, and is 13.7 km long including 7 km of tunnel and 6.3 km of viaduct. There would be 16 stations. In January 2010, Systra was awarded a contract to create detailed designs.

Work has begun on feasibility studies for a second line.

Trains operate continuously between the intermodal 10 trains in each direction (North and South) every 24 hours. Each trip takes about 1 hour and 15 minutes.

The loading and unloading of a train at the terminals takes about 2 hours. The schedules vary depending on port operations and demand from shippers who use Panama as a liaison to other parts of the world.

PCRC also has a passenger service between the cities of Panama and Colon for senior executives and businessmen who travel to work between these two cities and for tourists in general. This service has Panama City to Colon at 7:45 am and returning to Panama City from Colon 5:15 pm.

Intermodal Terminals The railroad has two intermodal terminals. The to the Port of Balboa and the Atlantic Intermodal Terminal is located next to the Port of Manzanillo Containers are allowed to be transshipped in-bound

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SEA PORTS Panama has a network of seaports that provide a variety of services to containerized, bulk, liquid and general cargo, as well as to passengers in cruise terminals. Panamanian seaports in the National Port System (NPS) are divided into two groups: state ports and private ports. Private ports have been given to terminal operators after a privatization process of former state ports (concession). State ports are still operated by the government under the management of the Panama Maritime Authority (AMP), and basically provide dockage and other related services for local users and short-sea services.

Manzanillo International Terminal (MIT) Manzanillo International Terminal (MIT) was built on a former US Naval base at Coco Solo Sur. During the 1980’s, the area was used as a storage facility and distribution center of vehicles for Latin America.

In 1993, the original Ro-Ro berth concept grew to become a world-class container transshipment facility, fully equipped with over 2,000 meters in 7

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Transport & Communication berths. These berths are distributed in 5 container berths, one “Mediterranean style” Ro-Ro berth, and one multipurpose berth. The container berths are equipped with 17 Panamax, Post Panamax and Super Post Panamax quay cranes; over 1,100 reefer points and modern terminal management computer systems. The port handles 1.9 million Teus annually with a handling capacity of 2.2 million Teus.

Transshipment operations represent 85% of their containerized activity.

Manzanillo International Terminal was built as a specialized container terminal. Over the years, this seaport has increased their services into the container segment with the following:

of 16,275 m2, a covered area of 10,500m2 and a storage capacity for 350 Teus. It provides less-thancontainer-load (LCL) and break bulk cargo services, transloading, and other related services.

MIT - Panama, S.A. is a joint-venture between Carrix, Inc. and the Motta and Heilbron families of Panama.

Carrix, Inc. is a parent company of SSA Marine, one of the world’s largest privately held marine and rail terminal operators. The Motta and Heilbron families form one of Panama’s biggest industrial groups, holding interests in banking, telecommunications, wholesale and aviation, among others.

MIT - Panama is located on the Atlantic Coast of Panama, near the Northern entrance of the Panama

Randolph Avenue, MIT is developing a logistic park with four warehouses, off dock empty area, railroad access and a value added area oriented to increase cargo added value activities.

that provides maintenance and repair of container and container chassis.

Unit that takes care of the power plugs for reefer containers, preventive maintenance and damage repair of refrigerated equipment and different types of generators such as Power Packs, Gen Set, among others.

Additionally, MIT - Panama handles vehicles and rolling equipment, generally known as Roll on-Roll off (Ro-Ro); and Project Cargo.

receive all these type of cargo, as well as Panamax and Post Panamax container vessels, Car Carriers (Ro-Ro) and general cargo vessels.

MIT - Panama is becoming a full logistics complex that large container storage areas, a logistics park, and a multimodal platform that connects maritime, ground, railroad and air transportation services.

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Colon Container Terminal (CCT) Colon Container Terminal (CCT) is part of the Evergreen Group and started operations in Panama in 1997. Back in 1994, the Group proposed to

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Transport & Communication build a modern container terminal leveraging the the country’s connectivity and wide array of maritime and logistics services. In 1995, a master plan to develop a container terminal in Coco Solo North was submitted to the Panamanian Government, and the new terminal named CCT was built in the same place where a former US navy base was located.

Colon Container Terminal is located in Coco Solo North, province of Colon. This seaport is becoming an ideal site for transshipment and cargo inbound/ Atlantic entrance of the Panama Canal, CCT serves to the regional markets of the Caribbean, North, South and Central America with shipments mainly

This terminal has a total area of 74.33 hectares, an access channel of 14 meters draft and a turning basin of 600 meters in radius for vessels turnaround.

The breakwater entrance is 200 meters wide allowing vessels into Manzanillo Bay.

CCT is mainly dedicated to receiving and handling containers. More than 75% is pure transshipment cargo. The terminal is appropriately equipped to handle the current volumes of arriving cargo; an existing idle capacity allows potential customers closeness to the railroad terminal, a short distance by road.

Representatives from Customs, Quarantine, AUPSA

Cristobal The port of Cristobal is one of the oldest seaports still operating in Panama. Commercially operating for more than 150 years, Cristobal was constructed to receive workers and materials for the construction of the Transisthmian Railroad. Colon, formerly called Aspinwall, was the Atlantic window for passenger steamships carrying people driven by the Gold Rush, from New York to California. Back then, this seaport had only a small number of docks made out of wood and iron. Cristobal was operating 50 years before the port of Balboa was inaugurated.

With an investment over USD100 million during the Cristobal is operated by Panama Ports Company (PPC), who have been in charge of the management the railroad. Three container berths, ten quay cranes and other yard equipment allow CCT a handling capacity of 1.3 million Teus. The expansion plans include additional container storage areas near the actual port site and across Randolph Avenue as well handling operations.

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1997 after receiving an extendable concession of 25 years granted by the government under Law 5 of January 16, 1997. Since then, Panama Ports Company started the process of transforming its quays and adapting them to the new world trade operations.

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Transport & Communication The port of Cristobal is located in Limon Bay at the southern east part of Colon City and at the Atlantic entrance of the Panama Canal. Its strategic location connects this seaport with the most important maritime routes of the Caribbean and Atlantic Ocean. It is one of the most valuable multimodal

At the moment, Balboa is the only container terminal fully operating in the country to serve the many shipping lines for loading, discharging and the region.

Balboa has an ideal location to grow as a hub for

With a Teu handling capacity of over 800 thousand

easier container movement. With a total of 4 berths, 16 hectares dedicated to container storage, 7 quay cranes and 32 RTGs, the expansion plans include the acquisition of 10 additional Panamax and Post Panamax cranes, and a total extension over 3,700 meters of quay.

Cristobal has a great potential to consolidate itself as an important node for containerized, bulk, liquid and general cargo at the Atlantic. Its accessibility to the canal and important maritime routes, the expansion programs on infrastructures and the investments plans on equipment and human resources are key elements that will generate more capability to handle larger volumes of cargo in the near future.

Cristobal has an original design that allows this seaport to handle a variety of cargo. Mainly built for general cargo in the past century, Cristobal is now a fast-growing seaport with a large focus on containerized cargo. Its changes include the reorganization of the berthing and storage area, the acquisition of specialized equipment, and the construction of new facilities for storing dry bulk and general cargo.

and North America to the west coast of South America, Central and the Caribbean. This seaport has been expanding its capacity since its privatization, handling 2.76 million of TEUS during 2010.

With a total area of 30 hectares for container storage and 5 container berths, Balboa operates with 22 Panamax, Post Panamax and Super Post Panamax quay cranes, and 51 RTGs. The transshipment operations of containerized cargo represent 92.8% the of total container movement while the rest is for the local market. A nearby interface with the railroad company allows the transshipment of containers bound to ports in Colon. Balboa also receives and dispatches dry and liquid bulks and specialized cargo, and offers a total of 2,184 reefer connections.

Balboa has changed from being two separate piers originally built for general cargo to a modern terminal capable of receiving up to two Post-Panamax, two equipped to handle containers, Ro-Ro, dry and liquid bulk, and general cargo.

PSA Panama International Terminal PSA Panama International Terminal is a new port the canal in the former US Rodman naval base by a Singapore government-owned company. This new port operator has completed the construction of its

Cristobal has the capacity to receive and handle: it is equipped with 3 Post Panamax quay cranes and 6 RTGs.

covered area of 5,440 m2 for LCL and other sensitive type of cargo. All government representatives are available on site for any cargo inspection, documentation and clearance.

Balboa

inaugurated in 1909, after receiving its present name, formerly known as Ancon Port. It was refurbished by the Americans at the beginning of the construction of

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new cargo from Asia to the west coast of America by using Panama as a transshipment hub for the growing demand of shipping lines that need to carry more cargo to Latin American countries, and need more shore handling capacity to expand their commercial activities.

PSA Panama International Terminal has been built for containerized cargo. Nevertheless, other potential freights are also accepted by this multipurpose terminal. With a design capacity of 450,000 TEUS, it allows the berthing of one Panamax at a time. All the facilities for Customs, Quarantine, AUPSA and Immigrations authorities are available on-site. www.ebizguides.com

Transport & Communication

The Panama Canal

THE PANAMA CANAL The Panama Canal (Canal de Panamรก) is an 82-kilometre (51 mi) ship canal in Panama that connects the Atlantic Ocean (via the Caribbean the Isthmus of Panama and is a key conduit for international maritime trade.

Work on the canal, which began in 1881, was completed in 1914, making it no longer necessary for ships to sail the lengthy Cape Horn route around the southernmost tip of South America (via the Drake Passage) or to navigate the dangerous waters of the Strait of Magellan. One of the largest and most

could have envisioned; the largest ships that can transit the canal today are called Panamax.

The American Society of Civil Engineers has named the Panama Canal one of the seven wonders of the modern world as it constitutes one of the most impressive engineering Works in the World. It has

Ocean and the Atlantic Ocean.

Ownership of the territory that is now the Panama

Since the handover in 2000, the Canal has been successfully managed, operated and maintained by the Panama Canal Authority (ACP). The ACP is an autonomous entity of the Panamanian Government, which is duly recognized by the Constitution, directed by an administrator under supervision of an eleven-member board of directors, and whose workforce consists of approximately 9,000 people.

American before coming under the control of the Panamanian government in 1999. By 2008, more than 815,000 vessels had passed through the canal, many of them much larger than the original planners

After its emancipation in 1903, Panama and the United States signed a treaty to build the waterway.

The Panama Canal Commission was a USA Government Corporation (agency) that managed,

Panama Canal shortcut made it possible for ships half the time previously required.

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Transport & Communication operated, and maintained the Canal until December 31, 1999, when its administration was transferred to Panama. At least 13,000 ocean-going vessels transit the Canal every year, at an average of 40 per day.

responsibility for the modernization of the Canal as well as the protection and conservation of its watershed.

The average transit time was formally nine hours; however sound improvements have been achieved since the Panamanian administration took over the Canal, cutting the vessel transit time to 7.4 hours.

Two public bridges cross the Panama Canal: one known as “Centennial Bridge”, inaugurated in 2004, and the “Bridge of the Americas” inaugurated in 1962.

The Expansion Project The expansion of the Panama Canal (Third Set of Locks Project) is a project that will double the capacity of the Panama Canal by 2014 by allowing more and larger ships to transit. Then-Panamanian President Martín Torrijos presented the plan on April 24, 2006, and Panamanian citizens approved it in a national referendum by 76.8 percent of the vote on October 22, 2006.

increasingly during the last ten years, as a result of the development of the ports on both sides of the Isthmus, as well as the increased preponderance of the Canal for world commerce and its impact on the local ancillary services industry. The cluster is thriving and many new and more sophisticated services are offered to transiting ships and to ships terminals than ever before.

Maritime registry The strategic geographical location of Panama and the existence of Panama Canal have earned the Republic of Panama a high degree of prominence throughout the nations of the world engaged in maritime trade and transportation.

At present, Panama is an international crossroads of maritime routes and an important distribution

Panama contributes with 20% of the national GIP. Panama’s strategic location at one of the major crossroads of the world’s shipping lanes, the expanding maritime services industry, and the Panamanian Merchant Marine - today the largest in the world - are just some of the factors, which have

canal by constructing a new set of locks. Details of the project include the following integrated components:

of Panama’s maritime jurisdiction.

chambers, which include three water-saving basins;

and reinsurance activity complement the scenario to induce any businessman to seriously take into account the Republic of Panama as the ideal recipient for capital investments.

locks and the widening of existing navigational channels; elevation of Gatun Lake’s maximum operating level.

On September 3, 2007, after approval by the Cabinet, National Assembly and referendum, the

Panama’s legislation provides substantial incentives to the manufacturing, agricultural, and tourist

PANAMA SHIP & MORTGAGE REGISTRATION

Panama’s then-president Martín Torrijos stated that the canal will generate enough wealth to transform

The Republic of Panama has offered facilities for the registration of vessels engaged in all types of maritime activities.

is also expected to reduce poverty by about 30 percent, resulting in an 8 percent poverty rate in Panama afterwards.

A wide range of legal services related to ship registration and mortgages under the laws of the

MARITIME & SHIPPING The Panamanian maritime sector has grown

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to the international maritime community since 1920.

Since then, the Panamanian Maritime Registry accepts ships belonging to nationals and foreigners alike, provided that all legal provisions in force are complied with.

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Transport & Communication The Panamanian Maritime Registry offers ship owners the following advantages:

substitutes the Commercial Code section referred, and Law 57 of 2008 deals with general maritime trade.

withstanding nationality or place of incorporation is

derived from the operation of vessels engaged in international trade

ICT The United Nation’s Conference on commerce and

that are 20 years or older will have to pass a special inspection in order to obtain a permanent navigation patent may be obtained in Panama through a lawyer, or in ports where an authorized Panamanian Consul is present

with the best connectivity in Latin America. As a result of our strategic geographical position, our

of maritime trade routes. These conditions have country with most connectivity in Latin America.

the country which granted the vessel’s original registration a foreign vessel to register in Panama for a two year period without losing its previous registration.

vessel is originally registered will be required.

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Panama projects itself this way as an ideal location for companies of telecommunications and data centers connected to North and South America, Europe, Asia and the Caribbean, as it is demonstrated by the ample presence of cellular telecommunications companies and Internet services at a domestic and international level.

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Transport & Communication

CH2M HILL Garry M. Higdem Senior Vice President / Program Manager Corozal West, Building 739 Panama City Tel: (+507) 276 1260 Garry.higdem@ch2m.com www.ch2m.com

became “CH2M Hill”. They have a long experience offering their clients a wide range of engineering or needed, and then creating personalized services. grown and expanded to become a global leader and a renowned company that excels in providing complete consulting, design, design-build, operations, and program management.

The company has been involved in delivering system solutions across the board. Their client base includes both government and industry members. It is the only engineer-procure-construct company that offers such a wide spectrum of expertise, knowledge, and services across varied industries and government agencies; always keeping in mind sustainability, along with government regulations, environmental concerns, maintenance requirements, and public perceptions. They provide businesses with top-notch innovative solutions that help plan, develop, and manage infrastructure and facilities that improve its of clients and projects range from chemical plants in Buenos Aires to super cleanrooms in Japan, from nuclear clean-up in Colorado to wastewater project experience and the markets it serves are as diverse as the world itself.

With a remarkable growth of the business climate in Panama, the country has presented forth many opportunities and developments. This environment gave way to CH2M Hill coming in and providing the “know-how” and management solutions, particularly in the case of the expansion of the canal. Its

departments, each categorically separated to enhance and optimize end results. The staff is more than experienced in its areas of concentration and has been consolidated to design, deploy, implement and support the services.

At CHM2, they constantly work to understand their clients; their brand, the nature of their business, and their management needs. This understanding helps create services and solutions that yield high-class results. Showcasing their internal values externally as well as being a company that exudes respect, it boasts top quality services and a knowledge-based staff.

COPA AIRLINES Tel: (+507) 217 2672 www.copaair.com Established in 1947, Copa Airlines has maintained its position as the number one national airline of small and select list of locations, it has dramatically expanded its network of destination cities, giving over 64 destinations in 29 countries in the Americas company allocated its Panamanian headquarters at the Tocumen International Airport, which sits as its hub in Panama. Copa Airlines reported a net income of USD $95.9 million and EPS of USD $2.16 for the

On April 16 2012, the company signed an chain “Meila Hotels International” targeting retailers, wholesalers and the end consumer. Copa Airlines is proud to play a role in helping to stimulate tourism and business in Latin American countries, enabling it to provide an enhanced travel experience and hotel stay for consumers from both companies.

Copa Airlines also has a strong sense of social responsibility to give back to the community that has helped make it a success; implementing social and educational initiatives, which to date have been of in Panama and in 17 other countries.

term difference.

