Consisting of 500 one-, two- and three-bedroom condominiums, as well as 300 hotel rooms, which will also be sold as furnished condominium properties, the tower will be the first Trump-branded development in Latin America. $220 million, mixed-use development, the Trump Ocean Club, International Hotel & Tower property will be an immense joint venture of the Trump Organization and K Group, a premier high-end resort developer in Panama. It will be located in Panama City at the Punta Pacifica Peninsula.
PRICES: Prices for the condo hotel studios at Trump Ocean Club are $290,000. Prices for the 500 condominiums range from $445,000 to $800,000.
AMENITIES:
* Casino
* Yacht Club and Pier
* 24-hour marina
* 8,600 sq. ft. wellness spa
* State-of-the-art gym
* Two pools including an Infinity Pool
* Boutiques & shops including jewelry store, beauty salon, etc.
* Private beach club at Contadora Island
* 4,400 sq. ft. business center.
* 24-hour valet service
* Chauffeur driven limousine service
* 24-hour medical service
DEVELOPER: The Trump Organization and K Group Developers.
DETAILS: Planned to rise over the Pacific Ocean and Panama Bay from Panama City's Punta Pacifica neighborhood, this $220-million development will have many high-end amenities, from a 45,000-square-foot casino to a private beach club on Contadora Island in the bay to a 24-hour yacht club.
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Why buy in Panama?
* Over the past 3 years Panama has consistently been voted in the top ten best retirement wordwide locations.
* Foreign source income is not taxable in Panama attracting high wealth individuals and retirees who also enjoy excellent incentives. This is resulting in an increasing number of baby boomers from America and Europe relocating to Panama.
* Excellent Incentives for tourism investments were introduced by means of Law 8 of June 14, 1994. The passing of this law started the branding Panama as a tourism destination has attracted investors and tourists.
* A welcoming community with a safe environment and low crime statistics,
* The US dollar has been Panama's currency since 1904 diminishing potential currency exchange risks to foreign organisations located there.
* Panama has had an annual inflation rate of lower than 2% for the last 30 years. Panama's economy is one of the most succesful in Latin America and there is no restrictions on the outflow of capital or outward direct investment.
For travel to Panama, UK Nationals DO NOT REQUIRE visa’s just a valid passport. Nationals from the following countries are also exempt: Argentina, Austria, Belgium Costa Rica, Portugal, El Salvador, Finland, France, Germany Guatemala, Honduras, Hungary, Israel, Italy, Luxemburg, Paraguay, Poland, Singapore and Switzerland.
Upon entry, visitor passports are stamped, with a 90 day tourist visa... If you wish to extend your visit you can by applying to an immigration office in Panama City.
International Airlines serving Panama include not only those from North and South America but also from Spain, England, Russia, Taiwan and Israel. The following cities in the US are also currently the main connection points for flights to and from Panama: Miami, Orlando, Houston, Newark, New York, Washington DC, Dallas, Atlanta and Los Angeles. Panama’s International Airport. Panama’s national airline COPA flies to major cities in South America and cities in the USA in alliance with Continental Airlines.
Copa Airlines, the national airline of Panama, in alliance with Continental Airlines has increased their direct flights to an additional number of US cities so it is easy to visit with family and friends. In April 2004, Copa was named Best Airline in Central America, Mexico and the Caribbean by SkyTrax, the English market-survey company that conducts the World Airline Surveys, the largest airline passenger survey in existence. Copa also has an impressive “on time” flight record!
Time zone: Panama time is five hours behind Greenwich Mean Time (GMT) and one hour ahead of Central American countries. Panama has the same time as US Eastern Standard Time when US time is not adjusted for daylight savings; during US daylight savings time, Panama equals US Central time.
Spanish is the Official language of the country, but many of the people speak English due to over 100+ years of the US presence and influences.
Panama with an area of approximately 29,700 sq. Miles (76,900 sq. km.), located between Costa Rica and Colombia, forming the narrowest and lowest portion of the Isthmus that links North and South America.
