There are ordinary places to live in Panama and there are extraordinary locations. Depending upon your preference for sea coasts or mountains, ability to get away from the daily routine, or desire to live the high life in an exciting Latin American capital city Panama offers a number of choices. The following article is about a development in the Chiriqui Highlands. Read on and then contact the Panama Club for the services that will fast track your business, real estate investments, and/or retirement in this tropical paradise.
In looking for the ultimate in luxurious living, upscale amenities, and a setting a of natural beauty, we have looked at seacoast developments and mountain properties. We recommend Valle Escondido in Boquete as an excellent choice for an upscale development with wonderful services in a great setting. There is the luxury of having people wait on you and the luxury of getting to do whatever you want when you want to do it. Valle Escondido fits a bit of both.
Valle Escondido offers spa treatments as well as a golf course for exercise. The surrounding area is replete with nature trails. In fact, people come from all over the world to see what you will have at your doorstep.
Valle Escondido offers meals every day at the resort’s restaurant. Alternatively, you have your own beautiful home for the privacy of an intimate get together.
Valle Escondido’s fitness center has the latest cardiovascular fitness equipment, as well as free weights. There is a racquetball court in case you want to pick up the speed of your workout.
Valle Escondido may be a “hidden valley”, but it is not cut off from the world. Available day activities that you can do from Valle Escondido include white water rafting on class 4 rapids, a very long canopy tree tour, tours of coffee plantations, horseback riding, rental of four wheelers, hiking tours including Volcan Baru and Quetzalas National Parks, a visit to the hot springs at Caldera, a trip to see pre-Columbian petroglyphs, and deep sea fishing 45 minutes away by helicopter on the Caribbean Sea.
This place is a combination of laid-back relaxation and up and at ‘em activity. There are those of us who think that mix is the ideal.
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Panama has long been a haven for luminaries in the global financial community. Now, it is becoming home to an increasing number of financial, real estate, and entertainment superstars. The arrival of mega development names like Donald Trump heralds Panama’s coming of age as a destination of choice for the world’s wealthy.
A host of new projects are underway to insure that the rarefied tastes of the jet set are met in abundance in Panama. Our nation now boasts a growing community of ports and marinas able to dock and service the largest super yachts on the planet. Panama’s restaurants and nightlife are among the best in the region. Panama’s natural treasures continue to draw new residents with the most discriminating of tastes.
The Pearl Islands, an archipelago just South of Panama City has long been a driver of growth in the super rich sector. Celebrities like John Wayne, Pierce Brosnan, and the Shah of Iran have called these pristine islands home.
Increasingly, the jet setter influence is moving to the mainland with projects like Donald Trump’s towering, Trump Ocean Club development in Punta Pacifica. This $200 million dollar project is a 65-story architectural wonder consisting of 800 hotel condominium units, an international casino, and private beach club on Contadora Island.
Panama tongues were wagging recently when Brad Pitt and Angelina Jolie visited Panama in search of a vacation home. Make your star appearance on the Panama real estate stage. Visit Panama soon. While you are in country, make sure to investigate the incredible bargains now available in the Gem of Central America—Panama.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
This thoughtful article was written almost a year ago. The real estate boom leveled off and has not resumed its torrid pace. However, high rises are still rising across Ciudad Panama as of January of 2011. It would seem that the best route for future Panama investment, especially in real estate, will be to obtain expert advice before diving in. Read and then give us a call.
BY JIM LANDERS – The Dallas Morning News PANAMA CITY, Panama — Cement prices have doubled, and it’s hard to get a truck to come to your building site. The situation is similar for steel, glass, bricks and all the guts of a high-rise condominium. The real-estate business is having a party in Panama. As of July, 380 tower projects were under way or announced, representing more than 40,000 condos and apartments. A year ago, it was 11,000 units. The builders say Americans looking for the urban high life in retirement will snap up these buildings in a new Miami that’s half the price of the real Miami. ”The baby boomers, simply put,” wrote Roger Khafif, builder of the Trump Ocean Club in the Punta Pacifica shoreline neighborhood, in an e-mail about his target buyers. “Without them, Panama’s real-estate boom would bust.” (more)
Retirement properties have been considerably cheaper in Panama than in Florida, and the climate is as good or better. The local currency is the U.S. dollar. And although Medicare doesn’t reach Americans abroad, healthcare is much less expensive there than in the United States.
