One of the most beautiful parts of Panama is Bocas del Toro, which is situated on the Atlantic coast of Panama, close to the border with Costa Rica. This peaceful island community still has unspoiled beaches, crystal clear waters, palm trees and fruit trees in abundance. The islands are easily reached by several airlines into the International airport, or by road from David and then by ferry to Bocas Town on the Island of Colon. Bocas Town offers all the amenities and shops needed for a modern-day Robinson Crusoe, if that is your dream.
Travel between the island communities requires a private boat or water taxi. Several companies provide regular deliveries from Panama City to Bocas of foodstuffs, building supplies, books, furniture etc. Due to its large ex-pat population, English is widely spoken here.
Amazingly, lots are still available with water views for less than $100,000. If you prefer a turnkey property, there are many wooden chalet-style homes available for under $200,000, and in some cases that includes furniture. Generally these homes have 2 or more bedrooms, a living room, a modern fitted kitchen with appliances, and a terrace for outdoor living. Electricity and the Internet is generally available, however the water here is generally considered unsafe to drink.
Whether you are looking for a get-away vacation, or a long-term property investment, Bocas is a must-see. And think what a great address it would be, if you lived on “Red Frog Beach”!
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This article was written by Horacio Trottman, Carmen Boyd and Jahiro Polo and was originally published in the Panamanian newspaper “El Siglo“ on 25 May 2007. Back in May there was a burst of interest in these issues which has since died down somewhat. People who see themselves as victims of land-grab schemes constantly try to get journalists interested in their personal situations as a way to pressure government officials into action - they want to draw as much attention as possible to their accusations and complaints. Most notably, TVN Channel 2 sent a crew to Bocas del Toro and they shot an entire week-long special series. On the day that the series was supposed to air, TVN’s national signal went down. They ended up only showing the first of five segments, and the other four were never broadcast. The people in Bocas del Toro who have been impacted by these kinds of shenanigans are constantly looking for more press, and on the other side those who are paying off politicans and buying influence are no longer answering my telephone calls or emails. Oh well, that was kind of expected… (more)
Editor’s Comment: As you read this article please keep a couple of things in the back of your mind. For starters please remember that Jean Morales originally intended to sell only 35 of her 90 hectares of land. She is an illiterate indigenous Indian on Cayo de Agua. There is no doubt she did receive $100,000 in payment for the 35 hectares of land, that part of the deal is not in dispute. Jean Morales “signed” the Rights of Possession documents with her thumb-print, which is commonly done on the islands in Bocas del Toro when dealing with illiterate Indians. At the time of the transaction she did not receive a copy of the documents - she just put down her “thumb print” and the people left. Now supposedly I am told of a mystical and magical document which has appeared which supposedly bears the “signature” of Jean Morales. According to the stories I’ve heard (and, I have not yet seen a copy of this document) the document with her “signature” says she really intended to sell the entire 90 hectares for $100,000. Of course, this would be a miracle in the truest sense of the word because because Jean Morales has never signed any document in her entire life, ever! I call this the “Bocas Miracle.”
The Other 55 Hectares: Ricardo Palacio is the lifetime partner of Jean Morales. They were never married but lived together on Cayo de Agua for more than 40 years. While Jean Morales sold the 35 hectares to Cirilo McSween, the Rights of Possession over the other 55 hectares passed to Ricardo Palacio. He since passed them to his daughters Florencia and Cecilia Palacio, and his granddaughter Roxana Smith. These women still live in wooden shacks on this land today. It is common practice in the islands to sell the land to the “gringos” then to move inland (beyond the newly established land boundary) and set up housekeeping there. Now, lawyers for Cirilo McSween, specifically the same Carmen Sosa mentioned in this article, are going to Cayo de Agua and threatening to burn down the houses of Florencia Palacio, Cecilia Palacio, and Roxana Smith. These are poor illiterate Indian women who live with babies in the jungle in shacks made out of wood and straw roofs. Nothing illegal or immoral about that, no way…
What I’m Going To Do Next: I have asked the Palacio family to get me copies of the original documents bearing the famous “thumb print” of Jean Morales, which I am told both exists and is apparently available. In addition I intend to interview a Mr. Andino Archibald, the man who supposedly served as a trusted negotiator and facilitator for Juan Conquet on behalf of Cirilo McSween for the land purchase with Jean Morales. As the story goes, Jean Morales trusted Juan Antonio Conquet because of the presence and participation of Mr. Andino Archibald, a man trusted by the Indians. According to the Indians I spoke to on the island, Archibald is widely respected and trusted, and he will supposedly collaborate the story being told to me by Florencia Palacio, Cecilia Palacio, and Roxana Smith. Specifically, he will supposedly collaborate the part of the story saying that Jean Morales only intended to sell 35 hectares of land, and to keep the other 55 hectares for the rest of her family and the daughters of Ricardo Palacio.
