In the past ten years, Panama’s luxury tourism industry has grown at an unprecedented rate. This means big business for hotels and resorts, both local and international, to jump in deep to this market. It’s no secret that Panama has been building hotels and resorts at a break-neck pace over the past few years. Many hoteliers have even been criticized for over-building and saturating the market. But the numbers for future growth are too good to not take that risk.

In true Panama style, this boom has been accompanied by an “all-or-nothing” attitude that’s pushing bigger and better hotels. Luxury and large is the trend, and there are some great new hotels/resorts that embody this to a tee. Here’s a quick review of some of Panama’s best:

1. Hard Rock Hotel Megapolis

Though it has only been around for 7-8 years, this over 60-story hotel has already become an iconic part of Panama City’s skyline, and cultural fabric. The hotel has over 500 guest rooms, multiple restaurants, bars, a popular nightclub, and a rooftop disco that overlooks the bay. Each room is decorated in true Hard Rock style, with music memorabilia adorning nearly every wall in the building. It’s also attached to a shopping mall, and casino, making it a one-stop vacation destination for tourists and music lovers alike.

2. Hilton Panama

This is one of Panama City’s newer iconic buildings, built on the famed towering skyline on Ave. Balboa. The Hilton, like many that share its namesake, is a complete luxury experience. There are around 300 guest rooms, with nearly everyone having an unobstructed ocean view. They also have one of Panama’s newest casinos right in the building, and the country’s first Ruth’s Chris Steakhouse. And since they are one of Panama’s newest luxury hotels, they are offering some great rates on rooms as an introduction.

3. JW Marriott Golf and Beach Resort (Buenaventura)

The JW Marriot, formerly known as the Buenaventura, is probably Panama’s most luxurious beach resort. Set in the popular Pacific beach town of Rio Hato, the JW Marriot does not disappoint on any level. It’s set on a massive plot of land that includes a full golf course, botanical gardens, and even a man-made river that has gondola tours around the grounds. The resort itself is so luxurious and expansive; you may even forget you’re on a private white sand beach, which adorns the resort on the southern side.

4. The Waldorf Astoria

The hotel chain made famous by its flagship hotel in New York is now quickly becoming a Panama icon. From a design point, the Waldorf epitomizes sophisticated elegance. It has a stern, dark brown and gold façade, and goes for elegance over gaudiness as it weaves it’s way into the skyline in Bella Vista, near Ave. Balboa. Each room is designed as a suite of sorts, with a wide living-room area and elegant open-front bathroom, and stunning ocean and city views. They also have one of the most stunning pool areas in the city, and two 4-star restaurants within the complex.

The post Panama’s Luxury Hotel Market at a Glance appeared first on POLS Attorneys.

If you’re planning on moving to Panama, chances are you’ve done some research on where to live. There are many expats all over Panama, and a variety of great expat communities in nearly every part of the country. When it comes to population density, however, the greatest numbers of expats live in the capital, Panama City. Panama City is a bustling metropolis with many things to offer, whether you’re an expat or a local.

The city is growing at a breakneck pace, and each neighborhood offers something a little different. If you’re looking at moving to Panama City, and want to know where you should live, we recommend you visit first. That being said, here’s some solid info to get you started so you know what to look for once you’re here. Here are Panama City’s top 5 neighborhoods for expats:

1. Casco Viejo:

Panama City’s Casco Viejo neighborhood is by far the most popular for expats. It is the #1 tourist destination, and a hub for local culture, as well as some of the city’s oldest architecture, and a UN heritage sight. It’s also going through a renaissance of sorts, with massive refurbishment making it the country’s hottest spot for real estate. Casco has a vibrant expat social scene, but also a very authentic local flavor, which makes it ideal for people who want to relocate to Panama and really experience the best the country has to offer. Casco isn’t for everyone, however, as prices for real estate and nightlife tend to be very high when compared to the national average.

2. San Francisco:

The San Francisco neighborhood of Panama City is very up and coming, and more expats are choosing this area now as prices in other parts of the city are rising. San Francisco is a huge neighborhood with a variety of housing options, so you can find a place to rent or buy at nearly any budget. There is also an up and coming restaurant scene there, and many expat-friendly social events and conferences at the ATLAPA Convention Center in the heart of the neighborhood.

