Welcome to the Panama Weekly News Roundup! Here’s the latest.
Government Approves Contract for Line 2 of The Metro
Two months after the Panama Canal Authority awarded the lucrative development contract to Brazil’s Oderbrecht, the Panamanian government has approved it. Oderbrecht was vetted, and approved, meaning that the project can finally get started, which is big news for Panama’s commuters.
“We have been in talks with banks associated with the project and the information that we have, which is unofficial, is that the consortium has valid financials and (the banks) have confirmed their intention to continue with the project,” said Minister of Economy and Finance Dulcidio De La Guardia.
The government said the arrest of company President Marcelo Odebrecht in Brazil last June would not affect the course of the work. The company won the contract on May 20 with a bid of $1.8 billion.
Source: La Prensa (English)
More Great Press on Why Retiring in Panama Can be a Great, Life-Changing Decision
With all the press about Panama being an outstanding retirement option, it’s always nice to read some real-life examples and success stories. A recent story, published on CNN Money gives a great inside look at an American couple who made the decision to retire in Panama and are enjoying every minute of it.
They live by the beach, say they have all the comforts that they were used to at home (mostly), and do it all on a budget of $2,133 a month. Moving abroad in retirement isn’t for everyone, but for this couple it was ideal.
“We couldn’t afford this in the States,” Hess said. “Even if we didn’t move near a beach and stayed in Austin, we’d still have to be working.”
They can see the ocean from their house and spend their time going to the beach, practicing Spanish with their neighbors and making good friends with other expats from the U.S.
Source: CNN Money
US East to Pinch 10% of Panama Traffic
The expansion of the Panama Canal will undoubtedly bring more ship traffic to all Western Hemisphere ports, but according to experts, the US East Coast will benefit a bit more.
Once opened, carriers coming to the US from China have the option to bypass the US West Coast, which has suffered from ongoing congestion, and head straight to the East, which could see ports in the region benefiting dramatically. A number of transshipment hubs in the Central American and Caribbean regions are also set to see big growth due to the larger ships traversing the canal. The cost of expanding the canal is now well over US$5 billion and promises to redefine the global logistics landscape.
However, the century-old Panama Canal faces competition from old rival the Suez Canal, which is also undergoing a ‘two-lane’ expansion that will see ships able to pass each other along the canal as opposed to having to wait for their turn to pass in single file thus doubling speeds, which is due to open before the Panama expansion.
Source: The Panama Guide
Expat Life in Panama: 7 Common Mistakes to Avoid
We all make mistakes, whether we’re at home or abroad, and that doesn’t change when you’re an expat. There are, however, some common mistakes that many expats make when moving to Panama, and we’re here to tell you how to avoid them. Check out the latest from our blog!
1. Not Planning Your Legal Paperwork Well in Advance
It sounds like a no-brainer but many expats living in Panama, in the interest and excitement of getting settled quickly, will move before starting the processes on their legal paperwork. While it is possible to temporarily live in Panama during this process, we recommend getting a good head start to stay ahead of schedule and make your transition smoother. Learn more about Panama immigration and visas.
Continue reading about Expat life in Panama
