Panama Exposed - Recession Haven a Myth? |
 |
 |
 |
| Written by Matt |
| Wednesday, 04 March 2009 08:02 |
 Hype and buzz have played a big role in Panama's reputation to date as an investment hotspot, retirement haven, and travel boutique. But now, with its main foreigner-focused industries facing the realities of the world economy, a new type is noise is drawing people near. It's the relocation bug, based around the allure that you can still today live, work, and invest in an environment that, well...doesn't suck. Amidst all this hype, we decided to demystify several of the main concerns people tend to mull over when considering a new place to live during times of crisis. In the time of the Great Depression, escaping the hard times wasn't as easy as a $300 flight to the tropics...
The economy seems to be the talk of the town almost everywhere in the world, but not for the sunniest of reasons. In tropical Panama, with the start of 2009 (its summer season), everything is on the bright side: the economy grew enormously, tourism numbers are through the roof, the real estate market is still active, unemployment is low, and government works projects are in full swing. I can't really think of a more anomaly-like destination in today's stormy seas than sunny Panama. As you might imagine, the sturdy economy injects positivity into all facets of life, just as unstable economies have opposite effects. According to NationMaster.com, Panama's terrorism indicator is a 1 (with the likes of Sweden and Canada), considered of relatively little risk. It's not a subject you hear about too often in Panama, though the prospects in today's world of ubiquitous threats, Panama does seem to have a number vulnerable points, among them it's offshore banking laws (and Colon Free Zone) which act as a magnets for money launderers and illicit financiers. Panama's infamous coast with Colombia occasionally reports FARC guerillas but the incidents are isolated. And while the Canal Authority does practice counter-terrorism exercises (the intelligence here is top secret), I can tell you that gaining un-obstructed access (as I have done, not for malicious purposes of course) to the locks, Gatun Lake, and physical tugboats that transit the Canal is relatively open. A report by the UN Refugee Agency, said Panama worked "closely with the U.S. Department of Homeland Security to sign a Container Security Initiative agreement and to launch its activities, beginning with two operational scanners at two ports." Energy in Panama is relatively expensive compared to the United States, a stat that can be exacerbated by the need of foreigners to use things like air conditioning year-round (though tourists recognize this less, as they are rarely faced with electricity bills). There is very little initiative for alternate energy sources in Panama and some of the only businesses that run on solar panels install the technology at their own expense. According to the Nations Encyclopedia, "In 1992-93, new legislation created Petroleum Free Zones (PFZs) to take advantage of Panama's location as a transshipment location for crude oil and petroleum products. The PFZs allow crude oil to be imported tax-free and then stored, pumped, transferred, distributed, sold, and refined for subsequent export." As a result, several oil refineries have sprouted on Panama's coasts. In contrast to the global Green Movement, very few projects have been initiated by Panama's Ministry of Health and Education: the government provides little subsidies for green technology (wind, hydro, solar...etc) nor does it alleviate taxes on the importation of such equipment. This will pose problems for foreigners looking to help out the environment, not ignore it. Medical services in Panama are significantly cheaper than in the US, with one of the most convenient features being the ability to show up at a clinic and get treated by a practiced doctor on the spot (few waiting lines, appointments...etc). There are both impressive and not-so-impressive hospitals available to foreigners, though English is not widely spoken at many of them, which can bring up communication issues uncomfortable to medical procedures. Panama City is home to a Johns Hopkins affiliate hospital (the only of its kind outside the USA), a great comfort and resource to foreigners. The medical tourism industry in Panama is also said to be expanding with a number of companies linking up with hospitals to offer package deals that capitalize on reasonably priced quality procedures. Both poverty and crime are rising in Panama, with petty theft and more significant offenses branching out from ghetto areas into main street. Tourists are increasingly targets, however the numbers are still comparatively low next to that of neighboring Costa Rica. Experts believe that a rise in tourism will mirror a rise in crime, though the widening income gap is another serious cause for concern. Much of Panama's crime is also attributed to Colombian immigrants, who enter the country more freely than most other foreign nationals. Panama, as an increasingly primary transshipment point for drugs, has seen a number of drug-related murders and seizures: its coastlines are frequented by Colombian drug runners and abandoned drug shipments show up regularly on Panama's shores. That being said, Panama's crime numbers still pale in comparison to many of its neighbors and even compared to most major capitals in the USA. The few times I've been in the States over the past months, moral seems to be at an all time low. People talk of losing jobs and savings with more doubt and concern than I can ever remember: the bleak outlook has a way of weighing on people. In Panama, there's almost the opposite vibe: one of optimism and excitement and innovation. The majority of people in Panama realize the country is in a period of widespread growth, which equates to prosperous times, which means happy people (not that Panamanians have ever been unhappy). In addition to the already patriotic and content nationals here, foreigners still seem to be on the up and up and there's very little buzz of job loss or economic woes. Some are relocating to Panama to escape the recession; others are just visiting in an effort to pass the downtime. Much of the world's population is on the ropes right now, but Panama's moral, no matter who you ask, is strong. {adsense} That being said, while the isthmus is blessed with one of the most remarkable and biologically diverse environments in the region, there is little government protection to keep it that way. Most developed areas exhibit little to no enforced environmental laws, nor are many of Panama's national park areas manned with guides, visitor centers, or properly-marked trails. Still, Panama's rainforests, beaches, islands, and rivers flourish due to the fact that they're largely untouched; with inexpensive eco-experiences, a giant allure for recession travelers. The Smithsonian Institute has several strategic offices in Panama, including one located in the middle