CH2M has a powerful team that is a perfect blend of best of resources, both human and technological, the organization has put together various specialized

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With its continuous expansion and commitment to providing quality & excellence, Copa Airlines has been recognized by many organizations for its excellence in the Airline industry. Receiving many awards, it most recently was the recipient of the 2011

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Transport & Communication World Travel Awards as the “Leader Airline in Mexico & Central America for 2 consecutive years. It was also presented the Lifetime Achievement Award by Airline Business Magazine in 2009 for their exceptional

threat that is brought forth, and maintains its position

as being named the Best Airline in Central America, in 2004, 2005, 2006 and 2008 by SkyTrax, based on a worldwide passenger survey.

Absolute Maritime operates data centers for 40 maritime administrations including Panama, Singapore, the Marshall Islands, Liberia, Australia, and Canada. Additionally LRIT Conformance Testing

ABSOLUTE MARITIME

systems designed to improve maritime security & anti-piracy countermeasures.

John Ramsauer City of Knowledge, Building 221 Panama City Tel: (+507) 301 5748 activations@absolutemaritime.com www.absolutemaritime.com Absolute Maritime Tracking Services is part of the Pole Star group of companies. Specializing in the provision of maritime security solutions, they have years of experience in their industry. Absolute Maritime has been a leading provider of maritime security to protect lives and assets in any type of

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Tracking Service provider. They work diligently to

In simple terms the company provides a variety of solutions to enable comprehensive business operations while sailing through high risk pirate waters. Absolute Maritime Services integrated solutions cover a broad range of business facilitation including: physical security, logistics, medical support, man power, training and equipment.

The company is on a continuous mission to keep innovating, and stay true to this concept by expanding product lines and services. The continuous improvement of all our processes is carried out by a staff of professionals whose passion for excellence allows them to consistently exceed the expectations of customers.

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INTERNATIONAL MARINE EXPERTS (IME)

INTERNATIONAL SHIPPING BUREAU

Javier Bru Owner Bldg. 0750-D, Williamson Place, La Boca Republic of Panama Tel (+507) 314 1756

Rene Padilla Regional Director

ime@ima.com.pa www.ime.com.pa

rene3377@aol.com www.isbship.com

International Marine Experts (IME) is a maritime company that branches out in many areas to provide its services to the leading companies in the maritime industry.

The International Shipping Bureau is one of

areas of:

inspection or a critical examination to assist interested parties in determining the condition and the safe utilization of the vessel or yacht, or the safe delivery of cargo. As well in the event of damage to vessels, yachts or cargo, investigating and reporting on the nature, cause and extent of the occurrence.

Suites D & E, Panama City Tel: (+507) 213 2260

1986, it is managed by a Board of Directors with a wealth of experience in shipping and maritime law.

The International Shipping Bureau advises and manages the tasks that ship owners, agents, shipbuilders, offshore rig operators, marine bankers, marine insurance underwriters, and shipping attorneys face in matters of buying, installing, managing, maintaining, insuring & compensating, selling and mortgaging ships or maritime equipment.

2000 standards with expertise in registrations of all types of ships and vessels.

As marine and logistics consultants, ISB has served

as draft surveys, tank measurement, representative sample, testing of samples and other means.

IME provides surveys for compliance, packaging, stowage and marking/labeling for the shipment of dangerous goods, including radioactive materials.

Performing investigations in multiple areas which include recreational boating accidents, cargo mishaps, and personal injury claims

provide pre-purchase & appraisal surveys, deliviery inspections, and condition & value surveys

parties to meet ISM & ISPS Codes.

IME is made up of graduates from the United States Merchant Marine Academy as well as other highly recognized maritime institutes. The staff consists

international markets with the best and highest standards. It strives for excellence in providing

around the world. They aim to facilitate services through local representation, with a presence in over 140 countries in over 5 continents. Their dedicated and worldwide staff includes a vast network of attorneys with extensive expertise. Over the years, ISB has experienced substantial growth, beginning with an excellent reputation. Their commitment to help organizations identify opportunities and values in maritime service industry and to develop impeccable strategy to best realize this value is unmatched. As marine consultants, they have consistently delivered critical end-to-end business consulting, logistics consulting, and marine consulting services.

With a business strategy built on valuable market intelligence and understanding, their access to a vast maritime database and personal knowledge is invaluable. The International Shipping Bureau uniquely offers many maritime services under one umbrella; saving their clients’ precious time and effort often expended by approaching several entities for the necessary range of services.

reliable, and cost effective services. It is committed to ensuring continuous improvements to achieve leadership in inspection and consultancy.

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AIR PANAMA Edward Stagg Executive Vice President Albrook “Marcos A. Gelabert” International Airport Tel (+507) 316 9000 / 9019

The skies of Panama are vast and many destinations are widespread. Air Panama is one of two domestic their hub at Gelabert International Airport. The country’s largest full-service airline and largest domestic provider of scheduled passenger services within the Panamanian market. Offering scheduled

announced the suspension of its operations, leaving Air Panama to be the only regional carrier in the country.

MANZANILLO INTERNTIONAL TERMINAL Carlos Urriola General Manager Ave. Molten, Coco Solo Sur Colon, Republic of Panama Tel (+507) 430 9800 info@mitpan.com www.mitpan.com

destinations from San Blas to David to Bocas del Toro, as well as one trans-border destination of San Jose in Costa Rica.

Air Panama continues to exert their mission to deliver experience through their exemplary 205 employees, experience a pleasant one. Annually, Air Panama serves 175,000 passengers. Its headquarters are located on the property of Albrook “Marcos A. Gelabert” International Airport in Panama.

through much restructuring, from the change in its name (originally started as PARSA & in 2006 changed to Air Panama legally) to the change in

70, Saab 340 and the -300 version of the Dash 8.

Also, it has recently signed a codeshare with Copa Airlines that is set to be effective in June 2012, which consists of linking all the tourist destinations of Panama with those of Latin America.

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Manzanillo International Terminal is a privately owned container terminal operator and cargo handling facility; a distribution center for cargoes destined for cities within the Republic of Panama and neighboring countries in Central America and the Caribbean. A subsidiary of Washington-based SSA Marine that was built on a former U.S. Navy Seaplane Base during the WWII era; the decision to implement a Ro-Ro berth gave birth to the concept of the Manzanillo International Terminal (MIT).

Beginning its operation on April 6, 1995 with a few hundred employees, MIT has experienced steady growth over the years, evolving into the biggest transshipment hub in the region. MIT’s workforce of over 1000 employees specialize in providing services featuring fully automated vessel and gate systems, world-class productivity, container maintenance and repair, around the clock security

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The terminal is situated on Manzanillo Bay at the eastern mouth of the Panama Canal on the

This ideal geographical location provides MIT with direct links from Latin America to the rest of the world from a single location. With its convenient to provide a secure and direct link to any of the 115-plus trade routes it has access to around the world accommodating its clients with on-time and destination.

MIT is currently undergoing an expansion of over USD $200 million for its port facilities, promising a growth for Colon and its people. The expansion program projects that it will more than double MIT’s current capacity and allow the facility to

The expansion of the port includes:

begin transit in the waterway when the Canal is expanded

handling containers at the port All the initiatives taken by MIT have allowed the port to garner numerous awards, including being one of the International. It has also been recognized three times as the “Best Container Terminal in the Caribbean” by the Caribbean Shipping Association.

PANAMA PORTS COMPANY Lucas Versari Puerto de Balboa: Building 31501, AvenidaArnulfo Arias Madrid Ciudad De Panama Tel (+507) 207 5100 info@ppc.com.pa www.ppc.com.pa Panama Ports Company is one of the most successful subsidiaries of the Hutchison Port Holdings. They offer specialized services in port

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development, operations, and logistical services in America. Since 1997, PPC has been managing the operations of 2 ports in Panama on both sides of the canal: the Port of Balboa and its sister port, Port of Cristobal. They are open 24 hours a day every day of the year.

The company was granted a 25-year extendable concession by the government for the administration of both ports. The PPC’s objective is to facilitate global commerce and strengthen the global economy by developing modern port facilities, infrastructures, and services in addition to assisting and counseling world commercial organizations and government authorities involved in port infrastructure, maritime and transportation matters.

The growing demands for new tourist destinations, products and services have consolidated PPC as an organization dedicated to maritime activity of a great versatility.

The Port of Balboa is just ten kilometres southwest and a district of Panama City, located at the Canal. This particular port has had the geographic advantage that is the Isthmus of Panama, as well at the opportunity to grow according to the demands of world markets. Since its inauguration in 2000, Port of Balboa has been deemed one of the most important terminals in Panama and remaining one of the 2 leading container ports in Latin America (Colon being the other).

The Port of Cristobal has been operating for more than a century now, 50 years longer than the inauguration of the Port of Balboa. It is located on the Atlantic Ocean entrance of the canal in the city of Colon, on the western edge of Manzanillo Island off Limon Bay. Private management has allowed this port to thrive once again and it was recently deemed one of the most important ports in the Caribbean region.

Much has been invested over the years into both ports in its expansion phases. Presently PPC is overseeing an investment of approximately $US 1,000 million between 2008 and 2015, with aims of raising both ports to the level of “mega-ports”; transforming the two into major hubs to serve the will allow the Panama Ports Company to be able to provide total capacity of up to handling 6.5 million TEUs. Ultimately these investments will provide a the Americas region as a whole.

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PSA PANAMA INTERNATIONAL TERMINAL Robert Ahern General Manager

a compelling proposition for growth.

Transformational thinking and state-of-the-art industrial infrastructure invite global industrial and the expansion of the canal: its strategically attractive geographic location, its extensive logistics and transportation network, and its business-friendly culture.

Panama City Tel (+507) 378 3800 robert.ahern@psa.com.pa www.psa.com.pa PSA has a total of 29 ports in 17 countries across the world including Argentina, China, Netherlands, Singapore and many more including a fairly newly built port in the nation of Panama.

The beginning of its operations in Panama began

PSA Panama International Terminal incorporates a commitment to excellence by setting new standards, by continuously improving results, and innovating in every aspect. Dedication to customers, guiding their success by anticipating and meeting their needs, PSA strives to stay one step ahead. Also, they operate by integration on a global basis, building strength globally, embracing diversity, and optimizing operations locally.

located at the entrance of the Panama Canal,

The company takes pride in their transshipment

Naval Base. It is well positioned to participate in the growth of this strategic hub, and provides an important port of call for shipping lines handling container and Ro-Ro cargo.

and guaranteeing that they are available to serve their clients at all times. PSA sets itself apart through top customer service, excellent logistics and port services packages, and a vast international network of contacts.

PSA Panama

International

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Terminal

present

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EDUCATION & HEALTHCARE Panama’s healthcare sector boasts very affordable rates in a wide range of specialist disciplines, That, coupled with the natural fauna found in the country, contributtes to an emerging health tourism sector.

Education is in an equally positive position, with free education enjoyed in a highly literate society. New and exciting education opportunities are emerging in science and research thanks to the growth of the Maritime sector.

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In Panama, health and medical tourism is growing rapidly, mostly because medical professionals are well-trained abroad, bi-lingual and board-certified; and hospitals have the latest technologies for surgery and sophisticated procedures.

On most procedures Panama offers savings of more than 50% over US and European prices and in addition, medical expenses (including travel) can be deductible under US tax law. The fascination with fitness, beauty and alternative therapies is another factor in the growth of health tourism.

The services a foreigner can find include dental implants (average cost in the US $2,500, in Panama $1,000), plastic surgery, assisted reproduction, cardiology and ophthalmology. State of the art CAT scanning machines, tri-dimensional computer reconstructions and the latest radio therapies for cancer are some of the technologies available at Panama’s hospitals.

Hospitals in Panama City which cater to foreign visitors are Centro Medico Paitilla (affiliated to the Cleveland Clinic Foundation), Hospital Nacional and Hospital Punta Pacifica (affiliated to Johns Hopkins Medicine International).

HEALTHCARE OVERVIEW Panama’s reputation as the most health-conscious country in Latin America dates back to the construction of the Panama Canal when the Isthmus was freed from tropical diseases. Not only did U.S. doctors help to eradicate malaria, yellow fever and typhoid; they inspired generations of Panamanian physicians to train in the US and Europe and return to their homeland to build hospitals with the latest technology.

Panama is now in the vanguard of the new concept of health tourism. People from developed countries are realizing that they can get as good or better treatment places like Panama at a lower cost - and have a holiday into the bargain.

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Other disciplines include Homeopathy, Homotoxology, Herbal Medicine, Prolotherapy, Intravenous Quelation, Magnetotherapy, Manual Therapies (Chiropractic, Reibi).

The Best Hospitals in Panama City Panama has a very good healthcare system and is very inexpensive compared to North America and Europe. Panama has several local insurance companies providing medical insurance coverage for as low as $35 a month.

There are healthcare insurance plans covering up to 80% to 100% of the surgery, hospitalization, medicines, and therapy.

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Centro Medico Paitilla Ave. Balboa y Calle 53, Ciudad de Panamá Apartado 0816-03075 Tel: (+507) 265 8800 / 265 8891 www.centromedicopaitilla.com Located near the main ocean view Balboa Avenue, this hospital affiliates with the Cleveland Clinic where the two hospitals hold joint annual conferences in Panama for the past eight years. Itis an excellent quality, very busy, general hospital in the heart of Panama City. CMP is a top choice hospital for tertiary care. They have excellent diagnostic imaging, good cancer treatment program (radiation, general surgery and chemo) and solid cardiac surgery, neurosurgery, orthopaedics, ENT and internal medicine programs.

This hospital boasts having Panama’s best-known Oncology Unit.

Clinica Hospital San Fernando Via España, Las Sabanas, Panama City, Panama, Tel: + 507 229 0381/ 229 2299 Located on busy Via España Street, this hospital has an “international office” helping expats unfamiliar with Spanish. The San Fernando Hospital affiliates with three respectable U.S. hospitals: Miami Children’s Hospital, Baptist Health International of Miami, and Tulane University Health Services Center. Its a familyowned hospital. As Panama’s first privatehospital (est. 1947), it has a great tradition of excellence and commitment to compassionate care.This hospital is well known for its state of the art inpatient pharmacy, as well as for its diagnostic imaging, orthopaedic, vascular surgery, general surgery and critical careprograms.

with premiums costing much less than insurance in the U.S. In addition, Panama’s medical fees and hospital stay costs are much cheaper.

Many Panama expats find that Panama hospital membership plans are a better option than purchasing medical insurance.

Panama Medical Tourism Many foreigners are taking advantage of Panama’s health care through Panama “medical tourism” programs that are increasing quickly in popularity in the Central American city.

Panama health care is so good that Panama “medical tourism” companies are flourishing. Most of the participants come from countries where health care is prohibitively expensive. Foreigners come for just about every type of procedure from cosmetic surgery to complete dental work. Panama medical tourism companies offer help with all arrangements including booking the procedures and with airfare, transportation, and hotel stays.

Medical procedures in Panama can cost half than the cost in the U.S. In addition, Panama City as an international hub is easily accessible from nearly all parts of the world.

Hospital Nacional Ave. Cuba & 38th &39th Street, Panama City, Panama Tel: + 507 207 8100 / 207 8102 Fax: + 507 207 0580 Located just 3 blocks from Balboa Avenue, this hospital is run by the American Hospital Management Company which affiliates with the Kendall Medical Center in Florida and the University of Nebraska Medical Center.

Panama Hospital Plans Panama’s private health insurance is available with several insurance companies including Blue Shield

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HEALTHCARE OVERVIEW Panama Education & Schools Panama has one of the highest literacy rates in the region, with more than 90 percent of the population literate. A significant percentage of Panamanians speak English well and also Hebrew, mandarin and other languages. There are more than five private universities in Panama, plus a major Catholic university and the state institution, the University of Panama.

Education in Panama is free and compulsory for children between 6 and 15 years. The annual budget for education accounts for approximately 20 per cent of public spending.

R&D in universities is becoming more practically oriented towards society’s needs. Panama needs more well-trained scientists and technicians for the new challenges in the development of the country as a major player in maritime, telecommunications, scientific, ecological and internet sectors.

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Educational Infrastructure Budget assigned to education Literacy Illiteracy Credits to higher education At national level At international level Scholarships granted At national level At international level Technical formation registered in 2000

US$ 710.8MM 97.3% 2.7% 1,418 1,116 302 18,649 18,450 99 19,134

Enrolment at national level Elementary High School University

419,903 251,228 130,026

Graduated at national level Elementary High School

57,504 58,503

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Panama’s private schools for expats relocating here are amongst the top in Central America.

It is recommended that foreigners enroll their children into private schools because Panama’s public schools lack resources, good teachers, and have poor curriculum, as well as suffering from overcrowding.

The majority of Panama private schools have a one-time admission fee ranging from $1,000 up to $12,000 per student.

Panama private school students come from all around the world including Asia, Europe, and North & South America. There are even language based schools such as a Japanese school, a French school, several Chinese schools, and English schools. Religious based schools include Jewish, Catholic, and Muslim.

