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Panama is a Country
Panama is a country that is only now emerging from "below the radar" of public attention. Most people when asked about Panama recoil with a stressed look on their face and comment, about "drug lords, and militarists". The facts are; Panama is a very modern, tropical gem in Latin America, where "westerners" are welcomed with open arms. Ever since the US military went into Panama in the night, to remove General Noriega, back in 1992, there has been a resurgence of Panamanian democracy. Three elections have delivered three successive Presidents, and a strong movement to reform land holdings, health and other social issues to the benefit of the poorer strata of the country. Meanwhile this little country has a very large and prosperous middle class, a huge list of fine restaurants from all over the world, and a very cosmopolitan night life. The effect is a country that is very modern, some of the best infrastructure in all of Latin America, complete with one of the very best retirement or lifestyle change regimes in the world, banking privacy and no income tax. Couple that with the fact that there is no military in the country, that they use the US dollar as the medium of exchange, that there are modern medical facilities, "John Hopkins research hospital of Baltimore," just opened it's first off-shore facility in Panama City, clean air and water, and cheap property, makes it a very attractive location for the Canadian looking for a way to stretch his resources. Some other facts; much to most peoples' surprise, Panama is oriented East and West, while the canal runs North and South. There are three million people living in a country the size of New Brunswick, that small Eastern Canadian province, just the right number to make for a vibrant society. There is a huge well educated and prosperous middle class, and more than 100 International Banks have an office here including Scotiabank to mention one well known to most Canadians, and you never saw so many new BMW's and Porsche Cayenne "S". But since we're talking about Canadians, let me remind you that on top of all the benefits I mentioned already, you shouldn't forget that it never gets cold. The fact is it is always something around 75 degrees and higher with a cooling breeze from the sea. They never see snow, nor could you slip on an icy side walk here. Although, as I mentioned earlier the country uses the US dollar, even the Canadian "dollarette", goes far here. See the list of commonly purchased items below for more details but understand that the cost of living, or a bundle of goods in Panama is about 50% of the cost of that same bundle of goods in Canada. A little back ground on this tropical republic; Panama gained it's independence from Columbia with the clandestine help of Uncle Sam in 1903. It seems that there were some strong words exchanged by the government of Bogota, after the French canal concession, offered to sell their interest in the project to the Americans, without any compensation to the sovereign owners of the property. Teddy Roosevelt, the President of the United States at the time, know as; "Walk softly and carry a big stick, Teddy", was having none of the "crooks in Bogota", holding the world up for ransom, when everyone knows the world needs a canal. The conspirators in Panama were offered the fee that would have gone to Columbia, which they used to win the support of the garrison of Columbian troops in Panama. When ten big US gun boats, steamed over the horizon one morning, the sole Columbian navy presence wisely; fired a few shells into Panama City, for honors' sake and then ran for home. Thus had begun the newest Republic in the hemisphere, the consequence of an almost bloodless revolution; the Republic of Panama. So could a person actually live here? I have the view that this is a very comfortable place to live. Winter weather is down right balmy. People I have met who are educated and have traveled, tell me that nowhere in the world is it possible to have the quality of life they enjoy here, at the price it is available in Panama. Of course Panama is bent on trying to re-attract all the westerners it can, ever since the American presence was reduced following the granting of the Canal and the Canal zone properties back to Panama in 1999. An aside; it is widely recognized that the canal has never been so efficiently run, so much so that there are plans to expand the canal to include new locks capable of accommodating the very biggest ships now being proposed. During a recent trip to Panama, I was able to meet the actual man on whom the book, "The Tailor of Panama", was loosely based. Have you seem the film, staring Pierce Brosnan? It was filmed in Panama, and is a fun entertainment for an hour or so as it shows landmarks of the country very well; the Gamboa Rainforest Resort, the Old City,(now designated a world heritage site), and the new modern skyline. The point is however that I met the "Tailor of Panama", and was able to buy a great Italian wool suit, made just for me, for a very fair price. Again, people are very friendly and keen to help, and value abounds. For anyone looking for a place to retire, Panama is very attractive. It was listed at the International Living Site www.internationalliving.com as the number 1 place to retire four years running. As a "pensionado", the word used to describe a retired person, you receive an identity card and will receive a discount of 25% on everything from airfare to dentist visits, when ever you present the card. See the chart that follows with the list of commonly purchased grocery items for a comparison of lifestyle costs. List of Commonly Purchased Items 100 watt light bulb $ .25 More news and accounts of our time here will follow as we continue our family adventures in Panama. Jim Sellars, |
Through our mutual funds dealer, Keybase Financial Group Inc. and Canadian Investment Consultants (888), a division of Keybase Financial Inc. we are able to provide a wide range of advice and services for both resident and non-resident Canadian Clients