But speculators are the ones who have put down deposits on 70 percent to 90 percent of these units, said Paul McBride, chief executive of Prima Panama developers. There’s no beach on the bay, which is where the 1 million residents of this city pour their sewage. A seven-year, $300 million cleanup is underway.
And falling prices in Miami and elsewhere in the United States may make those Panama condos seem less cheap.
It’s hard to find evidence that white-haired North Americans are mounting an invasion of retirees, and you can almost hear the air escaping from the bubble.
The Ice Tower, a 104-story dream of blue and silver, has melted. Two other towers of 96 and 54 floors are not going to get off the ground, either. There are mutterings about whether some developers were simply looking for interest-free loans from the people putting down condo deposits. A Panamanian legislator is proposing to a law requiring developers to pay 6 percent interest on refunded deposits.
Khafif’s Trump Ocean Club, a venture with New York developer Donald Trump, is starting to rise. The skyscraper shaped like a sail, he hopes, will be completed in October 2010 with 500 condos and 500 hotel suites with a market value of $404 million.
”Of course we can build a 90- or 104-floor building in Panama,” Khafif wrote. “Almost anything can be done if the price is right!! And that was precisely the problem. Plain and simple, the developers sold toooooo cheap.”
A builder needs to sell condos during the construction phase at prices high enough to cover inflation in materials and other construction costs, Khafif argued. ”We . . . launched our modest 66-floor building at three times the market value,” he wrote, and thus he expects no problems.
There are real-estate booms like this in a dozen Chinese cities and in the Persian Gulf emirate of Dubai.
Whenever the discussion turns to where all of the money comes from, people look over Panama’s shoulder and see Colombia, where cocaine has built fortunes looking to be laundered.
Such whisperings have not stopped other investors from coming. Condos priced at a total of $5.7 billion are on the market in a nation with a $16.5 billion economy. The expansion of the Panama Canal, hopes for big energy investments and happy days in the banking industry all point to rapid economic growth.
In the first five months of this year, Panamanian banks reported profits of $444.1 million, up 19.4 percent from the same period in 2006. The banks say credit is expanding 15 percent a month.
McBride of Prima Panama said the average Panama City condo is selling for more than the average single-family home in the United States. This doesn’t hurt the luxury market so much, but it may make a difference for North Americans hoping to stretch their nest eggs by retiring abroad.
”Two or three years ago, the price of a luxury condo was $120 a square foot. Now it’s $250 to $300 a square foot,” McBride said.
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
$40,000 Investment – Permanent Residency leading to Panama Passport
Summary – This is a unique program where one invests $40,000 in an approved Panama reforestation program. This allows the investor to obtain a Visa for themselves and their spouse as well as dependent children; no additional investment is required for dependents. This is the least expensive legitimate residency program we are aware of. The Visas are renewable annually and after either one or five years they become permanent residency Visas allowing the investor and their dependents to reside in Panama permanently and also to work in Panama. After five years one can apply for citizenship. This is an extremely inexpensive way to obtain a Panama residency and eventually a citizenship with Panama passport which is good fro visa free travel in most of the western EU and throughout most of Latin and South America. The reforestation program is a statutory program written down as law. It is not a pay off some lawyer in the dark situation which will blow up when the government investigates some corrupt official selling citizenships. Never get involved in any residency/citizenship/passport program that is not written openly in the public laws for you to read. Never get involved in any residency/citizenship/passport program where you do not have to go to the official immigration building in the country for processing and to pick up your documents. Never get involved in any situation where you are paying a lawyer large fees because he “knows” the immigration officials and can make it happen cutting the red tape for you. People are constantly getting arrested trying to use passports and identity cards obtained in this manner. All of our programs are statutory and written in the public laws. If you actually make the investment of either $40,000 or $80,000 in the reforestation visa program it is a documented lawful program written in the law books and will be honored by the government, subsequent elected officials of Panama etc. What I am saying is if you make the investment, you will have your permanent residency which after five years makes you eligible to apply to be a citizen of Panama with a Panamanian Passport.