3. Punta Pacifica:

One of the newest neighborhoods in Panama City, and a growingly popular one for expats, is Punta Pacifica. This is an area with prime luxury real estate, right on the ocean, with stunning views of the Pacifica Ocean in nearly every building. It’s expensive, but when it comes to conveniences for expats, it’s second to none. There is a 24-hour supermarket, a number of business towers, a marina, and easy access to the highway, as well as the airport. Punta Pacifica has very high prices, so it may not be ideal for people on a limited budget.

4. El Cangrejo:

The El Cangrejo neighborhood of Panama City has long been a popular area for expats from all over the world. El Cangrejo is centrally located in the city, and has many options for both renting and buying real estate. El Cangrejo is moderately priced too, which makes it ideal for people living off fixed incomes, or limited salaries. There is a huge expat community there that gathers at various local cafes, restaurants, shops, and bars. Also, there are many Spanish schools in El Cangrejo, and many people in the area who speak English, and offer English language services in their businesses.

5. Clayton:

While it’s not in the center of the city (in fact, it’s part of the old Canal Zone), Clayton is a great area for expats, and has been for nearly 100 years. Due to its long-standing status as the hub of the Canal Zone, Clayton has an infrastructure that was set up by North American expats, and continues to draw them in today. It offers tropical suburban living, and houses many new tech businesses and NGOs in the nearby “City of Knowledge” business park.

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Panama is rich with natural beauty and modern conveniences, and when it comes to both in one place, Coronado has it. This is one of many reasons why Coronado is one of the best places to retire in Panama. Coronado is a beach town with so much to offer for retirees; you’ll feel right at home. At the same time, you’ll also enjoy the tropical paradise that is the Panamanian Pacific coast. There’s world-class shopping, golf, great restaurants and bars, and of course, a booming real estate market. Coronado is also just an hour’s drive from Panama City, making it an easy trip to Tocumen International Airport, and all of the amenities the capital has to offer.

Why Retire in Panama?

You may be thinking, “is retiring in a foreign country a good idea?” and that’s a very valid and normal concern for many who are looking to make the big move. In Panama, you’ll find that foreign retirees enjoy some of the best quality of life in the world, with government-sponsored incentives like nationwide discounts (25-50% off almost everything), tax breaks, and healthcare. As a retiree, you will also enjoy a favorable climate, and find a number of communities that cater to your needs, along with plenty of fellow retirees to help make the transition smoother.

Why Coronado is One of the Best Places to Retire in Panama

Coronado has long been a favorite beach escape for many Panamanians who want a taste of the good life, while still being close to the city. Now, after years of development and great press, Coronado has also become one of the best places to retire in Panama. While there is plenty to love about Coronado, retirees seem to love it for a few key reasons. It has a gorgeous white sand coastline, beautiful (and often very affordable) properties, great food and shopping, and easy access to the national highways, Panama City, and international airports. Many compare it to Boca Raton or Sarasota, Florida, but at a fraction of the price. You can live very well on a modest retirement savings or social security payments, and still get world-class healthcare and services.

Finding the Right Fit for You in Coronado

Like any good retirement community, there are plenty of options for a variety of tastes and budgets. Because the real estate market is so diverse, we recommend you visit Coronado before deciding to take the plunge and commit to retiring there. It’s also good to plan your budget ahead of time, and search for areas to live based on what you’re looking for, and what you can afford. Purchasing a house on the beach can run you anywhere between $200,000-$1,000,000 so there really are a lot of choices. If you choose to rent, you can get a modest house or apartment for under $1,000 per month, with nicer properties ranging from $1,500-$2,500.

Live a Tropical Beach Life, at a Fraction of the US Cost

One big reason that makes Coronado one of the best places to retire in Panama is its proximity to the beach. Coronado has a few miles of some of Panama’s best white sand beaches, and runs adjacent to similar towns, which make up a seemingly endless stretch of Pacific coastline. The waves are relatively calm, and there’s a steady breeze that washes ashore all year round, making Coronado a great place for people who love tropical, breezy weather. The center of town is mid-sized, and has dozens of restaurants that serve exquisite seafood, land fare, and international cuisine.

