Panama Vultures Blog

As I sit here nice and dry in Panama City, I can’t quite believe the photos I’m seeing of the flooding in Boquete.

Boquete should be at the start of its dry season, yet the past week or so has seen it battered by freak, torrential rain. The Rio Caldera just cannot take this deluge of water, all in one go, and has swollen into a muddy, fast flowing torrent of water which has wreaked havoc on this usually pretty and idyllic area.

The last news I heard was that the bridge situated near the Panamonte Hotel had collapsed, local roads have flooded, some buildings have been swept away, over 300 people have had to leave their homes, a few people are missing and there is an urgent need for blankets and clothing, particularly for children.

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If you remember, a few weeks ago I told you about the various real estate hotspots in Panama and these hotspots included the beautiful city of Penonomé.

Not many people have heard of Penonomé. They’ve heard of Panama City and they might have heard of Coronado Bay and Boquete, but Penonomé is still a mystery to them.

Well, if you are trying to escape the recessions hitting the US and Europe, or you’re just looking for that perfect holiday home, you should definitely put Penonomé on your list of locations to scout out and investigate.

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Last week, I wrote about the celebrations planned for Panama’s Independence Day. This day marked Panama’s liberation from Columbia to become its own independent republic on November 3, 1903. Well, unfortunately, I don’t have any photos of my own to share with you, but you can see some great ones at the Panama News website, just click here to go straight to the photos of festivities in Panama City.

Panama Politics

In the weeks to come we’re going to be bombarded with news and information about President Elect Barack Obama as he readies himself to take over from George W Bush as President of the United States on January 20, 2009.

However, 2009 is also a big year in Panamanian politics with its general election scheduled for May 3, 2009.

President Torrijos

For those of you who are just beginning to learn about this fantastic country, Panama is presently governed by President Martín Torrijos and his Democratic Revolutionary Party (PRD). Torrijos became President of the Republic of Panama on May 2, 2004, defeating former President and leader of the Solidarity Party, Guillermo Endara, by 17 points.

Martín Erasto Torrijos Espino was born on July 18, 1963, and is the son of the former de facto leader of Panama (1968-1981), Omar Torrijos. After studying at Texas A&M University and graduating from Wisconsin’s St John’s Northwestern Military Academy, Torrijos became Panama’s Deputy Minister for the Interior and Justice before running as a candidate for the PRD in 1999 and then becoming President in 2004.

Highlights of his time in office have been:-

• His successful fiscal reforms – Torrijos reformed the ailing social security system as one of his key fiscal reforms.

• The Panama Canal Expansion Project – which Torrijos announced in April 2006 and which the Panamanian people approved by referendum in October 2006.

• Panama’s substantial economic growth and growth in tourism.

• Becoming Latin Business Chronicle’s Leader of the Year!

• Reaching Free Trade Agreements with Chile and the United States.

• Starting negotiations for a Free Trade Agreement with the European Union.

(Photo produced by Agencia Brasil)

General Election 2009

Recent news regarding the planned General Election in May next year, is that the former Housing Minister, Balbina Herrera, will be standing for the incumbent Democratic Revolutionary Party (PRD). Herrera fended off challenges from Juan Carlos Navarro, Mayor of Panama City, and Laurentino Cortizo, Deputy Agricultural Development Minister, by winning a primary held in September.

Some people have concerns about Balbina Herrera, due to her past links with Manuel Antonio Noriega, a previous dictator who controlled Panama from 1983 to 1989.

Herrera’s competition in the General Election are:-

• Juan Carlos Varela – Leader of the Panameñista Party

• Ricardo Martinelli – Leader of the Democratic Change Party, known in Panama as the Cambio Democratico (CD) party.

• Guillermo Endara – Leader of the Moral Vanguard of the Fatherland.

Herrera is said to be in talks with the Liberal Party and the People’s Party to see if they can agree on an electoral alliance. Herrera also hopes to presenting a draft government plan sometime this month. The plan is expected to focus on health, security, education, public transport and decentralization.

While the rest of the world’s eyes are on the US, waiting expectantly for the results of the Presidential Elections, Panama will be celebrating 105 years as a republic. Yesterday, the 3rd November, marked 105 years since Panama separated from Columbia and became its very own independent republic. Celebrations include parades (yesterday and today) on Calle 50 and Via España, starting between 8.30 and 9.00 a.m.

The Parades will consist of 29 student bands, majorettes and four independent bands parading Panama’s flag down the main streets. The flag is, of course, the symbol of Panama’s identity as an independent republic.