of the Panama Canal - a virtual biological wonderland as the junction of the Pacific and the Atlantic Oceans. Outside of the Republic's tourism marketing efforts, whether its government will back up their eco-hype with true legal ramifications remains to be seen. Immigration laws in Panama seem to change with the wind, an unreliable thorn for visiting foreigners looking to relocate. Tourist visas, which are quite simple and inexpensive to obtain, change requirements so often it's hard to keep track. Investor visas too, as well as work visas have changed considerably in the past few years: from a once-straightforward and easy process to a more complicated one. Immigration offices in Panama City are a nightmare to visit, though offices outside the City, like in David for example, offer shorter lines and less of an overall animal house atmosphere. Many foreigners hire lawyers to do the bulk of their immigration paperwork, the services of whom are significantly less expensive than abroad. Similarly, for smaller paperwork, messengers in Panama City can be hired for as little as $8-$10/hour. Trade has always been Panama's bread and butter and continues to be the foundation of its large-scale growth. The Panama Canal, although some ships are now opting to bypass its hefty fares choosing instead to navigate around the Cape, is expanding to accommodate more traffic. And while trade throughout the world is down significantly, most economists believe the Canal's revenue is still profound enough to sustain its country: some critics have their doubts. It's a phrase you hear a lot, the "cosmopolitan" capital of Panama City, and in relative terms, Panama City is arguably the most developed capital in Central America. Travelers and relocators love the fact that it acts as a strategic jumping-off point to much of South America, Central America and the Caribbean. Yet the overwhelming feeling to many world travelers is that Panama's still eons behind most of the world's great globalized capitals. That the country as a whole is still termed a developing nation gives credence to high corruption levels, wide income gap, and high poverty rate. However, certain opposite facets like banking, government works projects, trade sector, and natural resources would suggest otherwise. By definition, the country of Panama does in fact operate at an international level, however it's social institutions have not quite become adopted on a global scale. That being said, most visitors find this flaw tolerable. Panama may not be the perfect relocation destination people flag it to be, but it certainly offers a number of refreshing breathers from an otherwise bleak and dreary outlook abroad. There are a lot of attractive qualities paired with some less-than-glamorous ones: pros and cons that exist in any city, but that seem to work out for the best in Panama. In the end, if good year-round weather, happy people, and a reasonable cost of living (if you so choose to seek it out) isn't enough to cure your recession woes, then the financial crisis may be the last of your worries.
Set as favorite
Bookmark
Email this
Hits: 1474 Trackback(0)
Comments (63)
  written by Miguel , March 04, 2009 Matt, I have to say I like this article. I am a Panamanian and think most of Panama's success is from hype, but this might be the most truthful hype - relocating here for the recession. A good quality lifestyle is a cure for many things. One thing I would also touch on with your article: education, deficit, jobs
report abuse
vote down
vote up
Votes: +0
 written by La Mer , March 04, 2009 Good read! Lots of meat to chew on. I enjoyed it and am looking forward for more detailed, vibrant and well-researched articles in addition to the occasional snap-shots.
report abuse
vote down
vote up
Votes: +0
 written by M'Bosa Ichi , March 06, 2009 Deep insight much appreciated by my family and I. My family gather around computer and read articles with great joy. I am happy this article is not soiled. We await with great delight our move to a new apartment in Panama City where we have one for living and one for investment in your great city. For someone from my poor country it is not possible to live in USA but Panama makes a new life possible, even for us with means.
I like your spunky Panama spirit! Please tell me. I am a Doctor and know you have a great medical system in your great country. Do you know where I may apply for a job? My lawyer has said I may be possible to retrain for 1 year first. You know of these rules? Thanks you. report abuse
vote down
vote up
Votes: +0
 written by sydney , March 06, 2009 Yeah, really good! it's a good to purchase a home because the recession period is going on and the rates of a house is little bit low so we can say that it's a real time and the property sellers are also hunger for selling so i think we should not miss the best opportunity. I won't miss this better opportunity. Great post i look forward to reading more!
Sydney Real Estate Search report abuse
vote down
vote up
Votes: +0
 written by Fingal , March 07, 2009 Sydney you are an idiot. That noise I just heard was the foreigner market imploding.
Normality is approaching. Fast. By the end of this year unemployment will be heading back to the 15-20% level of before. Towers will be left unfinished (Trump will NOT get finished even though "all the funding is secured"). Back to normal. So why the bubble? My thoughts....this was a legitimate push by the government to get more apartments for middle class Panamanians, earning $1000-2000 per houshold per month (higher than that and you are a wealthy Panamanian). The same goes for the housing developments in the old Zone. It is the spread of the city, being paid for by gullible foreigners. The government got it right: talk up the market, give land deals and tax breaks and get foreign "investors" to front up the money. Then let it cool and the Panamanians can then afford to buy or rent these new apartments and villas. Next, when it cools, you will maybe see some businesses coming here (for all the towers how many are business developments.....approaching zero!!). Government plan was fine. If it was not a bubble and worked then great. If it was a bubble and failed to bring in all the foreigners then great, more room for middle class spread. Yep, Panama needed small hotels and some investors in the city. That is and was useful. Yep, it could benefit from Azuero, Veraguas and those areas being mass developed. Not the stupid onesy-twosy small developments. Serious development. Problem is it all got spent here in the city and people will be put off for long time. Investors will shudder when they think if Panama. report abuse
vote down
vote up
Votes: +0
 written by Sightseeing , March 07, 2009 Hi, can anyone tell me how to get to Trump? I took the brochure down and could not find where it is supposed to be!! Even on Google I could not pin down the location (it sits out on it's own on a peninsula or something, right?). All I can see is all that crap, squeezed together stuff.