The Investment – You are investing in forestry projects generally dealing with teak wood but other types of trees are available. Some projects give you title to the actual land, usually about 2 hectares. The reforestation project must be an approved one. These projects are supposed to generate a fantastic return after 25 years, many times your investment. If you were to liquidate the land say after 10 years your return would generate substantial losses. This is because it takes years for the trees to grow. If you wait 15 years the loss would be less or perhaps you’d reach break even. Now if the value of land in Panama keeps appreciating like it has been doing recently this may prove to be untrue and the investment may be worth more in a few short years? We do think it is a tremendous way to obtain residency and eventually citizenship for a small investment. If the investment is held long enough it is possible to realize a high return on the investment as well. Any gain made on this investment is not taxable in Panama. We are not investment advisors and you need to evaluate the investment potential yourself. The land can be held in the name of a corporation.
Residency – There are two levels of investment for the Reforestation Visa – $40,000 and $80,000. Both have residency and lead to the ability to apply for citizenship after five years. The larger investment leads to a permanent residency after one year, the smaller investment leads to a permanent residency after five years requiring the visa to be renewed each year until the fifth year.
Documents Required – Passports valid for at least 6 months, police clearance report from last place of residence, marriage certificate, birth certificate for children dependents, medical clearance from Panama (we can refer), application forms, pictures, proof of investment contract etc. You have to come to Panama to apply in person but you do not need to live here for this visa.
Time Frame – From the time of receipt of all documents and fees 30-45 days as an approximate time frame. Much depends on the workload of the immigration department at the time of your application.
Fees – The visa immigration processing legal fees are $1250.00 for first person and then $250.00 for each dependent for the initial application. The fees in the following years ($40,000 visa) are $795.00 for the first person and $250.00 for each additional person. Our fee to review and negotiate your investment contract with the reforestation company is $300 (optional). Please note our fees are fair and honest just like our programs being offered unlike the lawyers in other countries that are charging $25,000 and up to get you a visa or citizenship based on the “immigration connections” they have.
For more information please visit: www.panamalaw.org — Email us at: http://thepanamanetwork.com — or — Call us at: (507) 6-480-1279
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
There are about 150 banks in Panama and they come in several flavors. One is the offshore bank that can only do business with entities not in Panama. There are banks that can only do business with entities in Panama and then there are banks that can do business with those offshore as well as those entities within Panama. In addition there are Savings and Loans (like a Building Society in UK) which operate like banks except they must invest 70% of their long term deposits in Panama real estate with appropriate controls.
If you are not living here and just walk in to your local bank on the corner I doubt you will get an account opened no matter what country you are from. If you own or rent a home here then things are different. You should have a cell phone number, a regular house phone number, a mailing address (mail does not get delivered to your house in Panama, you need a mail box), a good reason as to what you are doing in Panama like retired, a bank reference from your home country (states how long you have had an account, average balance and that you are in good standing), reference letter from local people who know you, and a reference letter from lawyer or accountant back home. Then add in your passport and drivers license and you should be good to go with a letter explaining your source of funds such as commissions, savings, proceeds from house sale, etc. It would be a real bad idea to try to open an account with a cash deposit instead use a wire transfer from your home town bank. Do not make any substantial cash deposits as this would be a warning flag. Checks from USA will take 3-4 weeks to clear. You are not allowed to write Panama checks outside of the country. They will give you a Visa or MasterCard Debit Card readily with your account. Most banks have Internet Banking.
If you get a residency first before opening the account it will be easier and all these references may not be needed. More on Visas, Residency and Citizenship can be found here.
Privacy and Banking in Panama Panama has serious bank secrecy laws. Your money here is safe from lawyers and others who wish to abusively take it away from you. Collecting a civil debt from another country in Panama is close to impossible, don’t plan on it happening. A government trying to get at your money has numerous difficulties. First it must be a national government. Next it has to involve a criminal case on file in their court system. The equivalent of their Justice Department contacts the State department and through their consulate in Panama papers are filed according to the MLAT (Mutual legal Assistance Treaty) by their consulate in Panama with the Panama Government. The papers are reviewed and questions in return are filed along with requests for more information. Thus the dance begins and can last years. If the request is lawful the information will eventually be supplied. Sometimes the country which the bank is located in may themselves get interested thinking a crime may have been committed in their country let us say, and they may seize the records and keep them for a long time while they do their investigation.