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This Panamanian mountain paradise came number four in AARP - The Magazine’s top 15 best places to retire in the world. AARP’s researcher’s chose the top 15 destinations based on various categories, including climate, political stability, cost of living, housing, cultural programs, health and medical facilities, safety and security, environment, communication and public utility. Boquete came number four after the Costa del Sol in Spain, The Cinque Terra in Italy and Provence in France.

Boquete Scenery

AARP is not the only company to recognize Boquete’s charms. Fortune magazine named five idyllic places in the world where you would be able to live like a king on your savings – Argentina’s San Carlos de Bariloche, Dubrovnik in Croatia, Panama’s Boquete, Merida in Mexico and Thailand’s Phuket.

So, what is it about Boquete that makes it such a retirement hotspot?

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This week, I’m going to introduce you to Panama’s Caribbean archipelago, Bocas del Toro. This chain of islands is located on the north-western coast of Panama and offers a tropical paradise, just a 40 minute flight away from Panama City.

These islands are fast becoming a popular destination with retirees, second home owners and younger expats who are looking for a new life, as well as tourists and eco tourists who are drawn to its protected Marine Park.

For real estate investors, or home buyers, there is a good choice of real estate on the market – beachfront properties, plantation properties, Caribbean Colonial style houses,  property with a dock for your boat, rustic houses and luxury island properties.

So, why should you consider Bocas del Toro for a holiday home, investment or for your new life? Well, where else can offer you:-

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The present global economic crisis is making more and more people re-evaluate their lives, their situations and their futures. People from the US and Europe, countries whose housing markets are in decline and whose stock markets are crashing, are having to reconsider their options. Some of them are looking to escape to countries where the grass is greener, where they can live for less, where they can actually afford to live a decent life.

Escape

So, what’s wrong with countries like the US and the UK?

• The Housing Market – Young couples are struggling to buy their first house because house prices have spiralled out of control. Families are struggling to make their mortgage payments and foreclosures are rising. In April, CNN Money.com reported that foreclosure figures in the first quarter of 2008, had risen by 112%, when compared to the previous year, and that 156,000 families had lost their homes during this time. Panama Legal reports that there were 1.4 million foreclosures in the US in the first 6 months of 2008.

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The US Credit Crunch and the huge bailout plan have sparked talk of a dropping dollar. Some even think the dollar may crash – a scary thought when Panama has a dollar based economy and you keep all of your money in dollar based bank accounts and holdings!

Are your eggs in one basket?

Are your Dollars Safe?

A further worry is that the FDIC, the Federal Deposit Insurance Corporation, will not insure you against losses sustained from a drop in the value of the dollar, only against financial losses from the closure of banks.

Remember also that the FDIC can go bankrupt because it is a private company! Are your dollars safe at all?

Another thing to think about is the fact that historically the dollar was backed by gold or silver, i.e. you could exchange your paper dollar note for solid gold or silver. Today, paper dollars are not backed by anything real and tangible, nothing of value – they just keep printing more and more paper money! Is the US asking for disaster?
So, what can you do to protect yourself against the dollar losing value? Read the rest of this entry »

One thing I love about Panama is its beauty. There’s not many places on earth that can offer:-

Panama Scenery

• Lush rainforests brimming with wildlife
• Unspoilt, palm tree lined beaches
• Magnificent mangrove habitats
• Cool mountain ranges
• Coral reefs
• Idyllic islands
• Imposing volcanoes
• Valleys of flowers and coffee

One great thing about Panama is that it protects its scenic areas. There are around 14 national parks, 10 wildlife refuges and a number of forest reserves which all protect the vast array of flora and fauna that Panama has to offer.

And what does the US MTV corporation do to Panama?

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As you probably all know, last Wednesday, President George W Bush welcomed Martin Torrijos, Panama’s president, to the White House. A press release from the White House gave a transcription of some of what was said in their meeting.

According to this transcription, they discussed bilateral issues, including the important Free Trade Agreement, which exists between the US and Panama, and President Bush commented on the strong Panama economy and congratulated President Torrijos on the Panama Canal Expansion Program.

Panama Canal

Now, living in Panama City, I know a fair bit about the Panama Canal Expansion Program, but some of you might not. Let me tell you more…

The Panama Canal Expansion Program

Why Does the Canal Need to be Extended Anyway?

The Panama Canal is a man-made canal that links the Atlantic Ocean and the Pacific Ocean. It was built so that ships would no longer have to risk the treacherous waters of the Drake Passage and Cape Horn, and it opened in 1914.

The canal was a huge success and it is currently used by over 12,000 ships every year, making it very important for international trade. However, the largest vessel which will fit through the canal’s series of locks is a Panamax and many of today’s ships are bigger than this and are unable to use the canal.

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