Here is a list of the international and private schools: Panama Pacifico Academy Tel.: (+507) 836 5054 info@ppa-panama.com www.ppa-panama.com Panama Pacifico Academy (PPA) is one of the newest schools in Panama and will be opening their doors for the first time for the 2012 – 2013 school year. Initially, they will be offering Pre-K3 to 8th grade in the traditional schooling environment and a high school curriculum via an online learning program.

Panama Pacifico Academy is located in the Panama Pacifico development which is just west of downtown Panama City, Panama. There is a one-time admission fee of $10,000 per child. Pre Kindergarten classes costs $10,500 per year and K-12 costs of $12,500 per year.

PPA offers a discount for families with multiple children.

King’s College, The British School of Panama Lindsay Carmony, Project Manager Tel: (+507) 6378 4265 Lindsay.carmody@kingsgroup.org www.kingscollege.com.pa King’s College is the new British School of Panama which will open its doors in September 2012. This new private school is part of the King’s Group, an internationally well-known, prestigious education organization with schools in Spain and the UK. King’s College will initially offer pre-primary, Nursery and Reception Years and the Primary Cycle.

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Eventually the school will also offer the full secondary cycle. Schools in the King’s Group achieve very high academic standards, this year students at King’s have been awarded scholarships to Cambridge University and to Yale University.

King’s College delivers the English national curriculum. The focus is on developing thoughtful and knowledgeable young people. They strongly believe that a child-centered, exploratory learning teaches young children how to think, question and explore new ideas.

International School of Panama Tel.: (+507) 293 3000 E-mail: admissions@isp.edu.pa Website: www.isp.edu.pa The International School of Panama (ISP) is located on Golf Club Road Cerro Viento Rural, San Miguelito district in Panama City.

The ISP is currently home to over 900 students from all over the globe. They offer classes from Pre-K – 12th grade. The Ministry of Education in Panama certifies ISP graduates as well as the Southern Association of Colleges and Schools (SACS) and the International Baccalaureate (IB). School curriculum includes classes for students with learning disabilities and special education programs. Special needs students are considered for admission to ISP on an individual basis depending on their needs and the level of service available to ensure success in the regular classroom environment. Admission is determined by a special team relying on a variety of information such as an Individual Educational Plan, psychological and educational evaluations, school grades, and interviews with parents and teachers.

All classes are taught in English.

The Metropolitan School of Panama Tel.: (+507) 3174700 or (+507) 317 1130 admissions@themetropolitanschool.com www.themetropolitanschool.com/ The Metropolitan School of Panama MET) offers classes from Pre-K to the 9th grade and from the 2013 school year and beyond, they will be offering one additional grade level, meaning by the 2017 school year they will be offering a full 12 year school program.

The staff and teachers at the Metropolitan School of Panama are from all over the globe.

The Metropolitan School campus is located near Clayton in the City of Knowledge. The school year is from August – June.

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Balboa Academy Clayton, Ciudad del Saber, Building No. 129 Tel.: + 507 211 0035 www.balboaacademy.org The Balboa Academy enjoys both Panamanian and USA accreditation for all graduates fulfilling the school’s rigorous curriculum. Balboa Academy began in 1999 and has over 800 full time students from pre-kinder through 12th grade. Balboa Academy applicants should submit their documents for review by May. All classes are taught in English and Spanish is taught as well. Their high school offers French language courses. The school year starts in August to June.

The Panamamerican School Tel.: (+507) 266 6513 / 266 4692 Website: www.panamericanschool-pa.com The Panamamerican School is located in the Cerro Viento district. This school’s academic year is from March thru December. It is one of only two schools in Panama offering curriculum for handicapped students and children with learning disabilities.

Classes are mostly in English, with an increased Spanish emphasis in the higher grades. Current enrollment is over 600 students.

Colegio De La Salle Vía Simón Bolívar, El Cangrejo district of Panama City Tel: (+507) 223 6256 / 263 6325 Fax: (+507) 265 1094 www.lasalle.edu.pa Colegio De La Salle is a Christian school, founded in 1975 as an educational institution. Its main concern is the integral formation of each student, respecting the free development of personality within the concepts of Christian ethics, a sense of socio-cultural community acts, and commitment of every citizen. The school period is from March to December.

Colegio de Panama Calle 73 in the San Francisco district of Panama City Tel: (+507) 391 3930, 391 3929 Fax: (+507) 270 2339 elcolegiodepanama@cableonda.net www.elcolegiodepanama.edu.pa Colegio de Panama operates from March – December and expanded in 2011 to be a fully accredited elementary and high school. It is located in the San Francisco neighborhood and they offer their own bus service.

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Colegio San Agustin Tel. (507 271 4590 /91/ 92 www.colegiosanagustinpanama.com Colegio San Agustin was established in 2001. San Agustin school has a total enrollment of 2,000 students from Pre-K to 12th grade. This school is located in Costa del Este district and the school year runs from March – December. All classes are given in English and graduates are certified by the Ministry of Education of Panama. They do not have any programs for disabled students, and operate their own bus service.

Oxford School Contact: Aida Ceballos Academic Secretary Tel: (+507) 321 3811 aceballos@oxfordpanama.com www.oxfordpanama.com/oxford The Oxford School was founded in 1984 and is the first private international British school in Panama. It follows the National Curriculum of England.

It is located off of Transismica Street in Edison Park. All classes are in English with the exception of Social Studies classes. The school year runs from March to December. Graduates are certified by the Ministry of Education and also Cambridge University in England.

Oxford International School Tel.: + 507 265 6422 Website: www.ois.edu.pa/ois Oxford International School of Panama is located in front of La Iglesias de Guadalupe on Vía España street.

Oxford International School is a well respected private school. The school is located in the Bella Vista district in Panama City on Via España streets The Oxford International School of Panama was founded in 1983 and accredited by the Panama Ministry of Education, as well as the following certificates: Northwest Association of Accredited Schools and Commission on International and Trans-regional Accreditation” (CITA). Classes are taught in both English and Spanish.

Saint Mary’s School of Panama Tel: (+507) 315 0724 / 315 0725 www.stmarypa.com Saint Mary’s School of Panama is located in the Albrook neighborhood in Panama City. This is

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considered an “international“ school because the majority of the students are from all over the world.

Classes are entirely in English, and degrees are recognized by the Ministry of Public Education.

While St. Mary’s is a Catholic school it does accept students of all religions.

have set up campuses or study abroad programs in Panama City, including Florida State University and the University of Louisville.

Colegio Javier Via España, Perejil district, Panama City 2nd campus near Clayton Tel: (+507) 269 4222 Fax: (+507) 223 4002 www.javier.edu

Columbus University Panama City, Panama

Colegio Javier is well ranked in Panama. Its original campus is located on Via Espana and offers education for grades Pre K – 12 in a mostly bilingual environment. A second campus was recently opened near Clayton in the former U.S. Canal Zone. Enrollment is limited in this Catholic school in Panama, but positions are still open. The school year is from March – December, and there are approximately 1,925 students enrolled in the Colegio Javier.

Crossroads Christian Academy in Cardenas Cardenas district in the former U.S. Canal Zone.

Tel: (+507) 317 9774 info@isaacrabin.com www.ccapanama.com Crossroads Christian Academy in Cardenas is a small school run by Panama’s biggest English speaking Evangelical Church whose curriculum includes Bible classes. Grades are PK 4 – 12 and students are prepared for U.S. universities.

The Episcopal School in El Carmen (CEP) Tel: (+507))223 4836 Fax: (+507) 264 8336 colegioepiscopaldepanama@hotmail.com www.cep.edu.pa The Episcopal School in El Carmen (CEP) is a bilingual school with a good reputation. Spanish is taught in every class so either your child already knows Spanish or starts with kindergarten and learns Spanish that way. By high school students can learn French or Japanese as a third language.

Great after school activities are offered such as a debate club, dance clubs, soccer, ecology club, school newspaper, and folklore.

Panama Universities and Colleges The following is a list of colleges and universities in the country of Panama. Several U.S. Universities

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American University Panama City, Panama

Columbus University is a private university located in Panama City which wasfounded in 1992.

Florida State University Panama City, Panama The Panama campus of Florida State University offers bachelors degree programs. The main campus for FSU is located in Tallahassee, Florida.

International School of Medical Sciences Panama City, Panama The International School of Medical Sciences (ISMS) offers graduate-level medical classes in English and is dedicated to the development of professional physicians, preparing graduates to work on becoming qualified doctors in the United States.

Latin University of Panama Panama City, Panama The Latin University of Panama has campuses in the provinces of Chiriqui, Veraguas, Herrera, and Cocle in addition to the Panama City campus. The university has both undergraduate and graduate studies and was established in 1991.

Panamericana University Panama City, Panama Santa Maria La Antigua Catholic University Panama City, Panama The main campus for Santa Maria La Antigua Catholic University is in Panama City; however there are additional campuses for study in Chiriqui, Los Santos, and Colon.

Technological University of Panama Panama City, Panama The main campus for the Technological University of Panama is in Panama City; however there are campuses in Azuero, Bocas del Toro, Cocle, Colon, Chirqui, and Veraguas.

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University of Panama Panama City, Panama The University of Panama is located in Panama City and offers Bachelors, Masters, and PhD programs.

have been doubled to document the standards, protocols and procedures, as the first steps towards standardization in order to provide health care as safely as possible for all customers and users. As of 2011, the hospital was the first in Panama to receive Joint Commission International prestigious accreditation.

RELEVANT INSTITUTIONS

HOSPITAL PUNTA PACIFICA

Yahel Poveda Sales & Marketing Director Tel: (+507) 305 6300 www.hospitalsanfernando.com

Richard Larison Chief Executive Officer (CEO) Boulevard Pacifica y Via Punta Darien Ciudad de Panama Tel: (+507) 204 8000 Fax (+507) 204 8010 rlarison@hpp.com.pa www.hospitalpuntapacifica.com

The San Fernando Hospital was established in 1949 and has been in operation for over 60 years.

The team aims to provide high quality services in a personalized and comprehensive quality and safety to patients. It continues to operate with great success, having built up a reputation as one of the top healthcare facilities in the Republic of Panama.

The development of a high quality and sophisticated medical institution began in 1999. Hospital Punta Pacifica was propelled into existence by a team of high-end physicians and forward-thinking Panamanian entrepreneurs who envisioned a worldclass private hospital, which was in high demand by the local people.

Their vision is to be recognized as Panama’s best internationally certified and recognized hospital through its effective care, clinical excellence and expertise, as well as a range of integrated services that exceed the expectation of patients, physicians, and customers.

Soon after, Hospital Punta Pacifica partnered up with John Hopkins Hospital, an internationally renowned hospital. This strategic affiliation was incorporated to provide patients with the highest standard of health care andsecurity. The John Hopkins Hospital has an international reputation for excellence and discovery, which has allowed Hospital Punta Pacifica to be projected as by far one of the most technologically advanced facilities in all of Panama, bringing the highest standards of care to the region.

HOSPITAL SAN FERNANDO

San Fernando Hospital contains four wards, intensive care, surgical preparation, five surgery suites, recovery from anesthesia, endoscopy, dialysis unit, emergency rooms of both adults and children, specialized clinical laboratory, blood bank, Cardiovascular Diagnostic Center noninvasive, Department of Nuclear Medicine, MRI of 1.5 Tesla, 64-slice CT, Cardiac Catheterization Suite, 4D Ultrasound, Nuclear Bone Densitometry, pharmacy intrahospital equipped with a dressing room and sterile intravenous medication system unidosis, and the only pediatric room in Panama.

The San Fernando Hospital values honesty as its basic element of work responsibility, high quality care and respect for the universal right to life and health. Since its inception, the hospital has worked to provide high quality hospital services, highly qualified personnel in their facilities, and equipment to be constantly renewed to maintain and ensure a current concept. Over the past ten years, efforts

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The infrastructure has been carefully designed to the very last detail. The architecture symbolizes the goals and achievements of the hospital, reflecting externally what they are doing internally. Hospital Punta Pacifica has been showcased in several publications as one of the top 25 most beautiful healthcare facilities in the world. It is strategically located in the Punta Pacifica district, near superior hotels, restaurants, convention centers and shopping districts. This allows patients and their visitors to have full access to historical sites, entertainment, shopping playgrounds.

The internal layout of the facility offers the following:

specifically designed to provide patients comfort and

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Educación & Healthcare

after care treatment in a relaxed atmosphere patients

years. The mission of University of Louisville is to educate the highest academic and professional best leaders to contribute actively to the development of the region.

The University exerts a certain standard by valuing leadership as a way of life, emphasizing quality in everything they do, respect for diversity, passion for service, transformative education, and the highest academic level. Their mission is to educate the highest academic and professional best leaders to contribute actively to the development of the region.

Hospital Punta Pacifica also includes:

screens

mobile teleconferencing

technological edge, mainly in the areas of radiology, anesthesia, surgery, intelligent operating room, obstetrics Hospital Punta Pacifica has continued to grow and expand. It continues to strive for the best and remain innovative, with hopes of developing specialty clinical programs, knowledge transfer, and education product lines, community outreach programs and charity campaigns.

“Anyone that comes here, almost 100% of patients leave saying, I love my doctor” Richard Larison, CEO

UNIVERSITY OF LOUISVILLE Oscar Leon Dean Calle 45, Bella Vista Panama City Tel (+507) 264 0777 Fax (+507) 264 7962 oscar.leon@qlu.ac.pa www.qlu.ac.pa As one of the top ranked universities of Panama and the 4th best MBA program in Latin America, the University of Louisville in Panama has enjoyed a strong presence in the country for the last 12

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The University of Louisville is associated with “Quality Leadership University,” which represents graduate & undergraduate programs from very prestigious American universities: University of Louisville, Towson University, State University of New York – Empire State College, Florida International University, and College of Notre Dame of Maryland.

These have added value to the credibility as all these schools have good rankings.

In Panama students pay a third of what it costs to attend university in the United States, as well students being offered the option of obtaining a Bachelor’s degree by studying completely in Panama, or students have the option to spend the last 2 years abroad in the central campuses of the any of the affiliated universities. University of Louisville also offers select Masters programs for those looking to pursue further into a Masters of Engineering on Engineering Management and Masters of Science on Applied Information Technology. The total population at the University is 35 % foreigners.

Guaranteeing to provide quality professors who have to pass a certain level of standards to have the capabilities of teaching U of L students with quality care. As well having quality students who meet the requirements put forth by admissions, the University of Louisville exemplifying quality in all areas and all individuals.

“We are unique & different as we are the only institution that has partnerships with not just any universities but other prestigious universities and Panamanians are able to earn a degree, not only from us, but at the same time a dual degree with the United States, as well as Chile. And being able to study in English is avery attractive feature; studying at University of Louisville allows students to improve their proficiency in the English language.”

Oscar Leon Dean

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CITY OF KNOWLEDGE (CIUDAD DEL SABER) Prof. Jorge R. Arosemena Executive Director Building 104, Clayton, Ancon, Panama City Tel: (+507) 306 3700 Fax: (+507) 317 3799 info@cdspanama.org www.ciudaddelsaber.org

Activity: Center of Knowledge, Innovation, Entrepreneurship, Research & Development Date of creation: 1997 Just a few minutes from downtown Panama City, City of Knowledge is strategically located across from the Panama Canal. Some 120 hectares and more than 200 buildings of what once was the Clayton military base are now home to a booming international community established for the purpose of business, academic, scientific, and humanistic collaboration.

The objective is human and sustainable development based on knowledge.

The City of Knowledge Foundation is a private, non-profit organization and the project it directs is an independent endeavor. Its mission is to make knowledge available for the benefit of sustainable development by fostering the competitive advantages of Panama.

City of Knowledge is a management platform that focuses on boosting the innovative and competitive capacities of the users who share the Campus.

Integration, dynamic networking, and joint efforts facilitate the transference of knowledge. This allows for an unusual concentration of innovative firms, international organizations focused on development, as well as academic and research institutions, resulting in a lively and successfully collaborative community. In order to strengthen these dynamics, City of Knowledge provides access to a series of benefits and services aimed at the needs of its users.

business, technological development and research institutions, while promoting integration of academic, government and business. Likewise, the City of Knowledge is the regional headquarters for some of the most important international organizations and NGO’s: UNICEF, the Red Cross, the United Nations Development Programme for Latin America and the Caribbean, the World Food Program, Plan International or even the World Organization of the Scout Movement’s Inter American Region.

The Master Plan for the City of Knowledge regulates the use and growth of campus activities, allowing orderly and efficient development of new buildings and spaces. These new buildings will be registered to obtain the LEED (Leader in Energy and Enviromental Development) Certification, granted by the Green Building Certification Institute. This certification serves as a tool in order to measure just how sustainable a building is on matters of efficiency in its use of water, energy, materials, resources, indoor environment quality and design innovation.