Your money here is safe from lawyers and others who wish to abusively take it away from you. The MLAT is a process that the USA would like to play more of but other countries are generally sick and tired of it and do not like it at all. If you are a criminal and they are after you they will eventually have the bank records and even get the money seized. A fun trick the USA plays is once they find out how much money their target has and can justify to their courts confiscating it, they then confiscate this amount from the offshore banks correspondent bank in the USA telling the bank to take the money back from so and so depositor who was their target. If in the interim from the time the USA has the bank records and made the seizure against the correspondents bank account the depositor took all or part of his money out of the bank and the USA took the full amount away, the bank would be in the position of trying to get the USA to return the money which probably would never happen or if so years later after a court battle that would cost a fortune. So now many people have taken to keeping their funds in Euros or non dollar denominated accounts so the USA can’t possibly say the money on deposit in America is theirs in whole or part. With few exceptions Panama Banks only have dollar accounts.
In Summary There are banks and then there are banks in Panama. Some are better than others. There is no FDIC or FSLIC in Panama. Make sure you get recommended to a bank before you open a bank account in Panama, don’t just pick one. So if you are privacy conscious I would avoid the Canadian and British Banks.
Panamaexpertos.com Call us — 561-210-5832
SOURCE: panama-travel-bureau.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
The Panamonte Inn & Spa is a place of stories from a century of travelers going back almost to the founding of Boquete itself in 1911. It tells of visits by American Presidents Teddy Roosevelt and Richard Nixon, the Shah of Iran, Reza Pahlavi, actors Sean Connery and Ingrid Bergman. Antarctic explorer Admiral Richard Byrd visited as did aviator Charles Lindberg, who flew here to Chiriqui Province in the Western Highlands of Panama in 1928. More recently Panamonte has been the inn of choice for international travelers coming mainly from Europe, the U.S. and Canada , and for Panamanians who hop the one-hour flight from Panama City on weekend escapes.Opened in 1914, its rustic structure may be affectionately described as “Scandinavian cottage”, perhaps “Russian dacha”. Its accommodations are home-style and comfortable, ranging in size from small, twin-bed spaces to larger efficiencies with wet bars and private patios. The cozy 19 rooms are attractively furnished and reminiscent of an earlier time in highland travel. In 1946 the inn was acquired by the Elliot-Collins family and it is now operated by the current descendant, Mrs. Inga Collins. When in residence she is often found at the stone fireplace in the recently redecorated cocktail lounge where she is known to share stories on the history of the inn, the region’s natural attractions, and its native people.
In fact, the cocktail lounge is one of the great rooms in Boquete and a draw for guests and locals who gather most nights to share their day’s adventures. With two roaring stone fireplaces, the décor extends the inn’s European flavor by adding a little California and a dash of the Old West. Spanish-style wrought iron lamps, brass candles, and sheer, floor-length curtains frame large, open windows. Overstuffed couches and wicker chairs add the right degree of casual comfort. Throughout the room fresh Bird of Paradise are set in large vases. The lighting is romantic and the mood completed with aromas of highland air and oranges wafting in from outdoors. You might imagine Connery or Bergman sidling up to the new, exquisitely-made hardwood bar, the work of design consultant Michelle Fogarty de Brewer who also conceived the room’s redecoration. Overall, the design is a sophisticated balance of mountain and tropical elements that fit wonderfully with the inn’s unfussy elegance.
There is an atmosphere of excitement in Boquete with travelers feeling like they’ve arrived early to the next great getaway. It’s common in conversation to reference Costa Rica as being “over”, while Panama is considered the rising star. In the last two years Boquete has realized something of a land rush beginning with its selection as one of the Best Places to Retire by Modern Maturity and International Living magazines. Its location at 3,500 feet, nestled in the craggy hills below the dormant Baru Volcano and year around temperatures of 75—85 degrees are idyllic. Stories have appeared in travel features of the LA Times, New York Times, Boston Globe, and others. Once considered a tiny hideaway in the distant Republic of Panama , Boquete is officially on travelers’ radar screens. Europeans, mostly Swiss, Germans, and Yugoslavs, along with English and Canadians, began moving here in the earliest years of the twentieth century and were instrumental in the development of the coffee industry and establishment of the town. Of a total population of around 4,100 the new ex-pat community in Boquete is estimated to be as large as 600 and growing everyday.
