Welcome to the Panama Weekly News Roundup! Here’s the latest.
Government publishes contract for fourth bridge over Panama Canal
Plans for the fourth bridge over the Panama Canal are taking shape, and this past week, the government opened up the bidding process to interested parties. This is just one of many big civic construction projects slated for the next year, and will help alleviate traffic issues and open up business between Panama City and its western suburbs.
It is a tender for $22.2 million dollars for the hiring of a company “to ensure the proper achievement of the objectives of the project in terms of its design, construction and commissioning,” according to the statement of objections. Companies interested in participating in this tender should submit their proposals by Nov. 30.
The fourth bridge over the Panama Canal will be built north of the Bridge of the Americas. Its design will be cable-stayed, similar to the Centenario Bridge, with a total length of approximately 1,118 meters between two towers.
Source: La Prensa
SkyPower Announces 500 MW of Solar Energy Projects in Panama.
The concept of solar energy in Panama is nothing new, and has been discussed for years as a viable, sustainable clean solution. Earlier this week, one company took the next step in making it a reality. SkyPower, the world’s largest developer and owner of utility-scale solar projects announced it will implement 500 megawatts of solar energy projects in Panama, which is great news for Panama’s future.
In addition to building 500 MW of solar projects in Panama, SkyPower will also construct a US $50 million world-class solar and environmental research centre in Panama dedicated to the advancement of solar photovoltaic (PV) innovation as well as advanced research and innovation in environmental sciences.
To be built in affiliation with several leading universities and research institutions, this research facility will clearly distinguish Panama as the definitive hub for new solar technologies and innovation in Central America, and is expected to generate significant licensing revenues for Panama.
Source: MarketWatch
Colombia, Panama Extend Deadline For Tax Info Exchange Talks
Colombia and Panama are a bit at odds when it comes to declaring taxes on foreign investment. After a tense year of speculation and accusations, the tax “blacklist” deadline has come and gone, and Panama still hasn’t disclosed the requested information to Colombia. This week, they decided to extend the promised deadline, to reach a mutual accord.
The two countries initiated the TIEA talks in October last year following Colombia’s decision to place Panama on its blacklist of non-cooperative territories. Mauricio Cárdenas said that while the two sides have had productive negotiations towards a TIEA, they have still not been able to agree on some issues. The Minister said that the negotiating teams of both countries had requested the extension of the deadline.
The blacklisting of Panama by Colombia led to a diplomatic crisis between the two countries last year. The blacklisting was said to be due to Panama’s failure to conclude a TIEA. Countries that are placed on Colombia’s tax blacklist face a 33 percent withholding tax on outgoing payments, rather than the standard 10 percent.
Source: Tax-News.com
5 Tips to Help Make Your Move or Retirement to Panama Smoother
If you’re looking to move to, or retire in Panama, there are a lot of steps you’ll need to take first. For many this process can be a bit overwhelming; but it doesn’t have to be. In one of our latest blog posts, we go over some simple, stress-free steps you can take before the big move, that will make it much smoother and much more enjoyable. Here’s an excerpt:
1. Visit Panama before moving or retiring there. With so much to offer, it’s easy to get wrapped up into the excitement of a potential move to Panama. But before you make relocation a reality, we recommend you visit in person for a few weeks first. It will give you a 1st-person look at the real estate available, the weather, the layout of each area you’re interested in moving to, and is a great way of making some important local contacts. Plus, it’s a great excuse to take a fun Panama vacation!
Continue reading how to make your move to Panama easier
