Canadians are discovering both the financial and environmental paradise that is Panama; here is a guide to what many are describing as the ‘Dubai of the Americas’.
At the crossroads of both the Pacific and Atlantic Oceans, Panama has always had the geographical location to become the region’s most attractive tourist destination. It may have taken awhile, but the world is finally realizing what Panamanians have known all along; location is everything.
The outlandish skyscrapers, exquisite dining and never-ending shopping plazas are the visible bearers of this economic transformation, but its gradual development as one of Latin America’s most stable democracies and economies is what is most remarkable.
Panama is the southernmost country in Central America [and] is composed of 3.5 million inhabitants with Spanish being the official language. However a growing number of the population have become increasingly bilingual in English. Panama borders Costa Rica and Colombia and its renowned ship canal (77 km long) join the Atlantic Ocean and the Pacific Ocean becoming the major conduit in international trade.
The Panama Canal, formally turned over by United States on December 31 1999, has been responsible for the country’s continuous economic development with its expansion- project creating increased foreign trade and investment.
The banking district around Via España in Panama City is comprised of over 150 internationally renowned banks , from Citigroup to Scotia Bank, and they are known for their strong financial privacy laws. The entrepreneurial workforces that drive these companies are Western-educated and have been trained in America. The attractiveness of such a highly developed international banking sector has not gone unnoticed as business leaders such as Donald Trump build their very own ’70-floor sail shaped’ towers.
It is in its naturalistic splendour where Panama is at its most unique with its mountains and rain forest being some of the most accessible forms of wildlife that one can wish to experience. The tropical rain forest which surrounds the Panama Canal is known for its array of mammals and is home to some of the most breathtaking birds with over 900 different species .
The beach is really never more than an hour away as tourists are spoiled for choice on where to bathe, especially when you realize that the country is only 50 miles wide from its narrowest point.
Panama offers accessibility to Canadians, as a plane ride from Panama City from Toronto is roughly only 5 hours with regular charter flights leaving daily. It’s proximity to the United States has led to an expat community of over 30,000 Americans to emigrate there.
Panama has gradually become one of the safest countries in the region (though theft is still abundant) as tourists gracefully shop at Los Pueblo’s outdoor mall and stride through the historical neighbourhood of Casco Viejo, at all times of the day.
Perhaps the most important factor for Canadians deciding where to vacation and/or retire is the weather and Panama is enviously known for its year-round warm climate. The humidity may be unpleasant in the summer but the oceans’ proximity serves as a quick remedy.
It is also economically viable as the government allows foreigners to own property and share the same legal rights as Panamanians. A retiree visa is easily available and along with it come great social benefits which will be hard to find in any other Latin American country.
Canadians regularly flock to Florida for their retirement but in Panama exists a friendly, vibrant and ‘exotic’ destination which is promising much more for much less.
The new Dubai? Panama hopes so and is proudly confident that its economic rise is sustainable.
Author: Christopher Alvarado