Help appreciated. report abuse
vote down
vote up
Votes: +0
 written by Jean Christophe , March 07, 2009 According to the CIA World Factbook Panama's poverty line is almost twice as big as Costa Rica's.
I wouldn't live in either of them but I think the author is biased and ignores the facts as he pleases. report abuse
vote down
vote up
Votes: +0
written by Jean Christophe , March 07, 2009 According to the CIA World Factbook Panama's poverty line is almost twice as big as Costa Rica's.
I own properties in both of them and I can tell you Panama's Capital is way more developed but more prone to speculation. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 09, 2009 @Jean Christophe says "I think the author is biased and ignores the facts as he pleases".
This site is a very good source, albeit not a scientific one. Anyway, there's nothing much scientific about Panama except for the Canal and the Smithsonian Institution... The author is first and foremost a (casual) writer and a fine observer of a reality that is changing and has so many angles to it that it is impossible to control. I am presented with a caleidoscopic view, rather than an "unbiased" view: some facts along with more or less elaborated rumours, acid thoughts and lots of humour + other people's spontaneous responses, in much the same way. I think I can take the pulse of Panama's reality much better that way. And now, back to knitting in Bahrain. ;-)))) report abuse
vote down
vote up
Votes: +0
written by La Mer , March 09, 2009 Sydeny, you said:
"My thoughts....this was a legitimate push by the government to get more apartments for middle class Panamanians..." You credit the Panamanian government too much. The government cannot organize a conference properly and you think they were capable of grand schemes for the good of the people? They thought of some incentives for foreigners to buy property but beyond that, it was all led by human greed, desires, dreams, a follower's move. At most, individuals in the government thought of their own pockets, not the pockets of the middle class Panamanian. Had they took the later into consideration from the beginning, they would have also thought of city planning, laws imposed on developers that would benefit local communities. etc. None of that happened. Some private companies are thinking of such things on their own because it's good for business in the long run, not because the Panamanian government told them so. Now the government is taking some measures...like better infrastructure and some incentives in new touristic areas but these too are far from being grand solutions. I heard that foreigners who bought apartments on Balboa will be asked to pay taxes for the Cinta Costera (sp.?). IF that turns out to be true, you will say that this "legitimate" and it was all schemed in advance by an enlightened government? report abuse
vote down
vote up
Votes: +0
 written by Chris Lowell , March 09, 2009 Hi there, I was really interested on buying in Donald Trump's development in Panama : http://www.latinbusinesschroni...px?id=3183
Then I read this: http://www.latimes.com/busines...9944.story Given the current situation in the world's economy/credit markets, is the Baja story going to repeat itself in Panama? report abuse
vote down
vote up
Votes: +0
 written by Sightseeing , March 09, 2009 Any chance of posting a Google Earth reference to Trump? I cannot find it. All the land here seems to have buildings right next to each other. I could go groping around for Ivanka's premium assets but I don't know where to start.¨
Link? report abuse
vote down
vote up
Votes: +0
 written by Fingal , March 09, 2009 Dear habLA MERde
It is a simple case of heads they win, tails you lose. No plan, just an idea. Light and walk away and let the Gringos pay. Fingal report abuse
vote down
vote up
Votes: +0
written by Fingal , March 09, 2009 Well, at least knitting in Bahrain you'll have something to do. Ooooooh....saaaaaaaaand. What is it that affects bones/joints in Bahrain again....calcites or flourides? Is the knitting to stop you seizing up! Anyway, best have the doc check the build up under your panetal as it may be excerting pressure and creating dillusions
report abuse
vote down
vote up
Votes: +0
 written by Serge Bughovy , March 10, 2009 I think well, personally you much already am feckinshysters Fingal.
What is incorrect Panama? This the glorious country and it more are heat- than Russia. Also much [bezopasne] and money [proinvestirovannye] here will remain safe and [proinvestirovannymi] to the future. I love Panama and look forward to the new schedule chart Of aeroflot at 2010. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 10, 2009 Fingal, I work in an international environment as a HS teacher in an American school in Saudi Arabia. I go to Bahrain on some weekends to have fun on the beach. Knitting was figurative speech. I like Panama, I bought in Panama as an end user, I paid too much, biensur, but for now, it's rented and it brings some extra cash. In terms of your middle class plea, I think any hard-working human being should abe able to afford a decent roof. As for your praising the government for doing what sounds like a crook's job and your whole rethoric of "us Panamanians" versus "them-foreigners" by now, sounds old and stupid, as if the world should continue endelessly around the idea of who f... who, and let's f... the foreigners (and we each have our foreigners for that kind of thing), because it is always the legit thing to do.
report abuse
vote down
vote up
Votes: +0
 written by Fingal , March 10, 2009 Oh, it gets better. Those who can can and those who cannot..... How does that end again? Another...as the bumper sticker went..."don't tell mom I work in the oil patch...she thinks I play piano in a whorehouse". I laugh my socks off when I meet people in oil (oh, and those fed from oil). Hole. Drill. Ground. Oil. Out.
