Panama Facts and Figures
48 Fun And Interesting Facts About Panama
General Panama Facts
- 48. Panama’s time zone is GMT -5, which is the same as EST.
- 47. There is no daylight savings time in Panama.
- 46. The dialing code for Panama is +507.
- 45. Panama boasts an impressive 2,490 km of coastline.
- 44. Panama has 10 provinces (Bocas del Toro, Chiriquí, Coclé, Colón, Darién, Herrera, Los Santos, Panamá, Panamá Oeste, and Veraguas) and 3 reservations or comarcas (Guna Yala, Ngöbe-Buglé, and Emberá-Wounaan).
- 43. Panama’s biggest city and capital is Panama City.
- 42. Colon and David are the second-largest towns.
- 41. Panama has not had a national military since it was abolished in 1990.
- 40. Famous Panamanians include boxer Roberto Duran, salsa singer and actor Ruben Blades and baseball players Mariano Rivera and Carlos Lee.
- 39. The Panama hat is actually from Ecuador. They are called Panama hats because they were sent to Panama before being shipped worldwide.
- 38. Christopher Columbus first arrived in 1502.
- 37. Vasco Núñez de Balboa arrived in 1513 and was the first European to discover the Pacific coast of Panama.
- 36. The national dish of Panama is sancocho, a stew made with mixed vegetables and chicken.
- 35. Panama is the most southerly country in Central America.
- 34. Panama has over 10,000 different species of plants.
- 33. Panama City is the only capital city that has a rain forest within the city limits.
- 32. Panama is located south of Hurricane Alley and is not impacted the storms and hurricanes which batter the Caribbean.
- 31. The Biomuseo is the only building in Latin America to be designed by Frank Gehry.
- 30. In 1671 the pirate Henry Morgan and 1,400 men sacked Panama City.
- 29. Panama has one Olympic gold medal, Irving Saladino won the men’s long jump at Bejing 2008.
- 28. The Volcan Baru is the tallest mountain in Panama at 3,474 meters.
- 27. It is also an active stratovolcano.
- 26. Panama was a Spanish colony until 1821 when it joined the Republic of Gran Colombia.
- 25. Panama gained independence in 1903, after some help from the U.S. who were keen to build the canal.
- 24. The population of Panama is now over 4 million (2016).
- 23. The currency is the Balboa, which is pegged to the U.S. Dollar. U.S. Dollars are also accepted.
- 22. The exchange rate is 1 balboa per U.S. Dollar.
- 21. The official language is Spanish although approximately 15% of the population also speak English.
- 20. Panama’s primary exports are Bananas, gold, shrimp, sugar, iron and steel waste, pineapples, watermelons.
- 19. The Free Trade Zone in Panama is the second largest duty-free zone in the world.
- 18. Business in this area is worth more than $5 billion annually.
- 17. The oldest continually operating railroad is in Panama. It travels between Panama City and Colon.
- 16. The railroad cost just short of $8 million to build and at one point was valued at over $295 a share.
- 15. Panama was the first country in any of the America’s to elect a female President, Mireya Moscoso in 1999.
Facts About The Panama Canal
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Wildlife In Panama
- 4. Panama is one of the most biodiverse countries in the world. As a result, it is home to 218 species of mammal, 226 species of reptile and164 amphibian species.
- 3. 125 animal species found in Panama are not found anywhere else in the world.
- 2. Panama is home to 940 avian species, the largest most in Central America.
- 1. The National Bird of Panama is the Harpy Eagle. It is amongst the largest and most powerful raptors in the world.
Other Facts About Panama
| Information Type | Panama Data |
|---|---|
| Population | 4,314,767 (June 2020) |
| Gross Domestic Product PPP (GDP) | US$71 billion (June 2020) |
| GDP Per Capita | US$12,600 (2020 est.) |
| Inflation Rate | -0.91% (June 2020) |
| Capital | Panama City |
| Population of Capital City | 1,860,291 (metropolitan area) |
| Time Zone | GMT – 5 |
| Seasons | Tropical. Rainy season lasts from May to November. |
| Electricity | 110V (Panama City 120V)/60 Hz. Plug Types: A, B (US style) |
| Income Tax Rate for Residents | Resident individuals are taxed on their Panamian-sourced income at progressive rates, from 7% to 27%. |
| Property Tax | 0% for first 20 years, 0% to 2.1% after. |
| Capital Gains Tax | 10% |
| Inheritance Tax | 0% |
| Rental Income Tax | 0% for first 15 years in designated areas, income tax up to a maximum of 27%. |
| Transfer Tax | 2% to 5% |
| Sales Tax | 7% |
| Restrictions on Foreign Ownership of Property | None |
| Local Chamber of Commerce | www.panacamara.com Ave Cuba and Ecuador, Calle 33-ATopic: 0816-07517 Panama, Republic of Panama.Tel: 507-207-3400 |
| 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 |
| 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 statusPanama Visa and Residency Information |
| 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. |
| National Airline | Copa Airlines www.copaair.com |
