Types of Business Opportunities in Panama

Panama has virtually full employment for skilled professionals due to the fact that there are more business opportunities than there are skilled professionals to fill them. This is because Panama is a growing economy and there are huge opportunities in almost any sector whether it is large, medium or small business. Although it is impossible to cover all the possibilities, we will try below to address the major ones.

Panama has an abundance of wilderness and coastline equal, and indeed in some cases superior, to Costa Rica. This ranges from the Caribbean-type island of Bocas del Toro, with its amazing sea beach and island experiences, to the unexplored jungles of Darien, where you can live with Indians and catch giant prehistoric-sized fish in untouched waters. Yet, despite having the biggest biodiversity on earth, Panama´s tourism sector is virtually virgin. As an example, only two hours by boat from Panama are the Pearl Islands and yet there are almost three hundred untouched pristine islands ready for development and eco-tourism. The country abounds in tourism and eco-tourism opportunities and in fact the government has deferred tax incentives for tourism operations. Whether you wish to establish a game fishing lodge or develop an island eco-tourism activity, tourism in general will be a booming industry in the years to come, with low prices of land and readily available tourism licenses.

Panama is crypto friendly, indeed it supports several crypto exchanges and dealing in crypto is tax free. The free zones, including Ciudad de Saber (city of knowledge) contain a number of high tech and crypto and blockchain incubation startups, and even several home-grown crypto investment funds. The opportunity for entrepreneurs to establish blockchain and crypto related businesses is immense. Moreover, Panama is expected to enact soon crypto friendly regulation, allowing companies to apply for licenses to trade in crypto.

Panama has a growing financial sector with the opportunity to establish banks, lending institutions, and money management centers. Many Swiss money managers and finance professionals are moving to Panama, which many have called the Switzerland of Central America. PANAMA EVEN HAS ITS OWN STOCK MARKET.

The construction industry has been experiencing a downturn due to the Panama papers, however, this offers the opportunity for the acquisition of land and projects at excellent rates, in some cases at deserted sales. It is expected that with the new surge of Chinese and foreign investment construction, the real estate market will come back to the way it was when Martinelli was president. Companies, like Citigroup China, are building the Tao Panama. A number of large-scale luxury brands such as Fendi and Yoo are being built already, showing that these companies have done their research and expect growing demand.

Panama has the biggest cooper mine in Latin America and one of the biggest in the world. This will support a whole industry and infrastructure when it comes to providing services in the mine. These services may be from machinery repair to engineering and housing for the workers.

Despite its canal, in Panama there is no serious ship repair and maintenance, which means there is a high demand for all maritime related industries. Already many foreigners (especially Italian companies) are beginning to establish marine related industries here.

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Shipping and maritime business in Panama

Panama is surrounded by two oceans, the Pacific and the Atlantic, and this is the only place on earth where these two oceans are only a 2-hour ride away from each other. Being one of the most important business hubs of the region and also the bridge of the world, Panama also offers great opportunities for those who love sailing.

This country has been an A-member of the International Maritime Organization (IMO) for the past ten years.

The IMO is an international organization that belongs to the UN and it´s responsible for regulating international shipping. These regulations include safety, environment care, legal aspects, technical issues, and efficiency. Panama belongs to this organization and it´s a category A member. This means that Panama is listed among the countries with the largest interest in providing international shipping services. Other A-member countries are China, Japan, Russia, the UK, and the US.

Panama is a great place where to hold your yacht, not only because form here you will have the chance to navigate through beautiful islands and archipelagos, but also because of the interesting conditions for vessel owning, registration, storage, etc. Panama is the world leader in number of vessels and tonnage registered and a leader when it comes to environmental and safety conditions. If you have your boat under a different flag, for example, it is relatively easy to change its registration (its nationality) to Panama. You are not going to need a re-survey or a safety inspection as long as you have the correspondent and valid safety certificates. Panama will accept your prior tonnage certificate, which means your boat will not have to be dry docked which would bring considerable expenses.