So, you got shafted in Panama. Yeah, the rental returns will keep on a coming for a year or so and then suddenly all will go into reverse. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 10, 2009 Fingal, I don't understand your supposedly sarcastic comments. Your power hungry tone bores me to death. You are completely off when it comes to guessing (my) context. I too might be off when it comes to "your" Panama and that's that. I'm ready to listen to more constructive talk because then, I learn something. Talking with you dries up my oil reserves with no returns.
report abuse
vote down
vote up
Votes: +0
written by Fingal , March 10, 2009 But La Mer. You have been one thing and then another on here. Now it seems that you don't really like Panama (you may be off) and you don't rate the government nor people. So why did you buy in Panama? Please do tell as it is a long way from Saudi, Bahrain and Dubai. Why not support your region or even your home country?
report abuse
vote down
vote up
Votes: +0
 written by Gaetano , March 10, 2009 Fingal,F....g ape, go back into your f....g cage! You are running out of time!Your doctor is coming.How did you like my comments? Disrespectful? Obviously.Let me guess, you feel really pissed off and insulted now.Then think twice before putting your "knowledgeable" remarks.It is very easy to call the other people "idiots" over the Internet.
report abuse
vote down
vote up
Votes: +0
 written by Fingal , March 11, 2009 I am a little confused. What comments? Where did you disrespect? How have you insulted me?
Oh, and f'ing is f.....g. You missed a point. Well, missed the whole f.....g point entirely. But, in one regard, you are entirely and utterly 100% correct. You, sir, are an idiot. Yeah, it is easy!! You and Jucinda were right! Pogue mahone. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 11, 2009 Actually, a good question came up. Why some of us invest in other countries, regions and people beyond our native land? Why not? Are we on a patriotic mission serving the same rhetoric of "us" vs "them"? Are we trees stuck to our roots ? Are we held guilty by our close cirtcle for wanting something different? We learn most by interacting with people outside our circle, we trade, we relate, and then we appreciate reality taking into consideration multiple perspectives. This way, it can never be "us" against "them" ever, again...unless "them" is made out of stupid, violent retards. I hold two passports from two different countries, one belonging to the European Union and the other to North America. My parents couldn't afford much because of a stupid communist regime. As for me, I have two normal properties in two countries on two different continents while I work on a third continent because this oil based country doesn't require me to pay taxes and because I love to work in highly mobile international communities. What's wrong with this picture? Too many choices perhaps? Too much freedom? Too many friends whom I can only access online? Later, I'll chose where I want to die. Now that might be a matter of patriotism. The fact that I love my native land is something of a religious order...it is INTIMATE fact and it shouldn't arise in public speech unless one is heavily involved in politics. Now back to Panama.
report abuse
vote down
vote up
Votes: +0
written by La Mer , March 11, 2009 oh, and those "stupid and violent retards" I ventured to mention earlier happen to be that way because of poverty/ignorance, trauma or brainwash. what to do with the smart violent retards who gain access to power though? we leave them to the stupid violent retards, right? how many Venezuelans in Panama actually fled Chavez (and his patriotic talk and measures) rather than their native land? talking about patriotism and where it leads sometimes... well, it may well lead to Panama... ;-)
report abuse
vote down
vote up
Votes: +0
written by La Mer , March 11, 2009 @Sightseeing: Most pre-development projects in Panama City including Trump's are advertised as if there was nothing else around them. In reality, there is quite a lot around, just like you see on google earth: "All I can see is all that crap, squeezed together stuff." Go figure: people squeeze together for "prestige" (Trump's favorite's word).
Just when one thinks "that's it, I paid a lot but at least I've got an ocean front", the government accepts another project and the tallest and cheapest looking skyscraper is built on fake land, in the water, without any regard to anybody's view. They did the same in Dubai and got away with it for a while, but then the economic crisis hit them hard. Now Dubai's government flaunts new solutions praising quality over quantity, transparency in dealings, etc. A bit too late. Buyers lost trust and trust is the only thing that matters in sales (read Jeffrey Gitomer's Little Teal Book of Trust). What's Trump gonna do after he lost people's deposits in Bajia ? Oh, I forgot, Ivanka is drop dead gorgeous and that should be enough. report abuse
vote down
vote up
Votes: +0
written by Sightseeing , March 11, 2009 Thanks. I must have been in the right place then! Do you really think they will build in front!!!!! If I did not buy in Trump where would you recommend?
report abuse
vote down
vote up
Votes: +0
 written by George Taylor , March 11, 2009 Don't worry, they won't be building anything in front of Trump except the yacht piers. It is in a great spot and it looks a little closed in right now only because of the cranes. These places really are a great investment.
If you don't really want to be in the city and a little lower price is fine then try up in Clayton, across from CSS (ask your taxi driver). It is along from Embassy Gardens and the new Embassy Club and new US Embassy. I hear that from some of the new towers you will get a great Canal View! Nothing better than sitting in the fresh, open air, drink in hand, watering the garden on a fine night. Good luck in Panama. Take life easy and have a little fun. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 12, 2009 Sightseeing, in no way am I an expert in Panama. It depends if you buy for yourself, for investment or ...both. Clayton is nice indeed. All the Canal Zone is very, very nice. I work here in Saudi with a Panamanian couple who is saving money to be able to buy in Clayton. Trump Panama is probably OK if they finish it; no one is going to build in front, but it's too damn expensive for little apartments, few of them offering perfect views. A city is all about building authentic communities. I am not sure I want to rub skin with Trump's insecure followers who cannot think for themselves and need a big daddy to tell them what they should like, what prestige means and all that hollow crap. Go and see for yourself.