There is a small international supermarket where you can find all of your favorite products from back home, and you’re a quick drive from bigger chain stores, and other services. In the town of Coronado, you’ll find lots of boutique shopping, especially for beach gear, clothing, and home décor. Coronado is also extremely safe, and has a very tight-knit community of both expats and locals who look out for each other, and share in their experience, whether retiring or there to work.

To learn more about how to retire to Panama, check out our website, or contact us today

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As the financial year nears its midway point, and you take a look at how your investments have been doing, it’s time to get your next moves in order. If you’re looking to make a splash in international investing, investing in Panama would be a great start, too. That is, if you’re not investing here already. Panama has a very favorable investment climate, which means investing in Panama is a good buy. There are a number of areas to invest in, some riskier than others, but all with growing opportunities as we head into the new year. Here are some of our thoughts on where you should be investing in Panama in 2019, into next year.

Shipping/Logistics

It goes without saying that shipping and logistics are the safest bet for investing in Panama, in 2019 or otherwise. However, 2020 looks like it could be another banner year with the Panama Canal Expansion allowing a ton of new Post Panamax traffic through, which means big business for shipping and logistics companies. It also means big investment opportunities with fuel companies, land freight, and ancillary Canal business all throughout the service sector. This is not just a great current investment, but one of the best sectors for sustained future growth as well.

Real Estate

Panama’s real estate sector continues to amaze as it continues to grow. With investment in Panama real estate opportunity growing all over the country, 2019 has been a fantastic year so far for new property and old property investment. Look for growth in Panama City’s suburbs, and interior in general, as well as beach expansion on the Caribbean coast, and new residential developments in the Canal Zone area, specifically in Balboa and Panama Pacifico. Prices are still relatively low in many places, but they are sure to go up, which means your money should be stable over time.

Hotels

Every dream of opening a hotel, bed and breakfast, or hostel? Well, this looks like a great time to invest in Panama hotels! Tourism is still strong, and unique hotel projects are dominating the market share. And it’s not just in Panama City. Many people who now travel to Panama come strictly for adventure tourism, meaning that nature/eco lodges are in high demand, as well as low-cost hostel options, and beachfront resorts/hotels. This is heavily tied in with the real estate boom, and demand should keep rising.

Construction

See a pattern here? With so many new properties, road projects, highways, subways, and everything under the sun being built in Panama, it’s a no brainer that construction would make the list. Construction in Panama is a fantastic investment, and demand continues to exceed supply. There are so many new projects slated for 2020 and beyond, that this industry is one of the hottest right now when it comes to investment. And it appears it will be that way for many years to come.

Financial Services

Even though it’s been a bit tough the past few years for the reputation of Panama’s financial services industry, it still bodes well for investment as we head into 2020. Panama’s banking industry has shored up regulations to help distance themselves from the Panama Papers scandal. Loans continue to be huge, and Panama is still a strong target for international equity in a number of sectors (many of which are listed above), which makes financial services a great bet in the new year!

The post Investing in Panama: Check out these key industries appeared first on POLS Attorneys.

If you’re looking at investing in Panama you’ve got a lot of options, and that’s a good thing. Panama has lead the way when it comes to offshore investing over the past twenty years, and the reasons are as diverse as the investment options: favorable tax laws, booming services industry, a reliable financial structure, and much more. When looking at Panama as a potential investment target, there’s lots to consider, and many ways to do it. Here are five ways we’ve picked out that can help you get the ball rolling, and ready to invest in Panama right now!

Real Estate:

Real estate is one of the most popular investments in Panama because as an asset, there are many advantages. New real estate purchases get tax breaks for up to 20 years. Homes and condos have favorable financing options, and are often available at a discount if purchased straight out. The rental market is stable, and long-term leasing options can be very profitable, especially in the expat-heavy areas and resort towns. A real estate investment, much like most investments in Panama, also helps expedite the residency and other forms of the visa process, which has many collateral business benefits as a result.

Create a Panama Corporation:

Panama offshore corporations are private entities that allow foreign investment into Panama, under the auspices of Panama’s favorable tax and privacy laws. This is a great option for investors who run international businesses and want to financially operate them without the tax and regulatory burdens of their home country of residence. By creating a Panama offshore corporation, you can partner with other investors and collaborate under a separate entity without listing your investors publicly. The savings on taxes alone produce an almost immediate ROI, and can be scaled much easier than in other countries in the region.

