In 2010, during the census taken of the entire country of Panama, there were 3,322,576 registered residents on the isthmus. Now, according to new data, that number could reach close to 4,500,000 by 2022. This is a massive increase for such a small amount of time, and one that many believe is a positive sign of both economic growth, and quality of life increases. During this same period, Panama added thousands of new houses and residential buildings to meet the demand, sparking a construction boom unlike any in the region. Now, as the population continues to surge, Panama continues to work hard to meet growth for relocation and international investment.

Why is Panama’s population surging?

If you look at the country’s population growth over the past 60+ years, you’ll see that it has been increasing for decades. According to census statistics, Panama’s population grew from 839,000 in 1950 to 3,322,576 in 2010. Due to urbanization, industrial growth, and increased demand from the Canal, this number is fairly normal. However, going from 3,322,576 to an estimated 4,000,000 + in under ten years, is much more of a big deal. A lot of this growth has to do with immigration, and Panama’s relationships with neighboring countries, and their economies.

Also, a steadily increasing quality of life for Panamanians has made it easier for families to have more children, and raise them here locally. In fact, many Panamanians who had been living abroad returned to Panama over this period of time, in order to take advantage of the positive economic climate, and quality of life.

It’s all about economics when it comes to Panama’s population growth

While Panama certainly hasn’t seen all of this growth as a foreign immigration trend, it certainly plays a big part of it. Economic opportunities in Panama have made it a go-to place for workers in Central and South America, as well as investors from there and all over the world. The minimum wage in Panama is the highest in the region, and low tax rates make investing and opening a business much easier that it would be practically anywhere in this part of the world. Business opportunities abound in Panama, and this has a trickle down effect when it comes to quality of life, and where people choose to live.

The rapid urbanization of Panama

Between 1950 and today, Panama’s urban population has skyrocketed. The country has gone from a predominantly rural populated country to an overwhelmingly urban one. This is a trend that has seen similar patterns globally, due to the nature of the world’s economies, and access to services. As of today, around 70% of Panama’s total population lives in Panama City and its surrounding areas, and most of the remaining 30% live in the country’s smaller cities, rather than rural towns.

Is this population growth sustainable?

From the outset, it appears to be, but this will rely heavily on Panama continuing to grow their infrastructure. Construction of new properties (residential and commercial) hasn’t slowed down in this nine-year period, which is a very positive sign. Also, jobs have continued to grow, and unemployment is less than 5%, which is practically unheard of in Central American economies. If Panama can continue to provide new jobs, and new opportunities for living and investment, this growth should be sustainable for the immediate future. The real question is, can they keep up with demand fast enough?

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In 2010, during the census taken of the entire country of Panama, there were 3,322,576 registered residents on the isthmus. Now, according to new data, that number could reach over 4,000,000 the end of 2019. This is a massive increase for such a small amount of time, and one that many believe is a positive sign of both economic growth, and quality of life increases. During this same period, Panama added thousands of new houses and residential buildings to meet the demand, sparking a construction boom unlike any in the region. Now, as the population continues to surge, Panama continues to work hard to meet growth for relocation and international investment.

Why is Panama’s population surging?

If you look at the country’s population growth over the past 60+ years, you’ll see that it has been increasing for decades. According to census statistics, Panama’s population grew from 839,000 in 1950 to 3,322,576 in 2010. Due to urbanization, industrial growth, and increased demand from the Canal, this number is fairly normal. However, going from 3,322,576 to an estimated 4,000,000 + in under ten years, is much more of a big deal. A lot of this growth has to do with immigration, and Panama’s relationships with neighboring countries, and their economies.

Also, a steadily increasing quality of life for Panamanians has made it easier for families to have more children, and raise them here locally. In fact, many Panamanians who had been living abroad returned to Panama over this period of time, in order to take advantage of the positive economic climate, and quality of life.

It’s all about economics when it comes to Panama’s population growth

While Panama certainly hasn’t seen all of this growth as a foreign immigration trend, it certainly plays a big part of it. Economic opportunities in Panama have made it a go-to place for workers in Central and South America, as well as investors from there and all over the world. The minimum wage in Panama is the highest in the region, and low tax rates make investing and opening a business much easier that it would be practically anywhere in this part of the world. Business opportunities abound in Panama, and this has a trickle down effect when it comes to quality of life, and where people choose to live.

