What Your Dollar is Really Worth - in Panama and China

Panama is truly spectacular. If you've never been, it's a country on the move. Skyscrapers rise up from what was once a depressed Central American country.

Tuesday, May 20, 2008

Skyscrapers are built IN the ocean. Architecturally, the juxtaposition of the new and the old creates almost a surreal effect. It's 2008 on one side and 1940 on the other.
Panama is a country rebuilding itself both structurally and economically. The third largest economy in Central America, Panama specializes in service industries like banking and tourism. What were once military bases are now malls filled with excellent restaurants, bars and shops. It's now an offshore haven in the ranks of Switzerland and Lichtenstein.

More on this topic

How Will Panama Get Off the Grey List?

August 2014

According to the Superintendency of Banks, removing the country from the list will be more complex than expected, as not all sectors see it as a priority issue for the economy.

Panama needs to improve legislation and controls in the financial system in order to achieve compliance with the recommendations made by the Financial Action Task Force (FATF).

Panamá As Seen by the IMF in March 2013

April 2013

Panama’s economy continues to grow strongly, buoyed by the Panama Canal expansion and large public infrastructure projects.

With average annual growth rates of 8.5 percent, Panama’s per capita GDP has more than doubled over the past decade. This impressive growth performance has been driven by a steady rise in public and private investment in a stable economic environment buttressed by prudent policies.

Panama Objects to Being Classified as a Tax Haven

October 2011

In light of its inclusion in the list of countries who do not have sufficient "fiscal transparency", Panama has requested a supplemental report that includes all measures implemented in the area since May 2010.

A statement from the Ministry of Economy and Finance of Panama reads:

$3.534 million for tourism projects in Panama

January 2009

In 2008 the Panama Tourism Authority approved 96 tourism projects that will generate 15,000 direct jobs.

According to pa-digital.com.pa "These projects were received before August 30, 2008, the final date established by law to hand in the documents and up to December 31 2008 for them to be reviewed and approved, in order to benefit from the fiscal incentives granted by Law 58 (28 December 2006), which promotes tourism development in the country.

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