report abuse
vote down
vote up
Votes: +0
written by La Mer , March 12, 2009 I was hit with this question when I first wanted to buy a property in Panama: "Well", the realtor said, "it depends... Do you want to buy for investment or for yourself?" I understand this question to a certain extent but I find it to be a false lead in the end because the future is always unknown. I would think that a property makes a good investment (or not) regardless whether one buys it for renting it, for resale or for personal use. Can someone involved in Panamanian real estate explain further why this question is posed in the first place and in what way (if any) does it prove to benefit the buyer? Thanks.
report abuse
vote down
vote up
Votes: +0
written by Sightseeing , March 12, 2009 Thanks for the advice. Did you meet your Panama friends down here and they went to Saudi, or you met them there and you came to Panama? I was talking to Philomena and we both like Panama (clean, white beaches, easy life, huge amount of cultural activities, low cost retirement) and we are always curious to know why others have made the decision to come here to live. Are you coming for vacations? How many times a year? Of for retirement?
Thanks in advance! report abuse
vote down
vote up
Votes: +0
written by La Mer , March 13, 2009 http://blogs.iht.com/tribtalk/properties/roof/
two articles on March 10 (about Trump) and Feb. 23 (panama still viewed as hot spot) Also, can you pls. delete my previous post? Thanks. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 13, 2009 Sorry for taking up so much space. My break will soon be over and I'll give you guys a break. I hope this will answer Sightseeing's questions and will offer others a bridge to jump forward.
My husband and I wanted to buy a second home in a warm climate but completely disagreed on the location. There was no rush really because we work on foreign land and travel a lot anyway. Then, two things happened: 1) the dollar started going down and with it our savings, and 2) a couple who had been here in Saudi for 20 years and were now approaching retirement discovered Panama. They told us about tax breaks, low cost of living, climate etc. They went to Panama and bought on the spot, no mortgage because they could afford it. At the time, the talk of the town here was Dubai. I disliked Dubai for many reasons. Panama looked different, more real and was much closer to Canada. I fell in love with the natural environment and the intermingling races. I loved the Ancon area in Panama City and wanted to buy a house on Ancon hill but my husband disagreed. I dislike condos, he loves them. Condos are easier to maintain from a distance. We bought a spacious one in Cabomarzo with a very nice, unobstructed ocean view. We were afraid to buy pure pre-development, so we bought in a building that was already well on its way. It was a good call. We only come to Panama once a year, for 2-3 weeks, so we put our property on the rental market. That's not necessarily a given. We were lucky. I mentioned Panamanian friends: I met one of them in the lobby of my building in Panama City. It was serendipity: she had moved to Panama from Canada because she could not put up with the Montreal weather anymore and because her husband is Latino. I met the other Panamanians (true Panamanians this time) at a Latino party here in Saudi. There is a Canadian couple who works here with me and who toured the entire area (Mexico, Belize, Nicaragua, Panama) in search for a second home for retirement. They are seriously considering a house in Coronado. But they are very cautious. Want to rent first, stay for 6 months and then decide. They said Panama was far more developed than all the other places in Central America. A word of advice: Do not jump into it because once you buy something it is very very difficult to sell, especially now. Sightseeing, if you have any other questions at any other point in time, don't hesitate to contact me by email. Again, apologies everyone for such long messages. 
report abuse
vote down
vote up
Votes: +0
 written by George Taylor , March 14, 2009 La Mer. That sort of article is not helpful to Panama. Our developments are funded entirely differently to other developments as we do not rely on the deposits for many developments. It may seem that way as we do not wish to spotlight primary funding. Importantly we also wish to obtain as much interest as possible.
Remember, there are many regional investors simply prepared to build and sell over many many years. Our job is to accelerate the sales of funded properties. report abuse
vote down
vote up
Votes: +0
 written by sightseeing , March 14, 2009 Thank you for all your advice. Where is Cabomarzo? Is it close to the beaches? When did you move in?
Q: if you rent out the property where do you plan to stay for your 2-3 weeks per year? Am wondering if it is normal in Panama to force a rental deal that gives you 1 month access. report abuse
vote down
vote up
Votes: +0
written by Fingal , March 14, 2009 How do you know? Investigated it and found a little bump in the road to paradise? There are no trades in this market. It is a one way street. Investment. Invest. To put in. Inversiones in Spanish. Upside down. Not making money, investing money.
report abuse
vote down
vote up
Votes: +0
written by Fingal , March 14, 2009 Just like the banks in Panama these developments are "funded entirely differently". Dos carrizo por favor.
It is about the long hold. Fund the base, let a few people buy (heck sell the lot if possible). Be willin to hold and sell slowly. Washing and rinsing as the years and decades pass. Just like getting dividends in a long held stock. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 15, 2009 @sightseeing
Cabomarzo is in town, in the San Francisco district, right in front of Atlapa Conference Center and next to Jimmy's, one of the best and reasonably priced restaurants in town. You can google Cabomarzo. In regards to your other question,I'm sure there are plenty of good hotels in town. From what I know, I reccommend staying either at Los Quatro Tulipanos (sp?) apartments in Casco Antiguo or a bit cheaper and surrounded by nature on Ancon Hill at La Estancia - check it out on TripAdvisor, it's got amazing reviews. I stayed there for 2 weeks and LOVED IT ! @ Fingal: I haven't tried selling my apartment because I did not buy it to flip it. But it is a no-brainer: now it's not the time to sell. I don't know when it will be (if ever). You are right in many ways and wrong in others. And I did not realize that my comments portray Panama as a Paradise. It's got good and bad like Matt and others have been saying over and over again. report abuse
vote down
vote up
Votes: +0
 written by Archie Gemmill , March 15, 2009 I stayed there and found it, ahem, basic. People are nice. OK for a budget traveler. I recommend the place down the hill (PanamaVacationQuarters).
report abuse
vote down
vote up
Votes: +0
written by Fingal , March 15, 2009 See, this is where I have a problem. You did not buy to sell, flip nor live in except for 2 weeks per year. So you bought it supply onto long term rental market. Given how many properties are about to be released onto the market do you not think it is risky?