Agriculture:

You may not think of Panama as a big agricultural country (mostly due to its size and terrain), however agricultural investments are very popular, and a great way to invest into the country. Panama’s main agricultural product is coffee, and coffee investments in Panama are some of the most lucrative in the world. Although agriculture investments tend to be large-scale, they can ultimately set you up for long term returns, and are a great way to gain Panama residency and access to Panama’s favorable banking and tax infrastructure.

Logistics/Services:

Panama has a very vibrant small/mid-sized business market, and a strong services market that can be leveraged for big gains when it comes to offshore investments. With the Panama Canal bringing so much into and through the country, shipping and service logistics are in a constant high demand. Businesses that provide valuable services tend to thrive in Panama, and the scale of the investment is very open, meaning that you can make a small investment and still have a big impact. This type of investment also presents a great opportunity for financial partnerships with existing logistics/services businesses, which will grant you (the investor) the ancillary offshore investment benefits already associated with the existing business.

To learn more about how you can invest in Panama, don’t hesitate to reach out to us with any questions or concerns. Like all things involving business in Panama, we recommend you seek legal counsel before making any investment decisions.

The post Four Ways You Can Invest in Panama RIGHT NOW! appeared first on POLS Attorneys.

Moving to Panama? Planning on investing in Panama? Just coming for a quick visit? Get to know the country first. There’s so much to this culturally rich, fun, and diverse country that you’ll want to be prepared to get the most out of it, no matter what your interest level is. So, before you hit the tarmac in Tocumen, or make the big leap to open your business or move here, check out these fast facts on Panama, and get to know why so many love to live and work here.

The word “Panama” means “abundance of fish.”

While some historians believe that Panama was an indigenous name for a particular tree, or an abundance of butterflies, the majority consensus is that it means “abundance of fish.” Panama was a thriving area for many indigenous tribes who settled there for the natural resources and protection. Even today, the country is known for its natural riches and resources, which keeps the name ringing true.

Panama hats are actually Ecuadorian.

Despite the name, and representation in popular culture, Panama’s iconic tropical hats are actually originally Ecuadorian. They were common among men along the Ecuadorian coast, and became so popular for warm weather climates, that they were exported to the tropics all over the world. In the early 20th century, this hat was the preferred style (and sun-shielding tool) for the Panamanian aristocracy, and was so popular, that they were adopted and made locally to fill the demand.

In Panama, you can see the sun rise on the Pacific, and set on the Atlantic.

Believe it or not, this is the only country in the world where this is the case. This is due to the unique sideways “S” shape of Panama, which makes the Pacific east of a good amount of land, and the Atlantic to the west. This can make directions tricky as well, as the country’s main highway pretty much exclusively runs east to west, while at the same time, curving to adapt to the “S” shape.

Panama has the 2nd most competitive economy in Latin America.

Despite being one of the smallest countries on the continent, Panama’s economy is at the top of the list when it comes to economic competitiveness. This is attributed to strong infrastructure, sustained economic growth, low unemployment rate, and a booming, stable services economy. Panama has sustained close to double-digit growth, on average, over the past ten years.

The original idea for a canal across Panama goes as far back as the 1500’s.

While the French are credited for beginning the Canal project, and the Americans credited with constructing the majority of it (and finishing it), the idea to build a canal is originally credited to Vasco Nuñez de Balboa. Balboa was a Spanish explorer who “discovered” Panama, and immediately started searching for a natural waterway that connected the Atlantic and Pacific. In 1534, after no such natural passage was found, surveyors were sent from Rome to see if building a canal was feasible. It wasn’t at the time, so the idea was scrapped.

Panama City is the only capital city in the world that is home to a rainforest.

It’s hard to imagine a rainforest in a major city, but Panama has it! After just a short taxi ride from the city center, you can be smack in the heart of one of the most biodiverse rainforests in the hemisphere, and you don’t even have to leave the city limits. This is not just popular for tourism, and local visits, but also serves as a major research opportunity for NGOs and other environmental organizations.

The post Panama Relocation Datasheet: Quick tips and history before you move! appeared first on POLS Attorneys.

