Panama Canal Areas

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On December 31, 1999, the U.S. turned over the Panama Canal to Panama’s new Canal Authority. This date marked a new era for Panama.

The canal areas, where these bases were located, comprise 233,000 acres of prime real estate and over 7,000 commercial and residential buildings. Although many assets have already been awarded to private companies or groups from all over the world, there still are unique investment opportunities in the tourism, technology, forestry, maritime, real estate, transport and industry sectors.

Major opportunities include:

• Farfan Multimodal Complex
• New Ports
• Petroleum Free Zones
• Hotels, Resorts and Marinas
• Housing Development
• Retirement Communities
• Hi-Tech Parks
• Maritime Services
• Ship Repairs
• Ship Handling
• Ship Chandler
• Container Manufacturing & Repairs
• Etc.
  

Law 41 of 2007 is currently in force creating a special regime for establishment and operation of regional offices of multinational companies. This is located is in the grounds of the prestigious City of Knowledge. This area will be managed by the Multinational Headquarters Licensing Commission. Its main functions are to set the requirements for licensing of such businesses, making the country an attractive centre for multinational coming from around the world, and create mechanisms to facilitate monitoring of their activities. Currently, 17 companies are operating in Panama under the new law, gaining advantages in taxation and immigration issues.

Investment Opportunities in Howard

The transformation of the former Howard air force base into a special economic area was designed by the Government of Panama with the advisory of the World Bank’s lnternational Finance Corporation (IFC).

This Project will have a high impact due to the Free Trade Agreement with the United States, the approval of a program for multimillion expansion of the Canal to increase its traffic capacity, measures to increase the competitiveness of the private sector and the construction of a mega container port in the entrance of the Panama Canal.

The Howard Special Economic Area was conceived to turn into a Business Center of the America. Offers benefits to develop commercial and service activities:

• Tax, immigration and labor incentives
• Simplification of installment, operation processes
• The best connectivity of the continent
• Excellent lifestyle
• Availability of qualified workforce
• Training for personnel
• Special customs regime
  

Howard offers an enormous variety of opportunities for investment, raising the competitiveness and positioning as a business area of world class:

• Industrial and commercial properties
• 726 housing units and 25 buildings
• Sport and entertainment structures
• Transportation assets: category 7 airport accommodating for large aircrafts and 4 hangars
• Air cargo terminal and deposits ready to be used
• Telecommunications logistics infrastructure with NOC access point
• Basic services
• System for the supply of fuel
• Hospital complex
• Educational centers and others
  

For related information, please go to Ecommerce, Panama Canal, Tourism, and Ports.

The full Howard project was awarded in May 2007 to London & Regional Properties, a consortium that will develop directly or issue long term concession to third parties for the development of this Port as well as other areas within Howard. The Business Panama Group will be working closely with this consortium in developing investment opportunities for Howard.

If you are interested in any of the opportunities listed below within the Howard project, the BusinessPanama Group has a team of top professionals to help you with:

• Center of repair and maintenance of airplanes and helicopters
• Development of a container port complex in Farfan
• Logistic center for manufacturing and distribution
• Industrial parks and processing zones for export
• Call centers
• Development of residential areas
• Establishment of educative and institutional centers
• Recreational parks, sports, tourist and recreational facilities.
  

If you are a developer or promoter, the Business Panama Group team of realtors, lawyers and other professionals will provide you a variety of services from the purchase of the property to all phases of development including structuring, subdivision, financing, contractual, design, environmental, construction, permitting and more. After beginning a relationship, we will be glad to provide you access to our “List of Recommended Professionals” formed by first class architects, environmental consultants, builders and others.

If you are interested in investing or doing business in the Howard project, please click here to contact us.

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