Panama Pacifico is an area of 3,450 acres of land situated on the western bank of the Panama Canal, just across the Bridge of the Americas, and 15 minutes away from downtown Panama City. It has direct access to the Pan American Highway, connecting Panama to Central and North America and is 45 minutes from Tocumen International Airport. It is also only an hour from the largest container port complex located in the Caribbean Sea.
Forbes has called it the “Most Audacious Real Estate Project in the World.” A fitting title, as it is in fact much more than a Special Economic Area. Development numbers include 20,000 houses and apartments, the creation of 40,000 jobs and 1 million m2 of commercial space in tandem with parks, malls and hotels. There are segregated areas for flexible warehouse and distribution centers, manufacturing facilities, offices as well as residences. Below, we offer a glance at just some of the benefits your business can avail in Panama Pacifico.
- Benefit from exemptions from all direct and indirect taxes. No federal tax to the Republic of Panama for corporate headquarters or back office operations. 10 year consistency for all tax benefits.
- Tax exemptions for transferring goods and providing services between the ports, to ships and passengers, to petroleum free zones, to other companies, to government agencies in the zone, and to London & Regional Panama Company (Master Developers).
- Vast offshore services and benefits available.
- Transfer pricing models are easy to establish to maximize profit allocation.
- Experience in logistics and carrying out of various triangulation supply models.
Labor & Living:
- Onsite government office (One Stop Shop) – up to 11 government offices in one easy location. Carry out all procedures without leaving Panama Pacifico area. Includes customs office with 24/7 availability.
- Companies may remain open on Sundays and holidays and negotiable weekly resting day. Fixed overtime unlike sliding scale elsewhere in the country. Allowance for foreign workforce of 15%.
- Immigration ease: Workforce visas (including family visas) obtained at One Stop Shop. Visas for 3 to 5 years instead of only 1 year elsewhere in the country. 5 year investment visas for investments over 250K. Tax free import of up to 100K of personal items per employee.
- Onsite submarine telecommunications loop (5 submarine fiber optic cables connecting through the zone) for global and unlimited communications. Unbeatable connection times and costs through choice of 9 telecommunications carriers.
- Enjoy working in a politically stable and safe country.
- Benefit from moderate weather conditions year-round and no extreme weather conditions and living among rich biodiversity. Take advantage the best infrastructure available in Latin America with state of the art offices meeting international standards.
- A Higher Learning Centre offers training for your personnel to build your human resources and talent.
- Multitude of entertainment centres, cinemas, hospitals, schools and other amenities for employees and their families.
- The zone uses public and private partnerships for development, ensuring effective policy compliance with the relevant regulatory frameworks.
As one of the most important projects of the Panamanian Government, the zone is consistently attracting foreign direct investment and catering to the development of various industries. The entire planned project is expected to be worth $10 billion by the time the development is completed, more than half of Panama’s gross national product. It has already become the zone of choice for multinationals, evidenced by the more than 200 companies already present and operational (3M, BASF, Caterpillar, Dell, KPMG among many others).
Since ILC shifted to the zone, we have benefited from lower costs and wide ranging incentives that we have been able to pass down to our customers. Bureaucracy has been simplified as the One Stop Shop provides customs and legal processes that are efficient and in an ideal location. There exists an ease of doing business that is fully in line with our focus on transportation and logistics services as well as fulfilling our customers’ vision. To learn more about how we can pass on the zone’s benefits to you and your business, contact us today or come and visit our on-site facilities.