Time has certainly proved to us that our decision was the right one.  We now have twenty-five full time employees, are among the top 7,000 websites in the world and we are absolutely assured that we owe our early, and ongoing success to having located in Panama.

Okay, we didn't have a crystal ball and we weren't seers...

We're not sure how much innovative genius there was in our decision, as we were also considering Belize, and if Belize would have had better telecommunications it might have been Belize that we chose rather than Panama.

In 1999 we wrote about what we felt were Belize's failings in a report entitled, "Evaluation of Belize as an Expatriate Destination."  After giving Belize high marks in most categories, such as ecology, banking, environment, its unique polyglot society, its offshore corporate structures, location, language, low prices and so on, we told readers where we thought Belize was falling down, and that was in its inability to provide freedom for competitive internet access. Its telecommunications access was then being hampered by the idiocy of the government-subsidized Belize Telecommunications Limited (BTL), which was at that time somewhere back in the 19th century mentally. It was clear to us that there was no way to run a website based media company from a nation that was willing to strangle access to the internet.  Belize at the time looked better to us than Panama if only because of its very open and laid back culture....  hey, when we first wrote about it in 1996 you could buy an island in Belize for $20,000 (that was then, today, like everywhere else we've written about, the prices have gone straight up, and today in Belize the sum of $20,000 will only buy you a quarter acre lot on one of the islands that our early readers bought back then.)

Are we saying we've lead the pack - - that what we write about is where the wave breaks?  You tell us. We are ourselves curious as to what our influence has been as a website that in 1996 wrote about and introduced many of those nations which have since become primary expat destinations.

We've never claimed to be Guru's. Add to that the fact that our website has been an open access website since 1996, we've never charged admission, never been a house organ, always provided more links to other websites than we've provided to our own resources, never claimed domination, Buddha-like wisdom, nor omnipotence.

Some of our staff recently returned to Panama City after several months in South America.  They were quick to point out that the Panama City they had returned to was much transformed from the Panama City they had departed. New skyscrapers had sprung up on the waterfront, and more were springing up as they watched.  They commented that Panama was looking more and more like a sophisticated Miami with each passing day. (See photo, top of page left hand side.)

If others are coming here because we placed our offices here and wrote a higher percentage of articles on Panama than on other destinations; we are pleased that we could in some way be responsible for leading the way.  If the current boomtown landrush into Panama was inevitable with or without us, we're also pleased...  either way we picked the right spot.

Tomas A. Cabal, the ABC TV media man in Panama City agreed to write an article for us on the recent changes in Panama. (See below) We're pleased he agreed.  He is a Panamanian with a international perspective on his own country.

Panama City Here I Come - The Central American Boomtown by Tomas A. Cabal

Panama is rapidly becoming the new boomtown in the Americas. Like the fortyniners when gold was discovered in California, american and european companies, investors, expats and baby boomers have discovered the joys of living and doing business in this small central american republic.

The approval in a national referendum of plans to expand the Panama Canal with the construction of a third set of locks that will permit the transit of larger vessels, has triggered an investment boom that will be felt in the real estate market, residential tourism and the maritime sector. More than 10 billion dollars in the hands of american and european investors will change Panama City´s skyline. On Balboa Avenue and Punta Pacifica, spanish companies will construct the tallest buildings in Latin America. Taking advantage of a $400 million dollar project to clean up the Bay of Panama, twelve luxury buildings of 80 or more floors will be erected in Panama City in the coming months. One of the projects is the "Palacio de la Bahia" building that will be constructed in the Punta Pacifica area. The structure will be 250 meters tall and include a 300 room hotel, 2,500 luxury apartments and a modern shopping center. On Balboa Avenue, spanish investors have started the construction of the "Faros de Panama" building that at 350 meters tall will be the highest in Latin America. The demand for property near the bay of Panama has pushed real estate prices to unheard of heights and will change Panama City´s skyline in the near future.

Donald Trump is one of the american investors that has discovered Panama´s potential. With a panamanian partner he is building a 60 story luxury condominium that will include all the amenities with a casino, yacht club and marina with daily hydrofoil trips to the nearby pacific islands, made famous for the "Survivor" series on CBS television.

The canal expansion, a $5.25 billion dollar project, will provide the fill for the construction of a parallel causeway fronting Balboa Avenue that will completly renovate the land facing the bay of Panama. Foreign investors are busy buying up real estate in the vicinity to construct new buildings that will attract american and european retirees. Panama, with its very liberal and attractive retirement and pension laws is a magnet for baby boomers looking to retire in a warm climate. The panamanian government offers all kinds of incentives for people settling in Panama or buying a retirement home. Among the attractions, tax free environment, discounts on airfare and the possibility of importing vehicles and home furniture tax free.

The real estate boom which started 5 years ago when baby boomers discovered Bocas del Toro province on the caribbean and Boquete in Chiriqui province mountain country has already attracted more the 15,000 american and european retirees. The arrival of new immigrants has fueled real estate projects catering to the well heeled investor. Gated communities and luxury villas are springing up all over Bocas del Toro and Chiriqui province. Other projects nearer Panama City in the Sora highland region and on the pacific coast are also attracting foreign investors. Beachfront properties and gated communities are being built all along Panama´s pacific coast within 100 miles of the capital. Accesible by four lane highway, these projects are similar to what you would find on Florida´s gold coast. Luxury apartments, condos and golf courses set the tone for people wanting to retire in Panama or enjoy a second home for vacations in a mild tropical climate. The boom has reached the Pese area in Panama´s Azuero region with many european investors constructing new hotels, restaurants and gated communities on the pacific coast in Herrera and Los Santos provinces.

Modern communications, excellent health services, a well developed banking center, the largest free zone in the Americas and  ease of air travel make Panama the hottest boom town in the Americas. Panamanians are friendly, bilingual and eager to participate in joint ventures with foreign investors.

 Experts calculate that the canal expansion and the real estate boom will add another 2% growth to the already robust 7% annual GNP. An ambitious government jobs and training program already set in motion for the canal project will provide the workforce required in the real estate and maritime sectors that will benefit from the construction of a third set of locks. New ports have sprung up on the pacific and atlantic terminus of the Panama Canal. The panamanian government will construct another port on the pacific side at a cost of $500 million dollars to take advantage of the growing trade with the Far East.

The expansion of Panama´s maritime sector has attracted cruise ship lines that bring into the country some 350,000 visitors. Upon discovering Panama, many of them decide to invest or live in the country. Tourism is now Panama´s largest industry surpasing the income generated by the Panama Canal. New hotels dot the countryside with foreign investors exploiting the natural beauty of the isthmus. Tropical rainforest, breathtaking highlands and pristine beaches provide a majestic backdrop for first class hotels that cater to visitors and businessmen exploring investment opportunities.

The canal expansion project begins in 2007 and will take seven years to complete. Now is the time to invest in Panama, so if you are planning a trip, come on down and share in Central America´s best kept secret or simply say "Panama here I come".
 

Resources On Panama See the EscapeArtist section on Real Estate in Panama & Central America - in the International Real Estate Marketplace -  Also see the EscapeArtist section on - Moving To Panama ~ Living In Panama ~ Real Estate In Panama -