As of, 2013, City of Knowledge has the first LEED Gold certified building in Panama and the 4th LEED Platinum certified building in Latin America (first in the Central America and the Caribbean area).

The great challenge for the City of Knowledge Foundation is to create and ensure an efficient, competitive and supportive environment, whose development is sustained by the delicate balance of economic, social and environmental aspects with an effective blend of local and global expertise. This is the reason why the City of Knowledge aspires to be a Sustainable City, through its master development plan, whose management and urban planning model is supported by a sustainability plan that is unique in Panama.

The City of Knowledge steps forward and creates today what the knowledge community of tomorrow shall be, by offering the best quality of life and work conditions to those who aspire to collaborate, as of now, in the task of building that better future for all.

Panama’s competitive advantages are reflected in the six main areas that the City of Knowledge Foundation has identified as priorities for focus and work: Information and Communication Technologies, Biosciences, Environmental Management, Human Development, Global Services, and Business Management and Entrepreneurial Culture.

“The City of Knowledge project is much more than a complex of offices and business, science or development facilities. Ever since its inception, it has understood the needs to start projects in order to achieve a more dynamic transfer of knowledge in the region and promote sustainable human development models”

At the present time, the institution provides facilities and support for education programs, innovative

Prof. Jorge Arosemena Executive Director

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INDUSTRIA DEL TURISMO

Con camas y petacas Dicho popular chileno

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TOURISM INDUSTRY Panama’s tourism industry is mostly business based. Recent regulations and government plans have been put in place to accelerate the already burgeoning industry with coordinated efforts having being made to expand the traditional tourism market, to bring it in line with a strong business model that has been adapted.

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OVERVIEW Panama is a country in Central America with coastlines on both the Caribbean Sea and the North Pacific Ocean, with Colombia (and South America) to the southeast and Costa Rica (and North America) to the northwest. It’s strategically located on the isthmus that forms the land bridge connecting North and South America. It controls the Panama Canal that links the North Atlantic Ocean via the Caribbean Sea with North Pacific Ocean, one of the most important shipping routes in the world.

The ease of travel and wide array of experiences are making Panama one of the most attractive emerging tourism destinations in the world. In just one week, visitors can enjoy two different oceans, experience the mountains and rainforest, learn

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about native cultures and take advantage of vibrant urban life. The capital, Panama City, is a modern, sophisticated metropolis that resembles Miami and has established commerce, arts, fashion and dining.

Panama is known as the “Crossroads of the Americas” due to its privileged position between North and South America. The indigenous meaning of the country’s name, “abundance of fish”, reflects Panama’s reputation as a paradise for water sports enthusiasts and eco-tourists alike. As the isthmus connecting two massive continents, Panama’s flora and fauna is incredibly diverse. For example, Panama was recently named the country with the most bird species in the world; over 900. Panama’s many indigenous tribes are still thriving, living in the same ancient manner as their ancestors, making its cultural fabric exceptionally rich.

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Tourism Industry

Panama’s government has strong ties to the United States and strongly supports business, development and tourism. The International Monetary Fund applauds the country’s diversified economy and predicts it to have one of the strongest GDP growth rates in the world for the next several years. Panama is known for its highly developed international banking sector, with about 80 banks from several countries establishing local branches, including HSBC, BBVA and Citi Bank. Currently undergoing expansion, the Canal continues to drive Panama’s service-based economy and remains one of the most important transportation links in the world.

In addition to the country’s strong economic base, Panama’s physical infrastructure, including modern hospitals, airports and roads, is much more highly developed than its Central American neighbours.

Panama boasts a large and growing expat community; about 25,000 US citizens currently live in the country.

According to the Strategic Government Plan 20102014, Panama has as its goal to position itself as one of the top destinations for leisure and business tourism as well as a prime location for congress and conventions hosting. In this sense, the Government and the ATP [Tourist Authority of Panama] have carried out important actions focused on developing and improving the industry, such as: the migratory decree that facilitates the entrance of tourists to Panama, new direct air routes from Panama to some of the most important destinations worldwide, and the creation of a modern Data Center for tourism services. On the other hand, well known luxury hotel chains such as the RIU Plaza, Hard Rock Hotel, the very first Trump Hotel outside of the USA and the first Waldorf Astoria of Latin America are opening their hotels across the country, thus adding to a growing hotel offer to meet the needs of the growing high profile clientele.

BUSINESS TOURISM IN PANAMA Located in the centre of the Continent, with direct, non-stop access from 45 major cities in Latin America and the United States and Europe, Panama is an ideal meeting destination with excellent facilities and services for memorable world class events.

Panama has one of the largest and most modern convention centres in Latin America. The AtlanticPacific Centre known as ATLAPA can accommodate meetings from 50 to 3,000 people and offers more

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than 10,000 square meters of exhibition space. More than 80 banks from 30 countries around the world operate in Panama, which, coupled with being the regional headquarters of numerous multinational corporations and international organizations, a free trade zone, logistics hub and an impressive real estate development, makes it one of the most recognized business centers in the world, and therefore, a ideal venue for professional and corporate events.

High and modern business buildings and condominiums draw a great city profile giving the city a cosmopolitan atmosphere that is not found anywhere else in Latin America or the Caribbean.

A large number of hotels in Panama boast adequate installations for receiving conventions and travellers with business motives. There are hotels well adapted for this client in this city, as well as along the Pacific coast of the province of Coclé and on the Atlantic coast close to Colón, both within approximately an hour’s drive from the capital. The physical location of these hotels allows for the business tourism sector to overlap and be complemented by leisure activities.

The Panama Chamber of Tourism defines Business Tourism as: “that type of tourism practiced by the person dedicated to the commercial activity: entrepreneurs, international sales agents, businessmen and professionals, among others; who, upon developing the work related to their professions, take the opportunity for enjoying the climatic benefits, the scenery, the shopping centers and the amusements of the place or country where they find themselves”.

CONFERENCE TOURISM History has defined Panama as a centre for meetings and reunions. The Isthmus of Panama was, even in pre-columbine times, the meeting place of Indian tribes. The Portobelo Fairs, held during the colonial epoch, were events held for forty days and more and attracted thousands of merchants from the whole Caribbean coast. Today, the country’s strategic location as a main meeting centre continues unchanged. Together with its modern infrastructure and connectivity it makes it a prime location for conferences and business events.

The logistics and specialized services offered in Panama are complemented with an excellent and diverse offer of tourism attractions.

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The newly built Yoga Pavilion at Rancho de Caldera

Panama also offers what was considered the most advanced and modern convention centre at the time of all Latin America. ATLAPA Convention Centre is 8 hectares wide and with the capacity to hold up to 10,500 people. It also has 24 meeting rooms with a beautiful theatre/auditorium equipped with 2,806 comfortable seats and offers a wide scope of facilities and services.

Among the incentives that Panama offers for conventions hosted in the country are: free usage of the Convention Centre and meeting rooms for conferences of 500 people or more with a minimum stay of three nights. This special offer saves up to $100,000 USD and includes the airplane tickets and hotel reservations for three conference speakers and a welcome reception and presentation for all participants.

Many of the hotels in Panama are also adequately equipped to host small and medium sized conferences with facilities to accommodate between 500 up to 2,000 participants. Likewise, there

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is fierce competition between the hotels, inevitably raises the standards of quality and of-the-art equipment available whilst at the time, considerably lowers prices to make it more attractive for the client.

which statesame much

INTERNATIONAL EVENTS TOURISM IN PANAMA Panama has turned into one of the most important destinations of the American continent in hosting International Events and Congresses. Panama is home to hundreds of these events and congresses each year. A modern infrastructure includes excellent hotels, restaurants, communications together with wide and comfortable Convention Centres like ATLAPA, multiple Halls for conferences equipped with all the modern technology: services of high ranking categories; hygiene; adequate security and peacefulness in the country; efficient air transportation from any part of the world; and the

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Tourism Industry

The largest part of the infrastructure dedicated to this activity is concentrated in Panama. Currently, a project is being elaborated for the construction of a new world class conventions center which will be 15,000 M2 (161,500 Ft2), three times the capacity of the existing ATLAPA Conventions Center.

ECO-TOURISM IN PANAMA It is estimated that Eco-tourism will grow between 16-19% per year, contributing approximately US$ 700 – US$ 900 million annually to GNP and creating 55,000 – 80,000 new jobs across all regions of the country. As an industry, eco-tourism has grown at a rate of approximately 12% annually during the past decade and it is expected to represent 25% of the total market in 2012. Eco-tourism includes an ample range of offers from luxury five-star ecological “chozas” (huts) with views to the Caribbean to camping centers within the great National Parks of Panama. To strengthen the opportunity of Panama’s eco-tourism, a world class biodiversity, the Smithsonian Tropical Research Center, has been established, as well as the new Biological diversity Museum designed by Ghery.

smile and generous hospitality of the people makes this country an ideal place for meetings between international representatives.

In the matter of capacity for organizing international events, Panama has been the host of important encounters, such as the meeting of the Central American Tourism Council, the meeting of the Central American Travel Market and the encounter of the Federation of Chambers of Tourism of Central America. Other such fairs and exhibitions having been held include the following: EXPOComer, Expo Turismo and EXPO Logísitca ( annual events organised by the Chamber of commerce) Panama Jazz Festival (held yearly) The International Book Fair of Panama International Gastronomy Fair Panama International Security Conference & Expo International Engineering and Infrastructure Congress Tecno Show Panama The National Artisan Fair

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Panama has many natural resources for the development of high class ecological tourism.

Possibilities are extended even more when ecological - scientific tourism are strengthened for the benefits of its flora and fauna in zones apt for these activities.

Local and migratory bird-watching is one of the most common types of scientific investigations in the country.

Panama has 49 natural parks, reserves and shelters, including five national parks, located only two hours drive away from the City of Panama.

The most inviting destinations for ecological tourism are: the San Blas archipelago by Kuna Yala (with 365 islands of which 80 are inhabited with autochthonous residents of the zone), Bocas del Toro (observation of turtle egg-laying), Escudo de Veraguas Island (has endemic species, which is projected to become a protected area), the Coiba National Park (Human Patrimony and the object of international studies due to its biodiversity). Coiba is the largest island of the Central American Pacific. Isla Iguana- Iguana Island (during the period of July to October a population of humpback whales emigrate from the North and South Pole towards the warm waters of the tropics

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for mating). Finally, Las Perlas Archipelago (with 39 islands and 100 small uninhabited islands, this archipelago is considered as one of the best places for sports fishing in the world).

The unique geographical location of Panama as a land bridge between two continents has contributed to one of the most complex ecosystems on earth. Panama is making an effort to protect its natural resources with 30% of land set aside for conservation, 25% of this land is designated as national parks, i.e. approximately 5 million acres.

Of the 29 national parks, forest reserves and wild life refuges, five parks are within two hours drive of Panama City, and one is within the metropolitan area itself. According to the classification of US Botanist L.R. Holridge, the isthmus has twelve “life zones”.

L. R. Holdridge devised a life zone classification in 1947 as more appropriate to the complexities of tropical vegetation than previous studies.

The Darien is a largely unexplored area of wilderness close to the border with Colombia. It has

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the largest national park in Panama and the second largest in Central America. The Pan American Highway reaches as far as Yavitz but between Yavitz and Colombia the Darien Gap is untouched.

These remote rainforests here have been declared a World Heritage Site and a Biosphere Reserve by UNESCO. The only major tourist project in this area is a world famous fishing lodge on the Pacific coast that can only be reached by air.

Primeval rainforests, mystical cloud forests, cool mountain retreats, pristine beaches and islands, and seven thriving indigenous Indian cultures, support tremendous opportunities for the development of ecotourism. Although Panama has only comparatively recently been “discovered” by mainstream tourism, it was has long been a choice destination for knowledgeable experts.

Wilderness regions are large enough to support the larger cats of Central and South America. Among the 220 mammals and 354 reptiles and amphibians,

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are 125 animal species found nowhere else in the world. The dense jungle of the Darien or La Amistad National Park is where you will find the Harpy Eagle, Panama’s national bird and believed to be the most powerful bird of prey in the world. Darien is also the home of the Embera and Wounaan Indians.

In Panama there are 954 recorded bird species of which 122 are migrants. The annual migrations of flocks of birds such as hawks and turkey vultures provide spectacular viewing. The famed quetzal is found in larger numbers in the Chiriqui Highlands than anywhere else in the world. The Audubon Society has long chosen this bird watchers’ paradise for regular tours and studies. World-renowned birding sites such as the Pipeline Road in Soberania, Cana Valley in the Darien, Cerro Azul Mountains and the cloud forest habitats of the highlands constantly set records for bird counts and sightings.

Among the 10,000 species of plants found in Panama are 1,200 varieties of orchids, 1,500 types of trees, and 687 different ferns. The Smithsonian Institute

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of Tropical Research has been studying plants and wild life in Panama for over 80 years. One of their seven major research centres is Isla Galeta in Colon, where approximately two hectares of the island were formerly used by the US Intelligence service until 1967.This has been transformed into a world class facility for international scientists to do valuable studies of mangrove habitats, coral formations and the 22 species of tropical birds that are found on the island. These studies have in turn assisted in the monitoring and preservation of Panama’s Caribbean coastline where the islands and reefs shelter a fantastic diversity of marine life. The Centro de Exhibiciones Marinas on the Causeway in Panama City is also run by the Smithsonian Tropical Research Institute and contains, among other interesting exhibits, two aquariums that allow you to study the differences between fish in the Pacific and Caribbean Seas, so visitors know what to look for when they explore some of the marine national parks on both coasts. The fish from the Caribbean are the more colourful. Another of Panama’s most popular ecotourism destinations is the Barro Colorado

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wildlife refuge at Lake Gatun, also a site of ongoing research by Smithsonian scientists.

Panama is an incredibly beautiful and ecologically diverse country with low density tourism. It has an enormous potential for the expansion of ecotourism and ecotourism adventures, popular facets of tourism today. Panama is fast becoming one of the most exciting ecotourism destinations in the world. An example of the recognition of tourist potential and entrepreneurial insight was the “recycling” of a former radar installation within Soberania National Park. This has been transformed into one of the foremost ecolodges specializing in birding in the world.

If you are planning an ecotourism project you will find many opportunities in Panama. Foremost among Panama’s National Parks are the following: (It is strongly recommended that you use the services of a guide to fully appreciate the avifauna and also to avoid getting lost.)

Baru Volcano National Park (14,300 hectares) Dominated by the extinct volcano Baru Volcan, at 3,475 meters above sea level, this is the highest elevation in Panama. On a clear morning both the Pacific Ocean and the Caribbean Sea can be seen from the peak. The resplendent quetzal can be found in the cloud forests on the slopes. Access is from the towns of Boquete and Volcan, located 498 kilometres from Panama City.

La Amistad International Park (407,000 hectares) This park crosses the border shared by Panama and Costa Rica. It is a World Heritage site with great biodiversity and numerous endemic species. Seven of the twelve life zones are identified here. Also known as the Friendship Park, it is famous for the harpy eagle and quetzal, and is home to three indigenous Indian groups.

Access is from Cerro Punta, Changuinola and Bocas del Toro, located 480 kilometres from Panama City.

La Amistad International Park

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Soberania National Park (22,104 hectares) Soberania is known for its world famous birding location.

The Pipeline Road The park contains excellent hiking trails, and includes the Sendero Las Cruces - the cobblestone trail by which Peruvian gold was transported by mules to Nombre de Dios on its way to Spain. A short walk upriver along the Rio Agua Salud brings you to a waterfall where you can swim. Fishing is permitted in Gatun Lake and the River Chagres. The park is located 25 kilometres from Panama City.

Chagres National Park (135,000 hectares) This park preserves the main watershed of the Panama Canal including the Chagres River and Alajuela Lake, providing about 80% of the water needed for the canal’s operation, and all the drinking water for Panama City. Excellent hiking trails through elfin forest and you can see much of the historic Camino Real. Embera Indians originally from the Darien and Bayano have settlements here. The park is located 40 kilometres from Panama City.

Bastimentos Island National Park (13,226 hectares of which 11,596 are marine) Located in the Archipelago of Bocas del Toro, this mostly marine park features spectacular white sand beaches, extensive Caribbean mangroves and the superb corals that are home to over 200 species of tropical fish. Famous Cayo Zapatillas is at the northwest end of the park, with many scuba diving spots. 68 species of birds, 28 of reptiles and 32 classes of mammals can be found here where the rainforest meets the sea. Sea turtles nest on Playa Larga beach from April to October. This park is a ten minute boat ride from Bocas town. Bocas can be reached by plane from Panama City (1 hour) or by road and ferry (14 hours).

