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Get to Know About Panama
Panama is classified as a developing country in Central America, bordering Costa Rica in the west, Colombia in the southeast, the Caribbean Sea in the north, and the Pacific Ocean in the south. The territory measures an area of 75,417 square kilometers and is home to an estimated 4 million people. Its capital is Panama City, which is also the largest city. Most of the people speak Spanish. Christianity is the predominant religion, and Balboa (PAB), and the United States dollar (USD) are their national currencies. Panama has a tropical climate, which is suited for beach lovers.
Panama’s Gross Domestic Product (GDP) is worth 65.06 billion US dollars, and the GDP per capita is roughly $11,723.93. The Corporate Tax Rate is always fixed at 25 percent for the past eight years, and that would still make companies and business owners jolly.
Doing business in Panama seems uncomplicated to all local and foreign corporations. As per the latest annual ratings of World Bank, the country is ranked 79 among 190 economies in the ease of doing business. Foreign nationals must obtain a visa unless they are citizens of one of the eligible countries like EU nationals, the United States, Japan, and South Korea who do not require a visa to enter the country. Until now, Panama’s visa is up to 180 days or 6 months despite the President ordered before to make it 90 days only.
There are still risks and challenges that you might experience in Panama. The country suffers from a negative international reputation in areas such as money-laundering, tax transparency, and illicit trade. Additionally, soil erosion occurs because of deforestation and air pollution in urban areas due to emissions from industry and transportation. Panama is best known for its Panama Canal, and its natural attractions include whitewater rafting, snorkeling tours, and birding.