According to a recent article in LA Prensa, The government of Panama has hired a company out of Venezuela to search for oil and a contract has been given for a bit over 3/4 of a million dollars. Of course the environmentalists don’t like it. Lets hope they find some and that that Venezuela has little more to do with this project than finding the black gold.
Machine translated from La Presna
ARCIA OHIGGINIS JARAMILLO
oarcia@prensa.com
Directly, the Cabinet approved it to the Secretary of State Energy hiring a company that will explore the existence of oil fields in Panama for a total of $ 765 476 000.
The company was designated OTS, an organization of workers and former employees of Petroleos de Venezuela SA, a specialist in oil data collection. At the moment, the Government is in the process of hiring firms to OTS.
Berta Burgos, head of Public Relations of the Ministry of Energy, confirmed that handles the organization of a database on the location of hydrocarbons in the country, then explore and exploit these places.
According to Burgos, the Corporación Andina de Fomento (CAF) and the Inter-American Development Bank (IDB) will provide $ 420 381 000, while the remaining 95 000 $ 345 will be provided by the Department of Energy.
THE ENVIRONMENTAL DEBATE
The reports of the Secretariat realize that the scans will have the endorsement of the National Environmental Authority and the IDB.
However, environmentalists are wary that activity, then claim to be held in areas near large concentrations of forest.
The executive director of the National Association for Conservation of Nature (Ancona), Alida Spadafora, believes that “the exploration and possible exploitation of Darien and other areas involve many dangers for Panama. We’ve never done such work. ”
Coincides with the environmental Spadafora Raisa Banfield, who holds that “this investment is a step backwards and sends a bad message, then we should invest in clean technologies such as solar, wind and waves.” According to Banfield, “the oil industry is one of the most destructive to the environment, demonstrating that the State does not have a vision of development with conservation.”
The issue of oil exploration became important when in April, when inaugurating the Annual Conference of Business Executives, President Ricardo Martinelli pointed to the existence of oil in Darien.
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September7th
PANAMA OIL EXPLORATION NEWS
Posted in: News and Information
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August26th
Insurance for tourists
Posted in: News and Information
The National Assembly approved a measure to offer insurance to all tourists who enter Panama through Tocumen International Airport. The new law will provide tourists with up to $20,000 of coverage during the first 30 days of stay in the country. Panama is one of few countries in region that provides this free service to visitors.
The insurance covers up to $20,000 in case of accidental death. It also covers medical expenses incurred resulting from an accident in Panama, illness contracted in Panama, medical transport, emergency dental work, pharmacy costs and legal assistance in the case of lost or stolen documents.
Panama Tourism Authority (ATP) director Salomón Shamah informed that the insurance will cost $2 per tourist and will be included in a tourist’s travel package
Tags: accident, accidental, Airport, Assembly, assistance, ATP, Authority, country, death, director, emergency, Free, illness, insurance, International, law, measure, National, News and Information, package, Pan, pharmacy, port, region, Salomón, Service, Shamah, stay, Tocumen, Tourism, tourist, transport, travel, vice, work
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August26th
Common types of residency visas in Panama
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In recent years the Republic of Panama has asserted itself on an international level as one of the best retirement locations world wide. This is due to several factors including:
- Panama has a comfortable climate.
- Panama has the US dollar as its currency.
- Panama is a very large banking center.
- Panama is free from major natural disasters.
- Panama has modern medical facilities.
In light of the current boom in Panama, the Ministry of Immigration and Naturalization has imposed new visas. Some of the visa processes have become more flexible in order to generate migratory stability for foreign retirees.
Temporary Resident and Work Visas
- Temporary work visas can be obtained for periods of one year to 6 years
- Temporary residential visas for foreigners contracted as executives of the Free Zone of Colon require the payment of a monthly salary of at least 2,000.00 USD.
- Temporary Resident Visas for foreigners contracted for private businesses cannot have a salary less than 850.00 USD per month. No more than 10% of the workforce of private businesses can be foreigners.
- Temporary resident visas for personnel contracted for businesses of virtue under the Marrakech Agreement require the payment of a monthly salary not less than 1,000.00 USD
- Temporary Resident Visas for reasons of investment can be obtained for periods of 6 years and can be extended every 2 years.
- Temporary Resident Visas for Agricultural Investors require an investment of at least 60,000.00 USD into the Cattle or Agricultural Industry.
- Temporary Resident Visas for Reforestation Investment requires an investment, in ones personal name, or by way of a corporation of at least 60,000 USD in activities related to reforestation projects approved by the National Environmental Authority (ANAM). The investment must be a minimum of at least 10 hectares.
- Temporary Resident Visas for Regrouping Families can be solicited by conjugate foreigners, children under the age of 18 and parents of the temporary resident. For those who are of the ages 18-25, if they are involved in regular studies, and have economic dependence from the temporary resident.
Permanent Residency Visas:
To apply to the Permanent Resident Category it is required that a period of 2 years has passed with temporary resident status.
