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About Panama

The  best country to invest in.
Official Name: Republic of Panama.
Capital: City of Panama
Nationality: Panamanian(s)
Local time: GMT-5
Land area: 75,517 square miles.
Territorial sea boundaries: 200 nautical miles
Population: (Census 2000): 2,839,177
Density of Population: 81 per sqm
Literacy Rate: 90% 

Distribution by Age (%):

  • 0-14 years: 37%,
  • 15-59 years: 56.3%,
  • 60+ years: 6.7%

Official Language:
Spanish, but many Panamanians are bilingual (English/Spanish).
Tropical with uniform temperature all year. Average temperature: 27°C. There are two seasons: rainy and dry (also called "summer"). The rainy season is from May to mid-December. The dry season covers mid-December to April. During the dry ("summer") season, pleasant trade winds blow throughout the day and night.

Taxes :
All purchases (excluding medicines, foods and scholastic equipments) are taxed with a 5% of Personal Properties Transference Tax (ITBM),.

Currency : 
Balboa (Balboas -- plural); 1 balboa = 100 centimes. The circulating paper money is the U.S. dollar. Exchange rate : 1 Balboa = 1 Dollar.

Electrical Current :
120V and 240V

Gratuity :
Not included in the restaurant prices. It is customary to tip between 10% and 15% of the total bill amount.

Driving license :
A foreign license is valid for 90 days. Passport may be required as validation of identity.

Commerce Schedules :

  • Monday to Sunday  - 9:30 am to 7 pm.
  • Banks: 8:00 am. to 3:30 pm. ATM availability is 24 hours.
  • Public offices: 8:30 am, to 4.30  pm.

Borders :
555 km total; Colombia 225 km, Costa Rica 330 km.  Coastal: 2,490 km.

Caribbean Sea to the North, the Pacific Ocean to the south, the Republic of Colombia to the east, and the Republic of Costa Rica to the west.

Ethnic Groups:
70% racially mixed, 10% whites, 12% mulattos, 8% native indigenous.

Adopted October 11, 1972; reforms adopted in April 1983.

No state religion. More than 93% Roman Catholics, 6% Protestants.

Independent from Spain: November 28, 1821; from Colombia: November 3, 1903.

Public Holidays :
January 1 - New Year, January 9 – Martyrs Day, February 8 - Carnival Tuesday, March 25 – Good Friday, May 1 – Work Day, November 3 - Independence from Colombia, November 10 - First Cry of Independence, November 28 - Independence Day, December 8 – Mother's Day, December 25 - Christmas.

Constitutional Democracy Centralized Republic.

Political division:
9 provinces: Chiriquí, Bocas Del Toro, Coclé, Colón, Darién, Herrera, Los Santos, Panama, Veraguas, and 5 comarcas: Emberá-Wounaan, Kuna Yala, Madugandí, Ngobe-Buglé, Wargandí. Total Area: 78.200 square km (30,193 square miles).

Legal System:
based on the system of civil law, judicial revision of legislative acts in the Supreme Court of Justice; accepts the jurisdiction of international courts in all but some cases.


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