Panama Facts - Interesting Facts Abount Panama - Veneto Panama

Panama Facts and Information

Panama is situated on an isthmus and connects the north and south parts of America. It is a transit country and is also famous for being an international business center. Panama assumed full control of the Panama Canal in 1999, which was previously taken care of by the U.S. troops. It is one of the most developed economies in Central America and even incurs the largest expenditure on resource consumption. The economy of the country is basically service-based, heavily inclined towards banking, real estate, commerce, tourism, trading and private industries and most importantly, the operation of the Panama Canal, owing to its key geographic location.

Also known as the ‘bridge of the world’, Panama is a country where man-made wonders co-exist peacefully with nature’s glorious creations. With its biodiversity and its captivating natural beauty, rich culture, ample recreational facilities, well-organized infrastructure and modern amenities, Panama promises you a complete luxury filled holiday. 

Interesting Panama Facts

  • The most common and interesting fact about this country is the Panama Canal. It becomes interesting because of its complex engineering structure that makes it the most difficult and largest project ever undertaken. The Canal stretches 80 kilometers from Panama City on the Pacific coast to Colón on the Atlantic side. Providing passage for nearly 14,000 ocean-going vessels per year, it certainly is Panama’s pride.
  • Panama is the only place in the world where you can see the sun rise on the Pacific and set on the Atlantic. The canal is the waterway which joins the Atlantic and Pacific oceans.
  • One of the more common facts about the country is that it has set multi-world records in the area of bird watching and fishing, as it shelters more birds than United States and Canada combined. Panama also has the most diversified wildlife of all the countries in Central America. It is home to north as well as South American species.
  • Another one of the interesting facts about Panama is its currency. It uses the US Dollar for bills but the national currency is called Balboa. Bank notes are not printed, so since 1904 the US dollar has been the legal tender and US coins are interchangeable with Panamanian coins of the same denominations since similar sizes and metals are used. The dollar bill is called the Balboa, cents are centavos. Prices are often written with $ sign or B/.before the amount.
  • One of the lesser known facts is that Panama has large number of banking and financing institutions. Because banking forms part of its main economic activity, the country has several banking laws that protect business from foreigners. The total number of these banking laws is 40 and this includes banking privacy law and foreigner to local equality laws.
  • Although it is the most industrialized country in Central America, real estate is really affordable. Panama has the lowest population in the Central America, though being the most industrialized country in Central America. Around 70% of the population is a mixture of Europeans and Native Americans.  Panamanians speak mostly Spanish although most can relate to English.
  • Panama elected its first female President, Mireya Moscoso, in 1999. She was the President from 1999 to 2004, representing the Arnulfista Party.
  • One of the most intriguing facts about this country is that Boquete is one of the best destinations for retirees as per Modern Maturity magazine. Basically, there are many real estate buyers and investors in Panama that are retirees. They enjoy the affordability and tax incentives in Panama for real estate. 
  • This exquisite country has the second largest duty free zone in the world. It also has the second largest registrant for offshore companies, after Hong Kong.
  • The Panama Railroad was the most expensive railroad ever built, as it cost 8 million dollars and took 5 years to build. More than 12000 people died in the construction of the railroad. At one point of time, the shares of the railroad were the highest priced stock on the New YorkStock Exchange, at $295 per share.
  • These Panama facts make this holiday destination even more appealing. Visit Panama for a perfect holiday with your family and friends!