The ISO code of Panama is PA according to the ISO 3166 standard. The local name of the country is the same as its English name. Panama capital city is Panama City. People in Panama speak the Spanish language. On 12 January 1990, Panama emerged as a sovereign political entity. In the year 01/12/1990, Panama emerged as a sovereign political entity. The largest city in Panama is Panama City.
Panama is located in the UTC -05:00 time zone, which is also called Eastern standard Time or EST. The internet country code top-level domain (ccTLD) for Panama is .pa. The International dialing code for Panama is 507. People in Panama drive on the right side of the road. Total land area of Panama is 75,420 km² (approx. 29,120 mi²). Panama is not a landlocked country. It means that is is bordered by at least one major body of water.
Panama is located in North America. Panama is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Panama faces various issues, including water pollution from agricultural runoff threatens fishery resources, deforestation of tropical rain forest, land degradation and soil erosion threatens siltation of Panama Canal, air pollution in urban areas, mining threatens natural resources.
Doing business in Panama
We offer various corporate services in Panama jurisdiction. These services can serve both, people coming from Panama and foreigners. If you plan on doing business in Panama you might be interested in contacting us.
To find out about starting your business in Panama click on company formation in Panama.
To find out how to open a bank account in Panama and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Panama.
Choose preferred service below or continue reading to find out more about Panama.
Demographics of Panama
The total population of Panama is 4,162,618 people. In Panama, the population density is 46 people per square kilometer (120 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Panama is 0.5528. Panama has approximately 187416 foreign immigrants. The median age is approximately 28.3 years. In Panama, 45.2 in every 100 people use internet. Panama has a Human Development Index (HDI) of 0.765.
The majority religion of Panama is Christianity, Panama is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Panama.
Culture of Panama
People in Panama speak the Spanish language. According to data on inbound tourists in Panama, 1,658,000 tourists arrive in the country each year. The first McDonalds in Panama was opened on 1 September 1971, and it was located in Panama City. One of the most popular national dishes of Panama is sancocho de gallina. To read more click on culture of Panama.
Geography of Panama
Panama is considered to be a large nation because of its total area. Its total land area is 75,420 km² (approx. 29,120 mi²). Panama is located in North America. Its capital city is Panama City. Panama has 2 neighbouring countries. Its neighbours include Colombia, and Costa Rica. Total length of land borders of Panama is 687 kilometers (~265 miles).
The highest point of Panama is Volcán Barú, with its official height being 3475 m (11,401 ft). Including land mass and EEZ, the total area of Panama is approximately 411,066 km² (~158,713 mi²). The most notable natural resources found in Panama are copper, mahogany forests, shrimp, hydropower.To read more click on geography of Panama.
Economy of Panama
The currency of the country is Panamanian balboa. The symbol used for this currency is B/., and it is abbreviated as PAB. 5.6% of population in the country are unemployed. The total number of unemployed people in Panama is 233,107. Each year, Panama exports around $18.87 billion and imports roughly $26.61 billion. The Gini Index of the country is 51.9. Panama has a Human Development Index (HDI) of 0.765.The Global Peace Index (GPI) for Panama is 1.903. Panama has a government debt of 97.02% of the country's Gross Domestic Product (GDP), as assessed in 2012. Panama is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are construction, brewing, cement and other construction materials, sugar milling.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Panama is $76,770 billion. Each year, consumers spend around $12,055 million. The ratio of consumer spending to GDP in Panama is 0%, and the ratio of consumer spending to the world consumer market is 0.0348. The corporate tax in Panama is set at 25%. Personal income tax ranges from 0% to 27%, depending on your specific situation and income level. VAT in Panama is 7%. In 2013, Panama received 50.7 million USD in foreign aid.In 2014, the foreign aid amounted to 111.3 USD.To read more click on economy of Panama.
Infrastructure of Panama
Infrastructure quality in Panama is rated to be at 3. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Panama, 90.9% of the population has access to electricity. There are 11,022 internet hosts in Panama. Panama has 117 airports nationwide.
The logistics performance index of Panama is 3.19. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 3.34. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Panama is 580. To read more click on infrastructure of Panama.
Politics of Panama
Panama, is a unitary presidential constitutional republic. With regard to political and civil freedoms, Panama is 1. Citizens in Panama experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Juan Carlos Varela.
According to the World Bank Group, the government effectiveness index of Panama is 0.27. This indicates that the government of Panama is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Panama before considering any business maneuvers.In Panama, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Panama is 1.903. The strength of legal rights index for Panama is 7. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. In 2013, Panama received 50.7 million USD in foreign aid. In 2014, the foreign aid amounted to 111.3 USD. Panama is a member of the United Nations (UN). On 13 November 1945, it joined the UN at it inception date as a full member state. Panama is one of the original UN member states who founded the organization. Panama is a member of the World Bank. To read more click on politics of Panama.
Environment of Panama
Panama emits 2.6 metric tons per capita of CO2. 42940 km² of Panama's territory is covered in forests. and forest land comprises 57% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Panama is 580. To read more click on environment of Panama.
Company formation in Panama
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Panama.
When establishing a company in Panama, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Panama that will affect the establishment and growth of one's business. Contact us or click on company formation in Panama to read additional information when setting up a business.
Bank account opening in Panama
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Panama. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Panama, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Panama or contact us.