Panama Pacifico Development Outside Panama City

Panama Pacifico

Sept. 20, 2009
Casco Viejo, Panama

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Dear Overseas Opportunity Letter Reader,

While, as we've been reporting, the Panama City property market has softened considerably in the past 18 months, and while this country won't see anything like the double-digit economic growth figures that it has enjoyed in recent years in 2009, if you're convinced the entire world is mired in near-depression, I urge you to get on a plane and come on down here to the Hub of the Americas.

Take a stroll along Panama City's brand-new bay-front pedestrian area and parkland, busy nearly any time of day or evening with Panamanians biking, jogging, roller-blading, and meandering with their children, enjoying the fruits of what started as a center-of-the-city highway-expansion project and became, before it was finished, a downtown beautification effort that has transformed central Panama City from a gritty, noisy, congested region you wanted to avoid into a grassy, palm-fringed, even peaceful oasis this city's residents are seeking out in greater numbers every day. Panamanians are proud of this well-lit, well-maintained, and surprisingly clean (crews are out every morning picking up garbage and tidying the landscaping) malecon they've built, as they should be.

And this isn't the only example of little Panama investing in big infrastructure undertakings. You know about the far more mammoth expansion effort this country launched two years ago: that of the Panama Canal, to allow bigger, 21st-century-sized ships to make the passage.

You may be less familiar, though, with another massive venture also currently under way in this country: the redevelopment of the former U.S. Howard Air Force Base. London & Regional (L&R), one of the largest private property companies in Europe, has been signed on as master developer for one of the biggest development deals ever recorded. L&R isn't building a new business center or a new residential community; they're building a new city 15 minutes outside Panama City, the new Panama City, Panama Pacifico. This is a 40-year, minimum US$700 million, 1,400-hectare project to include a million square meters of commercial space, 20,000 new homes, retail centers and hotels, schools and places of worship, parks, other recreational amenities, and a golf course. It will create 40,000 new jobs.

Setting up shop in Panama Pacifico's commercial center means you enjoy legal, customs, immigration, labor, and tax benefits, even the potential to operate free of Panama taxes.

But, as I said, Panama Pacifico isn't a business park. And, lately, the opportunities that this Panama city-to-be is offering are coming up in all kinds of contexts.

Our 9-year-old son, Jackson, attends Panama City's Paul Gauguin French school. When he began at the school a little more than a year ago, total enrollment numbered 70 students. This year, there are 170 students, from preschool to baccalaureate level. How are all these kids fitting inside that little school house, we've been wondering since we attended the start-of-year meeting and learned of the tremendous and continuing growth the school is enjoying.

Not so comfortably, of course, is the answer. At the first Parent Teacher Association meeting of the year last week, the director of Paul Gauguin explained that the school has an expansion plan of its own. It has negotiated new space at Panama Pacifico. Starting in January, Jack and his fellow students will be matriculating in a new three-story building with not only dramatically increased classroom capacity, but also a library, a cafeteria, a swimming pool, and a big playground.

More on the ambitious growth undertaking that is Panama Pacifico soon. Meantime, take a look here: www.panama-pacifico.com.

Kathleen Peddicord

P.S. One-hundred more French-speaking kids in Panama City this year than last? We don't understand it either. The truth is, everywhere you look in Panama, expansion and growth are the order of the day. Best current opportunities in this country that seems to be side-stepping the global near-depression? Global real estate investing expert Lief Simon will detail those at his Third Annual Global Real Estate Profits Summit next month. Details here.

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Americans are taking control of their retirement funds to own property in Belize and elsewhere.

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• "The philosophy at Carmelita is simple," writes Belize Correspondent Phil Hahn, speaking of his most recent development undertaking, in this country's beautiful, welcoming, and under-valued Cayo region. "We're providing an affordable place for people to live a healthy and happy lifestyle. And we're launching this new opportunity at a time when these back-to-basics values have more resonance than they have in decades.
  
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• "The falling markets worldwide are creating crisis buy opportunities for both personal use and investment," writes resident global real estate investing expert Lief Simon.
  
  "But...invest in a piece of real estate in another country? How do you get started? Here's my guide to shopping for a property investment in another country: How To Buy Real Estate Overseas, Part I...and How To Buy Real Estate Overseas, Part II...

• Go local...or not?
  
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  Is the thought of that appealing, exciting, and invigorating? Or terrifying?...

• "In France, Back to School is known as 'La Rentrée.' It's an infectious time, starting at the end of August and continuing until the second week in September," writes France Correspondent Lucy Culpepper.
  
  "La Rentree is not just back to school but also back to work, back to organized sport, back to getting in shape, getting your house in order, and starting afresh after the long, lazy summer. It feels more like New Year's than the beginning of September..."