Welcome to the Panama Weekly News Roundup! Here’s the latest.
Wider Panama Canal Gets Its First Water Trial
This month, the Canal moved one step closer to completion as water rushed through the last set of locks in the new expansion project. The area around the new Agua Fria locks in Gatún, on the Atlantic coast, is currently going through the water tests, in plans for full completion within one year.
GUPC is carrying out the extensive upgrade to the canal’s system of locks, to allow the waterway to accommodate ships carrying up to 14,000 containers of freight, triple the current size. Upgrades began in 2007 and were scheduled to be completed in 2014 for the 100th anniversary of the canal, but the work has seen repeated delays. With a year’s delay so far, the cost of the megaproject has hit some $5.25 billion. About five percent of global maritime trade passes through the Panama Canal. Its biggest users are the United States and China.
Source: The Tico Times
Indonesia, Panama explore maritime cooperation
With maritime trade on the rise, Panama is making strategic partnerships with otherwise unlikely friends. This month they announced a new maritime cooperation initiative with Indonesia.
Director General Djani recently held a meeting with Panama’s Maritime Affairs Minister Jorge Barakat Pitty in Panama, Enjai Diana of the directorate general said in the statement. Djani added that Indonesia was expected to take advantage of the cooperation as Panama was already well-established in developing its maritime potential.
Pitty said Panama was ready to cooperate and share with Indonesia its experiences in various maritime sectors, such as port management, the protection of seafarers and training. Panama has 13 ports. Cristobal and Balboa port is the busiest in Latin America. Cristobal port able to serve 2.2 million units per year Maritime. In addition, the potential of maritime Panama backed by the Panama Canal connecting the Pacific Ocean and Atlantic Ocean are crossed by 14 thousand vessels per year.
Source: MarineLink
Panama Tightens Qualifications for Professional Employment Visa
This month, we were happy to be featured in Panama’s “El Visitante/El Visitor” to talk about new qualifications amended to Panama’s Professional Employment Visa. Here’s a quick snippet from the blog explaining what it is, and what will change.
Panama offers more immigration visa programs than most countries. One of them is the Professional Employment Visa created a few years ago to attract more professionals to reside in Panama.
The Professional Employment Visa requires foreigners to be employed by a Panama company in a “professional” capacity and must hold a university degree and a professional license if it is required in his own country. The foreign employee must also pay social security taxes. He or she can become a permanent resident after two years of employment.
Source: The Visitor Panama
Why Coronado is One of the Best Places to Retire in Panama
Panama has a lot of great options for expat retirees, and a place for nearly every budget and every taste. One of the best places, especially if you’re a beach person, is the town of Coronado. Coronado has a vibrant expat community, and is more and more becoming THE go-to destination for retirees as well. Check out more from our latest blog post.
Coronado has long been a favorite beach escape for many Panamanians who want a taste of the good life, while still being close to the city. Now, after years of development and great press, Coronado has also become one of the best places to retire in Panama. While there is plenty to love about Coronado, retirees seem to love it for a few key reasons. It has a gorgeous white sand coastline, beautiful (and often very affordable) properties, great food and shopping, and easy access to the national highways, Panama City, and international airports. Many compare it to Boca Raton or Sarasota, Florida, but at a fraction of the price. You can live very well on a modest retirement savings or social security payments, and still get world-class healthcare and services.
Read more about why Coronado is one of the best places to retire in Panama
