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January 06, 2009

"We believe it is safe to say the Dubai dream is perhaps over"

Don't blame me, that's what Citigroup economist Mushtaq Khan said in report. Read the full story in Bloomberg.com: Middle East.

I don't think the same thing will happen in Panama (even though it's been compared to the Dubai of yesteryear) since the economic crisis is happening at an earlier stage in Panama's economic growth.

Burj Dubai What do you think?

Sponsor: Panama City, Panama Contractor

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January 03, 2009

Retiree (Pensionado) Benefits to Investing in Panama

Found a good article about investing in Panama from The Panama Review. Below is an excerpt from the article about retiree benefits in Panama. My comments are in brackets.Clay Vase with Panamanian Girl Pollera Headress
Some of the excellent retirement benefits are:
  • Importation of all your personal and household goods up to US $10,000 free of taxes.
  • Right to import a car every two years free of taxes
  • 50% off closing costs for home loans.
  • 25% off both international and domestic airline tickets.
  • 50% off hotel accommodations Monday-Thursday
  • 10% off prescription medicines (which are inexpensive to begin with)
  • 15% off dental and eye exams.   [Some places offer an even greater discount. I have seen a recent promotion where the discount is the person's age. So if you're 60, you get 60% off.]
  • 30% off bus, boat and train fares.
  • 25% off at Restaurants
  • 15% off at Fast Food Restaurants
  • 20% Doctor visits and Surgery   [There are some local clinics that only charge a $5 consultation fee. Lower than many HMO co-pays.]
  • 50% off entertainment including movies, concerts, theater everyday.
  • In Panama, all banks (mandated by law) have special express lines for retirees.
  • The greatest of all benefits for retiring in Panama is that you can hire a full time maid for less than $300 a month.

There are also tax advantages especially if you invest in the Panama hospitality and tourism industries. I'd be glad to help, if you need it!

Sponsor: consider our Bocas del Toro, Panama builder contractor if you are looking to build or remodel in the province. Busca un constructor, contratista o renovador en Bocas del Toro?

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A Free Trade Agreement with Panama - how it can benefit Canada

I just came across this article through a Panama discussion group on LinkedIn (sign-in probably required). Here's an excerpt with the benefits for Canada if the free trade agreement is approved:canada government logo
  • The services and services-related provisions of an agreement could yield benefits for Canadian exporters, including small and medium-sized enterprises.
  • An FTA with Panama would provide Canadian service exporters with greater market access and better treatment than currently exists under the World Trade Organization (WTO) General Agreement on Trade in Services (GATS).
  • Bilateral FTAs can also allow for greater trade, innovation and liberalization than regional or multilateral agreements with regard to both the development of rules and the level of market access accorded to signatory countries. These include high-growth, knowledge-intensive and export-oriented Canadian services sectors such as professional services, research and development services, and computer and related services.
  • Canadian exporters would also benefit from improvements in rules designed to increase transparency of regulations and to broaden market access for a range of service providers and investors. An FTA would also provide for frameworks for the negotiation of mutual recognition agreements and provisions respecting professional licensing and qualification requirements and procedures.
  • Enhancing the movement of business persons would help Canadian firms supply services and would also facilitate investment in Panama’s market. A chapter on the temporary entry of business persons into each other’s respective territories would also be an important complement to the rules on trade in services, goods and investment.
A Free Trade Agreement with Panama: Trade in Services Opportunities

I wonder if Canada will wait until the US approves the free trade agreement with Panama. I hope not.

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