Coiba Island National Park (270,125 hectares of which 216,542 are marine) Although remote, this park is one of the jewels of Panama; its coastal ecosystem includes islands, reefs and 240Km of coastline. It is probably the best location in Panama for whale watching due to the surrounding breeding areas. Due to the island’s use as a penal colony, its restricted access conserved the area. Up to now, 36 species of mammals, 147 of birds and 39 species of reptiles have been identified, including the last area in Panama for the scarlet macaw. Famous Hannibal bank is nearby for those interested in deep sea fishing of marlin, tuna, dolphin and others. Coiba Island is 50 minutes by plane or 10 hours by car and boat from Panama City.

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Darien National Park (576,000 hectares) Darien National Park is the most extensive of all Panama’s national parks. In 1981 it was designated a UNESCO World Heritage Site and a biosphere reserve. Darien is a dense primary tropical rainforest that can be explored only by trail or river. Among many rare birds, this is the home of the famous harpy eagle. At its heart is the Cana Valley, considered to be the top birding site in Central America, particularly known for macaws and parrots. The tallest point in the park is Cerro Tacarcuna, 1,895 meters above sea level. Embera and Wounaan Indians make their homes on the banks of the many rivers and travel by finely built dugout canoes. The Park is located 325 kilometres from Panama City.

Metropolitan National Park (265 hectares) A15 minute drive north from downtown Panama City, still within the city limits, this park has numerous nature trails and is the site of extensive tropical rainforest research and an environmental

education centre. It is home to more than 250 species of birds and 40 species of mammals. The view from the top of Cerro Mono Titi is spectacular, offering a panoramic vista of the city, the canal, the port of Balboa, and the neighbouring Parque Nacional Camino de Cruces.

Camino de Cruces National Park (4,950 hectares) Just 30 minutes from Panama City, this splendid park was created in 1992 to form an ecological corridor between the Soberania National Park to the north and the Metropolitan National Park to the south, to guarantee the free flow of species between the two parks while at the same time protecting the east bank of the ecological basin of the Panama Canal. Many species of birds and mammals can be seen in this lush rainforest with its waterfalls and streams. The cobblestones of Camino Real continue through the area, a trail constructed by the Spanish to transport gold to Spanish treasure ships off the coast.

Metropolitan National Park

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BEACHES AND ISLANDS The diversity that is Panama extends to its pictureperfect beaches. Bordering the Pacific Ocean and the Caribbean, along the 2857 kilometres (1,786 miles) of coastline, are myriads of lagoons, bays and countless islands from which to choose.

Whatever your preference – there is a beach for you!

From smart resorts to “Robinson Crusoe” islands where the only footprints will be your own; from calm palm-fringed bays to surfers’ paradise; coral islands and atolls where indigenous people sustain a very different culture; beaches bordered by lush mangroves or hidden beaches where the rainforest meets the sea. The choice is yours.

The colours of the beaches are no less diverse. In

Panama, you will find pristine white sand beaches edging turquoise blue lagoons, inky blue waters of the Pacific coast where foaming white surf pounds on stunning black sand beaches, golden sands and sapphire seas, and “salt and pepper” sand beaches that usually border calmer waters.

These colours change to pearl greys, purples and pinks at sunset. Best of all you can have them to yourself if you wish.

National marine parks and many other areas offer incredible diving and snorkelling experiences.

One interpretation of the name “Panama” in a local Indian language is said to be “an abundance of fish”. Panama provides opportunities for world class sport fishing. Boating, sailing and sea kayaking are popular pastimes. Many of the

Bocas del Toro

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unique diving, surfing and fishing areas have been well kept secrets by serious aficionados; however they are now beginning to gain popularity as more discerning travellers discover the unique opportunities Panama offers.

Follow in the footsteps of explorers such as Christopher Columbus, Vasco Nuñez de Balboa or Francisco Pizarro who all anchored off the Panama coast. Maybe you will find the treasures of pirates and buccaneers like Henry Morgan and Sir Francis Drake, or find wrecks of Spanish galleons resting on the sea bed waiting to be discovered. Modern explorers are discovering treasure in beachfront property they can purchase at a fraction of prices they would expect to pay in other areas on the Pacific and Caribbean coasts.

MOUNTAINS AND HIGHLANDS The Cordillera Central forms a disconnected backbone from Costa Rica in the West, gradually descending to Panama City. Further east towards Colombia, the range becomes known as the Serrania de Tabasará or Cordillera de San Blas. For those who think that as Panama forms a land bridge between North and South America it must run north to south – think again! The Republic of Panama actually runs west to east in the shape of a recumbent “S”. The Panama Canal was constructed at one of the lowest points to carry ships across the continental divide.

The Cordillera Central divides the Republic of Panama into the flat coastal lowlands of the Pacific

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slopes and those of the Caribbean slopes and very much affects the weather patterns of the country.

Generally there is more rain on the Caribbean side where the mountains form a barrier for the warm moist trade winds. The majority of the population live on the Pacific side of the country, southwest of Panamá City. Altitude affects the temperature so the higher elevations offer cool and pleasant respite from the tropical lowlands with their enervating heat.

GOLF IN PANAMA

Panama’s highlands are fast becoming some of the hottest spots for adventure vacations, with worldclass white-water rafting, kayaking, hiking, and rock climbing topping the bill. A pristine environment and few fellow travellers make Panama a stunning destination for the adventure trip of a lifetime.

With the opening of the Jack Nicholas Buenaventura Golf Course at the beach, Panama raised the bar for golfing in Latin America. This course is on a par with some of the best courses in the US.

The mountains and highlands of Panama are home to an incredible variety of flora, fauna and animal species. These are the only mountains between northern Central America and the Colombian Andes.

This isolation leads to many endemic species of birds. In the Chiriqui Highlands you will find two of Panama’s finest national parks.

On Coclé Mountains several projects as second homes or for retired people who look for a quieter style of life without losing comfort of modern life are being developed such as The Bristol Villas. Living in the country provides the opportunity to have an 18 hole golf course, stables, tennis court, etc, close to home.

Coclé also offers beaches and large prairies where salt, rice and sugar are produced and cattle is raised. Furthermore, they have a great handicraft production. All of this is just 90 minutes away from the centre of the city of Panamá.

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Panama is now a golf destination- this small country has city, beach and mountain golf courses including a new course widely regarded as the best in Latin America. And in Panama you can golf year-roundit is summer every day. It also has enough other attractions to keep you occupied and entertained when you’re not golfing.

Since Panama also has the best Retiree Benefits Program in the world, which includes discounts on green fees, it is also attracting a growing crowd of retirees who have found their golfing paradise.

World-class golfing events are taking place such as the BMW Golf Cup International (the world largest golf tournament for amateurs) and the Panama Claro Championship (part of the PGA Nationwide Tour).

HEALTH AND MEDICAL TOURISM Health and Medical Tourism is an emerging global trend. Every day, more and more people are choosing to take their elective and routine medical care abroad.

Not only can they get the required treatment at a mere fraction of the cost but there are no long and unreliable waiting lists. Add to this the chance to explore a fantastic country full of culture and history and it’s easy to see why this trend has become so popular!

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In Panama, health and medical tourism is growing rapidly. Factors drawing medical tourists include Panama’s tourist appeal, position as a hub for international travel, and use of the American dollar as the official currency. Many of Panama’s doctors are bilingual, board certified, and accustomed to working with the same medical equipment and technology used in the United States and Europe.

On most procedures, Panama offers savings of more than 50% compared to the US and Europe.

Some of the benefits are:

Panama has first level hospital infrastructures.

Hospital Punta Pacifica is a state-of-the-art facility that opened in 2006. It was developed by a partnership between local physicians and business leaders who wanted to raise the standard of health care in the region. In 2009 the Hospital signed an agreement with the world renowned Johns Hopkins Medicine International Institute thus becoming the first hospital in Central America associated with this institute.

The following benefits are for all retirees - both foreign residents and Panamanian:

As a result of this affiliation, the hospital enjoys the best resources including personnel, equipment, consultations and advising, offering a competitive service and world class medical attention at affordable prices. The hospital has 75 beds with 52 private rooms to increase comfort and privacy.

Services include urology, cardiology, orthopedics, physiotherapy, gastroenterology, endoscopy, pediatrics, neurology, dermatology, gynecology and obstetrics, nephrology and endocrinology.

Panama is a new destination for the tourism medical industry. With this well known strategic alliance, Panama is now perceived as a touristic destination for surgeries at a low cost performed by prestigious surgeons. The private hospitals in Panama offer foreigners that visit, the opportunity of saving much money in some minor surgeries.

RETIREMENT TOURISM Panama is rated as the number one place in the Americas for retirement by Modern Maturity magazine of the American Association of Retired Persons, and in the top five according to Fortune Magazine and International Living. Conde Nast Traveler selected Panama as one of the six best places for a second home in the Americas.

These ratings are based on safety, cost of living, infrastructure attractions, beauty and climate.

The government of Panama has the best incentive program in the world for foreign retirees.

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One-time importation duty exemption on all your personal and household goods up to $10,000.

Importation duty exemption of a car free of taxes every two years. (Other taxes do apply) All foreigners (not just retirees) who purchase a home of more than $200,000 have the right to a residency visa.

100% Property tax exemption for sole residence

50% off closing costs for home loans.

25% off both international and domestic airline tickets.

10% off prescription medicines ( which are inexpensive to begin with) 15% off dentistry.

30% off bus, boat and train fares.

25% Restaurants 15% Fast Food Restaurants 20% Doctor visits and Surgery 25% Monthly energy, phone and water bill 15% Optometry services 50% Hotel from Monday thru Thursday and 30% on weekends 50% off entertainment including movies, concerts, sporting events and theatre. (This means for example, a movie ticket will cost you $2. And Panamanian cinemas receive American movies about the same time they come out in the States.)

In Panama all banks (mandated by law) have special express lines for Retirees.

And don’t forget, you can hire a full time maid for less than $200 a month. That is probably the most helpful “retiree benefit”.

INVESTMENT IN THE TOURISM SECTOR Due to the growing relevance of the tourism sector each year in the country, the government of the Republic of Panama, through the Tourism Authority of Panama [ATP, for initials in Spanish], considers essential the disposition of a strategic framework of integral nature for the tourist development of Panama; that includes milestones and compliance indicators, in such a way that the different public and private organisms, become acquainted with the scenario in which the tourism growth is to be developed, thus generating: certainty, legal security and transparency in regards to effectiveness of the public management.

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This instrument carried out by the firm Tourism and Leisure Europaxis Consulting and impelled by the government and the private sector of Panama, is funded by the IDB (Inter-American Development Bank) and the support of WTO (World Tourism Organization), is known as the Sustainable Tourism Master Plan 2007-2020.

The regulation of the sector is a necessary step that allows for the strengthening of the tourism institutions and streamlines the development of the sector.

Likewise, the institutions of the public and private sector that lineup within the sphere of tourism and the inter-institutional coordination is established as a priority for an effective development.

Added to this plan is a strong focus on air connectivity that accounts for more than 54 destinations by way of 14 international airlines, within a comfortable and safe environment for all the travellers that visit or transit through the country in their path to other destinations of the continent.

The flagship airline, Copa Airlines, is responsible for the operation of the Hub of the Americas that offer over 54 destinations to 24 countries in the Americas with excellent connections, in some cases with a frequency of up to three daily flights to the most important cities of Latin America.

Panama Law No. 8 is still the most modern and comprehensive law for the promotion of tourism investment in Latin America and the Caribbean.

In so-called Special Tourism Zones, Law 8 offers incentives such as 100% exemption from income tax, real estate tax, import duties for construction materials and equipment, and other taxes.

Panama has declared different parts of the country as Special Tourism Zones which benefit from multiple tax exemptions and tax holidays.

Tax Incentives for Projects in Special Tourism Zones include: 100% Income tax exemption for a period of 15 years 100% Property taxes exemption including land 100% Exemption from Import taxes including the

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Sales tax (5%) for 20 years 100% Income Tax Exemption originated by the interests charged by creditors in the tourism activity investment for 20 years 100% Exemption from liens due to the use of docks or airports built by the company Law 58 incorporates new regulations and incentives outside the Special Tourism Zones. However, in the metropolitan area the minimum investment has increased to US$3 million and US$50,000 for the rest of the country. The world’s largest lodging franchises continue to invest in the sector, including Marriott, Trump Hotels & Resorts, Riu, Holiday Inn, Sheraton, Inter-Continental, Melia, Best Western, Courtyard, Crowne Plaza, Radisson and Decameron. Other projects focused in ecological and historical tours are also being developed despite a rapid increase in tourism investments. This sector represents great potential for investors.

Tourism Potential The country has 1,398 tourism attractions currently registered, from which 1,005, representing 71.9%, are natural sites and 393, representing 28.1%, are cultural and historic expressions. Also, Panama presents many attractions for investors from other countries: A dollarized economy Political stability Legal security Tax incentives Airport hub A United States lifestyle Absence of hurricanes, tsunamis, etc.

A bilingual population (in its majority) International attractions like the Panama Canal, with more than ninety years, exotic flora and fauna.

Prestigious law, auditing and consulting firms More than 100 multinational companies For investment opportunities in the tourism sector, these are some highlights in various areas: The lands of the old airport of Rio Hato for the construction of projects, for its attraction and development opportunity in the area of the Pacific.

Isla Colon in the province of Bocas del Toro.

The residential tourism in the province of Chiriqui,

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especially Boquete, Cerro Punta, Volcan and the beaches of Alanje.

10 mega projects of residential tourism in other areas of the interior of the country are being developed, including gated communities, hotels, golf courses, marinas and new commercial centre.

Sustainable tourism and nature conservation projects such as wildlife and flora watching sites are being developed in reverted areas of the former Canal Zone. These projects are supported by the ATP and have access to international entities counselling and funding.

the beautiful waters of the Bay of Panama and the Pearl Islands. Today, Buccaneros continues the tradition of pulling the treasures up from the Pacific Ocean and Caribbean Sea: Lobster, crab, giant, colossal shrimp, fish, clams, calamari, scallops, and octopus. This is a world class seafood restaurant. “prime� Beef imported from the U.S. and the locally farmed pork, beef, and chicken. Experience the treasures of the earth and sea. At Buccaneros, there is something special for everyone.

CONTINENTAL HOTEL Sustainable Tourism Master Plan 2008-2020 The Tourism Authority of Panama (ATP), in its Master Plan for Tourism Investment, plans for the execution of 21 programs and 72 subprograms.

These programs require a total investment of 741.1 million dollars and will be divided into three strategic groups: marketing, development and construction, and transverse management.

The plan identifies 8 regions with 26 destinations spread throughout all provinces. There are projects in Bocas del Toro, Chiriqui Grande, Volcan Baru, Boquete, Gulf of Chiriqui, Caribbean Coast, Gulf of Montijo, Coiba, Ocu, Las Tablas, Pedasi, Las Perlas, Portobelo, Tuira and Sambu.

The Master Plan also highlights the Infrastructure and Shipping Program, which will have a higher budget item: $204.6 million USD by promoting the construction of a pier for large cruise vessels in Panama City, to consolidate global cruise shipping activities.

In the air transportation sector, the Master Plan will promote the creation of an international airport that specializes in tourist activity, whose main activity is the operation of charter flights allowing distribution of tourists around the area.

Marc P. Giesemann Revenue Manager Ricardo Arias Street Panama City Tel: (+507) 366 7700 reservations@continentalhotel.com www.continentalhotel.com Formerly the Riande Continental, the Continental Hotel & Casino has a glamorous Panama hotel history as one of the foremost Panama City hotels.

Nestled between iconic towers and financial institutions in the business district of Panama City, the Continental Hotel & Casino is an ideal choice for both business and leisure visitors.

Choose from 363 spacious and newly renovated accommodations at the Continental Hotel. Each room features stunning views of the surrounding neighbourhood or the swimming pool. The Continental Hotel offers deluxe rooms, and exclusive Executive Club level and spacious suite accommodations with special services for your convenience and comfort. Guestroom amenities at Continental Hotel & Casino include bathrooms with upscale products, hairdryers, bathrobes, slippers, WiFi, and security systems.

BUCANEROS Dimitri Kalormakis General Manager/Owner Tel (507) 314 0880 dimitri@bucanerospanama.com www.bucanerospanama.com

Additional amenities for your convenience include desks with mirrors and wide cabinets, tables with two chairs, electrical adapters, mini bars, LCD television with complimentary cable including HBO, ESPN and CNN, telephone and voicemail, safe deposit boxes and radio/alarm clock,

Drive down the beautiful Amador Causeway with palm trees. Next to the Panama Canal, continue through the island of Naos and Perico Island. Go to the end of the flamenco island. There you will find the gourmet dining treasure of Panama. X marks the spot of Bucaneros. For many centuries, hundreds of conquistadors, pirates, and buccaneers have sailed

The Continental Hotel also offers wake up calls, 24hour room service, daily housekeeping and evening turndown service, daily laundry service, and irons and ironing boards. Continental Hotel & Casino offers convenience, elegant accommodations and luxurious guest services designed to make business and leisure travellers feel right at home.

