Panama is Committed to Business

Panama is committed to business for the development of key industries, such as finance, trade, shipping, infrastructure, real estate, hotels and resorts, as well as encouraging greater foreign direct investment in mining, oil, energy, and ports and logistics services.

Over the past years, both government and opposition have worked hand-in-hand to create the right legislative and regulatory framework for all these sectors to grow and prosper.

Business in English

International Panama uses English as an official language, alongside Spanish. Use of English is universal, making Panama instantly accessible to anyone conversant in English. Many Panamanians also speak a third language, usually Italian, German, or French.

Top Quality Service Providers

Panamanian professionals such as bankers, tax advisors, legal practitioners, and accountants are recognized to be among the best in the world, and their excellent reputation has expanded Panama’s product offering as a wealth management center. A number of family offices have already chosen to locate their operations or certain functions in Panama. The country’s prudential regulatory and supervisory system, under which trustees and other investment service providers have to be licensed, gives comfort to families by ensuring certain standards are met. With its excellent reputation for high standards of regulation and supervision, competitive costs, and a highly educated workforce, Panama is prepared to satisfy the most diverse and sophisticated customer requirements.

Tailor-made Structures

Panama’s strengths as a wealth management center lie in the foundations of its thriving finance sector, which offers a wide range of investment vehicles including investment funds and trust companies. The country’s excellent physical and legal infrastructure has also been bolstered by seasoned professionals with a proven track record in structuring customized solutions and offering innovative approaches.

Economic Power

Panama has been one of the fastest growing economies worldwide. Average annual growth was 5.6 percent over the last five years. The country ranks as the second fastest growing economy in Latin America and the Caribbean (surpassed only by St. Kitts and Nevis), in an environment where public investments have been high and private investment has remained strong.

After a Gross Domestic Product (GDP) contraction of 17.9% in 2020 due to the pandemic period, Panama is projected to have a strong rebound in 2021 helped by increased mining output and new public investments such as the extension of Metro Line 2 and construction of Line 3.

The Economic Commission for Latin America and the Caribbean (ECLAC) indicated that Panama leads the region’s economic growth in 2023, with a rate of 6.1%, positioning our country as the most dynamic in the region. For Latin America and the Caribbean, the international organization estimated a growth of 2.2%, nearly a third of Panama’s economic growth.