Panama is the largest international banking center in the world next to Switzerland.
Approximately 100 international banks are located in Panama.
· Panama offers a modern and technologically advanced banking system.
· Panama is one of the most stable banking jurisdictions in the world.
· Thanks to an excellent, diversified economy, and very strict banking regulations, very few banks have failed in Panamanian banking history. The USA, UK, and even Switzerland have had several bank failures within the last 10 years, not to mention many other tax havens’ bank failure rates. Even during the recent (2008 – 2009) global banking crisis, not one Panamanian bank has been reported to have any liquidity problems.
· The Panamanian government has enacted strict bank auditing guidelines, to monitor banking practices, credit guidelines, and overall bank administration. Each bank must submit monthly auditing reports to Panama’s Banking Superintendence and National Banking Commission, together with the government owned Banco Nacional de Panama (National Bank of Panama).
· The Panamanian banking system is set up to ensure depositors the security of their deposits. The National Banking Commission (NBC) and the Banco Nacional de Panama (BNP) execute the functions of a central clearing bank. The NBC oversees the banking system, sets the reserve requirements and regulates interest rates. The BNP functions as the Panamanian governments principal depository, manages the country’s international reserves and is the clearing-house for the banking system.
· Panama’s new comprehensive banking law (Decree No. 9) meets the standards of leading financial centers around the world for transparency and regulation, and conforms to the statutes of the Basle Commission.
· Some of the banks present in Panama’s banking center are: Citibank, HSBC, International Commercial Bank of China, Banco du Brasil, Societe Generale, Banque Sudameris, BBVA, Metrobank, Banco General, Global Bank, Multibank, Banco Aliado, BancoLat, BIPAN, Bank of Nova Scotia (Scotiabank), Banvivienda, Credicorp Bank, Towerbank, Balboa Bank & Trust, Cayman National Bank, Credit Andorra, Andbank, and much more.
· The Panama Stock Exchange is the fastest growing in the region with an average total trading volume of US$900 million.
· Some of the brokerage firms present in Panama are (some through affiliates): Merrill Lynch, Pershing / DLJ, Paine Webber, Solomon Smith Barney, Credit Suisse, EFG Securities, Thales Securities, PanAmerica Capital Group, Financial Pacific, and several others.
8. Panama’s communications systems and infrastructure are the equivalent of any first world country such as the USA, Canada, or the United Kingdom. Telephone, fax, internet, and cellular communications are all offered in Panama by the worlds’ largest communications companies.
· Panama has the highest level of communications infrastructure for telephone, fax, internet, and cellular communications in all of Central & South America, including the Caribbean.
· Panama’s privatization efforts in the telecommunications sector were initiated in 1995, with the restructuring of the state-owned monopoly operator, INTEL, the subsequent concession to Bell South in 1995 to operate one of the two (2) cellular mobile telephone licenses and the sale of 49% of the shares of INTEL to Cable & Wireless (a UK company) in 1997.
· Cable & Wireless enjoyed complete management responsibility, exclusivity in certain telephone services (including international long distance services) for a period of five years (which expired in 2003) and has a license to operate in the mobile cellular communications sector. Movistar has the second largest share in the mobile cellular communications sector. Digicel and Claro Communications also operate in the cellular communications sector in Panama.
· Panama has the best access to multiple high-bandwidth continental fiber optic networks in telecommunications infrastructure. The extremely low risk of natural disasters (hurricanes etc.), gives the Panama telecom sector security and reliability of service as well as a competitive advantage over other offshore jurisdictions.
· Panama is extremely easy to access from almost anywhere. Due to its central location in the middle of the Americas, Panamas’ COPA Airlines (partly owned by Continental Airlines) has converted Panama into a major hub for international travelers. Panamas’ proximity to large cities with direct flights from North America, Central America, South America and Europe makes it relatively cost effective to bring in specialist know-how for installation and maintenance. Direct flights are available to Panama from most major cities around the globe.
· Panama’s long history as an international banking and services jurisdiction, has resulted in the availability of technical know-how in internet technology and information technology as well as sufficient human resources to install and maintain ecommerce operations. The MAYA-1 and ARCOS-1 ring systems link the continental Americas and the Caribbean Basin, which was completed in December of 2000.
· All the preceding advantages, incentives and infrastructure place Panama as an ideal location for: Internet Service Providers, E-Commerce Providers, Applications Outsourcing ASP, Broadband Content Providers, New Media Content Providers, and Exchange Traffic.
9. Panama’s official language is Spanish, however, English is the second most widely spoken language. 8 out of 10 Panamanians living within the banking sector of Panama City are bi-lingual in English and Spanish.
· English is a widely spoken language in Panama.
· 9 out of 10 educated Panamanians have traveled to the USA.
· Panama has a very high literacy rate in comparison with other Central and South American countries.
10. Panama’s Economy Keeps Growing. The Latin Business Chronicle reported in May of 2010 that Panama is rated as the number 1 place to do business in Latin America according to the fifth annual Latin Business Index by their publication. The main reasons for this are: The $5.2 billion expansion of the Panama Canal, along with a fast-growing shipping sector, is already earning it the title of the Singapore of the Americas. Multinationals like Procter & Gamble, Dell and DHL all have regional hubs or headquarters in Panama. Panama can also boast being host of the world’s top shipping registry, the world’s second-largest free zone (after Hong Kong), and the largest international banking center in Latin America.
11. Panama now is the 6th Richest Country in Latin America. According to a report issued by the Latin Business Chronicle, Panama became the 6th wealthiest country in all of Latin America in regards to Gross Domestic Product (GDP) and per capita Purchasing Power Parity (PPP). In 2009 Panama’s GDP (PPP) was $11,788 an increase of 1.8% from 2008. Argentina overcame Chile for 1st place. Mexico was in 3rd place. The report was created from data supplied by the International Monetary Fund (IMF).
12. Panama is an Investment Grade Country according to S&P. On May 25, 2010 S&P raised Panama to an investment grade of BBB- from BB+. Panama joined Brazil, Mexico and Chile in the investment-grade club when Fitch ratings upgraded its debt to BBB-minus in March. “The upgrade reflects our assessment that continued economic growth — combined with moderate fiscal deficits — should reduce the government’s debt burden,” S&P said.
13. The Republic of Panama is located at the narrowest point of the Central American Isthmus, which connects the continents of North and South America. It is just 2.5 hours by air from Miami, FL, USA and located in the same time zone as the U.S. East Coast (five hours behind Greenwich Mean Time).
· Panama is located between Costa Rica & Colombia.
· Panama is on Eastern Standard Time (same as New York, USA).
· Panama is just 2.5 hours away by air from Miami, Florida, USA.
Panama is the ideal jurisdiction for international investors and businessmen to operate their offshore corporations, banking, investing, finances, and all other areas of international trade!
Take the next step to financial freedom, and incorporate in Panama Today!
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