The population of Panama is in the order of some 3.2 million, about half of who live in urban areas. Spanish is widely spoken, but many of the people in Panama including businesses, top government officials and executive staff are fully bilingual so speak English.
Panama City is the country's capital and the principal commercial centre. It lies on the Gulf of Panama on the Pacific Ocean side. Colon, the country's second largest city, is located on the Caribbean Coast side. Its economy is dependent on traffic through the Panama Canal and on business activity in the Colon Free Trade Zone, the largest duty-free zone in the Americas.
High rise buildings and a skyline reminiscent of Hong Kong, with bright lights and commercial centres is Panama City and is the only city in the world that has a tropical rain forest within its city limits.
Most private business offices are open from 8:00 a.m. until 5:00 or 6:00 p.m. It is customary for all offices and stores to close for the lunch period for at least one and a half hours. Banks are open from 8:00 a.m. to 1:00 p.m., Monday through Friday. Most private business offices are open from 8:00 a.m. until 5:00 or 6:00 p.m. Office hours for government offices vary and it is advisable to check prior to visiting any government office.
Panama has long had an open doors policy towards foreign investment and aggregate foreign direct investments during the period 1996-2001 reached approximately US$3.5 billion, a significant amount, even despite the economic crisis experienced during 2000-2002.
Investor confidence is based on a unique economic and free trade platform. Unlike any other Latin nation, service industries account for currency approximately 75% of Panama’s GNP and Panama has the exclusive right to use the U.S. dollar as its par value. This combination produced an economy registering an inflation rate of merely 1.1% in 2001.
Panama is fast becoming one of the world's top ranked real estate hot investment destination and also a world class tourist and leisure location particularly for adventure and eco-tourism. Long overshadowed by its neighbours such as America, Mexico and Costa Rica where mass tourism is now the norm.
There are many financial incentives too, if you are looking for a second home or land investment and or even a retirement option then Panama should be at the top of your list. A smart choice indeed!
In the whole of America’s, Panama ranks as one of the best places to live, according to a business survey of 192 cities worldwide by the Corporate Resources Group.
Panama ranked among the top three cities in which to live in Latin America next to Buenos Aires and Montevideo. The survey takes into account investment, land, property, banking, transportation, crime rate, arts and entertainment. In executive living expenses, recreation and entertainment costs and prices of basic goods, Panama cost of living ranks well below Buenos Aries, Sao Paulo, Santiago and Caracas (EIU, Worldwide Costing Survey).
Health care is both excellent and reasonably priced in Panama. Many of the country's physicians earn their degrees in the U.S. and other industrialized countries, and the state university offers a top quality medical program. Bilingual doctors are common in all Panama City hospitals. Water supply is safe to drink with few exceptions throughout the country.
Little surprise then in the May/June issue of Modern Maturity magazine (the AARP magazine with the largest circulation of any consumer magazine in the world, upwards of 20 million subscribers) rated Panama, the fourth best retirement destination in the world. International Living rates Panama even higher on their list at No.1. As well as the picture perfect highlands of Capira in the district Panama has a perfect location for every taste; from a cosmopolitan capital city to palm fringed beaches, cool mountain climates and tropical resorts, however the best fact is that it is affordable!
Panama has a US style infrastructure, so offers an easy transition particularly for US Canadian and now U.K. and Europeans retirees; when 70-80 million Baby Boomers will reach retirement age in the next 10 years from the US alone. US Government statistics show that most of them will not be able to sustain their current standard of living by relying on savings, assets or pensions. More than ever before, U.S. baby boomers are considering retirement outside the U.S.A.
Having travelled far more extensively and being more active and adventurous than previous generations, they are also identifying the need to maximize their diminishing retirement incomes, so the idea of overseas retirement is appealing to many.
