FAQ: What’s the basis for the Panama’s economy?

Panama is a primarily service-based economy. Services include the Panama Canal, logistical services, tourism, the largest free trade zone in the Americas, and an international banking center with over 100 banks. Because of the high quality of life, many companies are making their Latin American corporate headquarters in Panama. There are also tax incentives and special economic zones for businesses and corporate headquarters.

Bananas, shrimp and coffee are the major agricultural exports.

FAQ : Is Panama a typical Latin American country? What’s the Ethnic makeup?

Panama is not typical at all. Don’t expect to see mainly the typical mestizo (descendants of a combination of Spanish and Indian) population like in the rest of Latin America. There's saying that Panama was "born globalized." The population of 3.3million people has diverse origins: Spanish descendants, blacks (brought in from the Caribbean to build the Canal), indigenous cultures, and important immigrant populations from North America, Europe, China, India and Middle East.

Of special note and a a tourism attraction are the are seven living Indian cultures: Gunas in the Guna Yala Islands on the Caribbean, Embera and Wounaan in the province of Darien, Ngobe Bugle in the provinces of Chiriqui, Bocas del Toro & Veraguas; and Teribes & Bokotas in Bocas del Toro province.

FAQ : Are there any required vaccines? What about mosquitos?

 There are no required vaccines or shots. Believe it or not, you are unlikely to see a mosquito your whole trip! Panama may be a tropical country but mosquito control is effective. Exceptions would be if you are in the rainforest after dusk or hiking or overnight in the jungle, in which case insect repellant is advised.

Origin of the name Panama

There are several theories about the origin of the name Panama. Some believe that the country was named after a commonly found species of tree; others believe that the first settlers arrived in Panama in August, when butterflies abound, and that the name means "many butterflies" in indigenous tongue. The best known of these versions is that a village populated by fishermen originally bore the name PANAMÁ, after a beach nearby, and that this name meant "many fish".

Ancon Hill

Ancon Hill is a steep 654-foot hill which overlooks Panama City, Panama adjacent to the township of Ancón.

 

It was under U.S. jurisdiction as part of the Panama Canal Zone for much of the 20th century and therefore was never developed like most of the surrounding urbanized parts of the city. As a result, it became a kind of an "island" of jungle in an urban area, where wildlife still survives cut off from other jungle areas. It is not uncommon to see sloths, White-nosed Coati, Nine-banded Armadillos, Geoffroy's Tamarins or deer on Ancon Hill, which now has protected status. Its name is used as an acronym by a Panamanian environmental group, Asociación Nacional para la Conservación de la Naturaleza (ANCON).

 

The lower slopes contained residences and Gorgas Hospital. Higher up were the residence of the Governor of the Canal Zone, and Quarry Heights, where the United States Southern Command was located. Quarry Heights was named for being adjacent to a large rock quarry on one side of the hill, which left a visible cliff face on one side. The hill contains an abandoned underground bunker once manned by the U.S. Southern Command. At the top are two broadcast towers and a small road that reaches them. One way vehicular traffic is now allowed during daylight hours. Hikers can use the road to reach the summit, and it is a popular jogging and hiking trek. Along the path, all manner of vegetation and birds can be seen, including large number of orchids (all of which are protected by CITES).

 

 

Tour Suggestion

Panama City Downtown Tour

City Tour and Panama Canal  

 



History

When the pirate Henry Morgan sacked Panama City in 1671, his scouts first climbed Ancon Hill to gain knowledge of the local defenses. Ancon Hill overlooks the site of the new city, constructed after Morgan's destruction of the old one.

The first ship to officially transit the Panama Canal in 1914, the SS Ancon, took its name from the hill and surrounding township.

When Panama regained control of the hill following the 1977 Panama Canal Treaty, one of the first things the country did was fly a large oversized Panamanian flag atop the hill.

Red Frog Beach

Red Frog Beach is a hidden paradise on the island of Bastimentos in the Caribbean archipelago of Bocas Del Toro, Panama. The crystal blue waters, unfailing temperate weather, pristine beaches, and remarkable jungle rainforest all combine to create a complete sense of unspoiled tropical tranquility. A peaceful diversion from the everyday grind, Red Frog Beach offers both adventure and escape with diving, snorkeling, deep-sea fishing, kayaking, Bocas surfing, beach hikes, nature walks, and much more.

Strategically placed in the most beautiful location in Bocas Del Toro, Red Frog Beach takes advantage of an incredible array of natural amenities that will captivate Panama vacation visitor and resident alike. The north facing "windward" side of the island is the perfect retreat for those seeking adventure, exploration and discovery. The island's distinctive wild life presents an unparalleled study in ecological evolution while the long barreling reef breaks, steep drops, and splitting tubes present a challenge few surfers can resist.

If peace, serenity, and relaxation are what you crave, you will find exactly what you're looking for on the "leeward" side of the island. From the calming sound of crystalline waters lapping onto white sand beaches to the enchanting song of the many indigenous bird species that call our island home, there are so many ways to entice the senses and relish in the feeling of sweet release.

