About the country
Panama is located in Central America, bordering both the Caribbean Sea and the Pacific Ocean, between Colombia and Costa Rica. The capital is Panama City. The official language in Panama is Spanish, but English is widely spoken and understood in business.
It is an international business center, and has one of the largest and the fastest growing economies in Central America. Panama has one of the highest quality of life, health, education, and a healthy economy in Latin America.
About the economy in Panama
Economy in Panama is mainly based on the service sector of banking, commerce, tourism, trading and private industries. Other industries such us agriculture, manufacturing, construction, transport, tourism and financial services are also important.
Panama has one of the most successful international banking centers in the world. The Panama's International Banking Center (IBC) has 90 banks of these 43 have a general license, 32 have an international license and 7 have a representation license. The banks in Panama keep the financial dealings concealed from the tax authorities of their foreign client's home government. The professional services of Panama have managed to ascend the country as a center of international banking services since it is currently ranked second after Switzerland.
The specialized trade services are in large part from the Colon Free Trade Zone, the largest free trade zone in the Western Hemisphere of the globe. Last year the zone accounted for 92% of Panama's exports and 64% of its imports. Panama's economy is also very much supported by the trade and exportation of coffee and other agricultural products.
Panama's tourism kept its growth during the past 5 years due to the government offering tax and price discounts to foreign guests and retirees. These economic benefits caused Panama to be regarded as an excellent place to invest or even to retire.
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