Discovering a less stressful environment also has a definite allure! The families of many North Americans who lived in Canal Zone during the 100 years of North American presence look back at their “Paradise Lost” and very often return. Living and retiring overseas was once an option available only for the wealthy, it is now very affordable and the trend is becoming very popular as people are now starting to read about the many advantages.
Interest in Panama does not only come from the United States; many Canadians are heading further south than Florida for their “snowbird” sojourns - and staying for retirement. The increasing cost of living, overcrowding and higher crime rates in Florida, encourages them to take a slightly longer flight south! A weekly charter flight from Toronto is now scheduled.
Despite the distance, Europeans are now aware of the affordable opportunities that Panama has to offer. The Expatriate Telegraph (offshoot of a venerable British newspaper) suggests an alternative retirement destination to the usual venues of Spain, France and Portugal that retirees should consider, a “warm, adventurous and inexpensive place to invest, retire, Panama also offers an attractive incentive program for retirees”. Again Panama compares most favourably with the more usual European choice of investment destinations with its lower cost of living and great climate, not to mention the financial incentives.
The international mainstream press is also waxing lyrical about Panama, articles in National Geographic, Travel and Leisure, New York Times, LA Times Boston Globe and Harpers Bazaar are stimulating interest with descriptions such as “the most beautiful retreat in the world and almost undiscovered” (Harpers). “Known mostly for its canal, Panama is in fact an undiscovered tourist paradise” (Boston Globe). Articles like these ensure that tourists and retirees are discovering Panama very quickly.
The cost of living in Panama is lower than the US and much lower than Western Europe. For example, electricity costs approximately 10 - 12 cents per kilowatt-hour depending on the area, water and trash collection around $7 per month. Locally produced vegetables, meat and fish are priced considerably lower than in the US. The minimum wage for housemaids or gardeners is 98 cents per hour. Local beer at the supermarket costs 30 cents per can, a coffee in a restaurant may be as little as 30 cents.
Panama has currently has an undervalued real estate market; however as has happened in countries like Costa Rica, Mexico, Cyprus and Ireland, prices are beginning to rise as more people discover the advantages Panama has to offer.
As a potential real estate investor there are several areas to consider where you will find maximum growth opportunities.
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Land and property to towns varies depending on location and views. Building costs vary according to requirements; a home with high end US style finishes and fittings can vary from $100 to $175 per square foot, costs for simpler construction using cheaper materials can be lower. With only a few completed homes for sale and the rental market is one of demand rather than supply. Land with planning is very highly sought after along with real estate. Property is a very good investment here in and around 50km of Panama City and the Canal.
Panama has been ranked first in the region for low cost of living, operational cost and index of labour by the Tripartite Committee, which consists of the Economic Commission for Latin America and the Caribbean (ECLAC), the Organization of American States (OAS) and the Interamerican Development Bank (IDB).
Panama has full coverage from OPIC, MIGA, IDB and other multilateral entities.
Political Risk Services (PRS) placed Panama in the top three countries of the hemisphere with the best risk-investment qualifications. Moody's and Standard & Poor’s have both granted high ranking to Panamanian bonds.
Just look at some more great benefits: -
Panama has long provided several important incentives for foreign investors, including: -
* US dollar-based economy.
* Low inflation and zero foreign exchange risk.
* Total absence of exchange controls.
* Equal treatment of foreign and local citizens.
* One of the most flexible company laws in the world.
* No restrictions on 100 per cent foreign-owned companies.
* No restrictions on mergers, acquisitions or joint ventures.
* Excellent tax holidays for specific investments in sectors such as tourism, maritime, real estate, and mining, Colon Free Zone, exports and others.
* High percentage of labour force is bilingual.
All this makes Panama and ideal location to visit for land, real estate or a second home. A good investment opportunity all round.
Panama is shaped like an elongated letter "S", which extends west to east some 420 miles (676 km.), the country has a width that varies between 31 to 115 miles (50 to185 km,) and has a coastline of 490 miles (788 km.) on the Atlantic Ocean and 870 miles (1,400 km.) on the Pacific Ocean. With 1518 islands and 2988 km of coastline.
