Panama Facts & Figures

Panama borders the Caribbean Sea and the Pacific Ocean, and is located between Costa Rica and Colombia.

Panama is slightly smaller than the state of South Carolina, with a total area of 30,193 square miles.

Panama has 962 miles of coastline.

Panama’s lowest point is zero feet along the Pacific Ocean; its highest point is 11,401 feet at Volcan in Chiriqui.

Panama is divided into 9 provinces: Bocas del Toro, Chiriquí, Cocle, Colón, Darién, Herrera, Los Santos, Panamá and Veraguas. Panama has 1 territory, San Blas, also known as Kuna Yala.

Panama’s population is just over 3 million.

The United States Army Corp of Engineers built the Panama Canal between 1904 and 1914.

Hurricanes and earthquakes do not torment Panama.

Panama’s currency is the US dollar.

Panama is only 2.5 hours from Miami via airplane.

Panama’s entry requirements include a valid passport and a tourist card issued by an air carrier or the place of entry.

A taxi fare in Panama City should cost between $1.50 and $2.75, and it is not customary to tip your cabbie. However, transfers between the Tocumen International Airport and Panama City usually cost between $20 and $30 each way.

The Colón Free Zone is located in Colón and is the largest duty-free zone in the Western Hemisphere and the second largest in the world. (The largest is Hong Kong).

A full-time, live-in maid costs about $200 per month for 8 hours per day, 5 full days per week (Monday-Friday) and 4 hours on Saturday (half-day only). This includes all of the cooking and cleaning. According to Panama’s Ministry of Labor, $120 per month is Panama’s minimum wage for these domestic services.

Panama’s government, the Republic of Panama, is a constitutional democracy.

Panama has no military.

Panama was a signatory to the World Trade Organization (WTO), as well as the Free Trade Agreement of the Americas (FTAA).

Panama has the second largest number of offshore-registered companies. (Hong Kong is the first.)

Panama strongly encourages foreign investment and development. “Tourism Law No. 8” was implemented to include incentives, such as a 20-year immunities from import duties and fees for construction materials and equipment, income, real estate and other taxes.

In August 1997, the Panamanian government implemented “Decree Law #9”, which provides fantastic incentives to anyone interested in developing, investing or restoring/renovating in Panama City’s historic district, “Casco Viejo”.

Over 40 banking laws exist in Panama to protect the business nature of foreigners, such as banking privacy laws, as well as foreign/local investor equality laws.

Invest US $200,000 in any Titled Property in Panama and you may qualify for Panamanian residency through the “Self-Economic Solvency Visa” program.

Panama City ranks among the top five places in the world for an “inexpensive” retirement.

In Panama, the property seller pays the 5% realtor or broker commission, not the property buyer.