No matter what you're looking for in island escape, you'll find it at Red Frog Beach in Bocas Del Toro Panama. Experience paradise like never before while creating lasting memories with friends and family. We invite you to explore this site and learn more about the adventures that await you on Red Frog Beach. 

BOOK A TOUR TO BOCAS DEL TORO

Punta Culebra Nature Center

Punta Culebra Nature Center (PCNC) is a non-profit initiative of STRI that relies on the support of the Smithsonian Foundation of Panama and international entities. It offers visitors an open-air museum focusing mainly on marine science and education, conservation and interpretation of marine coastal environments. More than 700,000 students and visitors have visited PCNC since it opened in 1996, and hundreds of schools have taken part in its educational program.

The Center is a place where individuals can increase their awareness and appreciation of coastal and marine environments in Panama and nearby regions of South and Central America. Its goal is to increase public understanding of Panama ’s past and present coastal environments, promoting their conservation. It is also meant to show how scientific discoveries improve our understanding and deepen our appreciation of the natural world.

PCNC occupies a territory of approximately 1 1/2 hectares and is only 15 minutes away from the heart of Panama City. The area has great natural wealth and the appropriate infrastructure so that locals and foreigners of all ages can take part in an enriching experience, as they enjoy the scenic views.

Exhibitions

• Panama: Abundance of Fish
• Discovery Room : An Underwater Journey with All the Senses
• Open-air historic and interpretative displays
• Turtle and Shark Pool
• Aquarium Exhibits
• Touching Pool
• Lookout point with views of the entrance to the Panama Canal and its surroundings
• Two trails across a Tropical Dry Forest

Future plans include: a major scale Touching Pool, and a project for a larger aquarium.

The Visit

The Punta Culebra Nature Center allows visitors to take a short journey through Panama's geological, military and natural history, and to learn about marine and terrestrial life through a unique experience.
Most of the constructions here are old military bunkers built during the First World War; columns date back to construction of the Panama Canal. There is also a small room, called "la casita", built more recently by old Panamanian Defense Forces. All of these spaces have been conditioned to hold temporal and permanent exhibitions and to serve as projection areas.

Natural attractions

• There are two trails through a tropical dry forest, a typical ecosystem of the Pacific side of Central America which is almost extinct today. This forest is a refuge and habitat for racoons, iguanas, birds of all kinds and armadillos, among others animals that visitors can admire as they walk around.
• The rocky shore, the sandy beach and a patch of white mangrove forest have plenty of marine life which is best seen during low tide.
• The sea life exhibitions show the magnificent biodiversity of Panamanian coastal ecosystems, particularly that of coral reefs from the Caribbean Sea and the Pacific Ocean.
• A pool that is home to sea turtles and sharks who swim among other colorful fish.
• Experience touching marine organisms such as sea stars, sea cucumbers, sea urchins and even stingrays.
• As they walk through the natural trails and the exhibitions, visitors will receive information from specially trained naturalists about Smithsonian research.
• A beautiful view of the Pacific entrance to the Panama Canal completes this educational experience

Colon Free Zone

That is what the Colon Free Zone is all about!

Founded in 1947 with 50 hectares of land of the City of Colon, at the entrance of the Atlantic side of the Panama Colon, today is an emporium of 500 hectares with over 1800 companies that operate from it, where over 14,000 people are employed.

The Colon Free Zone's activities represent about 10% of Panama's GNP.It was created to offset the lack of economic activity of the Atlantic City after World War II taking advantage of the maritime route.

The Colon Free Zone is served by three ports in the Atlantic entrance of the Panama Canal, Manzanillo International Terminal "MIT", one of the most modern and competitive ports in the area; The Colon Container Terminal, and the Panama Ports Company, S. A. On the Pacific side, there is another port run by Panama Ports Company. In terms of air transportation, the Airport of Tocumen is 80 miles from the Free Zone where international carriers have a hub.

Finished goods arrive from industrialized countries in the Far East, Europe and North America, mainly by ship.

They are then re-exported to countries in Latin America and the Caribbean. Sales amounted to US$ 6 billion a year before the crises in Colombia, Ecuador and Venezuela.

The goods imported by the Colon Free Zone Users (companies authorized to operate there) come into the area free of any duties and/or tariffs. When re-exported, the buyers have the responsibility of paying the taxes in their respective countries.

0% TAXES means that all profits earned from re-exporting (that is sending merchandise to other countries) are totally free of tax. Only profits made to sales to the fiscal territory of the Republic of Panama, are subject to Income Tax.

100% OPPORTUNITIES means that, the fiscal advantage, coupled with the strategic position of the Colon Free Zone allows companies to store merchandise at a closer distance to their market. As merchandise comes in containerized form and in bulk, the freight costs are considerably cheaper.

Since the Colon Free Zone Users serve a market of 500,000,000 consumers in the Latin America and Caribbean markets, buyers can be served with smaller quantities, according to their own particular markets, making a better use of their working capital.