The rapid urbanization of Panama

Between 1950 and today, Panama’s urban population has skyrocketed. The country has gone from a predominantly rural populated country to an overwhelmingly urban one. This is a trend that has seen similar patterns globally, due to the nature of the world’s economies, and access to services. As of today, around 70% of Panama’s total population lives in Panama City and its surrounding areas, and most of the remaining 30% live in the country’s smaller cities, rather than rural towns.

Is this population growth sustainable?

From the outset, it appears to be, but this will rely heavily on Panama continuing to grow their infrastructure. Construction of new properties (residential and commercial) hasn’t slowed down in this nine-year period, which is a very positive sign. Also, jobs have continued to grow, and unemployment is less than 5%, which is practically unheard of in Central American economies. If Panama can continue to provide new jobs, and new opportunities for living and investment, this growth should be sustainable for the immediate future. The real question is, can they keep up with demand fast enough?

The post Panama’s Population Continues to Grow, as Country Builds to Meet Demand appeared first on POLS Attorneys.

Who doesn’t love a good spa day? Everyone does! Whether you’re in Panama for a quick visit or an extended stay, your options for great spa treatments are plentiful. Here are six of the best the city has to offer, and what you can expect while you’re there.

1. The Spa at Bristol:

The Spa at Bristol stays true to the hotel’s theme of sophistication and British hospitality. The space is elegant and peaceful, on the beautiful 25th floor of the tower with beautiful views of the city skyline and bay. The spa prides itself on providing a complete state of wellness through a range of manual therapy, therapeutic and relaxation techniques. The Spa at Bristol offers a very large list of health and wellness services, and is best known for their extensive body treatments such as Volcanic Stone Massages, Vichy Showers, Organic Exfoliation sessions and Deep Tissue Massages. The spa is located at the Bristol Hotel, in Panama City’s Obarrio district. It’s easily reached by taxi, Uber, or private car and is adjacent to Panama’s financial center.

2. Spa at Waldorf Astoria:

Like all good hotels in Panama City, the spa has to be at a high level to compete, and the Waldorf Astoria’s doesn’t disappoint in this category. The spa is cozy and luxurious, combining a creative décor with the signature hotel’s gold trimmings, and world-class service. It is located on the 7th floor of the Waldorf Astoria hotel, just beside the pool area. This spa is well-known for their Swedish, deep tissue, and pre-natal massages. You must try the chocolate or honey body treatments as well. The spa also offers couples’ treatments, which is perfect if you’re on a romantic getaway with your significant other. The Waldorf Astoria is conveniently located in Marbella, just a block from both Ave. Balboa and Calle Uruguay.

3. Sortis Spa:

At the Sortis Hotel it’s all about the extras, with an in-house casino, shopping, restaurants, and even a trampoline park in the building for guests to enjoy. The spa, however, is the hotel’s real star. It’s one of Panama City’s largest, and offers luxury relaxation, healing and bodywork options of all types. Some of the biggest draws to this spa are its grand Turkish bath, vitality pool, and tropical showers. It also has Central America’s only wave relaxation room, which combines audio and visual stimuli to create an ambience of pure zen, and inner peace. You do not want to miss this experience on your trip to Panama City, whether staying at the Sortis or not. The Sortis Hotel is located in Obarrio, in the city center.

4. Eforea Spa at Hilton:

This is the hotel’s first Latin American entry in their family of Eforea-branded spas, and it is already one of the city’s best. The spa consists of seven luxurious treatment rooms, each with their own theme and special amenities. One of the most popular treatment areas is the wet area, where they offer a unique Vichy Shower couples treatment, as well as a beautiful whirlpool and a large steam room to sweat it out ahead of time. The spa also offers a full line of high-tech skin treatments exclusively using Kerstin Florian products, and sets to take home with you for continued self-treatment after your stay. Eforea is located at the pool level of the Hilton Hotel, on Ave. Balboa right on the Panama Bay.

5. Alta Vita Spa:

Unlike most of the spas on this list, Alta Vita is a standalone property, creating a dedicated “lifestyle spa” that bills itself as “Panama’s first and only full-service luxury Medi-Spa and Holistic Wellness Center.” This is very large and complete spa with over 100 different treatments to choose from, spanning from facials and bodywork, to oxygen/ozone treatments and yoga/meditation. They accept reservations for individual or group excursions and can see you for just an hour or so, or book full day packages for you and your friends. The spa is easy to get to and is conveniently located in Panama City’s San Francisco district, just a few minutes by car from the hotels and condos of the city center, open 9am-7pm M-F, and 9am-6pm on Saturdays.

