Luxury property for sale Panama

Panama: The Republic of Panama is the southernmost country of Central America, connecting the North and South of America. It is the second most industrialized country and the 3rd largest economy in Central America. Panama was colonized by the Spanish and in 1819 declared its independence. From 1819 to 1831 Panama became part of a federation made up of Venezuela, Ecuador and New Granada. This federation was dissolved and Panama became a province of New Granada (later renamed as Columbia). Then in 1903 finally the country was established as the Republic of Panama as we know today.

The United States of America signed a treaty in 1903 which granted the rights to the USA to build and administer the Panama Canal. The Panama Canal eventually opened in 1914.
Panama has a population in excess of 3 million who mostly speak Spanish. Although the official currency is the Balboa in practice the currency is the United States Dollar.
Interestingly Panama mints it own coins but uses the Dollar for their paper money.

Climate: Panama is Tropical with hot days and cool nights. Temperatures ranging from 32 °C (90 °F) daytime to 21 °C (70 °F) at night. Humidity is always present so the best months to visit are after the rainy season December to March

Buying Property in Panama: Tourists and retirees are arriving in greater quantities and consequently helping the local real estate market. Properties in Panama are rapidly increasing in price, which is turning Panama into a seemingly excellent destination for second homes and investments. Of course the planned expansion of the Panama Canal will add to the local economy and help maintain growth.

The Culture: The culture is predominantly Caribbean and Spanish with Spanish as the official language. English is widely spoken. Most Panamanians are Roman Catholic (80% of the population). Panama City hosts a Bahai House of Worship, one of only eight in the world. Completed in 1972, it is perched on a high hill facing the canal, and is constructed of local mud laid in a pattern reminiscent of Native American fabric designs. Because of its historical reliance on commerce Panama culturally is a melting pot. Well demonstrated by the considerable population of Chinese origin; some 130,000. Many Chinese immigrated to Panama from southern China to help build the Panama Railroad in the 19th century and in the 1970s further immigration from China added to the numbers.

Visiting Panama: Panama is one of the world’s most visitor-friendly countries. It received the highest rating for tourist safety from the prestigious Pinkerton Intelligence Agency. Its people are warm, friendly and unspoiled. Panama has always been an international crossroads; Panamanians are accustomed to meeting people from other lands and English is a second language. Another great visitor convenience is that the US dollar is the Panamanian currency.

The Economy: Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, tourism, and medical and healthcare.
In October 2006, Panamanians voted in favor of a $5.25 billion Canal expansion project to construct a third set of locks, which is expected to take eight to ten years to complete. The Government of Panama expects the project to be a transforming event for Panama that will provide 7,000-9,000 direct new jobs during the peak construction period of 2009-2011 and set the tone economically for years to come. The expansion is expected to be financed through a combination of increased tolls and debt.
GDP growth in the first three months of 2007 was 9.4%, surpassing most private and government projections and the robust growth seen in 2006 and 2005, which was 8.1% and 6.9%, respectively. Growth has been fueled by the construction sector, transportation, port and Panama Canal-related activities, and tourism. Though Panama has the highest GDP per capita in Central America, about 40% of its population remains mired in poverty.

Panama has bilateral free trade agreements with Chile, El Salvador, Taiwan, Singapore, Honduras, and Costa Rica. Panama is exploring free trade negotiations with Mexico and other Latin American countries. The U.S. and Panama signed a Trade Promotion Agreement (TPA) in June 2007. Panama ratified the agreement in July 2007; it still requires U.S. congressional approval to enter into force. This agreement will promote economic opportunity by eliminating tariffs and other barriers to trade of goods and services.