The best example of this symbiosis is explained the example of some medicine manufacturers, who import medicine in bulk from two or three factories, and re-ships, after repackaging and re-labeling in full compliance with Health Authorities, in more than 5 languages, re-exported in smaller parcels as the markets need.

There are three types of companies that operate in the Colon Free Zone. These are Distributors, who have a distribution contract from manufacturers to distribute their goods in certain or all markets served.

The other one is the Multinationals who have established their own companies in the Colon Free Zone as logistics center serving their distributors in the region. Some of them, such as the electronic companies, have also parts warehouses as well as training centers for their clients.

The last one are those companies, which offer third party logistics, service to multinationals companies. They store, label, repack; re-ship goods according to the requests made by the company who contracts their services.

As part of anyone's travel in the Republic of Panama, the Colon Free Zone is a must see place!

Panama Travel Checklist

Documents to take with you

• Passport and required visas, and record of immunizations. Keep them handy at all times.
• Airline round-trip tickets. This are important in case the country requires return verification.
• State drivers license. You may also need a an international driver's license.
• Traveler checks. Possibly also pre-purchased foreign currency available at your local bank.
• Internationally accepted credit cards. Use these for all purchases except tipping or smaller transactions.
• Travel itinerary. Include all telephone numbers and addresses for destinations.
• Proof of Purchase. Important for items such as a laptop so there can be no question of ownership.
• Copies. Have two of everything in case one set gets lost!

Insurance

• Medical insurance. Find out if your medical insurance is valid in other countries in case of an emergency. If not, consider purchasing a travel medical insurance policy.
• Driver's Insurance. Some automobile insurance coverage is portable to other countries. If your coverage is portable, you can save buying car rental liability insurance.
• Traveler's insurance.

Important items to pack

• Prescription drugs. These should all be clearly marked and in childproof containers.
• Basic first aid kit. Include salt tablets for arid countries.
• Medical cards. These should state any allergies or medical conditions.
• Luggage. Plain and durable is best.
• Foreign language/English paperback book. Be familiar with basic terms.
• Battery or wind-up alarm clock. Be sure to set it and your watch on local time.
• Electrical adapters. Most countries uses 220 volts.
• Personal appliances. Hair dryers, curling irons and electric razors.
• Flashlight. This comes in handy in case of a blackout.

Items to leave behind

• Itinerary. Leave a copy with family or a friend
• Passport copy. Including all pages and photo and all other travel documentation
• Unnecessary credit cards. Any cards you will not be using, leave at home.
• Expensive jewelry. Other than your wedding rings and watch, any other jewelry should be costume.
• Knives. Really, any sharp object that may be mistake as a weapon.

When you arrive at your destination

• Reconfirm your next day itinerary. Also check on any future flights, hotels or car rentals.
• Exchange currency. Have enough small currency for tipping and small purchases. Banks normally give the best exchange rate.
• Consulate contact. Register with the Embassy for visits beyond a few days.
• Check for hotel exits and emergency instructions. Know where to go in case of a fire.
• Verify telephone service. Call the desk to be sure your phone works.
• Check locks. Be sure that they work. Never leave your room key at the front desk.
• Public transportation. Inquire with hotel staff which sources of public transportation are the most economical and the most reliable.

Special Considerations when you travel to Panama

PASSPORT

A valid passport is required for travel in [Name of Country]. You will need to present it at the airports before and after your flights. Be sure to carry a photocopy of your passport in a separate location, for security’s sake. It is also a good idea to leave one with somebody at home. If you already have a passport, check to make sure it is still current (they expire every 10 years). Passports can be renewed through the mail. If you are getting a passport for the first time, you must submit your application in person.

For information on how to obtain a passport, download an application from travel.state.gov/passport/passport_1738.html, ask your travel agent, or call the Passport Office at 202-647-0518. Allow at least 6 weeks.

 

 

VISA

 

 

A visa is not needed for stays under 90 days, however tourists from the USA, Canada and EU need to purchase a $6 tourist card from their airlines at the ticket counter on the day of departure for Panama. A tourist card gives you an automatic 90-day stay in Panama and can be extended for another 60 days.

 

MONEY

 

 

The National Currency is the Panamanian balboa (B). However, the official paper currency is the U.S. dollar, which is accepted everywhere at the rate of B1 = US$1. The centesimos coins are of identical size, denomination, and metal as U.S. coins, and the coins of both nations are used hereinterchangeably. Credit cards are well accepted at hotels, major stores and better restaurants in Panama City. Outside Panama City, in general, cash will be necessary. We recommend getting what you think you will need in Panama City. Outside Panama City best to carry denominations of $20 or less Panama City has numerous ATM machines. Double check with your bank to make sure you ATM card will work. Traveler's checks are not well accepted in Panama except at banks:

American Express preferred.

You will need spending money for a few meals, snacks, optional excursions, personal gifts, drinks and guide gratuities.

 

 

HEALTH

 

 

There are currently no required immunizations for travel to Panama