Panama leads annual growth rate in Latinamerica., with 10.4%
With a mixture of foreign investments and important public sector investments in infrastructure Panama is at the lead of what is expected to be another positive year in Latinamerican economies. Read the rest of this entry »
France ratifies DOUBLE TAXATION TREATY with Panama.
Following months of negotiations and opposition from certain sectors within the French Administration , the French Senate has finally approved the DTA. Read the rest of this entry »
DISTRIBUTION ELECTRIC POWER COMPANIES WILL RESPOND TO THE CONSUMERS
A new legal project will be enacting in the next months. Consumers affected with variation of electric power in their homes will have legal action against distribution electric power companies. Electric companies must respond in a maximum of 30 calendar days when a consumer file a claim for electric damages in appliances, television among others. According to the new law there is no requisite to file the invoice of the damaged equipment. You must show the equipment or the deposition of 2 witnesses.
Distribution electric power companies will be more responsible for keeping all luminaries and electric lines in order and maintenance. These companies must issue an indemnify chart for all consumers that file claims for damage equipment caused for electrical variations.
Between 2005 and 2010 the National Authority of Public Services ordered to indemnify consumers for 1.4 Million dollars in 252 claims and imposed 1.6 Million dollars in fines to the electrical power companies.
ATLANTIC COAST WILL BECOME A LOGISTIC CENTER IN PANAMA
The Atlantic coast of Panama will become an excellent logistic center with the integration of railroad, expansion of ports, Colon Free Zone, Colon Airport and highways. All together will provide a commercial grow to the Latinamerican region. Read the rest of this entry »
WIND POWER: A NEW ERA OF CLEAN & RENEWABLE POWER ENERGY FOR PANAMA
After a year and a half of consulting the Republic of Panama issued Law 44 of 2011 by which the Panamanian government stated the rules for producing wind power. Concessions will be granted up to Read the rest of this entry »
RIO HATO INVESTMENT (A NEW AIRPORT IN PANAMA)
The Panamanian government is implementing an ambicious master plan project to promote local and foreign investment through public projects such as the Canal expansion, roads, bridges and in this case, the new international airport located in Rio Hato (Cocle Province). Read the rest of this entry »
PANAMA IS A SAFETY PLACE FOR INVESTMENT
The Republic of Panama has been placed in the white list of the Cooperation and Economic Development Organization (OCDE) and is no longer considered tax paradise. The Republic of Panama signed more than 12 international treaties. Read the rest of this entry »
INSURANCE ACTIVITY IN PANAMA
Panamanian insurance activity is growing up. During the first trimester it has an increase of 22,23%. Despite the fact of many natural disasters in Panama (flood in December 2010) the numbers speak by itself. The increase of the policies are 68.8% in technical areas, 77,23% in civil liabilities, and the rest 46,70%.
At this moment insurance activity is one of the most profitable business in Panama. Many public projects granted by concession to private investment (such as Panama Canal extension or the Line 1 of the Panamanian Subway, among others) need a insurance policy issued by an insurance company duly authorized to Panamanian Law in order to comply their agreement duties.
Leonardo Bonadies
Email: bonadies@padela.com
Transit in Tocumen Airpot
Since ever there has been a huge transit of people from different nationalities given the Panama Republic strategic position in the world, being a port and a meeting point for people from all countries around the world. Only in 2010, 5.2 millions of passengers from 188 different countries went through Tocumen airport, that’s proof that Panama still is a massive transit point.
Leonardo Bonadies
Email: bonadies@padela.com
Panamanian Government update its Investment Plan
The Ministry of Economy of Panama will update its investment plan for the 2010-2014 presidential period of the current President Ricardo Martinelli. The government informed that public projects such as Panama Canal expansion or Line 1 of the Panamanian Subway, were not in the economic agenda of the government. The Government ordered 149.3 Million dollars as an extraordinary credit for public infrastructures.
The Update of the investment plan will be file to Panamanian Congress, and this process will be ready within the next 60 days. Many foreign investors are participating and competing in many public bids in order to make business in the Republic of Panama.