In the same way Panama is a free country which does not interfere with business or personal freedom, it is a free country for sailors and yacht owners, maintaining its cosmopolitan distinctive quality and opening its doors for people all around the world. There are no restrictions when it comes to nationality. Any person, from any nationality, culture or race can own a Panama registered vessel as long as they properly comply with all the international and national regulations and with the IMO standards. There are also practically no restrictions on the boat characteristics. There is no minimum size in order to register, which means that yachts and small boats can also be registered under this beautiful country. However, vessels that are older than 20 years will have to go trough an inspection by an official Panamanian inspector in order to be registered.

Why registering your ship in Panama?

Panama is the jurisdiction that most sailors and yacht owners choose when it comes to registering their vessels. In maritime law every ship must be registered under a flag, and one thing is the country where the ship operates or navigates, and a different thing is the country where it´s registered. Thus, the ship will operate according to the regulations of the country of registration, including labor laws, safety conditions, etc. For this reason, many owners choose to register their ships in jurisdictions that will bring more benefits when it comes to regulations, fees, taxes, etc. and that´s why nowadays a third part of the world´s ships are registered under a foreign flag.

This practice started at the beginning of the past century, when in 1922 two passenger ships where transferred to Panama so that they could serve alcohol to their passengers during prohibition. After this, the owners continued to look for more optimal registering and sailing conditions under foreign flags, and Panama is everyone´s favorite.

In 2019, for example, there were 9637 vessels registered under Panama, while China had only 4881 and Japan 3846. This shows a clear tendency to register in Panama, and the reasons are noticeably clear since this country offers excellent registering conditions. It is no coincidence that Panama has the largest ship registry in the world, followed by Liberia, the Marshall Islands, and Singapore. Here is a chart that shows the number of registered vessels in 2019.

In the chart you can see a big difference between Panama (9627) and the second place, Singapore (4962). Panama has almost twice the ships than the second place and twice or more than twice the ships than any other of the jurisdictions that follow in the chart. Panama has by far the largest amount of ships. But why is this? You may ask, are Panama´s conditions really so appealing? You can check for yourself with the following information.

Advantages of registering your ship in Panama

Luckily, our expert in shipping and maritime law in Panama has agreed to give us an exclusive interview, which we share here.

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Where to dock your boat in Panama

Due to the high level of registered vessels and to the large traffic thanks to the Canal, in Panama you will find great marinas, but only a few for small boats. We at Mundo have researched the best marinas of Panama and we share a summary of them. We intend for this section to offer you a brief but good picture of Panama´s best marina options.

Bocas Marina

This marina is in the tropical paradise Bocas del Toro on the Caribbean coast and close to the border with Costa Rica. It is close to Bocas town, and its proximity to the city offers great advantages for provisioning and entertainment. It will be easier to get everything you need for your boat repairs and for sailing and you will be close to the city´s amenities and nightlife.

This marina has room for 100 boats with a maximum length of 12 feet. Here you can find options for basic repairs, diesel dispenser, and maintenance, should you need any more complex services it is possible to arrange it.

Here, sailors and lovers of the ocean can find everything they need from entertainment to comfort. There is a restaurant and a bar, which usually host events, and other services such as laundry services, internet, a bath house, free water, and others.

This is a great marina if you want to dock on a tropical paradise and still be close to town for easy provisioning, entertainment, study, nightlife, healthcare, and other services.

Red Frog Marina

Also, in Bocas del Toro you can find the Red Frog Marina. This marina is far away from the city and can only be reached by water, therefore it provides water-taxi services for easy transportation to and from Bocas Town.

This marina is part of a resort which presents a wide range of facilities such as residential villas, restaurants, a hostel, a spa, and different entertainment activities.

This marina offers 70 slips on floating docks for boats of all sizes and it´s located in Isla Bastimentos. You can safely approach this marina on your boat over a depth from 16 to 30 feet.

Here you can rent or buy a slip where electricity and water can be metered. Here you can also find services such as repair work, installation and repair of the main boat systems, bath house and laundry services.

This marina is great for those who really want to lose themselves in the peaceful Caribbean landscapes. With an astonishing white-sanded beach, this is the perfect refuge from the city´s troubles.