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CENTRAL PARK HOTEL, CASINO & SPA Carlos Rosas General Manager Miguel Brostella Street, El Dorado Panama City Tel: (+507) 306 1000 info@centralparkpanama.com www.centralparkpanama.com As you approach its doors, it is apparent that you are about to enter a truly special place. Central Park Hotel, Casino & Spa is in a modern building, carefully constructed to exude elegance. It provides discerning travellers with a warm, intimate atmosphere and the utmost in personal attention. You are guaranteed a warm greeting as you enter the building from a team of friendly and highly trained staff. That same welcome retains its charm from beginning to end of stay.

Located in the heart of the commercial zone of El Dorado and only 10 minutes away from the Panama City’s financial district, Central Park Hotel Casino & Spa gives one the opportunity to enjoy a wide range of activities varying from shopping and indulging in countless restaurants, to enjoying a wide selection of local entertainment on offer in the city.

With a capacity of 325 rooms, a highly-trained and friendly staff, and top quality amenities available, Central Park Hotel offers a unique experience when staying in El Dorado, one of the most thriving neighborhoods of the city, offering a wide variety of services in a very safe location.

Central Park Hotel brings a unique level of comfort to business and leisure travelers in a sophisticated, contemporary-style setting. An executive suite hotel, Central Park Hotel offers guests rooms and suites that are comfortably designed and specifically considered to enable guests to both work and relax in the comfort of their own rooms. From premier technology to finest class amenities, Central Park Hotel creates a world of comfort and service that is hard to replicate. All the rooms are designed with a modern architectural style and offer panoramic views of either Panama City to the one side, and the Metropolitan National Park on the other. At Central Park Hotel you are bound to feel at home away from home. The hotel consists of 325 spacious rooms with avant-garde décor and range from junior, deluxe and superior suites. There is a modern and sophisticated two-floor lobby with mezzanine, a small business centre, 24 hour wifi throughout the hotel, a large swimming pool and

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sundeck area, a casino, spa and 24-hour security. All of this, topped with a friendly team and personalized services, makes Central Park Hotel a great choice.

“Central Park Hotel Casino & Spa offers quality services at competitive prices in the best environment possible; El Dorado, a unique area for those executives who seek peace and security only a few minutes away from the financial center of the city” Mr. Carlos Rosas General Manager Central Park Hotel, Casino & Spa

DEVILLE HOTEL Nelly Goff General Manager Calle 50 y Beatriz M. de Cabal Panama City Tel: (+507) 206 3100 / 263 0303 Fax: (+507) 206 3111 / 263 6313 gerencia@devillehotel.com.pa www.devillehotel.com.pa Shopping for a snazzy place to turn in for the evening? Check in to a boutique hotel. The Deville Hotel is about location, set in the heart of Panama’s financial sector. The name of the hotel is in French, which reflects the classy ambiance and European feel of the hotel. With close proximity to home offices, law firms, investment and insurance companies, art galleries, restaurant and shops.

The rooms are elegantly appointed and themed after important figures. The hotel has a capacity of 33 rooms ranging from the deluxe rooms, junior suites, duplex suites and grand suites. All rooms include ample marble bathrooms with deluxe accessories.

Its comfortable furniture is imported from former French colonies. The cozy, quiet oversized rooms and the antique décor make guests feel that they have vacationed to another epoch. In contrast, the rooms also contain all modern amenities and services, such as cable TV, minibars, WiFi Internet Access, coffee makers, hairdryers, safety deposit boxes and all other amenities you have come to expect in the best hotels.

Constantly putting emphasis on attention to detail, providing top quality services and adding small touches to make one’s stay more enjoyable. With a multilingual staff that will make anyone feel at home immediately, from the first warm welcome until you leave, you will be longing to come back to this extraordinary place.

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EXPERIENCE PANAMA

GLOBAL TOUR S.A.

Ana Royo Director Tel: (+507) 236 4524 Cel (+507) 6980 9412 ana@experiencepanama.net www.experiencepanama.net

Madeleine Wellman de Fernandez Director Via Porras & 65 Street, Bldg. 1995 Ground Floor Panama City Tel: (+507) 270 1136/2353 Fax: (+507) 270 2751 globaltours@cwpanama.net www.globaltours.com.pa

Experience Panama is the country’s premiere destination management company. As one of the leading DMCs, providing a broad category of various travel solutions for individual travellers to travel industry partners, working with incentive, meeting and convention programs, or group travel. Since its inception, Experience Panama has grown rapidly, aspiring to emerge as one of the top companies that offer packages including events, activities, tours, transportation and program logistics.

The company is receptive to new ideas, flexible and adaptable to clients’ needs.

Global Tours Travel Agency is a private company categorized under Travel Agencies. It is located in Panama City, with over 25 years of experience in the local market.

The agency provides their clients with specialized tour package plans that are catered to different ages and needs in order to maximize visitors’ travel experience.

Experience Panama is committed to the following business principles:

An array of excellent travel solutions on the widest range of business or vacation itineraries include

we will show a genuine commitment to the highest ethical standards

United States, Cancun, Mexico, Chile, Argentina, Brazil, Dominican Republic, Santo Domingo, Europe,

every aspect of customer service

baseball, basketball, tennis, golf, concerts, theatre

continued development of relationships with our industry partners, and the community in the provision of outstanding service for the best possible value

Travel’, with which a customer has a choice of travelling to one of the 5 chosen continents of the world that best fits their travelling needs. Local tourism packages are also offered for individuals looking to learn about travels and cruises available in Panama.

position, its natural beauty and all other resources available, to create unforgettable programs for both our individual and group clients our clients, partners and co-workers

GOLDEN AMERICAS TOWER HOTEL

and meet their objectives, earn their trust and confidence and at the same time be flexible to their ever changing needs

Ana Paniza Marketing & Sales Manager Balboa Avenue Panama City Tel: (+507) 214 2144 / 214 2145 ajpaniza@globalhotels.com.co www.lasamericasgoldentower.com

indigenous peoples, in order to create sustainable relationships Being one of the most efficient DMCs, Experience Panama has extended top of the class services to clients from various countries across the globe.

The organization is managed by people with a rich experience and in-depth knowledge of Panama and its attractions and can craft programs that will not only fulfill client requirements but at the same time show off the beauty, culture, history and nature the nation boasts. They cater mostly to the European and Asian markets, but have been known to work globally.

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A new luxury hotel in Panama City is currently being constructed on Avenida Balboa, the Golden Americas Tower. Part of the prestigious Hotels & Resorts Global Group, this new establishment will guarantee its clientele a beautiful place to stay with top international standards. It began its construction in early 2011 and is expected to finish by 2014. The group that owns the building is called Hotel Las Americas, a Colombian based group that

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is family-owned. This group saw the opportunities that lie within Panama, as the tourism industry sky-rocketed in recent years and decided that the time was ripe to invest in Panama.

The Golden Tower Hotel Las Americas was designed by architect Carlos A. Ott. With a cutting edge design and ample space, the building will incorporate 283 rooms that range from 266 superior rooms, 16 junior suites and 1 presidential suite into a 30 storey building.

The hotel contains an Executive Business Lounge with a panoramic terrace, meeting rooms, executive offices and main hall meetings and conventions with capacity for 200 people. There is also an international restaurant, a pool, lobby bar, a spa, and a fitness center equipped with the latest exercise equipment and expert staff, and 3 level parking.

The total investment from beginning to completion totals a near 50 million dollar investment.

Jacuzzis and a massage service with hot and cold stones. There are 78 spacious Garden Suites, each with panoramic nature views. The resort also boasts a well-equipped fitness center, an outdoor pool with wraparound sundeck, an outdoor hot tub, and nearby tennis courts. During mealtimes, individuals are able to sit down to spectacular traditional cuisine at a selection of restaurants, serving breakfast, lunch and dinner often with live cooking stations.

For those wishing to do something different and explore, Hotel Coronado is venturing into eco-tourism.

The hotel is now marketing packages for birdwatchers and anglers, two of the most preferred activities by the growing numbers of North American and European retirees that are choosing to live in Panama.

Hotel Coronado is a beautiful resort with activities for each and every guest. The whole family can enjoy themselves if staying at Hotel Coronado Golf and Beach Club on their next trip to Panama.

HOTEL CORONADO GOLF AND BEACH CLUB PESANTEZ TOURS Diana de la Guardia General Manager Kobbe, Republic of Panama Tel: (+507) 264-3164 www.coronadoresort.com If you are looking for a place to relax and get away, whether it is for leisure or for corporate events, Hotel Coronado Golf and Beach Resort is the place to be.

The Coronado Resort is situated a mere 83 kilometers from Panama City, close enough for convenient access but at enough distance to offer seclusion from the city atmosphere. Guests have the best of both worlds, easy access to the Tocumen International Airport and the city’s Financial District, and a quiet oasis from the commotion of the outside world.

The resort is a tropical oasis, located near the Pacific Ocean with dry forests, trees and natural fauna. The facility, which is part of a country club popular among well-to-do Panamanian families, is promoting itself to North American, Asian and South American markets thanks to its new set of all-inclusive packages.

In addition to having one of the finest golf courses in Latin America, Coronado also offers its visitors the amenities of its beach club as well as its equestrian club, where varied shows take place each week.

Coronado’s equestrian club boasts the only “horse hotel” in Latin America.

Enrique Pesantez Owner Tel: (+507) 223 5374 gerencia@pesantez-tours.com www.pesantez-tours.com Pesantez Tours is a top ranked, full-service, wholesale tour operator, whose agents have years of experience behind them. They are well known for their high quality tour programs, dependability, friendly service and local expertise. A professional guide to the most famous and spectacular sites of the modern, colonial, and old Panama: aborigines, islands, beaches and jungle.

Pesantez Tours makes travel easy, whether you’re a seasoned traveller or going for the first time, they can show you the sights as you’ve never seen them before.

The company’s extensive travel menu includes a list of tours and packages in Panama as well as holidays outside of Panama. handling everything from start to finish and their clients only job is to explore, experience and enjoy.

Pesantez Tours prides itself on maintaining its leadership role within the industry. To this end, they are constantly re-evaluating and evolving offerings to ensure that they remain one step ahead, whilst working alongside competitors and in close conjunction with their client and supplier base to maximize the growth of their destination as a whole.

The hotel also hosts a luxurious spa with seven

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MANREY HOTEL Carlos Tovar General Manager Calle Uruguay E48 Tel: (+507) 203 0000 reservas@manreypanama.com www.manreypanama.com

The Sheraton brand guarantees all of the comfort you can expect from a 4 star hotel, including 361 rooms & suites, with many boasting a spectacular view of Panama’s Bay and the Pacific entrance to the Panama Canal. Health and Leisure facilities include a remarkable Ygia Spa with an assortment of energizing treatments.

The fitness center offers a 24-hour facility with state-ofthe-art fitness equipment.

Manrey Hotel offers their guests space, style and home comforts. The Manrey is the first hotel in Panama that provides a sensory environment, best representing one of the most cosmopolitan cities in Central America.

Staying at the Manrey Hotel makes it easy for you to experience all the wonderful sightseeing, shopping and cultural events that Panama City has to offer.

Business individuals will be pleased with the latest ICTs available for their use as well as the 18 conferences or convention meeting rooms situated within the hotel premises. In order to mix a bit of leisure with business, the hotel has a European style casino where one can indulge in a bit of play. The gastronomy offered by the Sheraton restaurants and lounges cater to international

Manrey Hotel can be found in an exceptional location, including close proximity to Via España, Panama Old Cathedral, and Multicentro Panama. Additional points of interest nearby also include National Bank House Museum and Multiplaza Pacific.

choose to indulge in the aromas and flavor of Italian

The building has 36 air-conditioned guest rooms that offer grand views. Through its innovation and exclusive focus on concierge services, Manrey Hotel offers elegance with attention to every detail.

You can also enjoy many lifestyle facilities offered at the hotels such as restaurants, a fully equipped gymnasium, a swimming pool with a poolside bar, and a sauna and spa. A complete in-room service is also available, as well as a 24-hour business center with event space consisting of a conference center, banquet facilities, a ballroom, and exhibit space.

Additional property amenities include multilingual staff, a nightclub, and express check-in services.

SHERATON HOTEL Fernando Cardoso General Manager Via Israel y Calle 77 San Francisco Panama City Tel: (+507) 305 5100 fernando.cardoso@sheratonpanama.com.pa www.sheratonpanama.com.pa If you need a bed for the night in a location that offers convenience in a luxurious environment, the Sheraton Panama Hotel & Convention Center is a good choice.

Its strategic location at the Panama Bay offers spectacular views as well as a convenient proximity to the Atlapa Convention Center and the Tocumen International Airport.

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TRUMP OCEAN CLUB INTERNATIONAL HOTEL & TOWER Mark Stevenson General Manager mstevenson@trumphotels.com www.trumpoceanclub.com In today’s competitive world, everyone needs a way to stand out from the crowd. It is for this reason the newly built and recently launched Trump Ocean Club International Hotel & Tower in Panama stands to be the largest and tallest building, not only in Panama but in all of Latin America. It touches the sky at 70 stories in a sublime location overseeing the Panama Bay and Punta Pacifica peninsula. This strategic location allows for short commutes to the most important destinations in Panama such as international banking centers, shopping playgrounds, Punta Pacifica Hospital, and the International Airport.

The 70-story building contains condominium residences, hotel condominiums, a wellness spa, a pool deck, a range of designer boutiques, gourmet restaurants, an island beach club, a yacht club, a business center, and an international casino.

The hotels design is distinct and stands to be a worldclass landmark and architectural icon for the rest of the world. The building’s architectural design resembles an elegant sail that exerts a sleek style. The 13th floor deck features 2 incredible pools with waterfront dining options and a 3-story sky lobby nearby. The cuisine is absolutely divine and services provided by all hotel staff are top quality.

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ENTERTAINMENT Visitors to Panama can enjoy its balanced climate and vibrant nature, while discovering its fascinating multicultural history through its wonderful dance, music, and art.

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WEATHER AND WHEN TO GO Panama has a tropical climate. Temperatures are relatively high and vary little throughout the year. side can get rain throughout the year. The weather can be hot and steamy in the lowlands during the

curl.

Some of Panama’s annual festivals draw enormous crowds and are well worth attending if you’re in the area. The Península de Azuero is celebrations are held on the four days leading up of the world’s largest.

The best time to visit Panama really depends on

CULTURE IN PANAMA

recommended to come in December or January.

the most comfortable time to do it. Panama’s

it unique in the region. One of the biggest contributors to this cultural richness is the constant presence of visitors from all parts of the origin of this cultural mix is without a doubt the

is necessary.

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Entertainment Panama is considered to be a true crossroad of races. With almost 3 and a half million

although the various factions come from different mix has created an atmosphere of tolerance and harmony that has always reigned throughout the country.

the population of the country mainly practices the traditions and cultural expressions. In the

the greatest celebrations relating to cultural and

Another important component of the cultural wealth of the country is the traditions of the indigenous groups of Panama. This indigenous population is approximately 8 percent of the population and

and Terribe people. Each of the 9 provinces of

where they preserve and maintain the beliefs and celebrations of their ancestral customs. The

2.

3.

1. Traditional Kuna dress

a warm and friendly place for all.

2. Kuna Mola 3. Traditional Embera man playing a handcraft instrument

and baseball are two of the sports that please Panamanian baseball players have made it into a

Mariano Rivera. Other common sports in Panama

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ENTERTAINMENT The cultural diversity of Panama is expressed in

Wounaan Indians live in remote areas. Their lifestyle has changed very little since the Spaniards found

beliefs are part of the country’s common living; evidence of the country’s rich and intricate cultural

day existence with few economic pressures. Their

each village.

Ngöbe-Buglé

African descendants. bright colours and geometric shapes. During their

Indigenous tribes

bird feathers and paint their faces with geometric

Emberá The Ngöbe Buglé live in huts near rivers or at valleys.

similar culture and live in harmony.

Bokotas

Wounaan

territory in 1983 by the Panamanian government.

This territory covers parts of the Darien National round and built on stilts. There are many traditional

1.

Kuna migrated from the Darien region of Panama to the San Blas Islands on the Atlantic coast in the middle

1. Indigenous tribes 2. Emberá music

their ancestors.

meaning “people.” The name of the language in

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Traditional dance well as the occasional domestic animal and wild game.

Sources of income include the export of coconuts and

Naso The Naso live in small communities along the

Biosphere Reserve.

commercialism started to impact on their lives. The OrganizaciĂłn para el Desarrollo Ecotursitico Naso

underworld struggle between good and evil and represented in the shape of Angel Saint Michael and

a harmonious blend with the peculiar movement made by dance couples during colonial times.

the struggle between good and evil. They are represented by the religious part with the act of mass and by “devils� dancing around the church and trying to prevent the mass from celebrating.

improve the lives of the Naso people.

