Cloudy Skies in Panama
October 26th, 2007
Readers seem anxious to point me to this new Manu Cron Article in the Escape Artist, perhaps knowing that I linked to Cron’s last article. I can’t say I have given the new article a close read, though I promise to this weekend. I hope some other readers, and especially Panama residents, retirees and hopefuls will too and let me know what you think.
I have been dwelling on the subject of Panama’s less-savory side recently because Client Services forwarded me a very intelligent email that they received on the just the same subject. Maybe it is time we revise everything we’ve been thinking and saying…
We love Panama, but this bubble may be about to burst; given the exaggerated “hype” about the features and benefits that attract North Americans to Panama. We WANT Panama to succeed and continue it’s progress toward becoming a haven for “Boomer” retirees (or anyone else), but fear that growth is threatened by unscrupulous promoters, greedy builders, and a government that tolerates BOTH, far too much! […]
If you tell the truth about what they will find here, Panama (and Mexico, for that matter) STILL has a solid case for relocation from N. America, Europe and beyond. BUT, if promoters continue to exaggerate the claims of
- how much English is spoken here
- the quality of the beaches and buildings
- the cost-of-living differences
- and the readiness of Panama to build infrastructure to support an incredibly fast rise in population…
about 97 of every 100 people who get off the plane for an exploratory visit will not only never return, they will “enthusiastically” criticize the “Panamanian phenomenon.” (We are observing the increasing number of “returnees” who are doing just that. And THAT spells “crash” for the building boom here.
IF promoters “tell the truth:”
- You DO need to learn Spanish to function well here
- the Pacific Beaches are NOT pristine, you must go to the islands on the west coast or the Caribbean for good snorkeling
- the “cost-of-living” differential disappears IF you live and shop in Punta Pacifica, and life outside the city is for the adventurous and independent [there are lots of us],
- and Panama’s utility and transportation infrastructure are stretched to their limits…
BUT there are plans and CONTRACTS in place to address those issues… THEN those with a brain and realistic expectations WILL come, stay, invest, and contribute. We think THAT is Panama’s [Latin America’s] best strategy for continued growth and long-term prosperity. THEN of every 100 who visit (with realistic expectations), you can expect a much higher percentage to STAY!
Panama (Central America) has a solid case for relocation/investment WITHOUT the hype - climate, great people, pace-of-life, and a reasonable cost-of-living differential - to attract boomers and investors globally. You don’t NEED the hype!
Again, there will be more on this topic next week. I would love to hear from more readers and expats and people in Panama. Lengthy comments will be re-posted, or if you want to send me an email I will be happy to consider posting it here. -editor[@]livtopia.com
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Entry Filed under: Living in Panama, Other Blogs We Like, Comparing Cultures, Retiring in Panama, Panama
13 Comments Add your own
1. Ann Hench | October 26th, 2007 at 4:55 pm
Years of real estate and tourism biased promotions regarding Central America and Panama have caused unrealistic expectations, trying to attract investors, flippers and real end users, the baby boomers. Truth is that violent crime rates in Latin America are the worst worldwide. Mexico, Costa Rica and Panama do not escape from this awful situation caused by growing poverty and drug consumption. Real estate speculation is a growing trend that will end affecting sustainable economic growing. Most boomers are not stupid as some profiteers seem to think!
2. Robert Clamsey | October 26th, 2007 at 5:41 pm
Dear Editor:
I think that you have honestly referred to some issues of the whole problem: the real estate bubble and the raging speculation skyrocketing sale prices; the unrealistic hype and so on, but what about the violent crime index? Miami or Saint Louis crime index are much lower than that of Panama and/or Central America, including Mexico, one of the worst rated countries as per Nations Master or CIA Factbook. Check it by yourself. Besides, US Crime reports are a lot more accurate that any of those countries’ sometimes doctored reports. You may know that. What about the surrounding poverty? Official corruption?
