Projections show that medical tourism will skyrocket in this decade. And competition will be stiff with over 50 countries having identified medical tourism as a national industry. Quality, cost of services and attraction of the destination itself are what will define the winners in this growing industry. Panama is well-positioned to come out on top ask far as its geographic location and direct flight connectivity, are concerned but the country also has many other advantages.
American standards
Excellent medical care, comparable or better to U.S. standards, is present all over Panama. There are many English-speaking doctors who have degrees from U.S. universities. Foreign retirees were attracted to live in Panama for its incentive programs, but many said it was the quality of health care that sealed the deal for them. The experience feels just like home, they say.
Quality care for a fraction of the cost, all over Panama
Hospital Punta Pacifica is a new facility in an upscale Panama City neighborhood. It is the only facility in Latin America and the Caribbean affiliated with Johns Hopkins Medical International. The facility offers 52 private rooms and 12 suites. Procedures are a fraction of the cost of what they would be elsewhere in the world. Patients comment frequently that the care and service provided to them at this hospital is often above and beyond in quality of services they have received in their home countries.
There are several other facilities in the capital city, the mountain communities as well as the beaches, where the medical standards are just as good as one would expect them to be back home. Clinica San Fernando, located in Panama City, is affiliated with Tulane University, Miami Children’s Hospital and Baptist Health International Miami. Also located in the capital, Centro Medico Paitilla is affiliated with the Cleveland Clinic Foundation. Special attention for forcingners is offered at Hospital Nacional.
In the western province of Chiriquí, first-rate health care is available at Hospital Centro Medico Mae Lewis and Hospital Chiriquí. At the epicenter of Panama’s beach communities, Clinica San Fernando has a branch facility in Coronado offering 24-hour attention, general medical services including CAT scans, ultrasound, a dental clinic and an eye clinic.
Beyond bedside manner
Doctors in Panama often provide their cellular numbers to patients. It is not the exception – this practice is actually quite commonplace. A slower paced environment in a doctor’s office in Panama, where more time is generally allocated to care, allows for a deeper doctor-patient connection.
Recovery facilities
With so many new residences coming onto the market in Panama City, management companies are offering timeshare options, short-term rental solutions, corporate lodging and have furnished many of the units for post-operation patients in recovery. Several hotels have also begun gearing up to provide post-operative care for medical tourists, with wheelchair standards throughout and bathrooms to accommodate patients.
Catering to the uninsured
Whether a person is seeking necessary medical treatment or procedures of an elective nature, in many cases, traveling abroad is often the most economic alternative option for the uninsured. Dental work is a niche market that fits in well with international travel, and the number of people in the U.S. without dental coverage is even higher than the already staggering number of those without basic health coverage.
Wellness tourism: beyond hip replacements and a new crown
A growing field in Panama and the world is medicine that concentrates on wellness as opposed to treating illness. Called “preventative medicine” and often joined with the very popular anti-aging trend, there are a growing number of practitioners from different fields who have converged in Panama under the same guise: That it is better to prevent than to treat disease.
Non-invasive procedures are other reasons that people flock to Panama for treatments to keep looking great. Combining tourism and the savings on tooth whitening, micro-dermabrasion, Thermage and Fraxel Laser treatment for wrinkles alone, is reason enough for people to pay a visit to Panama.
The fountain of youth
A new niche industry in Panama’s growing medical tourism market is complete with age management. Several health care providers offer “miracle treatments” like human growth hormone replacement and stem cell procedures at huge savings. People come from all over the world for these services which are available here. Compared to the US, Canada and the UK, these specific medical fields here in Panama are busier than ever.
Combining a trip in Panama
Dental, wellness, anti-aging and other less invasive medical procedures are more apt to be combined with recreation and tourism. Often the part of the money saved by traveling beyond one’s borders to receive medical attention can be applied to a trip within Panama. As the tourism offer in Panama expands by leaps and bounds each year, there are more and more options for medical tourists to choose from. Luxurious accommodations and services that can compliment a medical tourist’s experience are readily available here, also at a fraction of the cost.
