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.
- Archives
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August26th
The National Institute of Statistics and Census (INEC) recently published an economic growth in Panama of 4.9% in the first quarter of 2010.
The INEC attributes this strong growth to activities related to the domestic economy such as mining and quarrying, construction, thermal power generation, transmission and distribution of electricity, trade, hotels and restaurants, telecommunications, port operations, air transport, insurance and financial auxiliaries, homeownership, private education and other community activities, social and personal services such as radio, television and other entertainment, as well as also a lesser extent growth in manufacturing, financial intermediation and the general government.
INEC’s report also notes that the activities directed to the outside world, showed a decrease, the cultivation of various fruits, fishing, wholesale trade in the Free Zone of Colon and Panama Canal operations.
Tags: air transport, auxiliaries, canal operations, community, construction, cultivation, distribution, distribution of electricity, domestic economy, economic growth, Economy, education, electricity, extent, financial intermediation, Free, free zone, general government, generation, government, growth, homeownership, inec, insurance, intermediation, manufacturing, mining, National, News and Information, Pan, panama canal, personal services, port, port operations, power, private education, report, Service, Ship, show, television, thermal power generation, trade, transmission, transport, vice, wholesale trade, Zone
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August26th
New Tax Laws
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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.
Tags: Business, country, Cruise, distribution, entry, experience, fiscal, Free, free zone, generation, insurance, interest, International, law, mining, move, National, Pan, port, port operations, power, Service, Ship, shipping, trade, vice, year, Zone
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August26th
Moody’s Investors Service recently upgraded Panama’s sovereign ratings to investment grade of Baa3 from Ba1 on a significant improvement in the country’s fiscal and debt positions. “The anticipated positive impact of fiscal policy initiatives on government accounts and prospects for sustained economic growth are at the core of the upgrade,” said Alessandra Alecci, Moody’s vice president and senior analyst. “The Panama Canal expansion and an ambitious infrastructure investment program are likely to support strong economic growth in the next few years, boding well for debt dynamics,” added Alecci. The outlook is stable.
Tags: analyst, core, country, debt, economic growth, expansion, fiscal, government, grade, growth, impact, improvement, infrastructure, investment, Investors, Moody, News and Information, outlook, Pan, panama canal, policy, port, president, program, Service, upgrade, vice, year
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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.
Tags: American, country, entry, government, Immigration, insurance, International, law, National, Pan, port, region, Service, show, stay, technology, Tourism, tourist, travel, vice, year
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
Information
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LAS BRISAS DE AMADOR PANAMA CITY PANAMA CENTRAL AMERICAProject overview
Location
The development is situated in the extreme South West of the Bay of Panama on the Amador Causeway. It is 10 minutes from the banking centre, the business heart of Panama City and 15 minutes from the John Hopkins hospital. The causeway offers 5 kilometers of road joining 3 Islands, Naos, Perico and Flamenco. The projects is situated on the Perico Island. Las Brisas offers uninterrupted views of Panama skyline and the South entrance to the Panama Canal.
PROJECT DESCRIPTION AND MASTERPLAN
Las Brisas de Amador offers 6 fundamental components; the first 3 have already been completed.
- Commercial Boulevard ( bar , restaurant and shops)
- Boutique hotel , The Amador Ocean view
- Managed Condo Residences 3 buildings completed
- Marina ( planning stages)
- Port Cruise terminal ( planning stages)
- Hotel and Casino ( planning stages)
CAUSEWAY TOWERS
Managed Residences
Managed suites overlooking marina with uninterrupted views of Panama City Skyline and Canal
10 towers with 5 to 7 floors
200 units in total, Tower 300 is under construction and tower 400 is completed. Tower 300 comprises 5 floors of studios
From 60 m2
Studios , completely furnished
All with balconies and Ocean Views
One parking space by unit
Construction update
Tower 100 finished and operational
Tower 400 also finished and operational
AMENITIES
- Pool
- Jacuzzi
- Gym
- Spa
- Sun Deck
- Restaurants
- Room service
- Hotel services
- Daily cleaning available
- 24 hour security
- Storage rooms
- Free parking
- Fully managed and administered by Wyndham
- First option to membership to Las Brisas Marina
MANAGEMENT
The Wyndham Group will manage the suites under their Hawthorn flag.
