Business Panama blog

Casinos, the Winning Bet

admin — Tue, 18 Jan 2011 20:13:27 +0000

In Panama, there are 16 casinos and 25 slot machine parlors. According to the Panama Games Board, together these operations totaled US$6.5 Billion in bets from 2000 to 2010. The main brands are Crown and Fiesta, but new hotels like the Hilton and Riu are already applying for their permits.

Kuna Yala No. 3 in the Top 10 of Tropical Paradises

admin — Tue, 18 Jan 2011 20:09:33 +0000

Lonely Planet online just ranked the Kuna Yala San Blas islands as No. 3 among the top 10 incredible tropical paradises in the world.

Beyond its lush palms, gorgeous beaches, the Kunas run all business in the islands, and as a result big hotels have not been granted permits, thus preserving its natural beauty.

Why It Is Important to Invest In Infrastructure

admin — Tue, 09 Nov 2010 16:25:30 +0000

President Barak Obama recently announced, to mixed reviews, a commitment to spending $50 billion on infrastructure products. The Republicans consider it waste of taxpayer money because there won’t be an instant creation of jobs and the U.S. will increase its already overloaded debt burden. Many liberal Democrats love the idea because it will create more Union jobs.

“I don’t like running up the nation’s credit anymore than anyone else, but the fact is that if you visit other countries we are competing with to attract new companies, a major part of their decision is the quality of the infrastructure. From my travels to other countries and from talking with business leaders that visit the U.S., I can tell you that education isn’t the only area in which we are falling way behind”, said Obama.

Right now, since we have so many people, especially laborers out of work, this is an excellent time to upgrade our infrastructure. That said, maybe there is a better approach, which many other countries have utilized rather than borrowing money they don’t have. In Panama, private sector companies are given the rights to build roads, bridges and do other improvement projects. These companies then charge tolls to use the roads.

You might think that is a novel approach, but the US used to do this prior to the Civil War. Governments took over because politicians wanted to create jobs that they could use to reward their supporters. We have gotten away from this and maybe its time we took a page out of our old book. It’s an approach that will be controversial similar to Pennsylvania Governor Ed Rendell wanting to privatize the Pennsylvania Turnpike, but it is probably the most cost effective and efficient solution.

Like in Panama, the opportunity to invest in a recurring revenue operation will attract investment, create jobs and save us from increasing debt. More than likely, the private sector can continue to build and/or improve the roads for less and they would be responsible for maintenance.

Culture in Panama: The “One Thousand Pollera” Parade.

admin — Tue, 09 Nov 2010 16:24:17 +0000

Panama’s national pride was on display in full splendor on Saturday, November 6^th, 2010 during the Parade of the One Thousand Polleras held in Las Tablas, in the Province of Los Santos. Over 3,000 polleras participated on this event.

Organized by the Panama Tourist Agency, the event is a tribute to the country’s national costume for women, the Pollera, a beautiful, 16th century colonial attire that has been adapted to Panama’s culture with indigenous and African elements. One of the most beautiful and expensive dresses in the world; the Pollera features regional variations in each province.

First held in 2003, the parade also honors all of the country’s main ethnic groups and their regional costumes.

The 2010 Parade was an amazing display of swirling color and beauty. Even the President, his wife, and several Cabinet members participated, to cap off a week of celebration of Panama’s independence and national symbols.

The National Costume
Panama is famous for its birds and in the bird world it is the male of the species who sports the brightest plumage, not so in the world of humans. Here, women dazzle while the men fade into the background.

If there were to be an international competition for national costumes, the Pollera, would surely win for its sheer beauty and grace. It has to be the most flattering garment ever devised and Panamanians are rightly proud of it. The formal version consists of a full skirt with two or three ruffles, each one embroidered or appliquéd in a floral design. The skirt is always white and only one other color (or a combination of 2 in recent versions) is used to embroider it. It is worn over many petticoats. Most pieces area hand stitched in incredibly beautiful patterns. The matching top has one or two embroidered ruffles with colored yarn woven around the neckline and a pompom of the same color at the front. Ribbons of matching colors adorn the waistline and it is worn with soft slippers which also match. The hair is worn up and ornamented with tembleques (hair ornaments of gold wire and beads) Gold chains hang from the neck and gold and pearl rosettes known as mosquetas hang from the ears or are used as pins.

