British investors seek Panama opportunities

British financial interest in Panama continues to climb. In addition to the involvement in the Howard Mini City project, a team of British investors recently arrived, looking for opportunities.

"Panama is the country of Central America that offers the best opportunities for business" said team leader Richard Davies.

British investment in Panama has reached the $6 billion dollar mark according to the British Embassy. That figure includes HSBC, Cable & Wireless and London Regional Properties, in charge of the Howard project.

Foreign residents and real estate investors are fuelling the economy

By Marijulia P. Lloyd

"In the next few months hordes of the so-called ‘baby boomers’ will arrive in Panama looking for a new life in our country and if we want our businesses to take advantage of this bonanza, we need to learn English and modernize our banking and legal systems", said Mr. Tomas Portillo, the Manager of Real Estate Relations of Prima Panama, during the recent IV Business Forum of the Chamber of Commerce and Industry.

In future editions, The Visitor will give you more details of this Forum and the requirements a foreigner will need to fill in order to obtain a Panamanian mortgage.

The main objective of the forum was to explore the challenges and opportunities that different sectors of the Panamanian economy will encounter in order to tap into the potential of the ‘baby boomers’ and the resident foreigners‘ markets. The other speakers were: Jenny de Cruz, General Manager of Mortgages of Banco Cuscatlan and Ivan Carlucci, president of the board of ACOBIR, the association representing real estate businesses.

Mr. Portillo, whose subject was "The Motivations, Attitudes and Preferences of Resident Foreigners in Panama", said that the main reason why foreigners come to Panama is for the low cost of living and warned businesses against overcharging them because this practice will affect national enterprises and in the long run the country’s economy.

Another of the panelists, Mrs. Jenny Cornejo de Cruz, talking about ‘Bank Facilities for Foreign Residents: Mortgages and Bank Accounts’, said that "there are mainly five types of foreigners who want to use banking services in Panama: the pensioner, the buyers of second homes, the ones who are about to retire, the resident foreigners and the property developers".

Mrs. Cruz added that because of this variety, the Panamanian banks have had to evolve and change their credit policies to allow them to protect their interests and at the same time be able to take reasonable risks when giving loans to foreigners.

Panama Chamber of Commerce holds business forum to explore the opportunities presented by the “baby boomer” influx

The banker stated that different criteria are applied depending on the status of the client. For example a resident foreigner will have the same rights as a Panamanian, while a foreigner who just wants to buy a holiday home will only be able to obtain 70 per cent of his mortgage and at a higher interest rate.

The last speaker, Mr. Ivan Carlucci Sucre, talking of "Challenges and Opportunities of the Real Estate Sector" said that Panama is experiencing the best real estate time of the last 20 years and over the last trimester of 2006 this area of the economy has grown by 14 % in comparison with the same period in 2005.

Mr. Carlucci pointed out that "the growth in real estate is directly related to the boom in residential tourists, pensioners and foreigners who have decided to buy a second home in Panama. They represent a significant percentage of the money invested in the country".

Howard project one of the biggest in the world

The $700 million conversion of the former U.S. Howard Air Force Base next to the Panama Canal into a mini-city will be one of the largest development projects in the world and provide some 20,000 jobs.

$700 million “Mini City” planned for former U.S. Air Force base

The project covers 2,750 acres and houses a 1.7-mile airstrip, an area largely abandoned since the American forces left the country seven years ago.

A giant "multi-modal port" will include the airstrip, access to the Canal and vast storage depots.

It will also include a facility for Singapore Airlines to refurbish its fleet of aircraft.

London & Regional Properties (L & R) beat out 16 other international companies to secure the initial rights to build a "mini city" on the banks of the Canal. The company will invest $405 million in the first phase of the project.

In addition to the multi-modal port, the area is also earmarked for thousands of new homes, hotels, a golf course, a science park and commercial centers. It is the most ambitious project to be taken on by L&R and the developer has teamed with Isaac and Jaime Gilinsky, the father and son Panamanian developers.

Said Jason Mills, development director at L&R "this underlines the attractiveness of Panama as a global investment destination."

White and Case, a global law firm based in Miami, has won a lead assignment advising the government of Panama on the re-development.

Real estate partner William Walker commented: "About 60% of the trade in and out of the US passes through the Panama Canal. When you combine thousands of new homes, hotels, a science park and a golf course, with the proximity to the world’s busiest trade canal, you can see why the global investment community is taking note of this project."