TARGETED MARKET
The main market is the executives working for the consortium involved in the Panama Canal expansion.
Also:
- Medical tourism
- Executive moving to Panama and renting short and long term before they commit to buying
- Cruise passengers on cruise/stay program
- Yacht owners
ESTIMATED RETURNS
Process
- Please sign and return contract after 15 days
- Please wire 10% DEPOSIT with signed contracts
- 10% 30 DAYS LATER
- 10% 60 DAYS LATER
- A signed and executed copy of contract will be returned to you 15 days after the 30% deposits have been received and cleared by bank. This signed contract will also act as receipt for all deposits.
I would like Bridgemon to contact me about this project:
Tags: Business, Causeway, centre, construction, contract, Cruise, Daily, Deck, DESCRIPTION, expansion, Free, Group, Gym, heart, information, Jacuzzi, LATER, marina, Naos, option, Pan, panama canal, parking, Pool, port, program, Project, Residences, Restaurants, Room, Service, Ship, skyline, stay, Studios, terminal, Tourism, UPDATE, vice, work, Wyndham
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August25th
Las Olas Ocean Resort
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Tags: art, Avenue, beach, Boat, boating enthusiasts, Business, Center, centre, city, commitment, contract, convention, Cruise, deepwater marina, demand, dockage, eclectic boutiques, Eco, electricity, expansion, foot, form, Gym, income, industry, information, intracoastal waterway, investment, Las, las olas, las olas boulevard, law, level, Libre, location, marina, marine industry professionals, Master, mega yacht, Memory, meter, move, navigable waterways, NEW, number, Ocean, ocean frontage, ocean resort, Olas, phone, piece, Plasma, port, private club members, private ocean, program, property, province, Resort, restaurant space, right, Royal, salon, seabreeze blvd, Service, show, Side, sidewalk cafes, signature, spot, stay, stunning ocean, Tourism, tourist, travel, venice of america, vice, water boat show, Waterway, worldwide, yacht, yachting center, yachting enthusiasts, yearPROJECT INFORMATION Las Olas Ocean Resort 550 Seabreeze is currently a vacant piece of land which boasts 34,299 square feet of prime Atlantic Ocean frontage on Seabreeze Blvd. and S. Atlantic Avenue in Fort Lauderdale, Florida . The Project site is located just two blocks from the main shopping and dining area in Fort Lauderdale - Las Olas Boulevard.The developer intends do build the following: Developer is fully permited and intends to build the following:
- 136 beautifully furnished hotel rooms with stunning ocean and bay views,
- 9,000 square feet of restaurant space;
- A private “Ocean Club” facility for guests and private club members;
- 5th Floor oceanfront pool area;
- 12th Floor 2,100 square foot VIP Lounge; and
- A 700 square feet salon.
The property is fully entitled by the city of Ft. Lauderdale
Attractions
Along with its 23 miles of beautiful beaches and many notable tourist attractions. The elegant Las Olas Boulevard is walking distance from the resort and is home to a multitude of art galleries, eclectic boutiques, and sidewalk cafes that lead right into Fort Lauderdale’s upgraded downtown.
The project is strategically located adjacent to the world renowned Bahia-MarResort & Yachting Center which has a 250 slip mega yacht deepwater marina on the Intracoastal Waterway . Every year since 1959, hundreds of thousands of boating enthusiasts and marine industry professionals worldwide come together for the renowned Fort Lauderdale Boat Show, the largest in-water boat show in the world.
World Class Marinas
Fort Lauderdale is sometimes called the Venice of America – with over 3,000 miles of navigable waterways, the area has long been a popular destination with yachting enthusiasts because of its ample mega-yacht dockage and related facilities along the Intracoastal Waterway.
City Commitment
In recent years Fort Lauderdale has reinvented itself. The city of Fort Lauderdale has spent more than $25 million in a major facelift, adding bike lanes, pedestrian promenades, landscaped medians and a curvaceous “wave wall”. The magnificently restored beachfront has become one of the nation’s leading luxury destinations.
Business Travel
There is a convention center located west of the beach which brings in over 3 million visitors per year.
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