Panama Facts return to homepage
Getting There
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Panama has flights to all Central American countries and both North and South America; Miami is the principal hub for flights to Panama. Copa is the national airline.There are three land border crossings between Panama and Costa Rica; Paso Canoas, on the Interamerican Highway, is the most popular, followed by Guabito Sixaola near the Caribbean coast. There are buses to the border that connect with local services on the Costa Rican side.
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A Brief US-Panama History
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With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by
the US Army Corps of Engineers between 1904 and 1914. On 7 September 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of 1999. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the intervening years. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were turned over to Panama by or on 31 December 1999.
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Buying Titled Properties in Panama
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Panama has a reliable Public Registry system, and this office maintains a record of all titled properties throughout most of Panama. Information regarding titled properties is readily available through the Public Registry, and is a fairly routine process to undertake through due diligence on a lot or property (finca). Your attorney can issue you in writing an abstract title of the land, along with any and all liens, mortgages, covenants, encumbrances, maps, verification of tax payments and utility bills, special characteristics, ownership history, fence lines, encroachments, shared driveways, and registered surface area, and can verify that the person who is selling the property is the actual owner. All juridical processes in Panama are conducted in Spanish. For any real estate transaction in Panama, a contract written solely in English carries no legal weight, and is generally not recognized. All contracts for property must be in Spanish on a formal public deed, and signed before a public notary, in order to be legally enforceable and to be filed at the Public Registry.
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Climate:
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Panama has a pleasant tropical climate and the temperature is usually uniform throughout the year. Nights are generally cool. The average temperature is 27º. The country has a rainy and dry season. The rainy season starts in may and ends in December with rains that allow for a warm sun during most of the day. During the dry season, called summer which starts in December thru may the pleasant elysian winds can be felt.
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Location:
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Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica
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Geographic coordinates:
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9 00 N, 80 00 W
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Area:
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total: 78,200 sq km
land: 75,990 sq km
water: 2,210 sq km
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Area - comparative
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slightly smaller than South Carolina
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Coastline:
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2,490 km
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Terrain:
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interior mostly steep, rugged mountains and dissected, upland plains; coastal areas largely plains and rolling hills
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Elevation extremes:
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lowest point: Pacific Ocean 0 m
highest point: Volcan de Chiriqui 3,475 m
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Natural resources:
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copper, mahogany forests, shrimp, hydropower
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Population:
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3,039,150 (July 2005 est.)
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Nationality:
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noun: Panamanian(s)
adjective: Panamanian
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Ethnic groups:
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mestizo (mixed Amerindian and white) 70%, Amerindian and mixed (West Indian)
14%, white 10%, Amerindian 6%
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Religions:
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Roman Catholic 85%, Protestant 15%
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Languages:
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Spanish (official), English 14%; note - many Panamanians bilingual
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Literacy:
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definition: age 15 and over can read and write
total population: 92.6%
male: 93.2%
female: 91.9% (2003 est.)
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Government type:
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constitutional democracy
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Capital:
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Panama City
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Administrative divisions:
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9 provinces (provincias, singular - provincia) and 1 territory* (comarca); Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Herrera, Los Santos, Panama, San Blas*(Kuna Yala), and Veraguas
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Independence:
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3 November 1903 (from Colombia; became independent from Spain 28 November 1821)
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National holiday:
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Independence Day, 3 November (1903
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Legal system:
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based on civil law system; judicial review of legislative acts in the Supreme Court of Justice; accepts compulsory ICJ jurisdiction, with reservations
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Flag description:
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Economy - overview
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Panama's dollarised economy rests primarily on a well-developed services sector that accounts for four-fifths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004 led by export-oriented services and a construction boom stimulated by tax incentives. The government has been backing tax reforms, reform of the social security program, new regional trade agreements, and development of tourism.
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GDP (purchasing power parity):
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$20.57 billion (2004 est.)
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GDP - real growth rate:
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6% (2004 est.)
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GDP - per capita:
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purchasing power parity - $6,900 (2004 est.)
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GDP - composition by sector:
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agriculture: 7.2%
industry: 13%
services: 79.8% (2004 est.)
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Budget:
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revenues: $3.095 billion
expenditures: $3.737 billion, including capital expenditures of $471 million (2004 est.)
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Agriculture - products:
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bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
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Industries:
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construction, brewing, cement and other construction materials, sugar milling
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Exports:
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$5.699 billion f.o.b. (includes the Colon Free Zone) (2004 est.)
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Exports - commodities:
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bananas, shrimp, sugar, coffee, clothing (1999)
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Highways:
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total: 11,643 km
paved: 4,028 km (including 30 km of expressways)
unpaved: 7,615 km (2000 est.)
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Waterways:
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800 km (includes 82 km Panama Canal) (2004)
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Ports and harbors:
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Balboa, Colon, Cristobal
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Airports:
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105 (2004 est.)
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Map of the Republic of Panama
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National flower: Flor del espiritu santo (an orquid species).
Scientific name: peristeria elata. Its petals are of an intense ivory color, with a well defined stem in the middle in the shape of a dove and blossoms in the months of july thru october.
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