Bribri The Bribri are an indigenous Indian tribe who live

Folklore The country has a rich variety of legends mostly told

on the Talamanca reservation. They were the

their indigenous culture.

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Music

rooted forms.

accompany their songs and dances.

drums.

another.

the capital of this country includes 3 cities

colourful architecture depicting Spanish

countless attractions.

Patron Saint Festival for St. James the Apostle

Peninsula.

OcĂş Manito Festival

festivals held in Panama. It is held in the month of August every year. Manito is the name given to Panamanians use to greet one another. The greeting Mejorana Festival

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reality it is a religious festival in honour of St. James disciples. where several families lived who were dependent on through July 29. The patron saint festival in Santos. This village was situated where the popular upon thousands of people from across Panama.

Devotion to the Virgin Martyr Saint Librada in the city of Las Tablas One of the most authentic and highly anticipated

the nine rosaries begin and the arrival of the National traditional dresses is ordered from different parts

This festival is held on July 19 and is one of the most renowned and best attended by the Panama public. dresses in the country. the legacy left by the Spaniards. event of these patron saint festivities for Saint

large Mass in the church built in her honour.

Festival de Corpus Christi

which showcase the splendour of local dances and costumes.

Devotion to the Virgin Martyr Saint Librada in the city of Las Tablas

The story recounts that in the early 18th century a group of men formed part of an expedition against

already on the streets performing their talents.

They design and produce the carpets that will form the honourable path for the Blessed Sacrament in

Jacinto Barahona. These men arrived at the shores

The Ceremony of Corpus Christi

Preparing for Corpus Christi festival

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diabolical.

wear special costumes and perform dances that worship the Blessed Sacrament and maintain the tradition of the people.

Holy Week

Easter Sunday.

Costume for Corpus Christi

are plenty of popular religious exhibitions throughout the country; with processions and performances of

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Panamanian cusine

National Festival of the Mejorana

The pollera is the national costume of Panama.

decorative hemming. They are almost completely hand sewn and require such delicate stitching and Montuno for men and the Pollera for women.

ARTS AND CRAFTS to its diverse past and a testament to the people’s ability to adapt to the times while maintaining a strong sense of identity. Typical Panamanian crafts originate in the traditions and cultures of the different

has increased and helps to support the needs of the villages and native people.

brimmed hat of Ecuadorian origin that is made from the plaited leaves of the toquilla straw plant

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GASTRONOMY

The Tortilla in Panama is made differently from other are then placed on top of the tortilla to complete the

Tamales are one of the main national dishes. The

Local Drinks

Panamanian national liquor is a dry clear liquid made see as a side dish everywhere in Panama. A plantain is cut in small slices and then fried. It has a sweet

Sancocho Recipe (traditional dish)

Ingredients 2 1/2 quarts water 1 tablespoon salt 1/4 cup chopped fresh cilantro

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WHAT TO DO

life forms present. This is what specialists call

Panama is the true land bridge connecting North America and South America. Being at the heart of

Panama is the northernmost country where you

south of Panama.

Sea. Although the narrow Isthmus of Panama is of water are incredibly different. That means

are found only minutes from downtown Panama

experience different tropical landscapes in a short paradise.

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Sea and Beach

beauty. Many of these areas are protected. international surf competitions. It’s located in the

offered the opportunity to discover with their

Adventure Travel & Sports

With Panama’s pristine nature and “paths less

Water Sports & Adventure the country have the luxury

of choosing from two W o r l d

of the best weather conditions.

Many

and of

the

wave most

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Entertainment that Panama offers is what propelled the Smithsonian

River Rafting Panama is a country irrigated by hundreds of rivers

A Birds’ Paradise

of them are very large and with strong currents. In

a great place not only for an introduction to the the best birding places in the world. The avifauna

through the rapids. The beautiful landscapes that can be seen through the length of the river are the perfect complement to the intense experience of

are globally threatened. It is not rare to see more than twenty different migrant warblers and vireos

these agitated waters.

Mountain Adventure

There is a specialized centre where you can see

mountain destinations.

whose image adorns Panama’s national emblem.

Other Extreme Sports Challenges To those who wish to experience strong emotions

For more information on specialised tours contact: Emberá Village Tours & Artesania

Nature Tourism The Majestic Volcán Barú Panama offers the visitor an incredible and exuberant natural variety. Abundant vegetation and a colourful variety of animals give the opportunity to experience

Barú offers visitors the opportunity to climb to its top and spend the night in the extensive valley formed

tropics. The ecological richness is inherent of what lives in this biological bridge of numerous species the activity.

Traditional Embera ladies shamanic dance

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Embera men traditional music

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Entertainment Whale and Dolphin Watching

PANAMA Some of the Best Sports Fishing in the World! language and Panama lives up to its name. It has

Panama is one of the only places in the world the Southern and Northern hemispheres. During the

them in the Pearl islands and elsewhere along the

The Whales & Dolphins are waiting for you...

Whale Watching Panama

www.WhaleWatchingPanama.com anna@WhaleWatchingPanam.com

Underwater marine life

Azuero Peninsula - The rich blue waters of the

arrive in their masses to the shorelines of Panama to lay eggs in the same beaches where they were Peninsula.

Bocas Del Toro - Robalo

Turtle Spotting on Isla CaĂąas

Central Panama -

travel enormous distances in the sea to arrive to the great extensions of beaches in the country’s islands divers explore.

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world largest golf tournament for amateurs and Nationwide Tour.

Golf at the Beach in Panama’s Riviera

Darien veritable paradise cut out of the side of a mountain golfers have all their needs attended to. Stay at the luxurious Buenaventura Resort with all the amenities

since there are no roads within a hundred miles.

Spacious cabins and rooms are fully carpeted and course designed by Randall Thompsen. Includes

Golf in Panama

as the all inclusive Royale Decameron Resort with

Panama has recently become a popular golf mountain golf courses including a new course widely you can golf year round as it is summery every day.

Golf in Panama’s Highlands course designed by J. Michael Poellot. Amenities

unprecedented proportion in Panama. Their par with some of the best States.

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yet will be home to only a fortunate few.

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Shopping in Panama a beautiful river four times. This is one of the only

Panama and is one of the region’s favourite

coffee shop.

Panama: A Yachtsman’s Paradise Many a yachtsman has discovered Panama on a trip around the world and never want to leave. They are

Retirement Living in Panama The Fountain of Paradise Retirement Resort Club www.thefountainofparadise.com

Sailing the many seas and Ocean spots in Panama

Taq Taq

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style property complete with personally tailored dining options. Spend the morning at the gym or away the afternoon being pampered in the spa after

was the starting point of expeditions that conquered the Inca Empire in Peru. It was a stopover point of one of the most important trade routes in the history of the American continent leading to the fairs of

passed through. surrounded by beautiful lush gardens boasting

PANAMA CITY and largest city of the Republic of Panama. It has a

place where the previously devastated city is located is still in ruins and is now a popular tourist

Centre of the Continent and a Business Centre

city is the political and administrative centre of the attracted thousands of merchants from the whole

large belt of tropical rainforest. Panama’s Tocumen

In Search of Wellness Medicine and medical services in Panama have a long history of achievements and advances initiated at the beginning of the twentieth century.

Prestigious professionals offer their services in all

international destinations. to Panama in search of top quality medical services from simple dental services to advanced surgery due to our high professional level.

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WHERE TO STAY There is a wide selection of accommodation in

There are choices to suit all tastes and budgets.

Bristol Hotel www.thebristol.com A serene and luxurious enclave reminiscent of travellers escape the pressures of the world. Every detail is designed to impart a heartfelt welcome.

Personalized services include butler service. The restaurant is one of Panama´s most celebrated hotels.

Continental Hotel & Casino Central Park Hotel Casino & Spa

www.hotelriande.com Ideally located in the heart of Panama’s vibrant

offering upscale accommodations and modern amenities. international hotel that and

infrastructure.

Country Inn and Suites

It

Deluxe and Junior Suites. Boasting contemporary

meeting facilities and reasonable rates.

DeVille Hotel--Business District www.devillehotel.com.pa An elegant boutique hotel with decor from the

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Tapas & Bar.

DoubleTree by Hilton www.doubletreepanama.com

of relaxed comfort and the warm hospitality for

America has to offer.

El Panama Hotel

Through innovation and exclusive focus on concierge

hotel that provides a sensory environment and best represents one of the most cosmopolitan cities in the world.

the business and vacation travel.

Le Meridien Radisson Decapolis Hotel www.starwoodhotels.com www.radisson.com this chic hotel is perfectly located on Panama Bay Europe. Three hundred stylish rooms with all the

Manrey Hotel Sheraton Panama Hotel and Convention Center www.starwoodhotels.com www.manreypanama.com

Strategically located in the

by

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the

most

exclusive

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HOURS BUSINESS SERVICES DAILY COMPLIMENTARY NEWSPAPER FEE FOR TRANSPORTATION SERVICES TO BUSINESS AREAS CELL PHONE MOBILE RENTAL VALET PARKING FREE PARKING GARAGE FEE FOR TRANSPORTATION SERVICES PUBLIC AREAS WIRELESS ROOMS WIRED WIRELESS MEETING ROOMS WIRELESS

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VENTAS

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CENTRALPARKPANAMA COM

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Trump Ocean Club Hotel

Las Clementinas Cafe & Bar

www.lasclementinas.com

signature services of Trump AttachĂŠs. Destined to

traditional dishes.

deployed in the wind.

Las Tinajas

WHERE TO EAT

clay piece of pottery that was used in the old days

Panamanian Cuisine Barandas at the Bristol Hotel www.thebristol.com

Restaurant.

Maito www.maitopanama.com Prepare yourself for a food adventure; Maito specializes in innovative fusion cuisine based on

The celebrated restaurant is considered a gourmet staff add to the mix.

area.

Diablicos: Casco Viejo Sector www.diablicospanama.com

International Cuisine neighbourhood.

El Trapiche

Fenecia Restaurant & Hookah Lounge www.restaurantefenicia.com

choice for excellent food and atmosphere. They have a wide variety of dishes ranging from authentic www.ebizguides.com

Entertainment

more. and translates into a culinary experience for every taste.

Market

Habibis Restaurant www.habibispanama.com business lunch of hamburgers and wraps to a night

of hospitality and generosity. Meals are generally

you’re guaranteed to experience a delicious meal in a lively setting.

deal of warmth over the dinner table Puerta de Tierra Steak House La Posta

www.puertadetierrapanama.com

is a warm and modern ambiance that highlights undisputed favourite of locals and visitors in search urban yet provocative environment.

the entire community.

in a delightful presentation. Their specialties are

LT Signature at Manrey Hotel Sushi Itto www.manreypanama.com

offer their guests the essence of Japanese culinary trying to observe the utmost respect for Japanese wisdom and culinary traditions.

Italian cuisine burning oven.

Caffe Pomodoro Luna www.lunarestaurante.com atmosphere. A chic cafe in a private tropical garden. www.ebizguides.com

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impression of travelling in Italy.

La Chesa - Fine Italian

exclusive culinary capitals in America. It is currently

of classic Northern Italian cuisine is complimented

unforgettable experience for special parties.

WHERE TO DRINK & NIGHTLIFE

Seafood Bucanero’s

www.bucanerospanama.com

string of Panama Bay islands with ocean and city views both day and night.

Travel down the beautiful palm tree lined Amador to the lighted main streets and have a great time. treasure of Panama...

any of these places.

and buccaneers have sailed the beautiful waters of

Business District The Wine Bar

for a world class seafood restaurant.

Bucaneros speciality Seafood dishes

A treat for all visitors to Panama City

El Pavo Real

La Mar www.lamarcebicheria.com

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Urbano Bar Istmo Brewpub

This is

stylish retro themed bar with mostly

www.istmobrewpub.com

above the Palms restaurant.

and outdoor seating that caters to both natives and foreigners who crave a good craft brew. On

Sahara

Velvet A new hot spot of the nightlife in Panama. It’s Black Cocktail Lounge

Sparkles Bar elegant bar with sweeping views of the city and bay Prive

Decapolis Sushi Bar and Martini Lounge Pure bar has great city and bay views and a poolside bar that are considered the centrepiece of the Some of the best events in town.Minimalist decor and a DJ that always pleases with the latest beats.

Unplugged Bar & Restaurant This is a popular yet simple bar with one pool

Casco Viejo Scena Platea www.scenaplatea.com

RepubliK Bar

shows Thursdays and a very popular salsa night

A small and relaxing bar that despite its political Relic www.relicbar.com

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years. They have an indoor and outdoor seating and cater to a wide variety of musical tastes.

WHAT TO SEE & DO Take a City Tour

Indigo www.enotecadivino.com Indigo has a chic nightlife scene and hosts themed The Eighth Wonder of the World – The Panama Canal Mojitos Sin Mojitos

site by tourists from all over the world. This greatest name of Panama everywhere in the world is located approximately twenty minutes from the centre of visitors to contemplate the ships passing through this famous waterway. The centre also features a

La Casona de las Brujas Visitor Centre admission is $10.

get a table on the terrace.

Amador Causeway Zona Viva: This refers to an area on Amador with a long strip of clubs and bars where there’s a place for everyone

Casco Viejo, Panama City’s Historical Sector - a UNESCO World Heritage Site

Bamboo

lounge. Near the Brisas del Amador shopping center.

Pahya

A fairly new and popular dance club that plays a electronic music. Brisas del Amador shopping center.

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Casco Viejo, Panama City’s Historical Sector, a UNESCO World Heritage Site

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Entertainment Casinos

sea breezes and ocean and bay views. There’s a good selection of restaurants and nightlife hot spots.

tournaments.

A Nature Hike with Views: Ancon Hill

Panama City’s Nightlife

night clubs and happening spots in the city. With

The path is also in the middle of a rainforest. It should only be done in the morning to avoid midday

the Panamanians is shown in full force thereby

discotheques and bars brighten the city nights Metropolitan Park Eco Tour

minutes from your city hotel. Tour Operators offer options for all tastes. fauna. There are beautiful rainforest and city views A Trip to Amador Causeway With four islands and spectacular views of

the Smithsonian Institute to research the rainforest

Cross the Country by Railroad

yacht marina. Many restaurants have ocean and

Dining Out in the City - In the Top Ten Latin American Cities for Dining recompenses for being a transient site is that it offers excellent food. Those who came to stay have revealed to Panama their international are rated by Trip Advisor as one of the Top Ten

offer a great variety of local and world cuisines for

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it was reconstructed and its cargo and passenger services between these two cities was reinitiated. shores thereby becoming a tourist attraction.

Shop for Souvenirs and Native Handicrafts Panamanian native handicrafts rival Mexico’s in their beauty and creativity. Don’t leave Panama without an authentic souvenir made by one of Panama’s seven living Indian tribes. The most popular handicrafts

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from the tropical tagua nut.

There is a gift for every budget. (Tel:(+507) 2690457)

Embera handcraft weaving

Frank Gehry’s Biodiversity Museum gardens and biosphere gallery exhibits. museum also hired the top notch Bruce Mau to

Ruins of the Original Panama City

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today. Its foundation replaced the former cities of Santa provides shoppers with a wide selection of goods

The city of Panama became the starting point for the exploration and conquest of Peru and a route to transport loads of gold and riches from across

many other stores.

shopping with a large number of shops and stores and a great variety of merchandise at excellent

the city to evacuate and blow up the gunpowder completely destroyed the city. The ruins of the old Duty Free Shopping The Free Zone world heritage.

Shopping in the city smaller volume purchases are possible. There is a

who love shopping hundreds of luxury boutiques and shops with merchandise of all types and

buyer’s possession. All purchased goods are sent to the Tocumen International Airport and can be collected there by the buyer prior to departure from the country.

Its geographical and transient positions have made Panama the focus of an intense commercial exchange. In Panama we have a free zone that visitors may acquire duty free merchandise.

All large stores and any located in malls accept credit cards and the legal currency of Panama is the Multiplaza Mall Multiplaza is located in the upscale neighbourhood of

Multicentro Mulitcentro is on Avendia Balboa across the street Multiplaza Mall

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Excurtions & day trips from Panama City River Chagres and the Emberรก Communities

exist and offer to the visitor the opportunity to be

For tours to Emberรก Villages and other activities listed below contact:

Emberรก Village Tours & Artesania

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Canopy Zipline

Nature as an Active Part of the Canal

viewpoint as you pass over the rainforest treetops and over the Rio Piedra.

Inner Tube Float leisurely down the Rip Piedra through the tropical rainforest. There are several rope swings available along the river to play on too.

sites in that territory dedicated to the observation of the abundant biodiversity of the tropical

Jungle Trot

may catch sight of animal or birdlife along the way.

is the habitat of Indian communities that may be visited.

Salto del Tigre Adventure

Cruise through the Canal Another unique opportunity offered to visitors by

operate for this purpose. There are different

with deep pools to swim and refresh yourself in.

to the other.

