I came across an article on www.prensa.com by Edith Castillo Duarte ecastillo@prensa.com on the banking situation in Panama.

Panamá, sábado 10 de septiembre de 2011 (article has been translated from the Spanish article written by Edith Castillo Duarte in prensa.com)

ENVIRONMENT STRATEGY REQUIRES CHANGES – The restructuring of the banking center

Although there are fewer banks than at the end of 1980, the essential foundations of activity has remained robust over time.

The Panama International Banking Center, which in 1983 recorded its peak in the number of participants has remained stable over the decades, despite the vagaries of the global economy.

This activity, which grew at the same time that the Republic, but was strengthened in 1970 with the enactment of the first banking law, is one of the pillars of the Panamanian economy, with a contribution of more than 10% gross domestic product.

In 1983 the Panamanian banking center was composed of 125 banks, 68 of which operated under general license, 43 licensed and 12 were international representative offices. By that date, total assets amounted to $42,785 000 dollars, the loan portfolio, $26,380 000, and deposits $34,195 000.

The debt crisis that affected the 1980 Latin America and Asia in 1997-98 had their impact on the system, but also the activity went through a process of mergers and acquisitions that consolidated the industry.

As a consequence of these three elements, the number of banks fell in 2004 to 73, including 37 general license, 28 licensed international and 6 representative offices. The lowest number in the history of Panama’s financial center.

Despite the contraction of players, the essential foundations of this activity has remained robust over time.

What happened, according to the manager of the risk rating Equilibrium, Raul Castrellón is that the bank has demonstrated its ability to finance and strategic adjustment to any threat to its stability.

“The market has been very good way to overcome the crisis based on a strategy that is adjusted, however not all banks have been able to,” the analyst said while stressing that the internal activity of the composition portfolio has undergone significant changes.

This process has seen winners and losers, and many players have had to withdraw.

At the end of June the main activities of the domestic credit portfolio are: trade (28.6%), housing mortgage (27.7%) and personal consumption (21%) composition has changed in the last two years as a result of the crisis financial.

The managing partner of consulting firm Indesa Philip Chapman, said the banking sector continues to grow credit disbursement driven by good economic times in the country.

And although the situation in the U.S. and Europe is complicated, yet no alarm bells have sounded.

Edith Castillo Duarte

ecastillo@prensa.com

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It would appear that the Banking situation in Panama is good, which of course is good news.

If you are contemplating buying a 2nd home, vacation home or retirement home in Panama or anywhere else ‘off-shore’ please give me a call.  There are plenty of fabulous opportunities available.   The banking situation in Panama may be in good shape however, there are many property owners who have found themselves impacted by the banking situation in the US.

Please keep in mind that whilst the Banking situation in Panama is good you still need to be careful when buying off shore and remember to do your due diligence.

I have a detailed checklist of what you need to keep in mind that is available to you, the banking situation is certainly on this list!

If I can be of assistance please don’t hesitate contact me by email me or on my toll free number 1-800-209-3214.

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Blog Post (Translation of) Edith Castillo Duarte article in www.prensa.com regarding Banking Situation in Panama

Last  9 units in phase 1!  Small intimate gated resort in Punte Chame approximately 40 minute drive from Panama City along the Via Panamerican highway and 10 minutes drive from white sandy beaches.

On site there is a Classic Rock and Roll bar and restaurant, large pool, 5 shops, spa and gym.

Super opportunity to buy in the up and coming Punte Chame area.

Located approximately 40 minutes drive from Panama City along the main highway.  10 minutes from the white sandy beaches, 10 minutes from major shopping area, medical facilities and golf course.

• One bedroom (680 sq.ft. )     US$   99,900  (Fully furnished US  $111,400)

There are only 9 one-bedroom units left and available in Phase 1.   Canadian builder/Developer.

There is a Rental program available.  The properties are perfect for the investor who wishes to spend some time in Panama and is interested in renting his home out whilst they are away.  The rental program takes care of all the screening, advertising, collection and administration for you.

An example of the rental rates charged for the one bedroom units.

• Nightly – $95
• Weekly – $500
• Monthly – $1,250

COPA announced Thursday (January 20, 2011), ending months of anticipation, that they will be begin regularly scheduled flights from Pearson to Tocumen on June 15, 2011.  There will be 4 flights per week to start with more to follow as the Pearson airport schedule permits.

Click here for  a little more info

Information taken from sources believed reliable but not guaranteed

Coronado to have English immersion school with Canadian teachers

Coronado, long thought of as a weekend getaway for those with money to spare is fast becoming a true round the week and round the year neighborhood.