Also, assuming that you have a good few years before you retire, do you not think that the building you have just bought will simply end up like the others that were build, say, 20 years ago and become somewhat less than desireable? I just don't get it. report abuse
vote down
vote up
Votes: +0
 written by Archie Gemmill , March 15, 2009 Add some more stories please. The constant cycling of content is getting tiresome. Heck, here are a few topics:
- progress of Cinta Costera (is it turning out as envisaged, progress report) - changes afoot in Casco Viejo (getting busier, what buildings are getting worked on) - crane count! Hey that'd be great. Do a crane count from the top of Ancon Hill or something each week! - progress on our twin cities (Dubai?) Thanks report abuse
vote down
vote up
Votes: +0
written by La Mer , March 16, 2009 Panama City, Dubai's twin ?!
No way. I have been to Dubai several times. Yes, developers went somewhat lose in both cities and both were (re-)built in a very short time, but other than that, there is no comparison between them. Dubai is luxurious and kinda soul-less. It's got countless, absolutely fantastic malls -- the mall must be their new temple, not the mosque. Their skyscrapers are breathtaking architectural monuments. Dubai is spotless thanks to armies of cleaners brought in from countries like Bangladesh, Sri Lanka and India, poor disciplined beings who have no other way to support their families back home than by living like slaves in the rich Arab countries. Dubai seems dead during summertime due to unbearable heat and humidity (Panama's climate is mild compared to Dubai's). With all the work put in infrastructure, it is not a walkable city because walking contradicts the local habits and values. Dubai is brought to life only when lots and lots of money are put on the table. Panama City has a completely different flavor. It is much more real, varied, full of contrasts, more humble, spontaneous, disorganized and cheaper looking in terms of its architecture. For all that;s worth, Panama is much more alive. I would choose Panama any time over Dubai -- I actually did. And a last response to Fingal: Let's agree that the future is unknown. We could revisit the situation you are talking about much later, perhaps over a cup of Saudi coffee and a plate of Panamanian sweets...or the other way around. "Ma'salama !" or "Hasta la vista!" report abuse
vote down
vote up
Votes: +0
 written by Serge Bughovy , March 17, 2009 I like Dubai much times and I visit many times to watch my sisters work in entertainment industry making pleasantness with much arabian person each evening. Saudi Arabia is same?
report abuse
vote down
vote up
Votes: +0
written by La Mer , March 17, 2009 Unlike Dubai,there is NO entertainment industry in S.A. There are no cinemas and no theatres (other than home or expat compound theatres). There are no clubs and booze is "haram". You drink in public or you trade alcohool, you die.
report abuse
vote down
vote up
Votes: +0
written by Fingal , March 17, 2009 And you choose to live in Saudi Arabia?
report abuse
vote down
vote up
Votes: +0
written by Fingal , March 17, 2009 Hey, everyone, La Mer says the world's largest recession since the Great Depression is only mildy going to affect Panama. So in response to this articles title....No, it is not a myth, we are recession proof!
What do you teach in Saudi? Economics? Business skills? report abuse
vote down
vote up
Votes: +0
written by La Mer , March 17, 2009 I forgot to add that living without alcohol is not a problem for me nor my husband. If it was, we could have gone more often to embassy parties to which as expats we are always invited; we could have gone more often to Bahrain or Dubai to drink; we could have filled our thirst during long vacations in Europe or Panama. (The only thing that I really like is champagne and it must be a great occasion.) I forgot to add that, as Western expats, we live in a beautiful large house with a garden, in well run compounds that offer single facility possible for free -- all this being paid by the Western companies we work for, yes, even the electricity, even one round trip to Canada every year, even our children's schooling in the best private international schools. I forgot to add that we work with outstanding professionals and students. I forgot to add that we make lasting friendships with these people and that we are offered to visit them to the different places they move to, around the world. We do the same. I forgot to say that I often leave my house door unlocked. IN 10 years, nothing happened as a consequence. It doesn't bother me that I cannot go to cinema because I have a home theatre and I have time and an increased appetite for reading and going to the gym. We prepare already prepare for the marathon in Bahrain.
There are a lot of things that do bother us here, but we realize that we cannot interfere. For us, the good outweighs the bad and we try to concentrate on the good, to do good, to help where we can help not where we can't. I wish to say something good about the few Saudi women that I know, who may be covered from top to head in public (for now) but who are educated, smart and professionally active in their own milieu. There are many many other women who suffer from oppression or who even believe that they have a choice when they choose the traditional way of life. But look, the first woman was elected this year in the Saudi government as an educational leader. Things are slowly changing. I know that 75% of Saudis are below 25 years old and that they are kids who grew up with Western movies and the internet and they are a lot more open to change. I would like to hear more good things about Panama. Not lies, just positive things that truly happen. It is impossible not to spot such things in addition to the bad ones. report abuse
vote down
vote up
Votes: +0
written by Fingal , March 18, 2009 A Russian in Occupied Romania. Or an American in Occupied Panama. Because your life is good you ignore everything else, paying lip service to "not being able to fix it".