More To Do: Next, I plan to interview Jean Morales herself - the woman who sold the 35 hectares (not 90 hectares) of land on Cayo de Agua. Then, I intend to obtain a copy of the document which supposedly bears a “signature” of Jean Morales for the purchase of this land, and I will show it to her. If she says it is a fake or forgery then I will help her take that claim to the PTJ and the prosecutors of the Public Ministry.
What About Daniel Ayora? In this article Cirilo McSween’s “Edict”, which is really just a public statement of his intention to try to obtain a concession to develop these lands on Cayo de Agua, talks about the extension of the land he wants to develop. In this “edict” are included the lands owned by Daniel Ayora who obtained Rights of Possession over (just) 3 hectares of land in 2003 for $30,000. He’s been there ever since, continuously developing the land and improving his stake. McSween’s “Edict” completely ignores the fact that Ayora exists, and equally ignores the fact that no two people can hold the Rights of Possession over the same land. McSween apparently intends to “grab” Ayora’s land as well.
Nothing Illegal or Immoral: When I spoke to Cirilo McSween on the phone he said that “I have done nothing either illegal or immoral” with regards to the manner in which he obtained the Rights of Possession over the lands he now claims to be his on Cayo de Agua. I have in my hands a document from the President of the Regional Congress of the No Kribo Region of the Ngobe Bugle Indigenous Reserve which represents the interests of several families of indigenous Indians on Cayo de Agua. Specifically the letter, dated 16 January 2007, specifies Juan Antonio Conquet, Carmen Silva, and Cirilo McSween as being involved both directly and indirectly (intermediaries) in illegal land sales on the island. This letter was addressed to Lic. Monica Perez as the “Defensoria del Pueblo”. It appears that Cesar Salazar, the President of the Regional Congress of the No Kribo Region of the Ngobe Bugle Indigenous Reserve, as well as Javier Selle (Secretary) and Clemente Jimenez (Legal Commissioner) all would disagree with that whole “nothing illegal or immoral” claim.
Not All Lawyers Are Created Equal: One more thing you should know - Carmen Sosa is also the lawyer for Cinco Cruces de Oro (a.k.a. Six Diamonds Resorts International (SDRI), Landbridge Holdings, and Frank Delape.) She’s also representing the guy who stabbed and killed a guy in a bar fight last week, because he was a Cinco Cruces de Oro employee. Sweet, lots of work for Carmen thanks to the gringos in Bocas. She’s driving a nice, new car. So is the Mayor of Bocas del Toro, by the way. Oh, almost forgot - Carmen started out as the lawyer for Dario Vanhorne but that relationship turned south when she jumped ship to the “other side” and started working for Cinco Cruces de Oro, and then promptly went to work to take Wild Cane Key away from Dario Vanhorne. Not a whole lot of respect for client - attorney privilege in Bocas, eh? Hey, where’s the Panamanian “dudes who hold law degree” association on that one? No conflict of interest thing there?