New venture keeps Duran in the world spotlight

Roberto "Mano de Piedra" (Stonehand ) Durán continues to be a centre of attention within Panamanian sports circles and the public at large. Now the Hall of Fame boxer is planning to become an entrepreneur.

Durán and his business partner, boxing promoter Luis de Cuevas recently announced their intention to build an $80 million tourist complex in Panama City. Construction will be completed in 2 years time.

The complex, to be named "The Legend Convention Center", will comprise a hotel, casino, restaurant and convention center. A key focus of the center will be the hosting of eight boxing events a year, to be televised in the United States, Europe and Asia.

Duran sees the project as a way to give more jobs to Panamanians.

De Cuevas said that the tourist complex will be as famous around the world as the former champion.

Bush promise

A health care professional training center, located in Panama to serve all of Central American has been promised by President George Bush Students will be trained as nurses, technicians and other health care workers.

“FOCUS” guide hits 100,000 circulation

The latest edition of the guide magazine Focus Panama, with an increased circulation of 100,000, features Cocle "The Province with everything" on it's front cover and a 12 page feature inside sponsored by a "cluster" of business owners in the province who have embarked on a campaign to promote Cocle as a perfect tourist destination. Focus also contains 194 pages of invaluable information on places to see, and things to do in every part of the country, including hotels, restaurants, sports, and the housing market. This issue has new sections on surfing, diving and fishing. No visitor should be without it.

The current pocket sized edition, just off the press, which carries fold out maps of Panama and Panama City, is available free of cost in English or Spanish, in hotels, tourism offices, banks, embassies, airports and many other outlets throughout the country.

It will also be distributed at tourism fairs throughtout the world with the co-operation of IPAT, Panama's Tourist Bureau.

President of Durham College visits Panama

Leah Mayers, president of Durham College, near Toronto Ontario, Canada, recently visited Panama to sign a number of educational exchange agree-ments with the Panamanian government, among them, the establishment at an extension of the college at the City of Knowledge –the large compound of international universities and scientific research centers at the former U.S. military base of Fort Clayton. The announcement was made during a ceremony at Panama City’s Miramar Intercontinental Hotel.

Canada and Panama estab-lished permanent diplomatic relations in the mid 1990’s.

Expats west keeps on growin'

A near 400 percent growth in attendance in two years. Not bad for a group that started as a spin-off of a Panama City ExPat Social Group. The first get together of ExPatsWest in February attracted fewer than 40 attendees. Now its monthly meeting brings together as many as 150 in the area west of Panama City along the highway to Coronado and beyond, including El Valle and Altas del Maria.

The loosely structured group has no membership, dues or agenda, just an e-mail list reminding people of the upcoming soiree, which provides an opportunity to meet new people, resident or visiting, renew old friendships and enjoy the food and ambience.

Meetings are held on the fourth Wednesday of each month at El Rincon del Chef Restaurant, in Coronado. (Tum off the highway at the El Rey supermarket and head towards the beach. The restaurant is on the right in the easily-spotted Mercado Artensal de Coronado). There is a special buffet, but participants may eat a la carte. The restaurant's phone number is 6676-4834.

If you would like to be added to the reminder list, e-mail Honey Dodge: honey@laestanciadelencanto.com

English language radio grows

English language broadcas-ting in Panama has been on the increase recently with the airing of four shows in the capital and one in David.

Panama Broadcasting Corporation offers 3 weekly shows on 93.5 FM. "Sunday Night at the Metropolis", Sundays 7:00p.m. – 9:00p.m., hosted by "Gery D", provides a weekly round –up of news and events in Panama.

"Drive Time" Mondays from 6:00 –7:00p.m., provides drive – home music and drive related information. "The Weekend Starts Here" Fridays from 6:00 – 7:00p.m. with James Sebastian – a great mix of music and informative tips to starts the weekend.

“Coffee with Bob & Lizeth” airs on 98.9 FM every morning from 8-9:00 a.m. it is a mix of music, restaurant, and movie reviews, interviews with people who make a difference. It is followed by "Naitafun" an hour of oldies and reminiscences of the seventies.

In David.
"Friends of Cassidy" airs on Tropic Hits 97.1 from noon till two pm from Monday through Saturday.