Panama Facts and Figures
Facts About Panama
There are many interesting and unique facts about Panama. Panama’s time zone is GMT -5, which is the same as EST. There is no daylight savings time in Panama. The Panama country code is 507. Panama boasts an impressive 2,490 kilometers of coastline. Panama has 12 provinces: Bocas del Toro, Comarca Kuna Yala, Comarca Ngobe-Bugle, Chiriqui, Cocle, Colon, Darien, Herrera, Los Santos, Panama, San Blas, and Veraguas. Panama’s biggest city and capital is Panama City; Colon and David are the country’s second-largest towns. Santiago, Chitre, and Penonome are other fast-growing urban centers.
Panama has not had a national military since it was abolished in 1990 after the U.S. removed General Manuel Noriega from power. Instead, Panama has a national police force. You’ll identify them by their green fatigues.
Boxer Roberto Duran is perhaps the best-known Panamanian. Ruben Blades is a famous salsa singer and actor, and once served as Panama’s tourism minister. Panama’s first Olympic gold medal was won by high jumper Irving Saladino in the 2008 Beijing Olympics. Mariano Rivera and Carlos Lee are popular Panamanian baseball players. Laffit Pincay is a world-renowned jockey, and Danilo Perez is an international jazz piano sensation.
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Population |
3,657,024 (July 2015 est.) |
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Gross Domestic Product PPP (GDP) |
US$87.2 billion (2015 est.) |
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GDP Per Capita |
US$21,800 (2015 est.) |
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Inflation Rate |
0.1% (2015 est.) |
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Inflation Rate |
0.1% (2015 est.) |
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Currency |
U.S. Dollar (also the balboa) |
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Exchange Rate Versus U.S. Dollar |
1 balboa per U.S. Dollar |
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Language |
Spanish (official), English (14%) |
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Capital |
Panama City |
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Population of Capital City |
1.673 million (metropolitan area) |
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Time Zone |
GMT – 5 |
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Seasons |
Tropical. Rainy season lasts from May to November. |
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International Dialing Code |
507 |
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Electricity |
110V (Panama City 120V)/60 Hz. Plug Types: A, B (US style) |
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System of Government |
Constitutional Democracy |
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Current Leader |
Juan Carlos Varela Rodríguez (since July 1, 2014) |
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Income Tax Rate for Residents |
Resident individuals are taxed on their Panamian-sourced income at progressive rates, from 7% to 27%. |
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Property Tax |
0% for first 20 years, 0% to 2.1% after. |
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Capital Gains Tax |
10% |
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Inheritance Tax |
0% |
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Rental Income Tax |
0% for first 15 years in designated areas, income tax up to a maximum of 27%. |
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Transfer Tax |
2% to 5% |
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Sales Tax |
7% |
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Restrictions on Foreign Ownership of Property |
None |
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Local Chamber of Commerce |
www.panacamara.com Ave Cuba and Ecuador, Calle 33-ATopic: 0816-07517 Panama, Republic of Panama.Tel: 507-207-3400 |
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American Chamber of Commerce |
http://www.panamcham.com/ Ocean Business Plaza, Suite 1709Ave. Aquilino de la Guardia & 47th StreetMarbellaPanama, R.P.Tel: 507-301- 3881 |
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Primary Exports |
Bananas, gold, shrimp, sugar, iron and steel waste, pineapples, watermelons. |
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Residency and Visa Requirements |
Tourist Visa: 180 days
Residency: The most cost-effective, hassle-free invest-for-residency program available anywhere in the world today is in Panama. The Specific Countries program. If you hold a passport for one of the 48 countries on the list, this is the best Panamanian residency option after the pensionado visa. Citizenship: After five years of legal residence and full immigrant status |
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Special Benefits for Foreign Residents or Retirees |
Panama’s pensionado program of special benefits and discounts for foreign retirees holds a very high standard, you can save as much as 50% on everything from restaurant meals to in-country airfares, from prescription medicines to closing costs on your new beach house. |
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National Airline |
Copa Airlines www.copaair.com |