Patients usually add on these services during a vacation visit to Panama. World-class spa services are available at many of Panama’s wellness clinics that are located in the bustling capital city or tranquil mountain getaways, where visitors relax in the eternal spring-like climate.
Always use caution
As with medical care in one’s home country and anywhere around the world, a fair measure of caution when choosing providers is always necessary. Consumers need to be active in verifying that those who are providing care are properly licensed and up to date with regulations
- Archives
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September22nd
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September20th
Another indicator of a positive economic picture for Panama.
6:35 pm – PANAMA CITY, (Xinhua). “Foreign direct investment (FDI) grew 26% in Panama during the first half of 2010 compared with the same period last year, said on Thursday, Minister of Trade and Industry, Henriquez Roberto.According to the official, during this period, the raising of capital from abroad totaled 1 Billion 44.5 million dollars, a figure that, Henriquez said, demonstrates the confidence that investors remain in Panama in the context of economic recovery world.
The owner of Trade and Industry said that the Panamanian government is working to create favorable conditions to attract FDI and improve competitiveness, offering investors an attractive business climate.
The minister explained that, among the instruments that promote the attraction of foreign capital, are the agenda of international promotion, attracting investments, the Law of multinational companies and special economic zones.
Recently, the World Economic Forum (World Economic Forum) admitted to Panama as the second most competitive nation in Latin America, after Chile, who occupies the first place.
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September16th
8:09 pm – PANAMA (ACAN-EFE). “The Gross Domestic Product (GDP) of Panama in the first half of 2010 was 9 thousand 940 million dollars, an increase of 6.1% over the same period last year, an official source.
The rate of increase, announced by the Panamanian Minister of Economy and Finance, Alberto Vallarino, during a public event was confirmed by the National Institute of Statistics and Census, which required the equivalent of 571.5 million dollars.
“A few months ago the Ministry of Finance revised the initial projection of 3.5% to 5% (growth), and after this, private sector economists and international organizations have made their own estimates put growth this year up 6% “Vallarino said.
“So let’s end the year on a better economic performance during the second half than the first half, and of course we will enter 2011 with his foot on the accelerator,” said Minister of Economy.
He said that this will contribute strong investment, labor and employment generation works to expand the inter-oceanic canal, which will intensify in the years 2011 and 2012.
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September7th
Each year the American Chamber of Commerce here in Panama sponsors a tourism conference which never fails to provide important information about Panama tourism and other related industries. I have had the honor of speaking at this conference several times over the years and I always find the speakers to be enlightening and the subject matter to be timely. I encourage my readers to attend this upcoming event.
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Here are some details:
The Amcham forum will be Sept. 9th- 2pm-6pm at the Miramar Intercontinental.
Tickets are $25 for Amcham members, $35 for non-members and $15 for students.
Call Amcham at 301-3881 to reserve your ticket.
Amchams 10th annual tourism forum will feature two important international speakers- David Hyman, the Latin American director of internet sales will speak about promoting tourism businesses on the internet and Bich Lien Kaldahl, the director of incentive sales for Continental Airlines with 10 years of experience about Panama, who will speak frankly about what Panama needs to do if it seriously wants to become a convention destination- one of the main goals of the Martinelli administration.
Other speakers include Fidel Reyes with his always fascinating report on Panama’s tourism sector, English ecotourism expert Andrew Coates presenting the “Ruta Verde”- a amazing proposal for an ocean-to-ocean pedestrian and bicycle path, Juan Benaventes, former trainer for Royal Caribbean on creating a culture of service, Agnes Santomeno, owner of Reprosa on Panama’s amazing handicrafts, Jose Golder on how Azueros became a tourism destination and Steve Thompson of the surf lodge Morro Negrito on Panama as a surfing destination
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August26th
New Tax Laws
Posted in:
With the enactment of Law No.8 of 2010, new rates will take effect on income tax for both legal entities and for individuals. Note that the application of these rates is retroactive, so their entry into force is from January 1, 2010. In addition, it includes tariff changes regarding ITBMS (similar to the VAT), ISC and Stamps, which take effect from July 1, 2010.
Income Tax – Juridical Persons
For telecommunications companies established in the country, their net income arising from international telecommunication services are deemed local income.