Pathetic. report abuse
vote down
vote up
Votes: +0
 written by George Taylor , March 18, 2009 Fingal,
I have no idea about Romania. Maybe it was the same as my thoughts on Panama. I can state that, as a long term resident in the Zone, that the Zone is still American land and we never occupied it. And whilst we were here this country did nothing but flourish, just as it is doing again with our assistance in guiding the country and investing in it's growth. Regards report abuse
vote down
vote up
Votes: +0
written by La Mer , March 18, 2009 Romania has never been a Soviet "colony". We don't even speak a slavic language, we speak a Latin language close to Spanish and Italian. It's a long story and this is not the right place for it.
Here's what most of us know about Panama: that it has benefited from American investments (Canal, Noriega's destitution and more recently, real estate). It would be wrong to see Americans and foreigners in general as intruders, or mere "sheep to fleece", rather than partners or assistants. With solid laws that protect investors, employees and the environment), foreign investments can only help the economy move. It's a win-win situation. Foreign investment should be welcomed not driven away by lack of transparency, cumbersome laws or even worse, corruption, hateful remarks, fobia (OK, call it defensive patriotism) and poor work ethic. report abuse
vote down
vote up
Votes: +0
written by La Mer , March 18, 2009 I must read a book about Panamanian history to understand what's going on...
As a Romanian who hated Russia back in the days of my childhood because it was perceived by us as a power who sucked our wealth and gave us inept communist ideas in return, I would understand the frame of mind of a Panamanian who perceives Americans in the same way. I mean I would understand if the Americans did not help the Panamanian economy and democracy along the way. But they did and they do. It's a far cry from what Mother Russia did to us, Romanians. In the meantime, it is a new hour and I have fully reconciled with Russia and the Russians. I love Russian ballet, Russian literature and Tarkowsky's movies. I still hate Lenin but I liked Gorbachev. Can't we live today, not in the past, find new solutions and work in partnership? I wonder...but than I see the never ending conflict between Israelis and Palestinians and my faith in the now and in reason evaporates... OK, I must have bored you all. I guess I miss Panama. ;-) report abuse
vote down
vote up
Votes: +0
written by La Mer , March 18, 2009 George, did you grow up in the Zone or did you move there more recently?
I loved the Zone maybe bc I've seen too many American movies shot in tropical environments or maybe bc. it looked somewhat like our compounds here in SA. They were built to accommodate Americans and later, various expats and even locals. However, it would be unfair to call the Zone American today. Those who grew up there or who live there now call it "home", and rightfully so. But to call it American is questionable. The Zone may be a piece of American history but it is on Panamanian land. report abuse
vote down
vote up
Votes: +0
written by George Taylor , March 18, 2009 La Mer,
Yes I do still consider the Zone to be American land, just as I consider Guantanamo Bay to be American land leased under a deal signed by the then legitimate government of Cuba, and I consider every Embassy to be built on American land. Facts do not change. The Panama Canal Zone was lawfully leased in perpetuity and a massive sums of US citizen's tax dollars were invested. Let me compare to Hong Kong. The English had to hand back their territory because they had made errors by developing too much. They had, infact, lawful rights to Hong Kong Island and Kowloon for another 900 years. They weakened their hand by short leasing (99 years) the New Territories and then developing the power and water infrastructure in this new area. By the time this lease ended they were forced to hand back the entire colony. We did not do that. We ensured that the essential services and development was strictly contained in the Zone. Again in contrast to the Hong Kong scenario we had no serious potential enemy at the perimeter. The handing over of the canal was an error. However. I believe that through many Americans and associate country citizens like England and Canada creating THE real estate market in Panama that this country can be turned around to once more being a safe haven for American people and policies. And, maybe, one day an American company will once again operate the canal with backing of strategic American influence. Regards report abuse
vote down
vote up
Votes: +0
written by La Mer , March 19, 2009 George,
Thank you for being so sincere. I must retaliate. You say: " this country [Panama] can be turned around to once more being a safe haven for American people and policies. And, maybe, one day an American company will once again operate the canal with backing of strategic American influence. " Wrong. Let me tell you why. First of all, this is your own view and by no means it reflects the view of all Americans or the view of your current government. This mentality of yours is what must drive any Panamanian crazy. It drives me crazy 100 000 km away. But fortunately, I work with Americans, Canadians, French, Lebanese, Palestinians, etc. etc. who know better because they moved around so much that they lost their patriotic nerve and now they work with and serve the interest of kids, of human beings, regardless of their nationality. They are believers (in the human race) by definition. You say Americans want to make countries safe and to support democracy everywhere, so that other fellow American citizens can be safe both at home and on foreign land. Very good. But then, you hold on to this thought and act beyond any national/cultural limitation, and endorse the attitude of self-righteous intruder and self-proclaimed savior. This attitude brings back hate. This attitude brought back the 9/11. Nobody wants to be saved FROM him/herself. People want to "saved" FOR themselves. People want to be free. Always. I thought that The Panama Canal was given to Panamanians because your fantastic work was done on a land that belonged to a different people. They spoke a different language than yours. They claimed a different identity. They also participated fully in the building of the Canal (didn't they?!). And they slowly started to realize it. There would have been great social unrest if you did not give the Canal. Giving the Canal and supporting democracy in Panama serves your interests anyway AND it MUST serve the interests of every Panamanian. It all starts with a change of attitude, away from the self-sufficient attitude of a colonizer. We are in post-colonial times, remember ? See? This is why I want to be a "foreigner", not a "patriot", a teacher, not a business person, so I can work with individual human beings, one at a time. That's why, I chose not to pay taxes, because by not paying taxes, I want to be able to choose the causes, the ideas and the people in which I invest. But to be able to invest, I must stay healthy and earn enough money from a decent job -- that's why I have to stay a bit longer in this country because it happens that I am paid well. It doesn't matter in the end. In the end, the money, my money circulate and I hope they end up supporting mostly good people and good causes. By not paying taxes I want to be able to know where my money is going. It is not always possible to know, but very often, it is. report abuse
vote down
vote up
Votes: +0
written by Nostalgia , March 19, 2009 PLease, please, download the documentary "The Fall of America". Watch it, reflect on it and if you are convinced by its message, distribute it to every Panamanian, American or alien citizen you know. Translate it.
