The Republic of Panama is located in the geographic centre of the Western Hemisphere. Its Borders are: the Caribbean Sea to the North; the Republic of Colombia to the East; the Pacific Ocean to the South; and the Republic of Costa Rica to the West. Panama is the link between Central America and South America, constituting an isthmus of just 80 kilometres in width in its narrower section. The country is best known for the Canal.
Official Name: Republic of Panama.
Capital: Panama City.
Area, Population and Density: Panama covers an area of 29,340 square miles, and has a total population is 2,839, 177, with a density of 81 persons/square mile.
Government: Panama is a constitutional democracy, and a centralized Republic
Legal System: This is based on the civil law system, judicial revision of legislative acts in the Supreme Court. Panama accepts international tribunal jurisdiction, except in some instances.
Political division: There are 9 Provinces and 1 Comarca: Chiriquí, Bocas Del Toro, Coclé, Colón, Darién, Herrera, Los Santos, Panama, Kuna Yala, Veraguas.
Language: The official language is Spanish. However, many Panamanians speak English.
Literacy Rate: 90%
Weather: Panamanian weather is agreeably tropical, and temperature usually uniform throughout the year. The average temperature is 27*C.
Religion: There is an absolute freedom of Religion in Panama. Most Panamanians are Roman Catholic. However, due to the diversity in the country, you can find all kinds of places of worship throughout the country.
Time Zone: The time in Panama all year long is the same as the EST (GMT - 5 hours). Daylight Savings Time is not observed in Panama.
Currency: Whilst the official currency of the Republic of Panama is the Balboa, the circulating paper money is the American dollar with the coinage being Balboas. The Panamanian Balboa coins are equivalent in size and value to those of the U. S. A.
Taxes: Sales tax, the Panamanian equivalent of VAT, is at 5% and is known as Personal Properties Transference Tax (ITBM). Medicines, foods and scholastic equipments are excluded from this tax.
Hours of Business: Commercial businesses are generally open from 9:00 a.m. to 6:00 p.m. from Monday to Saturday. Some open on Sundays. Banks are open from 08.30 to 14.30 and automatic tellers are available 24 hours per day
Gratuities: These are not included in prices at restaurants and the suggested amount is 10% to 15% of the bill,
Driving License: Visitors to Panama can drive up to 90 days with a foreign license.
Electricity: 110 volts; 60 cycles.
Dress Code: Light clothing is recommended. Dress attire for business is formal: we recommend a lightweight suit for men and for women a light skirt or pants outfit. You should consider a straw hat and sunglasses if you are going to the beach or out on a boat.
How to get to Panama: The best way to get to Panama is through air travel. Copa Airlines (the national carrier for Panama), Continental Airlines, American Airlines, Delta Airlines, Avianca, Spirit Air, Grupo Taca, Cubana de Aviación S. A., Lloyd Aéreo Boliviano, Mexicana, and Aires Airlines are amongst the airlines providing daily flights to Panama from cities in the U.S.A. and Central and South America. Iberia and KLM are now operating direct flights from Europe out of Madrid and Amsterdam respectively. In addition there are indirect flights with major airlines including as Virgin Atlantic, British Airways, Lufthansa, Air France, Air Canada, Alitalia, Swiss International Air Lines, and United Airlines, from numerous airports throughout the world.
If you are driving, you can travel to Panama on the Inter-American Highway that runs through Central America. If you are coming by sea, you can disembark at one of Panama's many ports.
The Colon Free Zone started operations in 1948, and is an important supplier of goods to other free zones such as San Andres in Colombia and Isla Margarita in Venezuela. This 400 hectares complex, divided into an Exhibition Trade Area in Colon and the Warehouse Area in France Field, houses as many as 2,435 companies. Electronic products, clothing, watches, perfumes, cosmetics, textiles, pharmaceuticals, jewelry, liquors and cigars are among the main items imported. The Colon 2000 Cruise Terminal is considered to be the most efficient cruise terminal in the region, allowing deep-draught ships to dock. It has a modern shopping centre, attractively designed with a colonial-style architecture, housing around 50 stores where you can find perfumes stores, optical clinics, liquor stores, supermarkets, fast-food restaurants, handicrafts and a business centre.