Included as local income is income from freight, charges, fares, cargo and other services rendered by international shipping companies whose origin or final destination is Panama, except where such income results from freight, charges, fares and services for passengers or cargo that are transiting, and companies that operate cruise ships that have their base or home port in the Republic of Panama.
Excluded from the concept of local income is the distribution of dividends or interests in companies that do not require a Notice of Operations or those not generating taxable income in Panama.New General Rates
For fiscal year 2010 (January to December) the income tax rate will be 27.5%. For subsequent years, the rate will be 25%.
New Special Rates
Companies engaging in the following activities shall pay income tax based on the 30% rate through 2011, 27.5% from 2012 to 2013 and 25% from 2014 onwards, to wit: power generation and distribution, telecommunication services in general, insurance and reinsurance activities, financing activities regulated under Act 42 of 2001, cement manufacture, the operation and management of games of chance and gambling, mining in general and the banking business in Panama.
As for juridical persons whose income exceeds one million five hundred thousand dollars (B/.1, 500,000.00), they shall calculate based on the method that is higher between the application of the respective rate to their taxable income or 4.67% applicable to their total taxable income.Special Regimes
Disposal/Sale of real estate: Regular Dispatch of BusinessFor the disposal of immovable property which is part of the ordinary course or dispatch of business, the income tax will be calculated at a definitive rate of 3.75%.
Logistics and other operations in the Colon Free Zone and other zones
In the case of businesses established in any free trade area, the disposal, sale or transfer of immovable property or the rendering of services are subject to the rates provided for in Articles 699 and 700 of the Fiscal Code. However, logistics, storage and wine cellar operations, as well as the internal movements of goods and cargo, billing services, repacking and similar activities that are directly related international, are considered to be foreign or export operations.
Interest and commissions remitted abroad by way of loans or financing will be taxed at the general rate set forth in Articles 699 and 700 of the Fiscal Code, over 50% of the amount paid or credited.
ABOUT THE AUTHOR: Rodrigo Julio Molina Ortega
Molina & Co. is one of the leading consulting and law firms in the Republic of Panama. Our partners combine over 20 years of professional experience. We are corporate and legal consultants who will organize and manage your project or offshore company.Copyright Molina & Co.
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August26th
Panama Medical Tourism
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Panama has earned the title as the “Hong Kong” or “Dubai” of the Americas. This has mainly been due to its significantly lower cost of living and fully “Americanized” culture. Panama is slowly becoming one of the top medical tourism destinations, attracting US and Canadian health travelers. The reasons for this are: its proximity, excellent healthcare services, US trained and certified medical staff and its attractive natural beauty.
Healthcare System in Panama
Panama’s long association with the United States has left a distinct American footprint in its culture, giving it more than a hundred years advantage over other countries in providing healthcare to American patients using US standards of quality and service. This can be seen in the similarities in facilities, medical procedures and practices, as well as the abundance of US trained and board certified doctors and medical staff.
There is currently one hospital in Panama that is fully certified by the Joint Commissions International. However, all of the other top hospitals, most of which are privately owned, are fully certified by local medical accreditation bodies set by the Panamanian government as well as other non-government accreditation bodies.
In addition, most of the top hospitals have affiliations and are duly recognized by international medical organizations such as the Johns Hopkins International, Baptist Health International of Miami, Cleveland Clinic, Tulane Health Science Center, Miami Children’s Hospital, University of Nebraska Medical Center, the Harvard Medical Faculty, the Kendall Medical Center and the Beth Israel Deaconess Medical Center among others.
Top Hospitals in Panama for Medical Tourism
Major hospitals in Panama have affiliations with prominent international medical institutions. This enables them to maintain a high quality level, not only in their facilities, but also in their procedures, methodology and technology as well. The most prominent among these Panamanian hospitals include:
- Hospital Punta Pacifica
This is the only Central American medical facility that is affiliated with the Johns Hopkins Medical International and maintains the same high-end standards in facilities, services and staff. It is also the only digitally connected hospital in the region and is the only hospital accredited by the Joint Commissions International. - Hospital Nacional
Starting out as a 10-bed facility, the Hospital Nacional has grown over the years into an 80-bed private healthcare facility with over a hundred specialists and ultra-modern facilities.
