Panama Pacifico

Panama Pacifico - world-class commercial, business and Residential hub with Special Economic Incentives
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Property Details

Property ID
1995
Status
For Sale or Rent
Location
Panama Pacifico
Property Type
Commercial Space
Sale Price
$ 0
Rent Price
$ 0
Title Status
Property Title
Date Published
Dec 4, 2008
Updated
Oct 29, 2010

Property Description

Come join the ranks of such companies as Dell, 3M, Cabo Drilling Corp. and Caterpillar, to name a few who are currently based out of Panama Pacifico!

The vision for Panama Pacifico is of a world-class commercial and business hub with highly sought-after residential areas and quality tourism and leisure facilities – all within an ecologically inspired landscape of lush, tropical forest, hills, mangroves and wetlands. In this thriving, quality-built new community, people can do it all – live, work and play.

The development is targeted to create 40,000 jobs, 20,000 new homes and apartments, and one million square meters of commercial space.

The setting for Panama Pacifico is the 1,400-hectare site of the former Howard U.S. Air Force Base, located at the mouth of the Panama Canal and the Pacific Ocean.

Panama Pacifico is part of a special economic area – or ‘free zone’ – with specific benefits that ensure the viability and success of companies that build or relocate on the site.

Advantages of the special economic area created by Tax Law 41 include:

  • Streamlined Process:
    • A single, onsite government office fast-tracks the process of establishing a business in the area. This ‘one-stop-shop’ streamlines coordination of 15 government offices into one location, including all visas and work benefits. This saves considerable time and money for companies.
  • Tax Benefits as listed in Tax Law 41:
    • Exempt from import duties (unless goods are sold within Panama)
    • Income tax exemption for specific business activities
    • VAT/ITMBS (sales tax) exemption for specific business activities
    • Dividend tax exemption for specific business activities
    • Exempt from withholding tax on interest income for companies in the area, and on payments made to foreign creditors
    • Exempt from license tax
    • Exempt from real estate property tax
    • Municipal tax stability guaranteed for 10 years from date of registry
    • Exempt from withholding tax on royalties paid to foreigners for specific business activities
    • Exempt from capital gains tax on company stock transfer
    • Exempt from stamp tax
    • Exempt from special interests compensation fund (FECI), if the loan is for foreign operations financing.
  • Labor Benefits
    • 25 percent fixed surcharge for overtime
    • Negotiable weekly resting day
    • Companies may remain open on Sundays and holidays
    • Vacations are negotiable with employees
    • Fluctuation in market conditions or demand are cause for labor contract terminations
    • Allowance for foreign workforce of 15 percent, with exemptions made for additional hires that train Panamanians
  • Immigration
    • 5-year ordinary work visas
    • 3 to 5-year special visas
    • 5-year investor visas, with investment of $250k
    • Family visas extended to spouse, dependents and financially-dependent parents
    • Tax-free import of up to $100k of personal items

International Business Park

The International Business Park at Panama-Pacifico is a 26-hectare, Class-A business park, planned for about 100,000 square meters of office and flex-distribution development. The IBP, which is essentially in the center of Panama Pacifico, is designed for headquarters, call centers, offices, distribution, and light assembly companies. Designed to international standards by world-renowned firm Ware & Malcomb, local and international companies desiring to relocate or establish a new office in Latin America as part of their global operations will find the IBP in Panama Pacifico ready to meet their needs.

Construction will begin November 2008, available for occupancy in 2009.

Business advantages of the IBP include easy access to Panama City and the world beyond, an on-site airfield for executive travel, immediate availability of all utilities, flexible spaces for businesses to expand, and adjacency to Panama Pacifico’s Town Center. In addition, businesses can take advantage of Panama’s status as a Special Economic Zone, providing significant tax, legal, immigration, customs and fiscal benefits to companies.

Another benefit is the fact that the IBP is not just a business park. It is a part of a new community, surrounded by forest and incorporating extensive green spaces, that is being built with residential units for employees of all income levels, along with restaurants, retail, recreation and other amenities.

Panama-Pacifico is truly an ideal place to live, work and play!

A Vibrant Town Center:  Commercial, Business and Residential

The Town Center will be a vibrant mix of commercial enterprises, retail establishments, residential units and green spaces – all designed to be easily walkable.

The Town Center will revolve around an expansive central park, which will gracefully spill into numerous inviting community plazas and walkways. Town Center shops, restaurants and parks will be popular gathering places for workers relaxing over lunch, shoppers taking a break and residents soaking up the sunshine. The intimate streets will be framed by multi-story buildings with shops and restaurants on the first floor, and offices or apartments above, creating a lively atmosphere throughout the day and into the evening.

Clustered around the Town Center’s central park will be a generous mix of high-density apartments, townhomes and condominiums, as well as a nearby business hotel and offices. Apartment dwellers here will enjoy their own private gardens and semi-private courtyards will be dotted throughout. Every resident in the Town Center will enjoy two parks within a five minute walk from their front door.

Green spaces and parks will weave through the residential neighborhoods adjacent to the Town Center. And, in keeping with the hallmark of Panama Pacifico, the entire area will be connected by attractive walkways and trails, with ample street lights and beautiful landscaping, to encourage easy walking, jogging or biking between all locations. In addition, there will be areas and parks where people can gather to enjoy the day.

Construction of Panama Pacifico’s downtown core begins in first quarter 2009.

Panama Pacifico is a strategic location - at the center of the world.

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