The Panamonte Inn & Spa is ideally situated at the edge of town at the head of the main street as you drive in. It’s close enough to walk to the shops and bodegas, but still a little away from the traffic and noise. Just beyond its covered main entrance, past the reception hall and the restaurant is one of the Panamonte’s real gems: a garden bounded by the back portion of the inn and its cabanas, all connected by covered walkways. The result is a semi-secluded retreat joyously filled with several flower varieties, verdant green trellises, a water fountain, and clusters of comfortable outdoor furniture. Hammocks tucked under overhanging trees provide cozy places to escape for siesta. On a line strung between two ivy-covered trees we found dozens of dark-brown bark chunks sprouting new orchids. In the dewy mornings all manner of tropical birds can be heard chirping in the new day. These are some of the same reasons to consider the Panamonte Estates, a development of 26 home sites on a new road adjacent to the inn. The exclusive enclave is situated in a prime location with beautiful mountain views and in-place infrastructure designed to support a range of hacienda- or Caribbean -style homes to be built by the owners. Nearly half the properties are already sold with prices for most remaining sites ranging from about $66,000 — $92,000. Four are priced from $103,000 — $145,000.
Panama is home to some of the most pristine tropical rainforest in the world. In a country of less than 30,000 square miles (smaller than the state of Maine) there are over five million acres of national parks and nearly one-third of the country is set aside for conservation. Panama has over 1,500 islands along its Atlantic and Pacific coasts and the two oceans are so close together, you can swim in both the same day.
The diversity of flora and fauna is so great there are hundreds of species found nowhere else on earth. A naturalist and bird watchers’ paradise, there are a recorded 944 bird species, 218 mammal species, 226 species of reptile and 164 amphibian species. It’s no wonder that visitorA Guide to the Birds of Panama: With Costa Rica, Nicaragua, and Hondurass to Boquete spend a good portion of their time in outdoor activities, including the most exciting whitewater rafting in Central America (See the accompanying feature, Panama ’s Best Chiriqui River Rafting.) The inn can arrange excursions to the magnificent 11,490’ Baru Volcano, Caldera Hot Springs, bird watching on the Quetzal Trail, horseback riding, cloud walking through the forest canopy or visits to one of the 1,200 coffee farms or “fincas” that dot the hillsides around Boquete.
Before visiting Panama I was under the impression that coffee was grown, harvested, roasted, and delivered. Not much else was required, or so I thought. A visit to the Kotowa Coffee Estate changed all that. Boquete is coffee country with its rich black volcanic soil, frequent fog, and great variety of trees, like cedar, ash, guayaba, and cuellito. As your eyes scan the hillsides, you’ll notice all the trees, including the Valencia oranges – imports from California .
But where, you may ask, are all the coffee plants? Soon you’ll discover nestled underneath the aforementioned shade trees are tall coffee shrubs, in season laden with ripe, red berries. The bean is actually the seed of the berry and that’s where the fun begins. A process that requires picking the red berries at precisely the right time — not too green and not past red — means the plants progress is continually monitored, often up to three times a day. Beans are picked on schedule and begin a journey of separation by size, weight, and density, all designed to bring the best quality beans to the surface. Boquete coffee is 100% Arabian — no bitter Robusta beans used here. Those are for the “mass” coffee growers in Brazil and Vietnam. Ultimately, the process has about a dozen steps which will take several months from picking to roasting. You’ll learn about it from A to Z and enjoy some delicious home grown coffee on any number of tours. We enjoyed the three-hour outing hosted by Terry and Hans Van Niekerk; call (507) 720-3852 or (507) 634-4698.
Dining Is Evolving Delightfully
The Boquete restaurant scene is small and constantly changing. Standouts in the center of town include Boquete Bistro, owned by Loretta Bonfiglio, an Aspen transplant, who cooks up an enjoyable mix of Latin and American dishes. Hibiscus, a French restaurant started by Parisian-trained Christophe Giroud, who returned to Boquete with his Panamanian wife to start the new business. Both restaurants serve lunch and dinner entreés under US$10. The best dining in town, both for food and ambiance is right at the Panamonte. Charlie Collins, son of the owner, is a well-known chef d’cuisine who has consulted with Panamanian presidents and has a successful catering and retail business in Panama City . Collins created the menu and oversees the dining room which features fresh fish including trout, salmon, and corvina (sea bass), as well as New York steaks, rib-eyes, fillet of beef, plus grilled pork chops, and my personal favorite, Mignon de Cerdo (Grilled Pork Mignon). There’s a delicious shrimp and plantain appetizer and a lemon meringue pie that is famous. Entreés run US$8.50-$11.00. They also have the best wine selection in town, with French, California, and Chilean varietals well represented.