- Clinica Hospital San Fernando
A private hospital affiliated with the Tulane University, Miami Children’s Hospital and the Baptist Health International Miami. The Hospital San Fernando is one of Panama’s largest hospitals, with 24-hour medical services and facilities that are fully equipped with state-of-the-art medical equipments. - Centro Medico Paitilla
Located in Panama City, this 160-bed medical facility is affiliated with the Cleveland Clinic Foundation and has been in existence since 1975. It is also a certified training facility for the American Heart Association and was one of only two hospitals that provided healthcare services to US military personnel.
Common Treatments done by Medical Tourists in Panama
Hospitals and healthcare facilities in Panama offer a wide array of procedures and services for medical travelers, which include but are not limited to the following:
- Cosmetic/Plastic Surgery: Face, Breast, Body Contouring
- Dental Services (surgeries, teeth whitening, dental implants, etc)
- Orthopedic Surgery (hip and knee replacements, etc)
- Fertility Treatments
- Bariatric/Obesity Surgeries
- Cancer treatment and Oncology
- Eye / Ophthalmology (LASIK, Cataract Surgeries, Vitreo Retinal Surgery, etc)
- Stem Cell Therapy
Cost of Medical Treatment in Panama
The following are cost comparisons between Medical procedures in Panama and equivalent procedures in the United States: [ sources 1 2 3 ]
US Hospitals Panama Average Savings Medical Procedures Angioplasty with stent $19,000 – $21,000 $10,000 – $15,000 25% – 47% Pace Maker $4,000 – $6,000 $1,500 – $2,300 50% – 60% Laparoscopic Hernia $6,000 – $8,000 $ 3,500 – $4,500 40% – 50% Laparoscopic Gastric Bypass $24,000 – $26,000 $14,000 – $16,000 35% – 40% Hip Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40% Arthroscopy $9,000 – $11,000 $4,000 – $6,000 45% – 55% Knee Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40% Herniated Disc $19,000 – $21,000 $6,000 – $7,000 65% – 70% Carpal Tunnel Release $6,000 – $8,000 $2,500 – $3,500 55% – 60% Plastic and Reconstructive Surgery Neck Lift $10,000 – $12,000 $2,000 – $3,000 75% – 80% Face Lift (rhytidectomy) $10,000 – $12,000 $2,000 – $3,000 75% – 80% Breast Augmentation/Reduction (Mammoplasty) $5,500 – $8,000 $3,100 – $4,500 40% – 45% Breast Lift $5,000 – $6,000 $3,000 – $4,000 35% – 40% Liposuction (Lipoplasty) $4,000 – $6,500 $2,500 – $4,400 30% – 35% Nose Surgery (Rhinoplasty) $4,000 – $6,000 $1,500 – $2,500 55% – 65% Buttocks Augmentation $5,000 – $6,000 $3,500 – $4,500 25% – 30% Chemical Peel $900 – $1,100 $450 – $550 45% – 55% Obstetrics and Gynecology Intrauterine Insemination $1,000 – $2,000 $800 – $900 20% – 55% In Vitro Fertilization $9,000 – $18,000 $4,000 – $6,000 55% – 70% In Vitro Fertilization with donated egg $16,000 – $20,000 $7,000 – $9,000 50% – 55% Eye / Ophthalmology Cataract surgery $5,500 – $6,500 $2,000 – $3,000 50% – 60% Refractive surgery (Eximer Laser) $4,500 – $5,500 $1,500 – $2,500 55% – 60% Glaucoma surgery $5,500 – $6,500 $1,500 – $2,500 60% – 75% Refractive surgery with intraocular lens implant $5,500 – $6,500 $2,000 – $3,000 50% – 60% Eyelid Surgery (Blepharoplasty) $4,000 – $5,500 $1,500 – $2,500 60% – 65% General and Cosmetic Dentistry Root Canal $900 – $1100 $250 – $350 70% – 75% Porcelain Crown $1,000 – $2,000 $450 – $550 55% – 75% Porcelain Veneers $1,000 – $2,000 $450 – $550 55% – 75% Composite Veneers $600 – $750 $150 – $250 45% – 70% Dental Implant $2,000 – $2,500 $900 – $1100 55% – 60% Periodontal Surgery $1,000 – $2,000 $450 – $550 55% – 75% Periodontal Plastic Surgery $1,000 – $2,000 $450 – $550 55% – 75% Periodontal Regenerative Procedures $1,200 – $1,600 $500 – $600 55% – 65% Malpractice and Liability Laws in Panama
The Panamanian system has not adopted the US legalities associated with medical practices, particularly in the area of malpractice. Although doctors are responsible for their activities and performance under the law in this country, they are not required to shoulder the damages incurred during a malpractice case. The result is a lower malpractice insurance pre-requisite, which can be translated into lower procedural costs.
