Panama welcomes foreign investors and makes obtaining permanent residency and eventually citizenship easy for citizens of 47 “friendly nations” which includes the United Kingdom and Europe. The friendly nation visa allows you to work, invest, own and manage companies and make Panama your “safe haven.”
Those battered by a falling Euro and plummeting British Pounds, to say nothing of the uncertainty of Brexit and the high taxes of Europe and Britain might do well to think of investing, even just parking what money they have left, in Panama. Except for a few weeks way back when, Panama has always used the US dollar as its currency, locally referred to as the “Balboa” but in fact the US dollar. Most of the world still regards the US dollar as one of the most secure currencies in the world.
This weekend most of the world’s focus was on the chaos in Britain and Europe and it was hard to find coverage of one of the major events in world trade and commerce, the opening of the new giant locks of the Panama Canal. Which is OK I guess since when the Canal first opened in 1914 the focus of world attention was on War in Europe not the major achievement of the opening of the Canal linking the world together. Over 100 years and a million ship transits later, the Canal opens to new and larger ships, still bringing world together.
This is a major, major achievement for Panama. The new locks open at a time when shipping is down and with the prospects, perhaps, of another world recession, yet the future for this exciting “new” democratic country (relatively so since the “dictatorship” ended 26 years ago) that has been leading the region in GDP growth.
The great liberator of Latin America, Simon Bolivar, once said that if the world ever had a capital it would be Panama. It is worth noting that Panama brought off the grand opening of the new locks, with lots of world leaders in attendance, without a hitch, just as it brought of the Summit of the Americas without any issues, reinforcing Panama’s reputation as a safe haven.