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Panama's Background With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. On 7 September 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of 1999. Certain portions of the Zone, and increasing responsibility over the Canal, were turned over in the intervening years. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were turned over to Panama by or on 31 December 1999. Location of Panama Panama is located in Middle America with the Caribbean Sea and Pacific Ocean bordering its coasts. Panama is surrounded by islands. On the Pacific side are the Perlas, consisting of over 200 islands, the Perlas (or Pearl) Islands are sprinkled throughout the Gulf of Panama. This country is world famous for its excellent deep-sea fishing. Economy in Panama Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-02. The government has been backing public works programs, tax reforms, new regional trade agreements, and development of tourism in order to stimulate growth. Do I need a visa to travel to Panama? In most cases a tourist card is sufficient and they can be bought before boarding the plane at the airline ticket counter or at the Immigration Office at the Airport in Panama after you have arrived. Retirement Incentives - The Pension Program - Senior Citizen Discounts The best retirement program in Latin America!! The government is offering excellent incentives for foreigners to spend time there, invest there, and to take up residence there. Panama offers one of the most attractive pension programs in the world. As a retiree in Panama, you receive: - 50% discount at many recreational facilities, movies, and sporting events - 30% discount off public transportation (including buses and ships) - 25% discount off Copa airline flights - 50% discount off hotel stays on weekdays [30% on weekends] - 25% discount at selected restaurants - 15% discount at fast food restaurants - 10% discount off prescription drugs - 20% discount on doctor's visits - 15% discount on dental work - 25% discount on your electric bill (if less than $50) - 25% discount on your telephone and water bills. All that is required to qualify for the program is that you must be sixty years of age, in good health, AIDS-free, have an up-to-date passport from your country of citizenship and a verifiable monthly income of at least $500 per month. If you buy or build a new house, you won't pay property taxes for 20 years!! As for income tax, you will be amazed to know that in Panama you pay no taxes on foreign - earned income. Panama uses the U.S. dollar as its legal tender; the local economy is insulated from global shocks. The use of the U.S. dollar makes life in Panama less hectic, more predictable and continually stable. You can depend on good value in the property you buy, the business that you may move there and the lifestyle that you live. Purchase Now | Beachfront Properties | Lot Information | Maps & Locations | F.A.Q.'s | Contact Us | Home Website Designed & Maintained by Internet Entrepreneurs Inc. |