- Permanent Resident Status via Reforestation Visa requires a minimum investment of 80,000 USD, by way of a corporation or personal title, in reforestation activities that are authorized by the National Environmental Agency (ANAM) , and are at least 20 HA in size.
- Permanent Residency Visas as a Macro Business Investor requires a minimum investment of 160,000.00 per solicitor into a Macro-Business. In the case of dependents, there must be an increment of 2,000.00 per dependent. The business must maintain a minimum payroll with 5 Panamanian employees.
- Permanent Resident Visas for Self-Economic Solvency require an investment of 300,000.00 USD maintained in a certificate of deposit (CD), property or a combination of both which shows that the funds were introduced from abroad.
- Self-Economic Solvency by way of investment into real estate permits that the property can be in the name of a private interest foundation, proving that the solicitor is the founder y that he or his dependents are the beneficiaries. The certificate of the Public Registry should show the founder and the beneficiaries.
- Permanent Resident Visas for Retirees or Pensioners can opt to receive a pension or retirement from a foreign government, international organization or private enterprise. The pension or retirement cannot be less than 1,000.00 USD per month, nevertheless, if proof can be acquired that a property with title in personal name for at least 100,000.00, the amount of the pension or retirement can be reduced to 750.00 USD per month.
- Permanent Resident Visas for Retired Rentiers require that a minimum monthly income of 2000.00 USD derived exclusively from a certificate of deposit (CD) from the National Bank of Panama or the Caja de Ahorros, free of liens for a period of 5 years. With the current interest rates the amount of the deposit would be approximately 610,000 USD.
Permanent Resident Visas as a Retired Rentier can obtain the right to a special passport from the Republic of Panama.
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August26th
The Panama canal expansion
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Built in the 1800s, the Panama Canal is a ship canal constructed to improve maritime trade. It bridges the Pacific and Atlantic oceans in order to shorten the distance cargo ships need travel. While this is typically a good thing for business, it may now be getting better as a new project aimed at expanding the canal has been proposed by the Panama Canal Authority.
The project goes by the name of the Third Set of Locks Project. This name is related to one of its goals, which is to construct lock complexes at both the Atlantic and Pacific ends of the canal. These lock systems are aimed at resolving the water preservation issues which have come up in the past with the canal’s continued use. The Panama Canal Authority also aims to not only construct additional access channels to the canal but widen those that already exist. These channels will all also had their depth increased when the project has finished.
The canal expansion is what has been termed a mega project. Mega projects are endeavors which can and often do have very widespread impacts upon the surrounding environment and neighboring communities. They often cost a significant amount that is well above one billion US dollars and tend to get a lot of attention. This can naturally lead to a great deal of publicity and discussion related to the project.
Having started in September 2007, it is expected that the project will be completed by 2015. This is likely a result of the many organizations and individuals that were in favor of it. This was likely due to the canal expansion’s potential benefits which would affect both the country itself and those who traverse it. For example, the project is supposed to pay for itself in time as well as bring a substantial return on investment.
Some other benefits expected to be brought about by the canal expansion include the reduction in poverty around the country. This is due to the expected rise in demand for work being done on and in relation to the expansion project. Some figures have put this reduction in poverty at around 30%. Naturally it is also expected that with improved channels and an additional lane of traffic there will be increases in toll revenues.
For those who have investments within the shipping industry as or trade that goes on throughout the canal this can mean big profits as well. The increase in capacity for cargo ships will likely make for more revenue. This increase in return can directly impact not only traders and businessmen but the country of Panama itself. With these propose financial benefits, however, there is still a question of the environmental effects of the canal expansion.
The Panama Canal Authority has claimed that there will be no major damage done environmentally by the project. Its working area is said to consist of operational and administrative areas already controlled by this organization. As such no communities would need to be moved by the project. Furthermore it is said that the lock system being installed would sufficiently mitigate any other environmental impact to the water of the canal.
As stated previously it is expected that this project will be concluded by the year 2015. With its completion it is expected that there will be new prosperity within the country of Panama. Time will tell and many will be watching this project closely.
Tags: Authority, Business, country, expansion, impact, industry, investment, Maritime, May, move, Pan, panama canal, Ship, shipping, trade, travel, work, year
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August26th
Tourism figures for the month of May indicate an increase in tourist arrivals to the country by 20.7 %. The Panama Tourism Authority (ATP) reports that the industry has grown at 6.3% during the first five months of 2010. During May, counting all the ports of entry to the country, some 105,801 visitors entered Panama, an increase of 18,119 compared to 2009.
May was booming, showing greatest increase of tourists so far this year. The figures collected by Immigration, the Comptroller and the Maritime Authority show that 755,058 visitors have entered the country so far this year. The ports that contribute to this information are Paso Canoas (the Pan American Highway border at Costa Rica), Cruise Ship Ports and the Tocumen International Airport, among others.
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