The Frustrations Of Living And Doing Business
In Panama
July 27, 2009
"Kathleen, I have read with interest your article on current opportunities in Panama, and I agree with most that you have written. Panama has a lot to offer. However, after experiencing firsthand the frustrations of buying and doing business in Panama, I have to say that this country is truly a disaster. I have lived all over the globe and own properties around the world. In Panama, I have gone through all the procedures myself, and, I have to say, Panama has been one of the most frustrating countries in the world in my experience. The problem is lack of communication. They are not international at all and have a long way to go. I love Panama and the people, but to do business with them...ah!
"I have a bank account with HSBC and a mortgage, but to achieve this? Wow! HSBC is the most inefficient bank I have ever dealt with anywhere. Fortunately, I have an excellent team of women lawyers who are very efficient.
"I am an Englishwoman, currently living in London. Like you, I have lived in Paris and speak fluent French, but, alas, I speak very little Spanish, and this has been a huge problem for me in Panama. Whether the world likes it or not, English is the international language of business, and I have been astonished to find that the international banks, including HSBC, have very few staff members who speak English fluently.
"I think that your Panama Circle service is excellent for those who have no knowledge of the country or the buying procedures. I have friends who have bought into the development called Destiny, which is wonderful, but the problems they've had trying to get the developer to get things right! It has been a nightmare for them. I know others who have lost their properties due to the developer cancelling their contracts, again due to bad communication.
"This, Kathleen, is what you need to emphasize when talking about foreigners investing or buying a second home in Panama. Your adverts are good but please write down the pitfalls, too. Then your publicity will be more credible.
"Keep up the good work."
-- Lynn B., United Kingdom
You are completely correct, dear reader. Life here in the developing world is frustrating at best. Some days, it's maddening. This is why we've created our Panama Circle.
I write you today for the first time from our new Live and Invest Overseas offices. We moved over the weekend into new space in the Banesco bank building. We arrived this morning to work to find no Internet, though it had been promised...
Meantime, we had a phone call a little while ago from the shop of the nice lady where we recently bought some antique furniture. Her assistant was calling to tell us our check had bounced. How could that be, we wondered. We checked our account online. Yes, the money to cover the check is in there...
That's today. Tomorrow will bring new surprises.
I'm not worried, though. In fact, I know that resolving these issues won't take a minute of my time. I know that all I've got to do is turn to Marion.
Marion de Mena, my personal assistant, sits two desks down from me in the office here in Panama City. Marion is German, but she's been living in Panama for more than 30 years. Marion is an experienced executive assistant who knows who to call and how to get things done in this country.
You can go it on your own in a new country--opening a bank account yourself, organizing residency, shopping for an apartment to rent, shipping your belongings, buying appliances, having Internet and telephone installed, sourcing health insurance... But, as you explain, dear reader, going it on your own in a new country is tough, even if you've been around the global block several times already.
I've lived, worked, done business, and bought real estate in more than two-dozen countries. I wouldn't say Panama is the most frustrating. That'd be maybe Ecuador or Nicaragua, where the infrastructure is truly Third World...or Brazil, where the movement of currency in and out of the country is difficult...or even France, where the paperwork and red tape involved with any process with legal implications can intimidate even the most persistent and resourceful businessman.
On the other hand, no question, living in Panama is more complicated and challenging than living in the United States or the United Kingdom. Managing your life here, dealing with the curve balls of getting through the day in the developing world...it's far more easily accomplished with reliable support. You need someone who speaks the local language fluently, who has longstanding local connections, who is resourceful and persistent, and who, as they put it here in Panama, has palanca. This is how you get things done in this country. With palanca.
Palanca is pull. And Marion has it.
We've been putting Marion and her palanca to the test over the past few months, since we launched Panama Circle Membership. And, I'm proud to report, Marion has risen to the occasion. She's proven herself invaluable, not only to us, but to every Charter Member of our Panama Circle, as well.
I've shared some of the Members' e-mails of praise with you recently, including this endorsement from Charter Member Elmore, who wrote to say:
"Most valuable aspect of my Panama Circle Membership? Without a doubt, it's been the very personal assistance from Marion de Mena, the Members Liaison. Marion has provided wonderful support. She has come up with an answer to every single question I've put to her. She is an invaluable resource, so well-connected in this country."
Panama offers enormous opportunity right now for the would-be retiree, investor, and global entrepreneur. That's not to say that realizing those opportunities is easy. It's not.
But life in Panama with the help of Marion de Mena and the rest of the in-country team we've put together over the past year we've been living here? The challenges and frustrations are still there...but you don't have to deal with them.
Where do you go to buy new appliances in Panama City? How can you get your passport renewed in a hurry? Who can take you on a property-viewing tour of beach houses outside the capital? Where's the best source of handicrafts for export? Who can you trust to open an offshore trust or corporation for you? How much should it cost to have your residency visa processed?
Marion knows. And, when you're a Panama Circle Member, Marion is only an e-mail or a phone call (to her private line) away.
Panama Circle Membership is currently open. We will continue accepting new Members through July 31.
Note that, in addition to the services of Marion and the rest of our in-country team, Panama Circle Members receive a long list of other important and valuable benefits, including an invitation to join us at every Panama event we sponsor as our guest. This includes Lief Simon's upcoming Global Real Estate Profits Summit, scheduled for Oct. 15-17. Other attendees will pay up to US$1,200 to be in the room over the two-and-a-half heavy-hitting days of this private conference, but Panama Circle Members and their guests will attend free.
Full details of Panama Circle Membership are detailed here.
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