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Panama is an independent country in Central America. It has a very favorable geographic location for trade thanks to the Panama Canal.
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80% of Panama’s economy is based on services such as the Panama Canal, free trade zones, offshore, ports, banking, trade and tourism.
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Panama is of most interest to investors and businessmen due to its economic freedom.
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Panama is the second most popular offshore zone in the world.
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Businessmen in Panama receive personal information protection, no foreign exchange controls and zero taxation.
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Registering a company in Panama costs only $350.
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Panama has a very strong banking sector, there are about 100 international banks that bring significant income to the country’s budget.
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Many world-famous companies have opened their main offices in Panama. For example: Microsoft, Samsung, LG, BMW, Sony, Philips, etc.
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Panama is very attractive for its climate, weather conditions and rich flora and fauna. There are no hurricanes, tornadoes or tsunamis here. Therefore, the number of tourists in Panama is increasing every year.
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Panama is the best place to live for foreign retirees. For them, there is a special government program “Visa Pensionado”, which includes benefits from 10 to 50% in various areas of life and recreation.
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The Panamanian city of Colón is the second-largest duty-free zone in the world.
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About 14,000 ships cross the Panama Canal every year. Each ship has to pay a fee – this is how the country receives more than 2 billion dollars a year.
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Since the opening of the Panama Canal in 1914, more than a million ships have already passed through it.
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Panama ranks second in the world in terms of the number of ships carrying goods under its flag. The country’s merchant fleet is twice the size of the US fleet.
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In 2016, there was a loud scandal – it turned out that politicians from different countries and celebrities hid their income or laundered money with the help of Panamanian offshore companies.
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The Pan American Highway is the longest road in the world.
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Panama is rich in natural resources such as copper and iron, as well as mahogany wood. The country also exports fruits, nuts and fish products.
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The capital of Panama, Panama City, is home to about half of the country’s population. Panamanians are very friendly, family traditions are important to them.
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Panamanians mostly speak Spanish, many know English.
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Panamanians do not quite like to rush. This is especially noticeable in the service sector.
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During the pandemic, Panama had a gender-based quarantine system, with only men or women allowed to go outside on certain days.
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85% of the population of Panama are Catholics.
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The most popular side dish in Panama is fried bananas.
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The official currencies of the country are the Panamanian balboa and the dollar.
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There is no regular army in Panama. The country has a national police, border guard, aviation and maritime services.