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Back to school: System reforms look to expand coverage and quality across the board
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As Panama enters a new stage of economic maturity, the quality of its education system has claimed a pivotal role for authorities and the private sector alike, aiming to provide a sound foundation for the future. In the World Economic Forum’s (WEF) “Global Competitiveness Report 2013-14”, the quality of Panama’s education system ranked 75th out of 148 countries, a notable leap up from the…

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Backbone of a healthy economy: Public and private initiatives look to improve services and boost availability of trained personnel
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Good health is always a sign of prosperity. Panama appears to have taken this motto to heart and is now determined to improve the country’s medical facilities, coverage and treatment, feats that do not come easily in a region historically afflicted by high rates of poverty and illness. At the height of its economic success and continued growth, the country is seizing the moment to expand medical…

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A rising star: New legislation supporting the film industry is beginning to bear fruit
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An audio-visual revolution is the term that would best describe the events that have taken place in Panama ever since the Law of Cinema (Ley del Cine) came into force in 2012. At that time, Panama was only producing an average of one film per year, with a shortage of technical and artistic staff, few incentives from the state and a lack of support from the private sector. It was in this context that…

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Tax matters: A look at the country’s tax regime and its implications
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Panama has a territorial taxation system that levies taxes only on operations that take place or that have effects within the country’s territory. Income tax, in particular, is levied only on income that arises from a Panamanian source, regardless of the nationality or residence of the income recipient. Likewise, any service that a company established in Panama provides outside of the country would…

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Seeds of change: Capitalising on a favourable climate, the focus now turns to research and production
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While the large share of high-value services in Panama’s economy, including finance, telecommunications and logistics, is envious for emerging economies around the world, the small size of its agricultural sector arouses some concern. Despite impressive GDP growth in recent years, including regional records of over 10%, the agriculture sector grew just 6% in 2011 and 3.9% in 2012, according to figures…

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Current trends: Legal changes are improving the environment for investors
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The Panamanian economy grew in the three years from 2010 to 2012 at an average annual rate of 9.7%, earning its place as the most dynamic economy in Latin America. This growth, driven mainly by the construction and mining sectors, has promoted the adaptation and updating of national legislation. The legal system is based on the formal sources of law, derived from the Constitution, which secures the…

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Facts for visitors: Things to know before you visit Panama
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Visa Requirements Citizens of the US, Canada, the EU and some other states are granted 90-day visas on arrival with a valid passport. It is generally advisable to have an onward ticket and proof of solvency. Visitors planning to be in Panama for longer than 90 days can apply for an extension, or for a visa in another category, after entering the country. Applications can be made at the Oficina de…

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Conservative growth: Cautious behaviour has maintained sector profitability for many years
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Divided between a national and an international banking system, the Panamanian banking sector was once dominated by foreign banks and global transactions, but now domestic and Latin American institutions are the main players. Despite the sector’s strong performance, large global banks like HSBC and BBVA decided to cease local operations, selling to regional counterparts. With these departures and…

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Regional attraction: International transactions hold much growth potential
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Like its economy, Panama’s capital markets are highly internationalised. With a dollarised economy and free mobility of capital flows, Panama attracts brokers and financial institutions from other regions that choose the country to carry out their international financial operations, in other words the majority of their business. Another feature of the Panamanian capital markets is the important role…

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No shortage of choice: Revenues are surging on the back of increasing income levels and rising visitor numbers
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Double-digit GDP growth for four of the past seven years, moderate inflation and high employment have had a positive impact on Panama’s retail sector. According to the National Institute of Statistics and Census (Instituto Nacional de Estadística y Censo, INEC), retail revenues increased by 19.1% between 2011 and 2012, outpacing those of other service segments such as wholesale commerce (5.4%) and…