Panama: the financial capital of Latin America

Alessandro PasutPanama

The economy of Panama grew 10.5 percent in 2012 and 8 percent in 2013. Investors who wish to establish an industrial enterprise can benefit from various incentives if they sign a special contract with the Ministry of Commerce and Industry a Contract with the Nation, as it is called. Panama’s greatest asset is the fact that the American dollar is in practice the currency of the country.

Officially Panama’s currency is the Balboa which exists in coinage form only, identical in size to U.S. dollar. The situation derives from the unique association between the U.S.A. and Panama as a consequence of the Canal.

In 1959 there were in Panama 10 banks. Today the count is about 72. The growth of the banking sector has made Panama the financial capital of Latin America, a safe international haven for money attracted by tax exemptions and the absence of exchange restrictions and the absence of exchange restrictions or controls. The regulating agency is the Superintendencia de Bancos.

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