PANAMA OVERVIEW


The Republic of Panama is the Southern most country of Central America. It connects North and South America. Costa Rica lies North West and Columbia lies South East. The land surface area of the country is 29,700 square miles. The country has a unique geographic location because it does not seem to be affected by natural disasters like hurricanes, earthquakes and typhoons. The Caribbean Sea and 490 miles of Atlantic coastline is situated to the North while 890 miles of the Pacific coastline lies to the South. 

The Panama Canal, which is approximately 50 miles long, joins the Altantic and Pacific Oceans and is a key asset to the country. It is the most industrialised country in Central America and it has the third largest economy. It is also the most developed and largest consumer country in Central America. 

Panama is politically stable and has a growing economy. It is a modern banking and financial centre with internationally recognized anti money laundering (AML) and compliance standards, which all contributes to it being an international business centre and transit country. 

Panama City is the capital and is also the commercial centre. The population is 3 million with 52% living in urban areas. Spanish is the official language however English is also widely spoken and generally considered the second language. 

Panama is a peaceful country. Its military forces were disbanded more than 18 years ago. The country is governed by a system of representative democracy consisting of 3 branches: executive, legislative and judicial. 

The local currency is the Balboa however the currency has been fully dollarized. Panama is an important banking centre hosting banks from 35 different countries. It also has a very advanced telephone, fax, Internet and mobile communications infrastructure. Foreign investors and businesses are granted the same rights as local investors and businesses, which attracts the outside investors.