Panamainfo’s Blog

Dealing in banks in Panama is not a favorite activity for foreign residents.  But good news: there is one bank that excels at serving the foreign resident community. Many years ago a board member at the American Chamber of Commerce recommended Scotia Bank to us.  Shortly thereafter we opened a savings account and  got a home mortgage from Scotia.   I did not consider putting my bank accounts because their one Panama City  branch was far from where we lived.  But Scotia recently opened a branch near where we live. I am now switching 3 of our checking accounts  to Scotia. I made this decision after having one too many problems with my current bank and not wanting to stand in long lines anymore.

It has been a pleasure to open up these accounts at Scotia. They were geniunely happy to have my business, the personnel was competent and helpful. I speak Spanish but they were ready and willing to speak to me in English if necessary. I was able to set up my new bank account in less than a week with no hassles whatsoever.

Scotia was recently named “One of the top 10 most stable banks in the world” according to the Toronto Financial Post. It’ growing by leaps and bounds in a number of Latin American countries like Mexico. In Panama, Scotia has several branches in Panama City and also one in Boquete.

Scotia accounts can of course be seen online but it will be another year before you can make utility and other payments from your Scotia Bank online account, so I am keeping one account in my old bank until this service is offered. I am told that Scotia will offer credit cards in a year as well.

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I am not sure what is happening but it seems to me that USA companies must be dumping merchandise unsold in the States in Panama where it is being sold at well below cost prices. You can find these amazing bargains at Albrook Mall-name brand American clothes for 20%-30% of the original price. For example Christmas , we bought beautiful cashmere wool scarves with a Macy’s price tag on them of $68.00 for 6 bucks. My daughters bought lovely blouses for one or two dollars and costume jewelry for the same. Liz Claiboure suits originally $290.00 are $99.00 and sometimes less. The best stores for name brank clothing bargains are Dorians and BMB. Dorians is very large and you have to hunt for name brand items. Just about everything BMB sells is a well known name brand. If you don’t care about name brands, there are endless clothing bargains and household items bargains in other stores like Madisons and Costco and Titan and Conway.

Albrook Mall is very crowded on weekends. We recommend you go to Albrook Mall on a weekday or in the morning on a weekend. It opens at 10am.

Please tell me about some of your favorite bargain places in Panama.

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According to an article in La Prensa based on the study of local consulting firm, in the next 3 years projects worth 20 billion dollars will be started in Panama. These include 8 billion for a refinery in Puerto Armuelles by Occidental Petroleum and Qutar, 3.5 billion on the Petaquilla gold mine, 3 billion on the Canal expansion, 3 billion by Panama’s government in infrastructure projects, 600 million for Farfan Port, 100 million for Rodman Port, 100 million for the Puerto Armuelles pipeline and 60 million for MIT Port.

I am asking around if these projects really will happen and most people say “yes” to most of them and “probable” but not sure to others.

If even half take place, this is huge for a tiny country like Panama with just 3.3 million people. In 3 years, less than 4% unemployment is predicted as well as the relaxation of immigration laws so that these projects can bring the professionals not available in the Panamanian market.

I see Panama becoming the Hong Kong of the Americas in the next 10 years. It is the geographical and historical destiny of Panama which has always been a business crossroads between East and West, North and South.

In business circles, everyone is talking about the BRIC countries (Brazil, Russia, India and China) and how they will be the motor of the economy now, as the US economy slows down. Latin America as a whole is growing as never before and it needs a business capital- voila Panama. ( Long ago, Latin America liberator Simon Bolivar, said that Panama should be the capital of Latin America. )

Do you agree Panama will be the Hong Kong of the Americas?

Other important smaller investments are being made- like a 50 story building being built now as a diamond bourse with 350 offices related to everything that has to do with the diamond trade. An Israeli businessman saw that Latin America is growing and will increasing want diamonds and decided it needed a diamond headquarters- and found Panama City to be ideal.

Other smaller investments are being made.

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The multinational consulting firm Mercer according to press reports today, just released a study in which Panama City is rated as # 2 in Latin America and for safety and quality of life. It is # 1 in Central America. (Santo Domingo, Dominican Republic is # 1/San Jose, Costa Rica is #8. )

(The study included San Juan Puerto Rico which is rated # 1, but as Puerto Rico is not generally considered a Latin American country, Panama takes the first place. )

This survey confirms what many multinationals and individuals have already concluded- Panama City is the best place for their regional HQ- among those who have come recently to set up HQ are Dell, Hewitt Packard, Proctor & Gamble, Caterpillar, 3M, the United Nations, and I just heard Frito Lay is coming.

Panama City is far from perfect….especially traffic problems can be intense, but aside from that Panama City is a great place for international corporations, families and individuals. It is one of the safest cities anywhere if you follow rules of common sense that apply to cities everywhere, ie don’t walk around at night in a poor area.)There is a variety of fine neighborhoods to choose from, the best food and appliance shopping in Latin America, 3 major new shopping malls, lots of reasonably priced excellent restaurants and for vacationing many attractive beach and mountain destinations. Not to mention the Panamanian people themselves-accustomed to foreigners, friendly, helpful and warm.

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A New Law and the Difficulties for Latin Americans to Get Visas to the States are Causing Panama City to become the Next Miami.

Why have Dell, Hewlett Packard, , Proctor & Gamble, Caterpillar and the United Nations have all decided to make Panama their regional headquarters? The answer is simple: Today Panama is the best place in Latin America to live and do business.

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