Welcome to the Panama Weekly News Roundup! Here鈥檚 the latest.
Whatever Happens to Panama鈥檚 Economy, Its Canal Will Be Busier than Ever
Just a few months after the long awaited completion of the Panama Canal Expansion, the economic outlook is very good for long-term growth. And when it comes to Panama, this is critical.
A聽new, extended route could聽help strengthen the country鈥檚 economy in the future, according to President of The College of Economists Olmedo Estrada. He did an interview with international agency EFE this week, in which he said the canal could result in growth by as much as 5.2 percent for the remainder of the year. The聽Comptroller General released figures that show Panama鈥檚 economy expanded by 4.9 percent聽during the first six months of the year.
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Smithsonian opens climate change lab in Panama
Climate change is a global concern, and Panama is one of the countries that will get affected the most by it. This is why it comes as great news to know that the Smithsonian Institute is picking Panama as the location for one of their main climate change research labs.
Billed as the largest scientific laboratory in Central America, it will monitor carbon dioxide levels and study how trees are changing with the changing climate, said Matthew Larsen, director of the Smithsonian Tropical Research Institute. Funded by private donations and US government funds, the Washington-based institute’s latest venture is located in the central Panamanian town of Gamboa, along the route of the Panama Canal. It will also study the impact of climate change on animals, officials said.
“We are extremely happy with this investment by the Smithsonian in Panama because it expands our capacity for studying ecosystems and helps better understand our biological diversity,” Panamanian Environment Minister Mirei Endara told AFP.
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Meet The Man Building A Plastic Bottle Village In Panama
Plastic bottle waste and littering are two problems in Panama, especially on and near the country鈥檚 beloved beaches. Luckily, one man (an expat) is taking a stand, and using this refuse to build sustainable housing for Panama鈥檚 most needy.
Surrounded by piles of bottles, Bezeau started wondering if they could be used for something new鈥攁 building material for houses in what he calls the聽. In a new short documentary from聽, filmmaker David Freid visits Panama to see one of the houses now under construction. In Bezeau’s design, the bottles are stuffed into simple cages made of wire mesh, and then built into a second cage made from steel rebar. The bottle-filled boxes become insulation for each house, and are covered with concrete.
A large house can contain about 20,000 bottles鈥攎ore than an average millennial might use in 80 years. Bezeau suggests that buying a house would cancel out the negative effects of a lifetime of throwing out bottles, though the house doesn’t solve the problems that come with making bottles in the first place. Still, it’s a cheap and readily available insulator鈥攁nd tossing bottles into cages doesn’t take electricity, unlike recycling.
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Why Choose Panama to Live, Invest, or Retire?
When looking to invest offshore, or move and retire to another country, there are lots of options to choose from. There are also plenty of factors to consider before you make the big move. We truly believe that Panama鈥檚 your best choice, and back it up with great precedence and current data. Check out more on why we think Panama鈥檚 the right choice, from our website.
1. Advantageous Fiscal Platform For Offshore Business聽鈥 Panama has no capital gains tax on offshore investments, no interest income tax on offshore bank account interest, no offshore income tax, etc.
2. Favorable Incorporation Laws聽鈥 the corporate laws of the country should enable you to hold 鈥淏earer Shares鈥, have directors from any country, inexpensive, and be able to incorporate Private Interest Foundations like Panama does.
Continue reading about living, investing and retiring in Panama.
