Panama Profile
The excitement over Panama derives from many causes. It's an ecological paradise, and one of the world's largest banking centers. It has the second largest free trade zone in the world.
Panama uses the U.S. dollar as its legal tender, virtually eliminating any currency exchange risks to foreign companies operating here. The country has maintained an annual inflation rate of under two percent for the last 40 years, and just 1.1 percent in 2001 — one of the lowest in years. Panama's economy has become one of the healthiest in Latin America, in spite of the Latin American economic crises. Panama has no restrictions on the outflow of capital or outward direct investment.
The Government of Panama is headed by the executive branch, which is composed of a president and two vice presidents, democratically elected for a five-year term by direct vote.
The Perez-Balladares administration, elected in 1994, was able to accomplish many market-based reforms including normalization of external debt, tax harmonization law, labour code reform, accession to the WTO, and a successful privatization program of telecommunications and ports.
Panamá has maintained an annual inflation rate of under 2% for the last 40 years.
For the most part, Panamanian parties are driven relatively less by ideological concerns and tend to be centrist to conservative in terms of economic outlook. The Panamanian military was abolished by constitutional amendment in 1994, and the government still has a unique security arrangement with the U.S. due to the Neutrality Treaty Canal.
The Investment Stability Law (Law No. 54 of July 22, 1998), guarantees all foreign and national investors equal rights in terms of investments and business practices, continuing Panama's quote long-standing policy of providing a foreign-investment environment that requires no special authorizations, permits or prior registration.
Up to date, more than US$2 billion have been registered under the protection of this legislation, ranging from energy and petroleum to industrial and tourism development projects.
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