July 1, 2009
Panama City,
Panama
PLUS:
- It Can Be Easy To Open A Bank Account In Uruguay, At
Least At This Bank...
- Panama Inaugurates Her New President...
AND:
- In Search Of Uruguay's Best Weather...
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Dear Overseas Opportunity Letter
Reader,
"I am an experienced traveler, and I have
lived in Panama," writes reader Samuel F. from the
United States. "Why don't you talk about the negatives of
the country for foreign expats?
"Here are some:
"Merchants won't accept US$50 bills. This means their
currency is in question. They won't buy machines or markers
to identify a fraud.
"Water and electricity problems
are most definitely looming in Panama City because of the
overbuilding.
"Banks and lawyers pray (sic) on expats
because of the language barrier and procedures for escrow.
"Most elderly lose money and eventually move back to the
States when their health fails.
"The light system of
crossing streets is non-existent in some areas. One must
cross at one's own risk.
"There is a major transitory
population and major drug money in Panama.
"Panama is
always susceptible to being politically unstable.
"You are doing people a disservice not talking about these
negatives."
Maybe you've had a bad experience in
Panama, dear reader, that has colored your view of things
here. Some of your points, though, I have to say, I can't
quite follow.
For example, right. You aren't going to
be able to spend a US$50 or US$100 bill most places in
Panama. But you aren't going to be able to get one out of an
ATM machine either or even from a bank unless you request
it. Don't bring US$50 bills with you and don't ask the bank
for any, and you should be fine. I don't see a bigger issue.
Frankly, I'm not sure what you could mean by your
concern over Panama banks preying on expats. I've dealt with
at least eight different banks in this country. They're
careful, conservative, and cautious. They want references
and lots of notarized supporting documents, etc., for nearly
any transaction, which can be a pain in the neck. They
charge points up front when you borrow from them to buy real
estate, as do banks everywhere in the world. Dealing with
them, I've felt hassled, but never preyed upon.
I've
developed a system for crossing the street in Panama City. I
look for a male Panamanian, the biggest I can find, and I
position myself on his down-traffic side. When he crosses, I
cross.
Panama City will continue to experience
growing pains. The infrastructure in the city is being
seriously tested. The expansion of avenida Balboa and the
new city bypass will help with the traffic troubles. Other
infrastructure woes will emerge. But, watching the
Panamanians deal with the frenzied growth of their capital
city over the past dozen years, I've been impressed. They
address problems as they arise, and they work quickly. The
avenida Balboa project was completed in two years.
Lots of drug money flowing through this country. No argument
there. You and I might have different ideas about how or why
that'd be a problem.
Elderly expats in Panama losing
their money. I don't know any, and I'm not sure I can
imagine how that'd come to pass--unless you put your money
into a forex "investment" or other local scheme. Yes, this
happens, here as elsewhere. If a deal sounds too good to be
true, it probably is. Messieurs Madoff and Stanford reminded
us of this recently in big ways.
Finally, political
stability. I chose to print this letter to the editor today,
because today, as Panama Circle Members Liaison Marion de
Mena reports below, Panama inaugurates its new President
Ricardo Martinelli. It's a public holiday, and great fanfare
has been planned.
Panamanians are proud people, proud
of their republic, proud of their democratic process, and
excited about the new president they elected in May with a
record turnout at the polls and by a wide margin.
I
have no crystal ball. Could Panama struggle again, sometime
in the future, through a period of some less stable
political process? Anything's possible. But, living here,
hearing Panamanians speak fervently, even ferociously about
how committed they are to this country's growth and
continued prosperity, it's hard to imagine.
Kathleen
Peddicord
P.S. None of this is to say that Panama is
anymore perfect than the next overseas haven you may be
considering. For reference, here are reasons I'd point out
for why Panama may not be for you.
Don't move to Panama if...
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