General 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 dialing code for Panama is +507.
- Panama boasts an impressive 2,490 km of coastline.
- 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).
- Panama’s biggest city and capital is Panama City.
- Colon and David are the second-largest towns.
- Panama has not had a national military since it was abolished in 1990.
- Famous Panamanians include boxer Roberto Duran, salsa singer and actor Ruben Blades and baseball players Mariano Rivera and Carlos Lee.
- The Panama hat is actually from Ecuador. They are called Panama hats because they were sent to Panama before being shipped worldwide.
- Christopher Columbus first arrived in 1502.
- Vasco Núñez de Balboa arrived in 1513 and was the first European to discover the Pacific coast of Panama.
- The national dish of Panama is sancocho, a stew made with mixed vegetables and chicken.
- Panama is the most southerly country in Central America.
- Panama has over 10,000 different species of plants.
- Panama City is the only capital city that has a rain forest within the city limits.
- Panama is located south of Hurricane Alley and is not impacted the storms and hurricanes which batter the Caribbean.
- The Biomuseo is the only building in Latin America to be designed by Frank Gehry.
- In 1671 the pirate Henry Morgan and 1,400 men sacked Panama City.
- Panama has one Olympic gold medal, Irving Saladino won the men’s long jump at Bejing 2008.
- The Volcan Baru is the tallest mountain in Panama at 3,474 meters.
- It is also an active stratovolcano.
- Panama was a Spanish colony until 1821 when it joined the Republic of Gran Colombia.
- Panama gained independence in 1903, after some help from the U.S. who were keen to build the canal.
- The population of Panama is now over 4 million (2016).
- The currency is the Balboa, which is pegged to the U.S. Dollar. U.S. Dollars are also accepted.
- The exchange rate is 1 balboa per U.S. Dollar.
- The official language is Spanish although approximately 15% of the population also speak English.
- Panama’s primary exports are Bananas, gold, shrimp, sugar, iron and steel waste, pineapples, watermelons.
- The Free Trade Zone in Panama is the second largest duty-free zone in the world.
- Business in this area is worth more than $5 billion annually.
- The oldest continually operating railroad is in Panama. It travels between Panama City and Colon.
- The railroad cost just short of $8 million to build and at one point was valued at over $295 a share.
- 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
- The first excavations on the Panama Canal were done by the French in 1880.
- The work was abandoned due to high mortality rate amongst workers and rising costs.
- It is estimated over 22,000 people died during the first attempt to build the canal.
- The U.S. started work on the canal in 1904 and it was the first crossing was in 1914.
- Richard Halliburton was the first person to swim the Panama Canal, in 1928.
- He also paid the lowest toll, 36 cents.
- The highest toll was $376,000 paid by the cruise ship Norwegian Pearl. The Panama Canal was controlled by the U.S. until 1999 when it was transferred to Panamanian ownership.
- The first ship to cross the Panama Canal was the Ancon.
- The Panama Canal generates nearly a third of the country’s revenue.
- 121 million cubic feet of concrete went into making the locks and dams in the canal.
Facts About Wildlife In Panama
- Panama is one of the most biodiverse countries in the world. It is home to 218 species of mammal, 226 species of reptile and164 amphibian species.
- 125 animal species found in Panama are not found anywhere else in the world.
- Panama is home to 940 avian species, the largest most in Central America.
- 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||4,314,767 (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)
|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%|
|Rental Income Tax||0% for first 15 years in designated areas, income tax up to a maximum of 27%.
|Transfer Tax||2% to 5%
|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 status
Panama 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