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LIVE AND INVEST IN PANAMA
WORLD’S #1 RETIREMENT HAVEN
IN THE AMERICAS
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48 fun and interesting facts About Panama that will give you a glimpse into what makes this country truly special.
Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
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| 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 rainforest within the city limits. |
| 32. | Panama is located south of Hurricane Alley and is not impacted by 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 four Olympic medals: one Gold, one Silver, and two Bronze. The gold one is from Irving Saladino, who won the men’s long jump at Beijing 2008. The Silver medal is from boxer Atheyna Bylon, the first Panamanian woman to win an Olympic medal at Paris 2024. |
| 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 Americas to elect a female President, Mireya Moscoso in 1999. |
| 14. | A Century-Old Marvel: The Panama Canal was officially opened on August 15, 1914, making it over a century old. It remains one of the most significant engineering feats in history. |
| 13. | Shortcut for Global Trade: The canal drastically reduces the maritime journey between the Atlantic and Pacific Oceans. For instance, before its existence, ships had to navigate around the treacherous Cape Horn at the southern tip of South America, adding thousands of miles to their journey. |
| 12. | The Locks System: The canal uses a system of locks to lift and lower ships about 85 feet (26 meters) above sea level to cross the Isthmus of Panama. The locks operate using gravity-fed water from nearby Gatun Lake. |
| 11. | Gatun Lake – An Engineering Wonder: Gatun Lake, created by damming the Chagres River, was the largest man-made lake in the world at the time of its creation. It serves as a crucial waterway and reservoir for the canal. |
| 10. | Panamax Ships: The term "Panamax" refers to the maximum size of a ship that can fit through the Panama Canal's original locks. In 2016, the canal was expanded with new, larger locks called "Neo-Panamax" to accommodate even bigger ships. |
| 9. | Environmental Challenge: The canal's construction faced immense challenges, including harsh tropical diseases like malaria and yellow fever. Many workers lost their lives during the construction, highlighting the project's difficulty. |
| 8. | Canal Tolls: The Panama Canal charges a toll based on the size and type of vessel. The highest toll ever paid was over $1.1 million by a cruise ship in 2019. In contrast, the lowest toll was just 36 cents, paid by Richard Halliburton, who swam the canal in 1928. |
| 7. | 24/7 Operations: The Panama Canal operates 24 hours a day, 365 days a year. Around 13,000 to 14,000 vessels transit the canal annually, contributing significantly to global trade. |
| 6. | Biodiversity Hotspot: The canal zone is surrounded by rich biodiversity, with numerous species of plants, birds, and animals. The rainforest around the canal plays a vital role in maintaining the ecosystem. |
| 5. | A Symbol of Panamanian Sovereignty: The U.S. controlled the canal until December 31, 1999, when it was handed over to Panama. The transfer was a significant moment in Panama's history, symbolizing its sovereignty and control over this crucial waterway. |
| 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, and 164 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 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. |
| Information Type | Panama Data |
|---|---|
| Population | 4,470,241 (June 2024) |
| Gross Domestic Product PPP (GDP) | US$88.55 billion (July 2024) |
| GDP Per Capita | US$17,304 (2024 est.) |
| Inflation Rate | 3.2% (July 2024) |
| Capital | Panama City |
| Population of Capital City | 2,016,000 (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 | Cámara Panameña de Comercio - 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. Also, 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 |
Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
Start Your New Overseas Life Today
A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024
We Value Your Privacy! We will not share your email address with anyone else, period.
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