The ISO code of Panama is PA according to ISO 3166 standard. The local name of the country is Panama. Panama City is the capital city of Panama. The official language of Panama is Spanish. On 12 January 1990, Panama emerged as a sovereign political entity. The largest city in Panama is Panama City.
Panama is located in the UTC -05:00 time zone, which is also called Eastern standard Time or EST. The internet country code top-level domain (ccTLD) for Panama is .pa. The International dialing code for Panama is +507. People in Panama drive on the right side of the road. Total land area of Panama is 75 417 km2. Panama is not a landlocked country.
Panama is located in the southern part of North America. Panama is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Panama faces various issues including water pollution from agricultural runoff threatens fishery resources, deforestation of tropical rain forest, land degradation and soil erosion threatens siltation of Panama Canal, air pollution in urban areas, mining threatens natural resources.
Doing business in Panama
We offer various corporate services in Panama jurisdiction. These services can serve both, people coming from Panama and foreigners. If you plan on doing business in Panama you might be interested in contacting us.
To find out about starting your business in Panama click on company formation in Panama.
To find out how to open a bank account in Panama and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Panama.
Choose preferred service below or continue reading to find out more about Panama.
Demographics of Panama
The total population of Panama is 3 764 166 people. In Panama, the population density is 46 people per square kilometer (120 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is divided according to a fractionalization scale which for Panama is 0.5528. Panama has 158 417 million foreign immigrants. The median age is approximately 28.3 years. In Panama, 45.2 in every 100 people use internet. Panama has a Human Development Index (HDI) of 0.765.
The main religion of Panama is Christianity. Panama is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Panama.
Culture of Panama
People in Panama speak Spanish language. According to data on inbound tourists in Panama, 1 658 000 tourists arrive in the country each year. The first McDonalds in Panama was opened on 1 September 1971 One of the most popular national dishes of Panama is sancocho de gallina. To read more click on culture of Panama.
Geography of Panama
Panama is considered a mid-sized nation because of its total area. Its total land area is 75 417 km2 (approx. 29,119 mi2). Panama is located in the southern part of North America. Its capital city is Panama City. Panama has 2 neighbouring countries. Its neighbours include Colombia, Costa Rica. Total length of land borders of Panama is 555,00 kilometers (~345 miles).
The highest point of Panama is Volcán Barú with its official height being 3475 m (11,401 ft). Including land mass and EEZ, the total area of Panama is approximately 411 063 km2 (~158,712 mi2). The most notable natural resources found in Panama are copper, mahogany forests, shrimp, hydropower. To read more click on geography of Panama.
Economy of Panama
The currency of the country is Panamanian balboa. The symbol used for this currency is B/., and it is abbreviated as PAB. 6% of population in the country are unemployed. The total number of unemployed people in Panama is 210 793. Each year, Panama exports around $18.87 billion and imports roughly $26.61 billion. The Gini Index of the country is 51.9. Panama has a Human Development Index (HDI) of 0.765. The Global Peace Index (GPI) for Panama is 1.903. Panama has a government debt of 41% of the country's Gross Domestic Product (GDP), as assessed in 2012. Panama is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are construction, brewing, cement and other construction materials, sugar milling.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Panama is $ 76 770 billion. Each year, consumers spend around $12 055 million. The ratio of consumer spending to GDP in Panama is 49%, and the ratio of consumer spending to the world consumer market is 0%. The corporate tax in Panama is set at 25%. Personal income tax ranges from 0% to 27%, depending on your specific situation and income level. In 2013, Panama received 50.7 USD in foreign aid. In 2014, their foreign aid amounted to 111.3 USD. To read more click on economy of Panama.
Infrastructure of Panama
Infrastructure quality in Panama is rated to be at 3. In Panama, 91% of the population has access to electricity. There are 11 022 internet hosts in Panama. Panama has 117,00 airports nationwide. The logistics performance index of Panama is 3.19. Tracking possibilities for shipments are rated at 3.34. To read more click on infrastructure of Panama.
Politics of Panama
Panama is a unitary presidential constitutional republic. With regard to political and civil freedoms, Panama is 1. The head of the government is Juan Carlos Varela.
According to the World Bank Group, the government effectiveness index of Panama is 0.27. In Panama, the legislative power is vested in a national assembly. The Global Peace Index (GPI) for Panama is 1.903. The strength of legal rights index for Panama is 7. In 2013, Panama received 50.7 USD in foreign aid. In 2014, their foreign aid amounted to 111.3 USD. Panama is a member of the United Nations (UN). On 13 November 1945, it joined the UN at its inception date as a full member state. Panama is one of the original UN member states who founded the organization. Panama is a member of the World Bank. To read more click on politics of Panama.
Environment of Panama
Panama emits 2.6 metric tons per capita of CO2. 42 940 km2 of Panama's territory is covered in forests, and forest land comprises 57% of all the land in the country. To read more click on environment of Panama.
Company formation in Panama
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Panama.
When establishing a company in Panama, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Panama that will affect the establishment and growth of one's business. Contact us or click on company formation in Panama to read additional information when setting up a business.
Bank account opening in Panama
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Panama. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Panama, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Panama or contact us.