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COLON, PORTOBELLO & ISLA GRANDE

who repeatedly looted Portobelo’s treasures brought

Portobelo Bay is one of the most scenic spots in

a second home. preserved some expressions of their native land and with the passing of the years these expressions have included the cultural expressions that are

their colourful clothing and the way in which they is very much appreciated by the people living in the

Fort San Lorenzo: ruins perched high on a stunning promontory above

has yet to be restored or maintained but the setting

The Portobello Customs House1700 : exporting all gold and silver from the Incan empire as well as for importing African slaves into the New

How to Get There

Culture Portobelo’s patron saint. It displays many robes and religious paraphernalia belonging to the statue of the every October 21st.

Beaches

WHAT TO SEE & DO Historical Sites

picturesque island with some good beaches and

Hotel Sister Moon

www.hotelsistermoon.com

Portobelo: A picturesque bay side town with the ruins

treasure stolen from Peru and Bolivia. It was the scene of many fabulous trade fairs until it was targeted by

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institutions such as the Smithsonian Institute for

cabins dispersed along the hill. Sleeping in a natural fresh air environment where you can hear the waves

Diving The Portobelo area offers several good diving spots

along with it.

Shopping large businesses. But if you have a foreign passport

Airport on your way out of Panama.

Colon Cruise Port

one of the most popular cruise ship destinations in Coral reefs in all its glory

Kayaking and Rafting Adventure

Triple A Tours (TAT)

tattourspty@hotmail.com

Operators list on the sidebar.

Ecotourism

of the path of your car. A tour operator can explain

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Entertainment tropical rain forest climate with average daytime

TABOGA

wildlife refuge.

Tourism

History

due to its beautiful natural areas and to its proximity

was originally named Isla de San Pedro by the

How to Arrive The scenic boat trip out to Isla Taboga is part of

church of the same name is claimed to be the second

Geography

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EL VALLE DE ANTÓN

Ecological Guide Guia “El Chacal”

of a volcano that has been dormant for around

WHERE TO STAY Cabañas Segura’s

How to Arrive Car:

before reaching the crater.

hearted and hospitable experience. Set in the

Bus:

Buses leave around every half hour

to go up the mountain and down

the last bus headed to Panama

Helicopter: navigating towards the geometric

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The welcoming Cabana Segura’s in Valle de Anton

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Bocas del Toro.

Canopy Lodge be by the outside world. There are a large number

is a haven of peace and natural beauty in verdant sunbathing.

There are two ways to get to Bocas del Toro. The accommodations and a variety of birding and nature tours.

Los Mandarinos Boutique Spa & Hotel

www.losmandarinos.com Research Institute operates a research station on

America.

by lush vegetation and provides its guests with customized attention and an exceptional service. At

throughout Panama.

BOCAS DEL TORO The

Bocas

and

most

del

Toro

developed

is located. The total population of the archipelago is

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Archipelago

island

this is part of a rain forest after all. It is one of the wettest regions in Panama. There is slightly less

Entertainment

WHERE TO STAY Al Natural Resort www.alnaturalresort.com/

into the lush tropical environment.

The

resort

elegantly

combines

the

ancestral

technologies that allow for harvesting energy from the sun and limits impact on the ecosystem. The resort is situated on a small secluded beach far from close to the natural wonders of Bastimentos Island’s

Guarenteed comfort at the Palma Royale

with stunning ocean views.

The warm ambience at the Palma Royale is in part who will anticipate your every need.

will

Laguna Azul Eco Lodge

seduce

you

into

total

relaxation.

Once

www.hotelagunazulpanama.com

Playa Tortuga Azul while they approach the island with the boat. positions in the area providing guests with an obscured view across the entire bay.

offers a private beachfront pier for convenient and

Palma Royale Hotel & Suites

and nature abound. Playa Tortuga features an

www.PalmaRoyale.com

Ideally

Punta Caracol Resort located

on

Main

the sea in a quiet area of

Royale.

This

www.puntacaracol.com

welcoming

The Palma Royale has been designed with 4

quality windows and doors blur the lines between

environment. The idea is to offer guests a pure and

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launch boats daily for guests to explore beautiful

WHERE TO EAT Bocas Town and Isla Colon 9 degrees

It can’t get better that the master suite at Punta Caracol

intimate experience with nature in a place of singular beauty where they can relax in comfort.

Bocas Bambu Beach

set over the crystal clear waters of the Bocas del be able to observe impressive sunsets interrupted the sounds of nature while laying down on a colonial

Restaurante Guari Guari

Red Frog Rainforest Resort & Marina

trees and within earshot of the sea. The restaurant

www.redfrogbeach.com sits on the main road leading out of Bocas Town where to go. Reservations recommended. the best of stunning beaches and rain forest activities

Isla Bastimentos Bahia Honda Tropical Suites www.bocastropical.com from the forests of Bastimentos Island.

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Entertainment Punta Lava (at Bocas Bound) this restaurant has an amazing beach setting with of an island peninsula. The restaurant currently serves grilled food and is part of a Panama Beach Resort.

Kayukos (at Bocas Bound)

This restaurant is located on a hilltop with some views of the bayside of Bastimentos. The

and lobster divers who come by to sell the day’s catch. There are 3 “ranchos” alongside the main dining area for a more private dining experience and smaller parties.

WHAT TO SEE & DO Tourism in the Bocas Del Toro Islands is true

unique is that it also serves as a covered island pong.

of activity there is on offer a wide diversity of water

Cayo Coral the water and serves a combination of seafood There is a great atmosphere and it is possible to

wait for your food to arrive.

do something fun. There are trails for all ages and

Roots the best “rice & beans” in the entire area. Try the Mono Loco Surf School

www.monolocosurfschool.com monolocosurfschool.com

Isla Careneros Cosmic Crab Cafe

This restaurant on the water is located between Bastimentos and Bocas town. It serves fresh

They teach you how to surf or improve your style

Learning to surf with Mono Loco Surf School

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instructor level.

Panama’s Chocolate

provinces. And why shouldn’t chocolate be an

renowned for.

you step by step to become a better surfer. cooperative. Panamanian certified organic cacao is exported worldwide and is made into some of the finest chocolate in the world.

Diving wateringly good chocolate bars.

Bocas Dive School Edgardo Ibarra

www.bocasdivecenter.com www.gopropanama.net www.idcpanama.com info@bocasdivecenter.com

PADI’s newest and most dynamic dive centre is in Bocas Del Toro. Whether you want to try diving for the first time or are

achieve your goal. Eddie is Panama’s only native

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Bocas Dive Center

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CHIRIQUĂ?

PROVINCE BOQUETE

Los Quetzales

is cooler than that of the lowlands. Its scenic point of land in Panama. attracts tourists from all over the world.

Boquete boasts a very lively music and arts scene.

Sendero Los Quetzales

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the importance of the Ngöbe Buglé indigenous living.

How to Arrive There are several ways to get the Boquete depending

Coffee Tours at Finca Lérida

traditional coffee estate offers optimum conditions for growing premium mountain coffee. The ample bus or a taxi to Boquete.

ideal production of this Arabica.

Hacienda La Esmeralda – Geisha Coffee always drivers willing to do the trip. They will meet you with a car or van in Puerto Almirante where you arrive on the ferry or boat from Bocas or collect you

www.haciendaesmeralda.com

from Almirante to David and then a bus from David

discovered that certain coffee plants of his family’s coffee plantation were producing an exceptional

WHAT TO SEE & DO

might be an area of the farm that was producing an

was being diluted by beans of inferior quality. It turned out that he was right.

Panama’s Coffee Tradition Boquete is to coffee as Bordeaux is to wine.

Panama’s coffee has been considered to be the best

Finca Dos Jefes - Rich Lipner

be a little bit strange if you came to Boquete and

Kotowa Coffee Tours Several of the world’s best coffee producers give you the unique opportunity to have a complete coffee

At a coffee tour in Panama you will learn everything

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the coffee from the trees until the coffee you will

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Mañana Madera Coffee Estate & Guest Suites

luxury mountain retreat. In addition to being the

www.mananamadera.com

passes and local members. coffee. Each bag is freshly roasted and shipped directly from the farm in Boquete.

WHERE TO STAY abundant.

Zipline Canopy Tour: Boquete Tree Trek A thrilling and beautiful ride of almost a mile through

El Oasis www.oasisboquete.com

mountain farm of the same name.

coffee farm.

minutes away from downtown Boquete and next to

Hike and Bike

El Oasis offers comfortable rooms and suites for

and personalized service. It is also a good choice for rain forest to spectacular waterfalls.

Isla Verde www.islaverdepanama.com

Horseback Riding

from the Boquete village in the highlands of Panama. and six enchanting suites as well as a little casita. All lodging is situated in a lush tropical garden setting.

different local tour operators where you’ll see views

as being a charming person.

Hike the Baru Volcano

Mañana Madera Coffee Estate

www.mananamadera.com

Spas and Alternative Health Services Estate. With 3 luxury guest suites offering a personal

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Entertainment Valle Escondido Resort, Golf and Spa surrounding views of the Boquete hills and coffee plantations you are in your element and life does not get much better than this. The estate is at a high altitude above the town of Boquete to ensure the top quality speciality coffee mix that can be found at Mañana Madera.

www.veresort.com

Panamonte Hotel www.panamonte.com The Panamonte Inn & Spa in Boquete is Panama’s only registered member of the prestigious and

the beautiful ponds and gardens within the charming

is a European style hotel where the ambience is

CALDERA from simply very good to fantastic. The hotel is very popular with visiting Panamanians and is well

Rancho de Caldera

www.ranchodecaldera.com contact@ranchodecaldera.com ginatip@gmail.com

The Haven Hotel & Spa

www.boquetespa.com a half hour drive from Boquete. Despite the fact

standard for a small hotel venue in Panama. from the onset to be a “haven” vacation for revive and regenerate.

The Haven Hotel

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View of the Villas at Rancho de Caldera

available. of our 8 horses.

Volcan Baru

WHERE TO EAT Boquete probably has more restaurants per capita

Panama www.lagunasadventures.com lagunasadventures@hotmail.com

Madre Tierra

www.ranchodecaldera.com contact@ranchodecaldera.com cwagsm@yahoo.com

those interested in wellness services there are yoga

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restaurant and part of the Rancho de

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Entertainment been designed to highlight the delectable menu

Panamonte Hotel www.panamonte.com

is a perfect blend of traditional and modern taste.

The newly built Yoga Pavilion at Rancho de Caldera

The food is outstanding and Acclaimed American

The fertile volcanic soil of Boquete is ideal for best coffee in the world. Trout swim in the region’s

organic and biodynamic cuisine. The menu is constantly changing to introduce innovative and the ingredients used being sourced either from their own greenhouse or from small growers in Boquete. The restaurant sits at the far end of the It is considered one of the most highly acclaimed restaurants in Panama. Not to be missed when

in Panama that offers such a rich diversity of

full advantage of this bounty to offer his guests a truly memorable dining experience.

Ristorante e PizzerĂ­a Il Pianista The Rock

The most popular restaurant in Boquete. In the

menu people rave about. The decor is fresh and the highest rating for Boquete restaurants on Trip

The Oasis Restaurant

There is something European about the stone building that houses this restaurant a short drive completes the illusion with his authentic Italian cuisine. The small dining room is on the ground and impatiens; an outdoor patio sits beside a small waterfall. The menu includes fresh pastas such as vegetable lasagne and fettuccine del

www.oasisboquete.com

dining experience that excites the senses. An elegant and vibrant ambiance and gracious highlands of Boquete. The distinctive setting has

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pizza or calzone or grab a pizza to go. A pure

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PEDASI

well as its proximity to several of Panama’s national

How to Arrive Villa Camilla Boutique Hotel

Pedasí has a small airstrip that receives currently

Beach Suites by Villa Camilla

WHERE TO STAY

www.villacamillapanama.com

Villa Camilla Boutique Hotel

www.villacamillapanama.com

the beautiful beach. Peace and relaxation is the

Situated on Panama’s Azuero

offering an array of comforts and personalized service within an intimate and tranquil setting.

over the wide edges of the dramatic pool. Each of the with unique furniture sourced from various parts of the in both the suites and public areas.

Beach Suites by Villa Camilla

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Entertainment Casita Margarita www.pedasihotel.com Gringo Duseks A unique location on the Azuero Peninsula offers the best of Panama travel and tourism. Situated right on

of the road Joe and his wife are the friendly English

Hotel Villa Camilla personalized friendly service.

Pedasi Sports Club www.pedasisportsclub.biz An excellent option set in tranquil surroundings. An

Whether adventure means lying on a white sand

place for you.

Hotel Villa Romana the catch of the day etc. Beautiful setting right on

reservation in advance.

WHERE TO EAT

WHAT TO SEE & DO

Cafe Limon Just past the Town of Pedasi on the left hand side.

A cute coffee shop with outside seating serving

Sports Fishing

lemon and passion fruit for example giving it a

Dulceria Yely

Catch of the day

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close to the shore along the southern edge of the the strong northerly winds that generally produce rough seas later in the day. The average water surface temperature is between 82 and 84ºf.

natural attraction of the Azuero Peninsula.

Pedasi area is home to one of the most consistent

waves are largest in the middle and get smaller as you move toward the far ends of the bay.

Captain Irving D. Barahona

Not surprisingly this area is starting to get and more international surf competitions being held in the area. The Billabong ISA World Suring organises wonderful day trips out to Isla Iguana on

Pedasi and Panama.

Isla Iguana different species of sea turtles nest their eggs

November every year. island.

Isla Cañas Turtle spotting on Isla Cañas from August to October

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Captain Irving D. Barahona - your trusted guide for Isla Iguana,

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Entertainment Peninsula. There are two ways to get there from crocodiles and many different species of birds and

Cerro Hoya National Park

the Azuero Peninsula. The terrain is volcanic in origin and stretches from the coastline to the mountains.

Las CaĂąas Tours Captain Arquimedes Vera

Pedasi Town When you arrive to Pedasi you will notice that all your stress and worries from the city will start to disappear from your mind. On the main street of Pedasi you see colourful little houses with red tile

Arquimedes is your man if you want to get out to

their days. They are the friendliest people you will

occurs on the island during the months of August

exuberant celebration. The town divides itself into shores of the island. Arquimedes will ensure your safe boat trip out to the island either from Puerto

by popular vote.

Arquimedes is your man to get out to Isla CaĂąas turtle spotting

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SANTA CATALINA

Plan to arrive while it is still light because the roads is frequently loose and roaming the roads. This is particularly true of the secondary roads between

which existed in quiet seclusion until discovered by

secret by the surfers for quite some time.

WHERE TO STAY

some of the best of Panama’s natural beauty and shared bath.

and surf and scuba visitors mix with locals to play soccer games.

Hotel Santa Catalina www.hotelsantacatalinapanama.com

How to Arrive South Southwest from Santiago. Whether you are through Santiago. If you are driving from Panama

or side trips.

surfed by a select group of

doors to the public in the mid small hotels and hostels in Santa travellers.

The local hang-out in Santa Catalina at Santa Catalina Hotel

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PEARL ISLANDS

homes owned by wealthy Panamanians. There is a large hotel and other cabins available.

name probably a religious reference rather than a

How to Arrive Sea Las Perlas www.sealasperlas.com

Air Panama The Pearl Islands

schedule contact them.

The Pearl Islands

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ISLA CONTADORA

Contadora Welcome Centre www.contadorapanama.com Set up to ensure that every visitor gets the most Islas de Perlas. They are conveniently located a beach where the ferries arrive and have all the an unforgettable experience.

This could be you with Las Perlas Sailing

WHAT TO SEE & DO

Contadora Welcome Centre

Panama Dive Tours – Coral Dreams

www.panamadivetours.com

Secluded Heaven on Isla Contadora

The real dive experience with Coral Dreams, Isla Contadora

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gear rental.

Catamaran Charter in Las Perlas www.lasperlassailing.es.tl faremoanacharter@gmail.com

Hotel Gerald

much more.

and relish beachcombing the deserted islands all

Whale Watching Panama

www.WhaleWatchingPanama.com anna@WhaleWatchingPanam.com

Pizzas and Pastas.

southern hemisphere to calve in the warm waters of

specialist in animal behaviour who organizes tours you an amazing insight into the behaviour of these

WHERE TO STAY & EAT Hotel Gerald

Gerald’s mouth watering delights! Isla Contadora

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Hotel Punta Galeon www.puntagaleonhotel.com

away on a small island off the coast of Panama in

designed and located in the world’s most exotic

Resort has 48 rooms completely equipped and all

Villa Romantica

www.visitcontadoraisland.com info@visitcontadoraisland.com

used as a holiday resort by its owner. Now it has been converted into a restaurant and a small hotel

glass bottom boat and can furnish you with different

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research and interviews with prominent personalities within both the public and private sector in

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