3. W Salmon | October 26th, 2007 at 11:09 pm
Soon I will be one of the “returnees” that after two years living in Panama City have decided that it’s time to pack. Fortunately, I did not commit the mistake of buying real estate. Renting is by far a much better way to find out if Panama could really fulfill one’s needs. I concur with Manu Cron that the traffic and infrastructure is maddening here and closer to Hades than paradise. Besides, what’s the point to save some bucks while lacking in personal security? The newly exposed Panama City violent crime rates are really appalling. I can truly guarantee that Panama City relates to Miami as an ape relates to a man. Local developers, brokers and flippers have surely spent big bucks to create a monstrous hype.
4. Steve Lieberman | October 27th, 2007 at 4:24 pm
I have been reading the stats on crime and was wondering if that
extend to David and the areas close to Costa Rica? If someone
could enlighten me on this it would be appreciated.
What about renting longterm in David? Is it expensive for a
house? Please feel free to email me @ sjlpi@yahoo.com
Thanks,
Steve
5. Tito Cool | October 27th, 2007 at 7:37 pm
Once more Manu Cron hit the nail in the head. Some may feel outraged, but they should better believe that the truth will set them free.
John Boorman, Director of the film The tailor of Panama, declared:
“You know, the book was translated into Spanish and widely read there (Panama). So I encountered quite a bit of hostility from the Panamanians because they were wounded by this description of them. More so because it was closer to the truth than they would like. But what I found there is what’s in the film. Which is: Panama City is a money-laundering, drug-running place with all these banks that’s totally corrupt. And their canal is this vital gateway. It’s a very steamy mix. Also, it’s the brothel capital of Central America.”
6. Tito Cool | October 28th, 2007 at 11:01 am
It’s about time that those dedicated to sell Panama, Costa Rica, Mexico and Central America as the best retirement “Paradises” in the whole world, which for the most part are trying to sell overpriced real estate, come out clean! The region crime rates are simply shocking, as well as the poverty and corruption indexes. Real estate prices are totally disconnected with the high insecurity, corruption and cracking infrastructure. Keeping quiet and hiding factual statistics equals to be siding with hustlers and unscrupulous promoters, which are only motivated by profits.
“Panama City: Enter the Dragon” is sounding a bell that is finally reaching those many which have been heavily bombarded by a lying hype, mostly paid off by real estate promoters. Taking advantage over old pensioners is a regrettable thing to do!
7. solomon | October 29th, 2007 at 12:00 am
Oddly, most magazines have totally ignored the statistics about the so-called Central American “paradises.” Money from real estate promoters has blind-folded most journalists and editors, including AARP magazine. Many websites are truly deceitful about Panama, Costa Rica, Mexico and Honduras, while promoting them. If you do a goggle search about Pinkerton and Panama, you will find plenty of real estate and tourism sites still saying that Pinkerton rates Panama as a high security place for tourists! It’s simply shameful!
How USA and Panama compare regarding violent crime and murder:
USA murder per capita rate: 0.042802 per 1,000 people. One murder per 24,000 persons.
Panama City murder per capita rate: one murder per 3,300!
Does it seem that they are close or even?
8. Anne | October 29th, 2007 at 3:08 pm
Those saying that Miami or Saint Louis are just as frightening places as Latin American metropolises should better read the official statistics from the Federal Bureau of Investigations (FBI):
The rate for murder was 5.7 offenses per 100,000 inhabitants in 2006: 0.057 murders per 1000 persons. USA murder per capita rate: One murder per 18,000.
http://www.fbi.gov/ucr/cius2006/data/table_01.html
Greater Miami Area. Murder per Capita rate: 0.099 per 1000 persons. One murder per 10,150 persons. http://www.fbi.gov/ucr/cius2006/data/table_06.html
Saint Louis, Mo: 0.066 murders per 1000 persons. One murder per 15,200 persons.
The Republic of Panama, population 3,320,000, reported 354 murders in 2006. Murder per capita rate:
10.6626 per 100,000 persons. 0.1066 per 1000! One murder per 9,400 persons!