Pros
- Hospitals in Panama provide high quality health care through a large staff of US-trained doctors, physicians and other medical specialists
- Techniques, medications, treatments and facilities used are based on the same standards used in the USA
- Doctors and medical staff can communicate well in English
- Panama City is considered Central America’s safest and most modern city. Even the tap water is safe to drink
- Panama is relatively close to US and Canada.
- The currency is the US dollar, so prices can be compared easily.
Cons
- There is only one JCI-accredited hospital in Panama, although a few have already submitted requests and are currently going through the accreditation process.
- Costs of medical procedures are higher compared to other medical tourism destinations, although these are still significantly more economical as compared to the US, Canada and the UK.
Traveling to Panama
Direct flights to Panama City are available from major cities in the US and Canada. This close proximity and shorter travel time, makes Panama a destination choice for medical travelers.
Average estimated travel time in hoursFrom/To Panama New York City 5 Los Angeles 7 Miami 2.75 Houston 4 Dallas 4.5 Washington 4.75 Atlanta 4 Toronto 5 Vancouver 8 Entry and Exit Requirements to Panama
USA and Canadian medical travelers with a valid passport that extends at least 6 months beyond the traveler’s intended last day of stay, do not need to get a visa to enter Panama. A tourist card can be purchased upon arrival, allowing the recipient to stay for 90 days in the country.
Other requirements include: return tickets, sufficient funds to shoulder the stay, confirmed accommodation and other targeted facilities. Panamanian immigration laws are very strict, so it is advisable to carry your passport with you at all times to show your proof of entry and avoid any complications during your stay.Statistics of Medical Tourism in Panama
Doctors have estimated that there are only hundreds of medical tourists hundreds of medical tourists from the United States visiting Panama per year. Some hospitals have declared that they have received at least 400 to 450 international patients within the last four years seeking various medical procedures.
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These figures will continue to grow, as Americans without health insurance continue to seek healthcare in nearby medical tourism destinations such as Panama. More and more baby boomers are contemplating retiring to this Latin American destination, as well as seeking healthcare services and beauty treatments at lower costs.
- Hospital Punta Pacifica
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August25th
Incorporating Services
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NOLAIM CORPORATION Inc. is a Panamanian Corporation specialising in the legal and banking industry. NOLAIM counts more than 500 satisfied clients in Europe and Latin America. The firm is owned and managed by Jean Luc Molina a French lawyer who specializes in corporate finance and banking.
NOLAIM CORP can offer a choice of tailormade services of the highest quality at reasonable prices.
Corporation: incorporation, share certificate, bank account opening (on line banking), first year tax, agent fee, registration taxes, incorporation certificate, notary fees, lawyer fees: $1300
Optional:
- Panamanian board member $200 for each;
- International apostillation: $30 for each document;
- VISA debit card: $150;
- Documentation mailing: Fed-ex fee
- English translation: $60
- Incorporation in English: $80 notary fee
Yearly fees:
- Agent: $150
- Board member (if applicable): $200 each
- Annual tax: $300
Other services are also available to suit the clients’ needs.
You can contact Jean Luc Molina:
Phone: +507 66 76 98 73
email: molina_jl@bridgemon.com
Ave. Samuel Lewis y Calle 53,
Edificio Omega 5to piso,
Panama,
Republic de Panamamailing:
NOLAIM CORPORATION Inc., PTY 16076,
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P.O. Box 025724,
Miami, FL, 33102-5724
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