Panama: The Best Place to Do Business in Latin America

admin — Tue, 09 Nov 2010 16:21:42 +0000

This year, the Latin Business Chronicle’s annual Latin Business Index placed Panama as the best place to do business in the Latin American region. Last year, the top spot was Chile’s, the long time darling performer of Latin American emerging markets, last year (Chile is now second place).

For the 2010 report, both countries, Panama and Chile scored above 17. The third place went to Uruguay, with a score of 16.3, no big surprises there. The last spot, as expected went to Venezuela, with a score of 1.4, surpassed by Haiti, named the second-worse, with a score of 7.8.

The index covers 19 countries and is the broadest measure of business climate in Latin America, and it takes into account political freedom, ease of starting a business and corporate tax rates. In the globalization and competitiveness category, Panama also moved one spot, to knock Costa Rica out of the top ranking.

The areas that were considered for this report were doing business, economic freedom, competitiveness and technology. Considerable improvements in all of these areas during the past 5 years were mentioned as the key to Panama obtaining the top stop in 2010. These improvements in the business framework and climate also helped offset a declining GDP of the past two years.

In a follow up article, the Latin America Business Chronicle states that “Panama is now the only country that is among the top five in all our five main categories.” In addition to this ranking, Panama continues to be the most globalized country in the region, as per the LBC’s Latin Globalization Index.

The economic growth experienced by Panama in recent years is mostly driven by mega projects like the Panama Canal expansion ($5.2 billion), The Panama-Pacifico (Howard) Economic Zone, one of the largest real estate developments in the world (by London and Regional) which is attracting many multinationals to set up their headquarters there (Dell, 3M, Caterpillar, FedEx). All of these projects are directly supported by the region’s largest international banking sector, the world’s second largest duty free zone and the top commercial ship’s registry in the world.

There is also the City of Knowledge, a conglomerate of higher education institutions, international agencies and think-thanks, attracting already many of the UN agencies like UNICEF, UNDP, FAO, to set up their regional headquarter there, as well as scores of universities, local and regional NGOs, and R&D firms.

The important Questions you need to addressed when moving to Panama

admin — Tue, 02 Mar 2010 22:15:19 +0000

When thinking of moving overseas and becoming a resident or expat in a sunny country like Panama are varied, but regardless of your income, background and age, they usually address the following: What would your legal status be? Should you become a legal resident full time? Or should you come and go often enough to avoid the residency question altogether? If you invest in a new home in your new country, how should you hold title? Should you own your property as an individual or a corporation? What will your tax liabilities be?
These questions are only the beginning of the sometimes unsettling journey to your dream life in Panama. The more seriously you think about the many and tempting opportunities you could pursue in sunny, safe, stimulating Panama, the more questions you have…

· Cost of living…
· Cost of housing…
· Climate…
· Health care…
· Infrastructure…
· Accessibility to the United States…
· The language…
· Culture, recreation, and entertainment…
· Taxes…
· Special benefits for foreign retirees…
· Education and schools (if you’re making the move with children)…
· Safety and security…

This is when a “one-stop-shop,” like Business Panama comes in handy.

The BusinessPanama Group, its staff of professionals and alliance partners combine the leading experts in different fields to provide you quality and efficient services.

For foreign clients pursuing retirement residency, business, investments, consulting, tourism, immigration, raising venture capital, legal services or local partners in Panama, the BusinessPanama Group can provide a range of reliable services and answers.

Hacienda Real Opens in Panama City

admin — Tue, 02 Mar 2010 21:59:02 +0000

After a $3.5 million investment, the Guatemalan chain opened its first restaurant in Panama. The chain now has 5 restaurants in Guatemala, one in El Salvador, and the one recently opened in Panama. For their regional expansion, Hacienda Real has implemented a franchising scheme.