Relax In The Spa
Kate Traicos has managed spas in five countries, including three in Africa where she worked for several years in connection with the upscale safari trade. Recently, she took over as manager of The Panamonte Spa to the delight of her expanding clientele. Located on the second floor of the inn the spa is rapidly becoming THE place in Boquete for everything from therapeutic massage, hot stone treatments, aromatherapy to reflexology, and shiatsu to facials. Currently, the spa occupies one large room divided into three, white-linen, tent-type, private treatment areas that provide calming environments for her clients with a separate room for couples massage. In the works are a steam room, hot tub, and additional massage spaces, plus Kate expects to introduce the first yoga classes in town, most likely by the time of this writing. Prices are reasonable, especially by U.S. standards, with a full-body, one-hour massage at US$50 and other treatments ranging from US$35-US$95. Call the inn’s main number for reservations (507) 720-1324 or e-mail Kate at http://thepanamanetwork.com
The Inn Is Growing
A wonderful catch for the Panamonte has been manager E. David Brewer, who joined the team last year. His three decades of management experience, first at Little Dix Bay Resort in Virgin Gorda, B.V.I., then at Kapalua Bay Hotel on Maui prior to 15 years at Caneel Bay Resort, St. John, U.S.V.I., plus additional stints in Jamaica, Antigua, and the Seychelles, add up to a career of running some of the finest resorts in the world. David is a man in motion who can be found darting around the inn on his mission to make the experience more unique. He has seen it all when it comes to the upscale hospitality trade, so his confidence and know-how translate into a gracious way with guests. Working closely with Inga Collins on new ideas for the inn, David reports plans for ten new rooms in addition to the spa improvements already in the works. He promises the first new addition in decades will in no way interfere with the Panamonte’s present allure.
Boquete Is Wired
Jim HollisterFree Reprint Articles, Jetsetters Magazine Editor – Read Jetsetters Magazine at www.jetsettersmagazine.com To book travel visit Jetstreams.com at www.jetstreams.com and for Beach Resorts visit Beach Booker at www.beachbooker.com
ABOUT THE AUTHOR
Jim Hollister, Jetsetters Magazine Correspondent. Join the Travel Writers Network in the logo at www.jetsettersmagazine.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Hector Sanchez has the style and good looks of a man who has spent a lifetime outdoors. Held together by a wiry, near six-foot physique he appears every bit the “best river guide in Panama ” as touted by Lonely Planet and other travel guides. Before starting Chiriqui River Rafting in 1994 Sanchez spent two decades as civilian Director of Outdoor Recreation for the U.S. Army South in Panama. As a young man he received the Carnegie Medal for courage and outstanding bravery when he saved a drowning swimmer in Rockaway Beach , California. Today, he is standing in front of four new clients beginning his talk on safety with a company video featuring rafts and kayaks careening down Chiriqui River waterfalls. Three minutes into the video he switches it off and informs us that “you won’t need most of this instruction.” The four novices, here for a day’s outing with Sanchez’ company, breathe a sigh of relief and take this as a sign they didn’t make the wrong decision after all.
Sanchez moves through a demonstration of paddling technique and a review of the commands his guide will use during the trip. “All forward” he says firmly. “All back” he calls out. “Left forward, right back, right forward,” he commands. He tells us about “high side” which is the order for all rafters to move to one side of the raft if it is forced up by the rapids and in danger of going over. Because we are rafting the Esti River with mostly Class II rapids, we don’t expect to hear that instruction. We learn, however, why whitewater rafting in Chiriqui is the biggest in Central America . The majestic Baru Volcano peaks out at 11,490 feet on a ridge of mountains that run from Costa Rica through the center of Chiriqui province. Panama is a very narrow country and from atop the volcano is a breathtaking view of both the Pacific and Atlantic on either side of the isthmus. When the rains come and the waters rush down the mountainside, they have a very short distance to travel before reaching the sea. The steep descent becomes the fast moving Chiriqui, Chiriqui Viejo, Esti, and Gariche rivers.
Finally, Sanchez goes through the procedure one uses if a rafter goes overboard. He explains how not to get tangled up in the lifeline and be sucked under and how to scramble back to safety if you’re tossed into the rushing current. Hector Sanchez is known for his safe approach to rafting and his students are paying very close attention. It’s as if their lives depended on it, which, in fact, they do. He has never “lost anybody on his trips” he says by way of reassurance, and the neophytes begin to wonder who might be the first. We have signed our liability releases and indicated beneficiaries for our life insurance policies and we are, well, sort of ready to go.
