Panama’s constitution recognizes that foreigners and Panamanians are equal and enjoy the same rights, aiding in the business success to the nation’s prosperity. This is why Panamanian political leaders are committed to developing key industries, such as finance, trade, shipping, infrastructure, real estate, hotels & resorts as well as encouraging more direct foreign investment into mining, petroleum, energy and ports & logistics services. Over the past years, both government and opposition have worked hand-in-hand to create the right legislative and regulatory framework for all these sectors to grow and prosper.
Business in English
International Panama uses English as an official language, alongside Spanish. Use of English is universal, making Panama instantly accessible to anyone conversant in English. Many Panamanians also speak a third language, usually Italian, German or French.
Top Quality Service Providers
Panamanian professionals such as bankers, tax advisors, legal practitioners and accountants are recognized to be among the best in the world, and their excellent reputation has expanded Panama’s product-offering as a wealth management center. A number of family offices have already chosen to locate their operations or certain functions to Panama. The country’s prudential regulatory and supervisory system, under which trustees and other investment services providers have to be licensed, gives comfort to the families by ensuring certain standards are met. With its excellent reputation for high standards of regulation and supervision, competitive costs and a highly educated workforce, Panama is prepared to satisfy the most diverse and sophisticated customer requirement.
Panama’s strengths as a wealth management center lie in the foundations of its thriving finance center, which offers a wide range of investment vehicles including investment funds and trust companies. The country’s excellent physical and legal infrastructure has also been bolstered by seasoned professionals with a proven track record in structuring customized solutions and offering innovative approaches.
Panama has posted healthy economic growth for the last 10 years. In 2014, the economy and the labor market continued to perform well, and the outlook for 2015/16 is favorable. Strong labor market fundamentals, recovering investment and an accommodative fiscal stance are projected to have resulted in real GDP growth of 6.2 per cent in 2014 and 5.8% in 2015, one of the highest in LatAm. This has also allowed Panama to maintain one of the lowest unemployment rates, hovering around 5 per cent.
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