According to newspaper Prensalibre.com, the restaurant can serve 250 customers, and features several private rooms, for entrepreneurs to hold business meetings.

The best features of this place are firstly, the food (the complex aromas a BBQ and wood burning caress the ambiance), second: great location (Calle 49 and Colombia) and decor (Colonial Hacienda Style), and, finally, all at reasonable prices!

Hacienda Real is housed in a restored 1930s home in the historic Bella Vista neighborhood, which includes three levels, 2 for kitchen and dining and one for administration. The whole place has a very nice appeal, incorporating traditional Mexican and Guatemalan art, to Panama’s unique chic tropical feel…

Shopping at Panama’s trendy Multiplaza just got a lot better with the New Dolce & Gabbana Store!

admin — Tue, 02 Mar 2010 21:50:06 +0000

Dolce & Gabbana is and Italian designer powerhouse, established by Domenico Dolce and Stefano Gabbana, incorporating perfumes, and all kinds of accessories to its clothing line. Dolce&Gabbana is the Dream: a luxury brand of unapproachable desirability distinguished for its high sartorial content and original styling of the apparel.

The D&G’s collection for Summer 2010 elaborates the classic cowboy wardrobe to in order to dress urban cowgirls and cowboys , who are able to mix traditional denim jackets, masculine pinstriped suits, suede and perforated leather, with soft cotton, white lace, chiffon, Mickey and Minnie printed crêpe de chine, all styled with suede and leather boots.

Panama has it all, for all tastes and all budgets, from Saks in Los Pueblos to D&G at Multiplaza!

El Carnaval en Panama!

admin — Tue, 02 Mar 2010 21:48:10 +0000

Carnival in Panama is a national celebration, and nothing compares to it during the rest of the year… Every city, every town, every corner of this beautiful country will have some sort of celebration, but you need to plan ahead and check your facts to find suitable accommodation to partake in the fun. By June-August of the previous year, most local hotels are booked solid in the interior provinces, and Even though this is a yearly celebration, an often asked question even by locals is: “When is the carnival this year?” That’s because the celebration is always 40 days before the Christian holly week, hence when Carnival ends, lend starts.

The most famous of all towns is Las Tablas in the province of Los Santos, located in the Azuero Peninsula. Chitre, Penonome, Santiago and Panama City are also places to celebrate it in all its glamour.

The celebration is a huge street party, with parades of beautiful floats reminiscence of Mardi Gras in New Orleans, only better! There are water fights during the day, non-stop music and lots of fun… Everything comes to a halt at around 3-4 p.m. and Panamanians go home to eat, rest and change into their evening apparel, to retake the party for the evening parades with amazing firework displays! With precaution, any tourist can take part of this nationwide celebration!

Tiffany & Co. Opens in Panama

admin — Wed, 28 Oct 2009 22:49:58 +0000

The famous little blue box, the symbol of prestige and quality throughout the world, has made its way into the hands of the Panamanian consumer and visitors.

Tiffany & Co., the jeweler behind the packaging, opened its first boutique in Panama City, Panama, this past July, in an extravagant event of white and turquoise, attended by a list of who’s who in this City, including Panama’s First Lady, Martha Linares de Martinelli.

The new Tiffany Boutique is located in the Mutliplaza Mall, in the exclusive Punta Pacifica neighborhood, and it features elements of the famous New York flagship store with cherry wood accents and stainless steel detailing on the showcases and the vitrines.

The product offerings include a wide range of Tiffany classic fine and engagement jewelry, the exclusive designs of Paloma Picasso and Jean Schlumberger, Elsa Peretti, an assortment of Tiffany watches and clocks, sterling silver gifts and accessories. The boutique also features the new designs from the Tiffany Nature Collection.

While the Panama City store marks Tiffany & Co.’s first location in the Central American region, the company has been operating in selected locations through Latin America.

“The opening of the Panama City store demonstrates our excitement about the prospects and growth in Panama,” said Michael J. Kowalski, CEO and Chairman of the Board, at Tiffany & Co.