Know Panama

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Official Name: Republic of Panama.

Capital: City of Panama

Nationality : name: Panamanian(s); adjective: Panamanian/Panamanian

Official Language: The official language of the Republic of Panama is Spanish, nevertheless, many Panamanians are bilingual (English/Spanish).

Climate: The climate of Panama is agreeable tropical and the temperature is usually uniform throughout all the year. The nights are generally fresh. The average temperature is 27°C. The country has two seasons: rainy and dry. The first one goes from May to December with rains that allow receiving the warm sun rays during great part of the day. During the dry station, called "summer", from mid December until the month of April, the pleasant trade winds blow permanently.

Local time : GMT-5

Taxes : All purchases in Panama are taxed with a 5% of Personal Properties Transference Tax (ITBM), excluding this measurement are medicines, foods and scholastic equipments.

Currency : The Balboa (Balboas -- plural); 1 balboa = 100 centimes. The American dollar circulates freely being the rate of change 1 Balboa = 1 Dollar.

Electrical Current : 120V and 240V

Official Currency : The official currency of the Republic of Panama is the Balboa. Nevertheless the circulating paper money is the American dollar.

Gratuity : The gratuities are not included in the restaurants prices. It is custom to give between a 10% and a 15% of the total consumed.

License to lead : The visitors can drive up to 90 days with a foreign license. They will have to present their passport if they are request.

Schedules :

• Commerce: 9:30a.m. To 19:00 hours in continuously. The commerce is open also Sundays in schedule from 9:30 to 19:00 hours.
• Banks: 8:30 a.m. To 14:30 hours. The automatic tellers are in disposition of the users day and night. To see more Information
• Public offices: 8:30 a.m. to 16:30 hours.

Borders : 555 km total; Colombia 225 km, Costa Rica 330 km Coasts: 2.490 km.

Limits : At the North with the Caribbean Sea, to the South with the Pacific Ocean, to the East with the Republic of Colombia and to the West with the Republic of Costa Rica.

Earth area : 75.990 square km (29,340 square miles)

Territorial Sea : 200 nm

Ethnic Groups : 70% are racially mixed, 10% whites, 12% mulattos and 8% natives.

Population: (Census 2000): 2,839,177

Density of Population : 81 by square mile

Distribution by Age (%): 0-14 years 37,0%, 15-59 years 56,3%,

60+ 6,7% years

Literacy Rate : 90%

Constitution : 11 of October of 1972; reforms adopted in April of 1983.

Religions : more than 93% Roman Catholics, 6% Protestants. The National Constitution establishes "is free the profession of all the religions as well as the exercise of all the cults, without another limitation than the respect to the Christian moral and the public order".

Independence: Panama became independent from Spain the 28 of November of 1821; separate from Colombia the 3 of November of 1903.

National Days : January 1 - New Year, January 9 – Martyrs Day, 8 of February - Tuesday of Carnival, March 25 – Good Friday, May 1 – Work Day, October 12 – Columbus Day, November 3 - Separation of Panama from Colombia, November 10 - First Cry of Independence , November 28 -Independence of Panama from Spain, December 8 – Mother’s Day, December 25 -Christmas.

Government : Constitutional democracy centralized Republic.

Political division: 9 provinces and 1 Comarca; Chiriquí, Bocas Del Toro, Coclé, Colón, Darién, Herrera, Los Santos, Panama, Kuna Yala, Veraguas. Total Area: 78.200 square km (30,193 square miles).

Legal System : based on the system of civil law, judicial revision of legislative acts in the Supreme Court of Justice; accepts jurisdiction of international courts, with certain reserves.

Economic Profile : Panama is a country of services that have in Colón Free Zone, the Panama Canal, and the Tourism Businesses its more important economic activities. The exportation of manufactured goods in the country is less significant in relation to the contribution of the service sector to the economy. The tourist activity has enjoyed an increase in relation to previous years. There is a governmental policy directed to make of this activity one of the main ones within the national economy, by means of a better use of the abundant Panamanian tourist resources. In Panama exists a favourable atmosphere for foreign investments. There are several attractive factors for businessman as: the Panama Canal, the Colon Free Zone, the Panama Canal Authority and the Processors Zones, in addition to the use of the dollar as the legal tender money. That’s way, the investor finds unique advantages in our country for investments.