Why is Panama our favorite country in Latin America…? Honestly, there’s too many reasons to count, but here’s 10 to start with…
#10 The Panama Canal
The Panama Canal keeps the country as an important and relevant spot in Central America. The Canal has become the main source of commerce by connecting the Pacific Ocean and Atlantic Ocean.
It brings in guaranteed cash each year, thereby stabilizing this small economy. Panama’s economy has always been strong, and with the amount of wealth that moves through the Panama Canal, it generates nearly a third of the country’s revenue.
#9 The U.S.-Dollar-Based Economy…
Means that Panama has the most stable currency in Latin America. You can come to Panama with ease of mind that there’s no currency exchange risk.
#8 The Tax System, Which Is Based On…
Taxing Panama-sourced income and inviting international businesses that would not otherwise operate here by allowing them to operate free of corporate tax. This means more high-quality jobs for Panamanians and increased revenues for the government through employment taxes.
#7 The Stable Banking System…
Consider how many world-class banks are in Panama, including banks from the United States, Latin America, China, etc. Banks are putting their trading desks in Panama for tax reasons.
Banking in Panama is safe. Tough laws and high standards are imposed on banks. Panamanian banks tend to be very conservative and do not enter into risky lending practices.
Panama has grown to be the largest international banking center in Latin America over the last 30 years.
#6 The Size Of The Population…
Panama is a country of about 4 million people, which means it is small enough to benefit from the Canal income, improvements in education and social programs, and that it can operate on the U.S. dollar.
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#5 The World-Class Internet Connectivity
Internet- and phone-based businesses (call centers, for example) can operate in Panama cost effectively and with confidence.
Like San Francisco, Los Angeles, and New York, Panama is a primary link in the fiber-optic network. This is one of the reasons businesses like Dell are choosing to base themselves here.
#4 The Belief In And Focus On Education…
Which translates to a higher-quality labor force.
The Panamanian government recognizes the importance of education and has implemented several programs to train more of the population.
The government makes efforts to improve English proficiency among high school and university students to better prepare them to compete in the labor force.
#3 The Strong Economy And The Patriotic Population…
Keeps the best and the brightest from fleeing to the United States when they get the chance. Many go to the States for school and then return to work in Panama after they’ve completed their studies.
#2 The Ever-Improving Work Ethic When Compared With The Rest Of Latin America…
Panamanians do have the famous mañana attitude, and things definitely get done at a slower pace than in the States, but as the labor force gets younger this mañana attitude is slowly starting to fade.
As mentioned above, many go to the States to study and then return to Panama to work. This definitely contributes to the younger generation’s different work ethic.
#1 The Entrepreneurial Mindset…
Which is absent in most of South and Central America. More and more youngsters are adopting the entrepreneurial mindset. You won’t have issues developing a business in Panama and taking advantage of all the fresh and new perspectives these workers are bringing to the scene.
Until next time,
Founding Publisher, Panama Letter