This marina has the peculiarity to be located in a beautiful place surrounded by lush jungle and tropical wildlife. The Shelter Bay Marina is located at the northern entrance to the Panama Canal and it´s the ideal place to dock you boat as it can accommodate boats of all sizes. It has 200 slips and all kinds of services and developed facilities such as hotel, restaurant, shore-side amenities, swimming pool, exercise room and a store.

Regarding boat services and maintenance this marina offers full services including haul-out facilities, fuel, repair, and maintenance services.

This marina is great whether you want to cross the canal or get you boat ready for the next part of the journey. It is far away from the closest city, Colon, but the marina offers transportation services and you can also easily get taxi rides.

But, unless you are looking for something very specific, you won´t need to go to the city because in Shelter Bay Marina you can find everything you need for your boat and yourself including entertainment, facilities and comfort.

Marinas in Panama City

Flamenco Yacht Club and Marina

During your sailing trip to Panama, it is important to stop by the capital city to enjoy its unique nightlife, beautiful architecture, great shopping malls and modern business center. Luckily, Panama City also offers great marina services.

Flamenco Yacht Club Marina is the only full-service marina you will find in town and it´s located at the end of Amador causeway, one of the  most beautiful places in the city where you can have amazing ocean views, and from where you can spot both the old town Casco Antiguo and the banking center´s skyscrapers.

Here you will find 191 slips with water an electric services that can hold boats up to 250 feet.

You will find plenty of amenities and entertainment options such as a beautiful restaurant with some of the best seafood, showers, laundry services, internet, a game room, fuel dock and a store. There are haul-out services and storage.

Another great appealing feature of this marina is that it´s located close to a duty-free shop, the museum of biodiversity where you can see plenty of native species and a beautiful causeway with a long walking track. It is also a short ride away from the best touristic places of the city.

Balboa Yacht Club

The Balboa Yacht Club is the writer´s favorite marina. Close to the Panama Canal and to the bridge of the Americas, from Balboa Yacht Club you can experience some of the most magic moments of your life. Watching the large vessels sailing through the Canal route and going down the bridge of the Americas is one of the most amazing spectacles you can ever witness, during the daytime, at night and at sunset as well.

The Balboa Yacht Club provides services such as free water taxi, showers, Wi-Fi, a fuel dock, and free water. It has a restaurant where you can enjoy great international food and with an exquisite maritime environment. The restaurant hosts events and it´s usually a gathering point where many sailors and expats living in Panama get together for drinks and social events. There is a unique international and cosmopolitan environment where you can meet interesting people from any part of the world, mostly adventurers, travelers and explorers.

The marina is far away from the city center, but you can easily get a taxi drive or catch a bus (the road is close to the marina) at only 0.25 dollars. If you are planning on living in Panama and having your boat permanently in this marina, there is a nice and quiet neighborhood close by.

The Balboa Yacht Club is the picking point for the Canal advisers, crew, and supplies, and it is also a point from which the ferries sale to touristic islands such as Contadora and Taboga. For this reason, the place is visited by many tourists. The fuel dock is 7 m deep even when the tide is low and there is free water available. It is not mandatory to stay in the marina to use the fuel dock.

This fuel dock is usually busy due to the high traffic level.

The Balboa Yacht Club is a great place where to permanently dock your ship or in your transit to your next destination. The views of the city, the canal and the bridge of the Americas are truly unforgettable.

La Playita Marina and Anchorage

This marina is located only a short distance further up the canal. It includes basic service and facilities such as Wi-Fi and a chandlery. Only a short walk away you will find bus services to go to the city center. It has much less traffic than the Balboa Yacht Club and it has no restaurant of itself but it´s close to many of excellent quality.

There is also an anchorage available which is very spacious and where you can dock your boat for free, but there is a catch, the dinghy dock costs 50 dollar a week.

The place is much quieter because it does not have a lot of maritime traffic and it has basic services like water, fuel dispenser, rubbish disposal and Wi-Fi.

If you want to register you ship in Panama and enjoy the labor and tax conditions, or if you have a pleasure yacht and want to navigate the astonishing islands in the Archipelago las Perlas, you should consider Panama to be the home for your boat and maybe for yourself as well.

Contact us for more information on Panama shipping and registration.

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