The documentary was put together by an American woman in America, a woman who works for peace and democracy. It's complex but easy to understand. She essentially talks about what freedom and democracy means and how these are the rights of every individual (her intended audience is American but anybody anywhere can benefit from it, especially those in new democracies like Panama). She talks about the characteristics and dangers of a "closed society" with examples from world history and from very recent American history She empowers individuals and teaches each of us on how to hold those in power accountable for their actions. report abuse
vote down
vote up
Votes: +0
written by Fingal , March 19, 2009 So, you wish to decide where you pay taxes and for what reason. Your decision to support the House of Saud is along those lines. A decision, made by you. You may try and repeat that you do not support Saud but their people. Just like the USA, England, USSR and Nazi Germany. Supporting the people whilst repressing and killing at the same time.
Please note I have deliberately not included the Spanish or Portegues. They just wanted wealth and never repressed for moral reasons. report abuse
vote down
vote up
Votes: +0
written by Fingal , March 19, 2009 I think you need to teach this danger of a closed society to those assisting the House of Saud in the repression of their peoples. La Mer is caged in a compound not permitted the simple pleasuers that even a humble servant would enoy. She accepts her position as this repressive regime feeds, clothes and schools (no less than the best international schools) her children.
La Mer has not learned from her own country's history. She cannot be a history teacher. report abuse
vote down
vote up
Votes: +0
written by Nostalgia , March 19, 2009 The title of the documentary mentioned above is not "the fall" but "THE END of America" Again, please do not get the title wrong. The documentary does not promote any destructive idea, on the contrary it reminds people of their democratic rights and it warns against "closing societites". It also reminds us all what America truly stands for. As I said, it is profoundly empowering whether one is an American or not.
I sent this because I heard conficting ideas from both sides ("foreigners" and Panamanians complaining about each other + the issue of the Canal). Also because the title of this article is "Panama: recession haven-a myth?" Most people want to spend time and invest in stable, democratic environments. Most people would prefer giving or making money while serving fair causes because it makes them feel good. Most people like to be acknowledged when they do something good. Being ungrateful does not bring about pride and independence. Being ungrateful brings one back to his own limitations. report abuse
vote down
vote up
Votes: +0
written by Nostalgia , March 19, 2009 But you could be a dictator.
report abuse
vote down
vote up
Votes: +0
written by La Mer , March 19, 2009 Fingal, you are not a Panamanian. You are a maniac. You cannot stand people being happy. You cannot stand people making and owning their own choices. No woman would stand you. And no man for that matter. If you want to prove that the worse can happen and that bad things always win, there is no need to spend any more energy and to suffocate this site. You are a winner. You are powerful. You are so great, so intelligent, so righteous and so fucking alone in that office of yours (who could employ such a freak?!) watching fewer and fewer boats crossing a canal cut right through your brains. I was very very stupid wasting time on you and I am eager to correct that mistake. I will not read your message so don't bother barking.
report abuse
vote down
vote up
Votes: +0
written by Fingal , March 20, 2009 nostalgic for the old ways of America and the Canal Zone.
report abuse
vote down
vote up
Votes: +0
written by Nostalgia , March 21, 2009 In contrast to Panama where expats are not required to pay taxes on revenue gained outside the country but they must pay taxes on revenue made in Panama, there are true tax-free havens in the world (i.e. Emirates, KSA) where non-US expats do not pay taxes at all. If you are an American working anywhere in the world you do pay some taxes to the US but not to these tax free countries you work in.
report abuse
vote down
vote up
Votes: +0
written by La Mer , March 21, 2009 Please accept my apologies for the delivery of my latest replies.
I do appreciate the openess of this site and the varied opinions posted. Some of us are sometimes inclined to abuse this freedom by attacking people personally rather than ideas that are circulated. report abuse
vote down
vote up
Votes: +0
 written by Ernie , March 24, 2009 Balboa residents paying special taxes for Cinta Costera (sp.?)
I think this is insane I live here and never drive my car except for Sundays or when I leave the city living in this area means that one does not need a car this project I fear will only bring even more traffic to my neighborhood and with the park probably a whole lot of people from Via Espania and other areas with the "give me money" lime I think that the only people that will benefit fro this project are the people from outlying areas, but it seems we who live here are going to get to pay the bill The park may be nice as long as it is policed report abuse
vote down
vote up
Votes: +0
Write comment
|
| Last Updated on Wednesday, 04 March 2009 08:04 |
TrackBack URI for this entry
Subscribe to this comment's feed
Show/hide comment form
