Day 233 Tuesday (Martes) - Panama City
Panama has seen a boom in economic activity over the past decade and couple that with the growth of the banking system here it becomes a win win for anyone looking to make better use of their hard earned savings. The latest report by the Fitch Ratings Agency has rated banks well in Panama in recent months. Global Bank Corporation will increase the National qualification in Panama to A+ with a stable outlook. The increase in the rating is attributed to significant improvement in levels of capitalization and supports the expectation that it will be sustainable over the coming years.
With the banking system being stable and interest rates ranging from a low of 2.5% for you basic bank savings account up to 8.5% for a 3 year CD it makes sense to me to get your money growing again and move some of it here.
Also remember, the USA has the HIRE ACT that takes effect Dec 31, 2012 which includes as potential 30% exit tax if you decide to move money out of the states after that date. So if you are a US citizen you may want to think quickly on this decision.
Is Panama The New America
Panama fun facts.
1 - Panama has NO hurricanes
2 - Panama has a thriving Metropolitan city in Panama City
3 - Panama has secure banking institutions
4 - Panama has a climate for everyone, city, beaches, mountains
5 - Panama uses the US Dollar as its currency
6 - Panama is a short flight from many major cities in the USA
7 - Panama has many English speaking folks, Spanish is the main language
8 - Panama welcomes foreigners to live and work.
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