The Canal joins the Atlantic and the Pacific Oceans; it is about 50 miles (80 Km.) long. The Panama Canal is the land bridge between two continents, making it a crossroads of the world. Each year hundreds of cruise ships transit through the Canal.
The biodiversity and the geographical location of Panama means that it has an incredible variety of plant and animal life. Wilderness regions including rainforests, cloud forest and national parks. Panama is home to 940-recorded species of birds and includes habitats for 125 animal species found nowhere else in the world.
Despite the high rise buildings and a skyline reminiscent of Hong Kong, with bright lights and commercial centres. Panama City is the only city in the world that has a tropical rain forest within its city limits. Panama City is the country's capital and the principal commercial centre. It lies on the Gulf of Panama in the Pacific Ocean. Colon, the country's second largest city, is located on the Caribbean Coast.
Capira for example has a perfect spring-like climate at an elevation from 300 to 650 ft above sea level. Clean air, clear water, and a welcoming community. On the lush green gated park with hillsides and views to die for.
Temperatures are typically hotter in the lowlands and beach areas, (21 to 32 degrees centigrade) and cooler in the mountain areas (10 to 18 degrees centigrade). Panama lies just out and below the
Hurricane belt.
On the Caribbean side, the rain is more general but less during February/March and September/October. In the rainy season down pours followed by sunshine are more usual. Panama has a tropical climate and in these areas long periods of rain are very rare. Darien is the wettest part of Panama.
Growing international interest in Panama as a tourist destination has extended the length of tourist season.
The biodiversity as already mentioned before is due to the geographical location of Panama on its land bridge (only 50 km. wide at its narrowest) have lead to an incredible variety of plant and animal life. Wilderness regions including rainforests and cloud forests in designated national parks. Panama is home to 940-recorded species of birds and includes habitats for 125 animal species found nowhere else
Deep-sea fishing is world class. in the world.
With 1518 islands and 2988 km of coastline, there is plenty of space for water sports.
In marine parks on both coasts reefs are found where diving and snorkelling are rewarding experiences.
Surfing and whale watching are also very popular.
No wonder these areas have been chosen by no less then twelve countries for their television programs like “Survivor”.
A visit to the Miraflores Locks and visitors centre is a must see. Travel agencies can arrange boat trips on Gatun Lake with its island wildlife and good fishing, and a transit of the canal - once-in-a-lifetime experience! Don’t miss the graceful lines of the Bridge of the Americas
Panama’s beaches and harbour are some of the most beautiful in the world, especially at sunset.
Panama is still a country where you can see a myriad of birds including a quetzal while sitting alone in a rainforest, rather than having to join many tourists viewing one quetzal. From the Caribbean to the Pacific, imagine these choices on your doorstep! In addition Panamanians are some of the friendliest people you will ever meet. All this makes Panama and ideal location to visit for real estate or a second home. Good investment opportunities.
Visit the extinct volcano of Volcan Baru. Visit dairy, coffee. Flower, and vegetable farms in the breadbasket Capira in the province of Panama and beyond. River rafting is at its best here, together with hiking, climbing and bird watching.
Visit the beautiful beaches of the Pacific and Caribbean coasts, or the Pearl Islands, Bocas del Toro and San Blas. Take trips to the interior for highland springtime in the hills and mountains near Capira.
Panama is and has been relatively unknown except to travellers with special interests such as world record deep sea fishing, birding, river rafting and rain forest experiences. All these exciting opportunities together with gorgeous beaches and great surfing, kayaking and diving, ensure Panama has something for everyone. It has an interesting cultural background, from Stone Age indigenous peoples (still in evidence) to the history of conquistadors and now a modern society with infrastructure that is first world.
You are now fully aware why there are so many good reasons to invest in Panama. If you are looking for a second home to live in or rent. Land investment to hold or build. Even a retirement option is available, then Panama should be at the top of your list. A smart choice indeed! Financially with great incentives too,
