The Republic of Panama has a land mass of approximately 76,900 square kilometers, and is located between Costa Rica and Colombia, it forms the narrowest and lowest part of the isthmus that connects North and South America. It is best known for the Panama Canal which joins the Caribbean Sea in the North Pacific and connects Central America to South America.
Population
The population of Panama is approximately 3.3 million, approximately 52% of which reside in Panama City, which consists of mostly Mestizos (70%) and a mix of West Indians, Whites and Indians. The predominant religion is Roman Catholicism.
Political Structure
Panama was a Spanish colony until 1821. In 1903, Panama broke an alliance with Colombia and became an independent republic.
There are three branches of government:
- The Executive Branch of Government today consists of a president and two vice presidents, elected by majority vote, for a five-year period. The Ministers of State are appointed by the President subject to approval by the Legislative Assembly.
- The Legislative Assembly consists of legislators elected from constituencies for a period of five years.
- The judicial branch of government consists of the Supreme Court, five Superio Courts and three Courts of Appeal. Supreme Court Justice is headed by nine judges appointed for a ten-year period.
An autonomous Electoral Tribunal supervises voter registration and all citizens over 18 are required to vote.
Infrastructure and economy
The Colon Free Zone is located on the Caribbean side of the Isthmus of Panama near the Atlantic entrance of the Panama Canal. The Free Trade Zone is the second largest in the world after Hong Kong. Operations and transactions taking place in the Free Trade Zone are subject to special tax treatment whereby imports from other parts of the world and re-export to other countries are exempt from any import or export taxes imposed by Panama. Income from re-exports is taxed at specially reduced prices. Panama has the world's largest shipping registry and a well-established banking center. Economic growth will be enhanced through the Panama Canal expansion, which began in 2007 and expected to complete in 2014-15 at a cost of U.S. $5.3 billion. The project will more than double the current capacity so as to accommodate the modern super tankers that are too large to transverse the existing crossway. Without the extension, it was expected that the Panama Canal would be forced to turn away about 37 percent of the world's container ships of 2011. Other areas of economic activity is agriculture, manufacturing, construction, transport, tourism and financial services.
Language
Spanish is the official and spoken language. English is also spoken widely in urban areas and is used daily in commerce and international trade.
Currency
United States Dollar.
Exchange Control
None.
Type of Law
Based on the Spanish civil law with many Common Law influences, particularly with regard to company law.
Principal Corporate Legalisation
Corporation Law No. 32 of the 1927 Trade Act, Decree Law 5 of 1997 and Executive Decree 296 of 1997.
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Offshore Services
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Office Information
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Tel: +9714 313 2891
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