6. Rock Spa at Hard Rock Hotel:

What’s better than a relaxing spa day after living it up at the Hard Rock Hotel for the weekend? This spa is the perfect compliment to the large and luxurious hotel, famous for their parties, rock décor, and fabulous international-themed restaurants. The Rock Spa offers a full menu of services including facials, full body treatments, oxygen therapy, and even a unique algae bath. The spa, of course, is decorated with some great classic rock paraphernalia and has a fun, upbeat style that will keep you in the Hard Rock mood, while soothing you into relaxation. It’s located on the spa/gym floor of the 60+ story Hard Rock Hotel, located in the center of Panama City, just one block from the ocean, adjacent to the Multicentro shopping center.

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The geography behind Panama’s economic development, and their history, is a subtle, yet obvious marker for residents of the capital and its surroundings. Panama City is an ever-expanding metroplex where property values, logistics, and general investment rely heavily on location. This has created a boom for some areas, and a drought for others. Luckily, however, this is all changing, as certain growth areas in Panama City are oversaturated, creating ample opportunities to invest in other locations, and for a fraction of the cost. One of the biggest areas that is filling this need is Panama Oeste (West Panama). Panama Oeste is not, in fact, western Panama, but is rather the western suburbs of Panama City, and is its own province.

What’s it like in Panama Oeste, and why is it the next frontier for urban/suburban investment?

Traditionally, Panama Oeste has largely been home to the workers that staffed the Canal, and now businesses in the city. This “feeder” type status has actually hurt the area as far as investment goes, as it’s looked at more as a low and middle income residential area, rather than a good consumer market. That, however, is changing fast, and Panama Oeste is primed for big growth. With real estate prices soaring in the city, in both the residential and business sector, more middle class workers, and small businesses are looking for a more affordable market. The immediate areas of Panama Oeste are beginning to fill that need, and early investors are now laying the groundwork for future business and housing opportunities all over the suburban province.

Where investment is needed, and where it will work the best

Panama Oeste is a relatively big province, so when it comes to opportunities, the landscape (figuratively and literally) is pretty diverse. The areas that will fill the most immediate demand is the ones that are closest to Panama City. These will be Arraijan, and La Chorerra, respactively. These two communities have the highest population density, and are right on the Panamerican Highway, just a stones throw from the Canal and city. Both areas are already populated by city commuters, meaning that a viable workforce already lives there, which is great news for those who want to start a new business. They are also good areas for middle-class, and low cost residential development projects, as land is cheap, and the growing population is creating a steadily increasing demand for it. If companies move their headquarters or offices there, they will have access to the city, access to the Canal, access to qualified workers, and access to housing for them, and their business. These are huge bonuses for startups, or investors who want to lower there financial risk.

Don’t count out the beaches

Another important aspect of Panama Oeste when it comes to development and business investment is its access to some of Panama’s most popular beaches. Punta Chame, Coronado, and their surrounding beach towns all lie within reach of the bigger urban areas to the east. This means that essentially, as Arraijan and La Chorerra start to overflow, there is lots of room to expand west, without losing the appeal of both the city and the beaches. In other words, the beaches can provide both a tourism feeder to Panama Oeste, as well as a suburb of a suburb of sorts. We know this sounds confusing, but think of Panama Oeste as both a beach development spot and an urban zone, with room in the middle to meet. Housing and small business development are already growing at a rapid rate on both sides of the province, and drawing in much more attention than in years past. This is something we are keeping an eye on, and will update you as Panama’s western suburbs move towards a Renaissance.

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After years of anticipation and preparation, Panama’s biggest public event in decades is about to begin: the World Youth Day (Jornada Mundial de La Juventud). The event, hosted by the Catholic Church, is a gathering of Catholic youth from around the world, with celebrations that combine religious meetings with social events, and social welfare projects. As described by the Catholic Church:

“World Youth Day was initiated by Pope John Paul II in 1985. Its concept has been influenced by the Light-Life Movement that has existed in Poland since the 1960s, where during summer camps Catholic young adults over 13 days of camp celebrated a “day of community”. For the first celebration of WYD in 1986, bishops were invited to schedule an annual youth event to be held every Palm Sunday in their dioceses. It is celebrated at the diocesan level annually, and at the international level every two to three years at different locations.”

What to expect here in Panama

While there has been a lot of speculation over the net benefit to Panama, and how the country will handle the large multitude of visitors, one thing is for certain: hundreds of thousands of people are expected to visit Panama within the next week to ten days. As tourists and religious pilgrims have already started to pile in, local businesses and government have prepared by organizing hours, new routes for traffic, and even passes for employees to come and go through controlled areas during the week-long event. From a business perspective, the hope is that the multitude of visitors will spend healthy amounts of money within the local economy, boosting the “busy season” for tourism that Panama usually expects this time of year.