More retirees are moving in and more commercial developments are arriving to provide facilities for the new arrivals and reduce shopping trips to the city. The circle is becoming complete.

Now an international school including English Immersion for Panamanian children is in the works.  While the Coronado area has many attractive qualities, families with school age children still find their options limited when looking for a place to live close to the beach. With a strongly backed English Immersion International School opening in the area, Coronado could see a younger population moving in.

Fredrick Gornell, director of the upcoming International School in Coronado says the plan is long term.Realizing the initial demand will be small, the school will start with Pre-K to Elementary facilities. Secondary programs will be added on demand.

Gornell has the qualifications to make it work. He founded the Oxford School in Panama City, as an English Immersion institute and got the school accredited before selling it to retire.  Driven by a continuing desire to educate, Gornell has decided to spend his retirement years furthering quality education through the International School.

The school intends to attract teachers from Canada. “As we will be an immersion program, teachers will not need to know Spanish”, says Gornell. While the school already has a staff lined up and ready to start work, they are always looking for more candidates. “College graduates from teaching colleges or with teaching experience”

School enrollments open in January 2011, “once we have broken ground”. Doors will open later in the year. The facilities will include a swimming pool, sports field and an auditorium for plays and ceremonies. Students will have access to Hotel Coronado’s recreational facilities, such as the equestrian club, golf course and tennis courts.

For enrollment information about contact Fredrick Gornell at fkgornell@gmail.com or call 6611-0777

One bedroom unit, 1055 sq.ft in Trump Ocean Club located in the exclusive Punta Pacifica area of Panama City in the Republic of Panama.

Located in an exclusive and strategic location in Panama City.  The Trump International Hotel and Tower is located in the peninsula of Pacific Point.   A great residential, tourist complex is being created that is probably going to make real estate history in Latin America and the Caribbean.

The anticipated closing is March 2011.

The integrated living project will feature condominiums, hotel, offices, shopping and an entertainment complex all in one location.  Only 2 minutes from the John Hopkins medical centre located in the Punta Pacifica hospital, 10 minutes from Panama’s business district, a few minutes away from 2 of the largest shopping malls and approximately 15 minutes to Tocumen International airport.

The 62 floor tower includes:

• Condos
• Condo hotel
• Wellness Spa
• Pool and lavish pool deck
• Boutiques and Shops
• Gourmet Plaza
• Beach Club on Contadora Island (30 miles off the coast of Panama City)
• Yacht Club and Pier
• Business Centre
• International Casino

At USD $399,000 this unit is being sold well below the current developers price.  Outstanding opportunity to own in one of the most prestigious locations in all of Panama!  The unit comes with its own Corporation.

An agreement on the exchange of tax information between United States and Panama was signed on Tuesday (November 30).

The much anticipated or feared measure, depending on your viewpoint, is seen by some as a step towards the eventually signing of a trade agreement (FTA) between the two countries.
The agreement was signed after a meeting between U.S. Treasury Secretary, Timothy Geithner, and Panamanian Vice-President and Foreign Minister, Juan Carlos Varela.
The FTA which is strongly opposed by some sections of the Panamanian community and led to the resignation of a cabinet minister in the previous government, is one of the three agreements that remained pending from the administration of President George W. Bush.
Panama and the United States signed a free trade agreement in 2007, but the process was complicated when the National Assembly elected as its president a lawmaker wanted in the U.S. for killing a U.S. soldier in 1992. He remained in that post for only a year but the Bush administration did not get support in Congress to ratify the treaty with nor pending treaties with Colombia and South Korea, prior to leaving office in January 2009.
Last year, some Democratic lawmakers criticized Panama as a tax haven, and demanded a tax information agreement with the United States before any vote to ratify the trade agreement.

Information is taken from sources believed reliable but not guaranteed

This small, natural stone walled, gated community is 1 ½ km from the main David-Boquete road, on the way to Montanas de Caldera.

Video of this great development

The community features 14 very private, large lots (7300 – 7500 sq.m), all surrounded with natural rock walls. US $14.00 per sq.m. (incl. walls).   3 bedroom bungalows (2800 sq.ft) are ready for occupancy – US $250,000.  All the utilities are underground.   Beautiful mountain and sea views.

For photos & more details click here

This gated community, to be built in 3 phases, is located approximately 1km south of the Via Panamericana in the popular and growing Coronado area.

Phase I is 12 hectares (approx 30 acres) and consists of 14 lots.  The total project (Phases I, II & III) will have 55 lots.   The minimum lot size  is 600 square meters.  For more information on this gated development in the Coronado area click here

All information is taken from sources believed reliable however purchasers should verify all information

Read complete article

All information taken from sources believed reliable but not guaranteed.