If you’re planning on moving to Panama, chances are you’ve done some research on where to live. There are many expats all over Panama, and a variety of great expat communities in nearly every part of the country. When it comes to population density, however, the greatest numbers of expats live in the capital, Panama City. Panama City is a bustling metropolis with many things to offer, whether you’re an expat or a local.

The city is growing at a breakneck pace, and each neighborhood offers something a little different. If you’re looking at moving to Panama City, and want to know where you should live, we recommend you visit first. That being said, here’s some solid info to get you started so you know what to look for once you’re here. Here are Panama City’s top 5 neighborhoods for expats:

1. Casco Viejo:

Panama City’s Casco Viejo neighborhood is by far the most popular for expats. It is the #1 tourist destination, and a hub for local culture, as well as some of the city’s oldest architecture, and a UN heritage sight. It’s also going through a renaissance of sorts, with massive refurbishment making it the country’s hottest spot for real estate. Casco has a vibrant expat social scene, but also a very authentic local flavor, which makes it ideal for people who want to relocate to Panama and really experience the best the country has to offer. Casco isn’t for everyone, however, as prices for real estate and nightlife tend to be very high when compared to the national average.

2. San Francisco:

The San Francisco neighborhood of Panama City is very up and coming, and more expats are choosing this area now as prices in other parts of the city are rising. San Francisco is a huge neighborhood with a variety of housing options, so you can find a place to rent or buy at nearly any budget. There is also an up and coming restaurant scene there, and many expat-friendly social events and conferences at the ATLAPA Convention Center in the heart of the neighborhood.

3. Punta Pacifica:

One of the newest neighborhoods in Panama City, and a growingly popular one for expats, is Punta Pacifica. This is an area with prime luxury real estate, right on the ocean, with stunning views of the Pacifica Ocean in nearly every building. It’s expensive, but when it comes to conveniences for expats, it’s second to none. There is a 24-hour supermarket, a number of business towers, a marina, and easy access to the highway, as well as the airport. Punta Pacifica has very high prices, so it may not be ideal for people on a limited budget.

4. El Cangrejo:

The El Cangrejo neighborhood of Panama City has long been a popular area for expats from all over the world. El Cangrejo is centrally located in the city, and has many options for both renting and buying real estate. El Cangrejo is moderately priced too, which makes it ideal for people living off fixed incomes, or limited salaries. There is a huge expat community there that gathers at various local cafes, restaurants, shops, and bars. Also, there are many Spanish schools in El Cangrejo, and many people in the area who speak English, and offer English language services in their businesses.

5. Clayton:

While it’s not in the center of the city (in fact, it’s part of the old Canal Zone), Clayton is a great area for expats, and has been for nearly 100 years. Due to its long-standing status as the hub of the Canal Zone, Clayton has an infrastructure that was set up by North American expats, and continues to draw them in today. It offers tropical suburban living, and houses many new tech businesses and NGOs in the nearby “City of Knowledge” business park.

The post Top Five Expat-Friendly Areas of Panama City appeared first on POLS Attorneys.

Moving to Panama? Planning on investing in Panama? Just coming for a quick visit? Get to know the country first. There’s so much to this culturally rich, fun, and diverse country that you’ll want to be prepared to get the most out of it, no matter what your interest level is. So, before you hit the tarmac in Tocumen, or make the big leap to open your business or move here, check out these fast facts on Panama, and get to know why so many love to live and work here.

The word “Panama” means “abundance of fish.”

While some historians believe that Panama was an indigenous name for a particular tree, or an abundance of butterflies, the majority consensus is that it means “abundance of fish.” Panama was a thriving area for many indigenous tribes who settled there for the natural resources and protection. Even today, the country is known for its natural riches and resources, which keeps the name ringing true.

Panama hats are actually Ecuadorian.

Despite the name, and representation in popular culture, Panama’s iconic tropical hats are actually originally Ecuadorian. They were common among men along the Ecuadorian coast, and became so popular for warm weather climates, that they were exported to the tropics all over the world. In the early 20th century, this hat was the preferred style (and sun-shielding tool) for the Panamanian aristocracy, and was so popular, that they were adopted and made locally to fill the demand.

In Panama, you can see the sun rise on the Pacific, and set on the Atlantic.