Sanchez leads us to a van where our young guide Leignadier “Len” Santos awaits. At twenty-one Len has four years experience with Chiriqui River Rafting and is one of those seen in the company video skillfully maneuvering the big rapids. We pile in with our gear, wave goodbye to Sanchez, and head south for the hour’s drive to the Esti. Near our put in point we pick up another young man who will drive the leap-frog route down river meeting us for lunch and, we trust, an end-of-day ride back to the town of Boquete .
This part of Panama still feels quite wild, and as we approach the river, we see it is wide and moving very fast. We don our life vests and helmets take charge of our plastic paddles, and with some trepidation slide into the surge. Len works to get us oriented by calling out a number of commands and soon we are doing 360s down the middle of the flow. Over the next two hours we handle the rapids well, gain confidence in our abilities and feel relaxed for most of the morning’s ride. Along the way we see egrets, kingfishers, cormorants, blackbirds, hawks, and impressive vultures hovering overhead. We joke about how they are working this part of the waters in anticipation of our demise. On the river banks we see lizards and large iguana. Thriving in the massive shade trees overhanging the river are numerous epiphytes with varieties of purple and red flowers. We watch a river otter catch fish and then swim alongside close enough for us to look into his eyes. Twice we see Ngobe-Bugle (Guaymi) Indian women washing clothes along the river’s edge. The air smells soft and fragrant with the flowers that surround us. Of the climate in this part of the country it is said to be like eternal Spring. We climb inside our thoughts for brief stretches of time and soak up Panama’s luscious nature. In silence we seem to acknowledge that we are somewhat awed by where we find ourselves on this particular mid-week day.
After shooting two hours worth of Class II rapids, Len guides us to a landing under a highway overpass and we meet our number-two man who has lunch already set out. We make sandwiches with cold cuts and fresh bread, slurp sodas like we’ve been in the desert, and polish off sweet treats as though they might be our last. After thirty minutes of rest we are back in the raft and heading for the homestretch.
Underway only a few minutes we get sideways in what appears to be the only Class III section
To read this entire feature FREE with photos cut and paste this link:http://www.jetsettersmagazine.com/archive/jetezine/sports02/raft/panama/chirqui/chirqui.html
Jim Hollister, Jetsetters Magazine Editor – Read Jetsetters Magazine at www.jetsettersmagazine.com To book travel visit Jetstreams.com at www.jetstreams.com and for Beach Resorts visit Beach Booker at www.beachbooker.com
ABOUT THE AUTHOR
Jim Hollister, Jetsetters Magazine Correspondent. Join the Travel Writers Network in the logo at www.jetsettersmagazine.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
This is a new concept but one that is gaining in popularity. This is for the nautically inclined only with boating skills that are developed. Basically you live your present country and become a citizen of the world traveling perpetually on your yacht. While all this sounds great you still need to have papers and documents of registration and passports to avoid constant hassles with authorities wherever you go. So what can be done is as follows:
You form an anonymous Panama SA company (bearer shares). This company then buys a yacht for at least $150,000. Now you need to hire three Panamanians for at least $253.00 a month each. So you have deckhands, crew, cook etc. This would let you get residency in Panama quickly and after three years you could apply for citizenship and get a Panama passport. You could also do a version of this using the small investor visa to do it with a $40,000 investment and three employees on your fishing or touring boat. You can get a Panama cell phone, mail box, bank account, visa debit card, atm card and you can travel the world. For most this isn’t feasible but it is fun to dream anyway.
Investor Visa (Inversionista) Designed for those who wish to establish a business in Panama (note, though, that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $150,000 and minimum of three, permanent Panamanian employees hired. It is granted provisionally for one year and after renewal is granted permanently with the right to be issued a cedula identity card. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.
Small Business Investor Visa (Inversionista de Pequeña Empresa) Designed for those who wish to establish a small business in Panama (note that retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $40,000 and minimum of three permanent Panamanian employees hired. It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to a cedula. Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian nationality.