Residents of Panama City also have their concerns, mostly due to traffic and travel logistics, but overall seem to be welcoming the idea of the event as a boon for Panama tourism and business. Panama doesn’t have much precedent for the amount of people expected, so this speculation is all taken with a grain of sand. Optimists believe that this will be a good thing for the country’s reputation and economy. Pessimists disagree. We’ll all know definitively after the event is over.

Traffic and pedestrian restrictions will make movement difficult, but not impossible

With nearly half a million expected to descend on Panama City and its surroundings, and a visit from the Pope, the city has taken major precautions to limit and control traffic in and around the city. Major thoroughfares like Ave. Balboa will be closed for four days while the Pope is here, with limited street closings starting tomorrow, and ending the day after the event finishes. In the Casco Viejo neighborhood, residents and visitors will be required to show a pass to enter during the hours of 5am-2pm on event days, with cars not able to enter (or park) without prior permissions.

If you plan on traveling in the city during this time, you will need to factor in about an extra hour each day, as traffic will most assuredly be backed up through the center, even via public transportation.

The post Panama welcomes thousands of pilgrims for World Youth Day (JMJ)! appeared first on POLS Attorneys.

Panama has been trying to market itself as a Latin American tech hub for quite some time now, and with mobile payments and e-commerce, they’re keeping to that promise. Although Latin America, in general, has been slower than other parts of the world to adapt to the e-commerce market, Panama is looking to change that in the immediate future. And international investors and startups are looking at investing in Panama as an ideal growth market for this type of commerce.

The consumer market in Panama is strong, and buyers need more options on how to shop, pay, and assign delivery for products and services. Mobile payments, innovative apps, and creative e-commerce websites could offer a viable, and profitable solution for both businesses and consumers; and that’s a win/win for Panama’s economy.

A saturated smartphone market that’s primed for mobile payments and e-commerce

One of the main reasons Panama is primed for mobile pay and e-commerce is its smartphone saturation. In Panama, smartphone penetration is close to 100%, meaning that nearly every person within the demo of a smartphone user owns and uses one. And that’s huge for business as we head into 2019. Being able to buy, research, and pay for products/services on your smartphone makes business more efficient for the Panamanian consumer, even if it’s something they’re not used to. There’s lots of room to grow and innovate because the market is already there. Purchasing power is expanded greatly with smartphones, and when combined with easy mobile payment solutions, the possibilities are endless for the market.

Innovative businesses designed for the Panama market

One of the big reasons Panama is primed for e-commerce is the nature of how business is done here. In Panama City and its suburbs, traffic, time, and access to brick and mortar commerce can be difficult for a large part of the population. But that part of the population is still buying. Therefore, creating innovative apps and websites that make it easier for people to bank, shop for goods, book services and travel, and save time is absolutely in demand. Panamanians can now order pizza, book a flight, reserve a table at a restaurant, hire a taxi, and find a mechanic, all from their smartphone. They can also pay for it with the touch of a button. But wait, there’s a catch.

Overcoming the “unbanked” hurdle

Despite having a great consumer market that’s primed and ready for e-commerce, there are a few hurdles businesses have to address before investing in Panama. One of these biggest hurdles is disrupting the cash economy. Despite having around 100 different banks operating out of the country, many Panamanians are “unbanked”, meaning that they don’t have a checking account or a bank account at all. And even if they have a bank account, there is a cultural trend to use cash only for small purchases.

This is where mobile payment services come into play

The future of e-commerce in Panama, in our opinion, has to rely on simple, efficient mobile payment services. Much like in other markets in Africa, Asia, and Europe, companies are testing new mobile payment services that will allow Panamanians to charge cash onto their phone for mobile credit (much like how telecom services work in the country). Once the money is on the smartphone, it can be used through various e-commerce apps, or in person at shops or services. This will allow Panamanians a new level of purchasing power, which should open a huge selling potential for both traditional businesses and new companies alike.

While full-scale e-commerce and mobile payment rollout might not be prevalent to the casual observer now, look for major movement this year, and continuig into the immediate future. You should see Panama’s heavy services-based industry adapt first, with bigger commodities industries soon to follow. Business as usual as we know it in Panama is changing at the speed of technology, and it’s exciting to see where this will lead.

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