Believe it or not, this is the only country in the world where this is the case. This is due to the unique sideways “S” shape of Panama, which makes the Pacific east of a good amount of land, and the Atlantic to the west. This can make directions tricky as well, as the country’s main highway pretty much exclusively runs east to west, while at the same time, curving to adapt to the “S” shape.

Panama has the 2nd most competitive economy in Latin America.

Despite being one of the smallest countries on the continent, Panama’s economy is at the top of the list when it comes to economic competitiveness. This is attributed to strong infrastructure, sustained economic growth, low unemployment rate, and a booming, stable services economy. Panama has sustained close to double-digit growth, on average, over the past ten years.

The original idea for a canal across Panama goes as far back as the 1500’s.

While the French are credited for beginning the Canal project, and the Americans credited with constructing the majority of it (and finishing it), the idea to build a canal is originally credited to Vasco Nuñez de Balboa. Balboa was a Spanish explorer who “discovered” Panama, and immediately started searching for a natural waterway that connected the Atlantic and Pacific. In 1534, after no such natural passage was found, surveyors were sent from Rome to see if building a canal was feasible. It wasn’t at the time, so the idea was scrapped.

Panama City is the only capital city in the world that is home to a rainforest.

It’s hard to imagine a rainforest in a major city, but Panama has it! After just a short taxi ride from the city center, you can be smack in the heart of one of the most biodiverse rainforests in the hemisphere, and you don’t even have to leave the city limits. This is not just popular for tourism, and local visits, but also serves as a major research opportunity for NGOs and other environmental organizations.

The post Panama Relocation Datasheet: Quick tips and history before you move! appeared first on POLS Attorneys.

If you’re planning on relocating to or retiring in Panama, chances are you’ll need to do some adjusting. This isn’t to say that it’ll be a bad experience; simply that moving to another country, and another culture, involves a lot of changes in a very short time. Getting personally adjusted to a new life, and new lifestyle, can be extremely rewarding, and a actually a lot of fun. Here are some simple tips to help you adjust to Panama, and make your stay, or new life here, much easier:

1. Start learning Spanish before you arrive.

It’s safe to say that most people who move to Panama, even for short periods of time, actively try to learn Spanish. We think this is very important, and recommend you actually start early, so you can hit the ground running when you get here. Learning a basic foundation before you arrive will make getting by much easier from day one. Plus, your Spanish lessons in Panama will become that much easier.

2. Leave most of your stuff at home.

So many people that relocate to Panama make the mistake of overpacking, and stressing out over bringing all of their things on the long move. The simple solution: leave as much as you can at home. Panama has lots of shopping available in practically every part of the country, at pretty low prices. So, if it’s not an heirloom, or something that’s vital, we say save the stress and just leave without it. You can always replace simple things here, and in the end, it will actually save you money (not to mention time and stress).

3. Get used to a slower pace of life.

Many people who come to Panama complain that things go a bit slower down here. This is true, but it’s not necessarily a bad thing. One of the best aspects of living in Panama is the slow, relaxed pace of life, and low stress culture. We recommend that you accept this, and go with the flow. This will make life much easier, and (even if you don’t realize it now) make you much happier!

4. Shop local products.

Panama has a ton of imports when it comes to all types of retail and food products. And while this is a fantastic luxury to have, it can also get expensive. We recommend shopping for mostly local products whenever possible. As far as clothes, groceries, and hardware, this can save you thousands each year. Plus, it helps stimulate the smaller businesses and local domestic economy. That’s a win/win.

5. Don’t underestimate the heat.

Panama is hot, really hot. And while pretty much everyone is aware of this before coming, you still need to prepare for how to handle it in your day-to-day life. Wear loose, summer clothes when you can. Drink water constantly throughout the day. Also, try to avoid direct contact with the sun during the hottest hours of the day (11am-3pm).

6. Open a local bank account immediately.

Even though there are many international banks and ATMs to get cash from if you’re a foreigner, getting a local bank account as soon as you arrive is critical. Nearly all of your transactions can be more financially beneficial through a local bank, and you can build local credit here from the first day you open one. This also saves you on ATM fees, and any local hiring you wish to do. Don’t let this slip through the cracks!

The post Relocate or Retire in Panama: Here are 6 quick tips appeared first on POLS Attorneys.