If you’d like to know more about this go to. www.panamalaw.org
Article Source: http://EzineArticles.com/?expert=Ronald_Edwards
SOURCE: panama-travel-bureau.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Offshore financial centers are often used to run tax shelters. They have little or no taxes, and little or no financial regulations. For example, in the British Virgin Islands, corporations can be formed without the public disclosure of the names of the directors or officers of the corporation. Favorite offshore tax havens include colonial relics such as the Cayman Islands (British), the Dutch Antilles and Curacao (Netherlands). Other places are feudal relics like Monaco, Liechentenstein and Andorra in Europe, or other nominally independent small nations from the old British, Dutch and French Empires. Other places historically in the U.S. zone of influence are Panama and the U.S. Virgin Islands.
The leading offshore center is the Cayman Islands, which is now the fifth largest banking center in the world, after New York, London, Tokyo and Hong Kong.
This is the backdrop on looking over legal papers from a court opinion on July 20th 2006. The judge in Texas District court ruled that certain technicalities of the case against the BLIPS tax shelter were wrong. This will have some effects in the case against 8 KPMG Accounting Firm former executives. KPMG itself has already pled guilty and paid a $456 million fine. One gets a feeling how these illegal tax shelter were carried out from these papers. BLIPS stands for Bond Linked Issue Premium Structure. It created a financial structure to make the capital gains tax deductions, through a capital loss. However, this loss had been paid at the beginning of the deal as the premium, hence the BLIPS.
The mechanism was as follows: Two companies in the Isle of Man (UK), St. Croix and another investment firm Rogue each borrowed $41.7 million from National Westminster Bank. The loans were for 7 years at fixed interest rates. The loans paid Interest Only, until a balloon payment at the end of the 7 years. St. Croix and Rogue agreed to pay high interest rates of 17.97%, in exchange for a $25 million payment to them from Nat West at the time the loans originated. So St. Croix and Rogue, received at the beginning of the loans a total of $66.7 million. Then the $66.7 million plus $1.5 million from each was put in an interest bearing loan at Nat West.
In addition, St. Croix and Rogue agreed to pay $25 million to NatWest, if they paid off the loan early, which is exactly what they did a couple of weeks later, May 25th, 2000. To make it a little juicier, the two onshore companies behind the offshore companies had an interest swap deal with NatWest, where they received a floating interest rate, in exchange for the high fixed interest rate. Those under indictment argued that the $25 million that they received upfront was a liability or not. It was money they received, but it was not actually ?loaned? to them. Plaintiffs argued that it was not a liability under IRS section 762, because this money was never lent to them. The tax shelters aim to create an illusion of capital losses, and also interest payments, both of which are tax deductible.Howard Giske is a legal consultant for legal information for small businesses and Incorporation services for http://www.incparadise.comArticle Source: http://EzineArticles.com/?expert=Howard_Giske
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
In today’s fast-paced and highly competitive globalized economy, corporations need to be highly mobile. This means that they must have quick access to their cash assets at a moments notice. More often, home countries have strict laws on the withdrawal of large amounts of cash, especially if they are in dollars.
Corporations then seek sanctuary in countries with less strict guidelines and create what is termed as offshore bank accounts. This is a practice around the globe for big companies. The favorite destinations for offshore banking are Antigua and Barbuda, Bahamas, Belize, British Virgin Islands, Delaware, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Mauritius, Nevis, Panama, and Turks & Calicos Islands.
Offshore banking allows corporations to be more flexible with their cash assets, enabling them to pursue opportunities at a faster pace. These offshore banks also shield them from the prying eyes of institutions that are after their financial assets.
This practice is a widely accepted fact among financial and business circles. Even governments have no laws preventing offshore backing. There are, however, international laws that regulate these offshore banking systems to monitor and catch money-laundering activities and other illegal transactions. One such regulation is the IBC, or the International Banking Corporation, that mandates all accountholders to have an incorporated entity in the host country.
Most offshore banks provide their clients with a debit-and-credit automated teller card to allow them to withdrawal and deposit cash to their accounts wherever they are and whenever they choose. This is an important feature for most corporations, as they do not have to constantly fly in to their offshore bank to transact their business. Through online banking, they can also transfer their funds to anywhere in the world. Another advantage of an offshore account is that it is not subjected to taxes. So depositors and accountholders can enjoy the full benefits of the interest rates.
Offshore Banking provides detailed information on Offshore Banking, Antigua Offshore Banking, Offshore Banking Accounts, Bahamas Offshore Banking and more. Offshore Banking is affiliated with Online Banking Services.Article Source: http://EzineArticles.com/?expert=Eric_Morris
SOURCE: panama-travel-bureau.com
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