Panama City: one murder per 3,300! Panama City murder per capita rate is three and four times greater than Miami’s and Saint Louis respectively.
9. James | October 29th, 2007 at 4:54 pm
i am still thinking about it, but i don’t even want to visit St. Louis or Miami, nothing against the good people in either place.
10. Ismael Gerli Champsaur | December 6th, 2007 at 8:03 am
No questions to be asked. Panama is perhasp the best option in Central America for those retierees that which to live in relative peace and enjorment without the impositions and rules of a lawful Americna System. Not meaning Panam doesnt have ruels, but enough to enabel a peaceful respectful modern life, withoutloss of identity like in the US.
Most of the promises and nice words about panama realtor say dreams that become true, there are exemptions, but the rule is inclined to be positve.
www.gerlico.com
11. Howard Oliver | April 7th, 2008 at 1:24 pm
If you are in Toronto in the next little while you should visit PanaExpo, a consumer/trade show that is looking to promote Panama real estate to retirees. The show will feature all that panama has to offer in terms of culture, vacationing and investment opportunities.
The event will take place at the TORONTO CONGRESS CENTRE, Hall E, 650 Dixon Rd, Toronto, Ontario
oMay 2 – 4, 2008
Register online for free admission at www.panaexpo.com
Howard
12. Gerli &Co Ismael Gerli Panama ship registration | May 1st, 2008 at 4:02 pm
Gerli & Co. focuses on providing accurate and efficient services for its clients.
The firm provides for the registration of ships in Panama, yachts and trademarks, deals with all kinds of commercial matters and offers a full range of related legal and administrative support services including:
Panama Trusts
Offshore Companies in Panama
Estate Planning
Vessel Registration
Panama Admiralty and Maritime Law
Private Foundations
Investments and Business in Panama
Inmigation an Naturalization
Hong Kong Offshore Companies
Ship Registration in Panama
13. monchito | August 9th, 2008 at 6:22 pm
http://www.elperuano.com.pe/edc/2005/09/05/pol5.asp
http://www.cajpe.org.pe/cronolog/enerope8.htm
La fiscalía descubrió una red de seis cuentas bancarias y empresas que utilizaría la familia del ex comandante general de la Marina almirante AP (r) Antonio Ibárcena Amico para esconder más de 4 millones de dólares de procedencia ilícita. Las cuentas fueron localizadas en Estados Unidos, Panamá, Brasil, Luxemburgo y Alemania, y aparecen relacionadas con las empresas Southland Securities INC, 2K Technologies S.A, Detroit Diesel-MTU Perú SAC, MTU Friedrichshaffen GMBH, Química Gamma y Village Ventures LTD, a través de las cuales se buscaría ocultar la identidad de los verdaderos titulares. Tras confirmar esta información, el fiscal anticorrupción Jorge Cortez Pineda procedió a denunciar a Antonio Ibárcena y su hijo Marco Antonio Ibárcena Dworzak por delito de enriquecimiento ilícito. La denuncia fue recibida y es evaluada por el juez especial Jorge Barreto Herrera. Según información judicial, el International Prudential-Bache Limitado de Luxemburgo informó de la existencia en esta entidad de la cuenta Nº 52433 a nombre de la empresa Southland Securities INC y cuyo beneficiario es Ibárcena Dworzak. La cuenta fue abierta en octubre de 2000, por intermedio de la compañía panameña Sucre, Arias & Reyes, a través de Ramón Anzola R. Inmediatamente, se depositó 1′011,760.84 dólares, a través de tres transferencias que se realizaron en la misma fecha. Un depósito de US$ 448,785.84 provenientes del Banco Bilbao Vizcaya Argentaria por disposición de 2K Technologies S.A.; otro de US$ 323,000 del Ocean Bank de Miami, Florida por orden del Detroit Diesel-MTU Perú, y uno más de US$ 239,975.00 del Deutsche Bank AG Revensburg en Alemania, a pedido de MTU Friedrichshaffen GMBH
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