More to Come from Cayo de Agua: Obviously there’s a lot more to do there. I really don’t understand why people, investors of any stripe, can’t just come on down and play by the established rules. Daniel Ayora has no problem with Cirilo McSween’s claim to the land around his - but he has a serious (really serious) problem with the fact that Cirilo McSween apparently wants to take his land away. The Palacio sisters have no problem with the 35 hectares of land Jean Morales sold to Cirilo McSween, and they wonder why he can’t just do whatever he wants on that land (and leave them alone.) Why the “grab and greed” mentality? Basically, they don’t get it. And, all of these kinds of shenanigans make everyone else nervous. Basically anyone and everyone who is sitting on Rights of Possession land anywhere in the entire Bocas del Toro archipelago is watching this entire process like nervous fish because they want to know if they might be next.
Panama City - Wake the %uck Up! I keep waiting for the politicians and government officials in Panama City to take this bull(shit) by the horns, but so far the response has been lukewarm to say the least. Back door PTJ sources indicate they already have “enough information to put everyone in jail.” If that’s the case, then why has it not happened? What, exactly, are decision makers waiting for? Maybe they are waiting to see just exactly how much crap I can dredge out. Next stop, the offices of the Public Ministry…
Who Is Paying For This? For the most part those people who want me to help them bang the drum for justice. Daniel Ayora drove me down to Cayo de Agua in his boat, for example, and spent about $50 in gas. Dario Vanhorne takes me out to Wild Cane Key every time I’m in Bocas del Toro so I can take pictures of the “magical” house owned by Cinco Cruces de Oro which should not be there at all. “Paki” Gale, the owner of the “Limbo” hotel usually buys my lunch, which I eat while he tells me about the latest threats to his wife and family, and how his security guard was jumped by two “big black guys” at 3:00 am. He’s going to get me copies of the police reports and medical reports from the forensic medical examiner’s office. Paki, you see, also owns land on Cayo de Agua and a claim that’s being threatened by Cirilo McSween. And in between bites of pasta I take a call from Jerry Wheeler, who is fighting his own battles with Cinco Cruces de Oro over “first beach.” Jerry had his house burned down by Cinco Cruces de Oro.
Form an Association: All of those involved in these land-grab fights are in the process of forming an association to better manage their campaigns and individual fights. This will allow them to create, for example, a “checklist” of legal actions to take and claims to file. Their combined funds will help pay for legal support for people like the Palacios sisters who are basically ignorant and scared by lawyers making threats. The association can use their funds to hire lawyers and surveyors to draw up maps and to clarify claims, and to do simple things like have a few administrative workers to collect all of the pertinent documents and to put them all in one repository where they can be easily accessed. And, having such an association would allow me, as an investigative journalist, one place to wade through all of those documents to find patterns of actions which would be invisible to any one particular case or individual. In short, they have to get organized or they will be picked off, one by one. Even people who have Rights of Possession not currently under threat could join such an association to lend support and to lobby for an improvement to the way things are being done now. Because, in short, Bocas is a friggin’ mess.
And Now, The Article: Call this an article within an article. Translating this “El Siglo” article from last May got me going again. Maybe I’ll go digging through the archives for more. In any case, without further adieu…
“A Friend of Martín Acquires Land”
El Siglo - 25 May 2007
By Horacio Trottman, Carmen Boyd and Jahiro Pole
Cayo de Agua, Bocas del Toro: The area of Punta Laurel in Bocas del Toro is a wonder of nature, comprised of small islands, estuaries, reefs, and small barren islands of mangroves. They form an ecosystem rich in diverse marine species. The area was attractive to the indigenous native Indians as well as blacks of Afro-Antillean heritage of the coastal regions of Punta Valiente and the Cayo de Agua island forms part of this paradise, where the natives took root in small communities.
In order to arrive at this community we boarded a small boat in the Bay of Altamirante, crossing the lagoon of the archipelago of Bocas del Toro, then the lagoon of the Dolphins, passing Isla Popa and the Loma Partida before reaching our objective some two hours later.
Foreign Owners: During two days in the island, “El Siglo” corroborated that at about ever 150 meters along the beaches of the island there are signs that say “Private Property: McSween.” The signs belong to an investor named Cirilo McSween Jr., from the United States, who realized a transaction with the Backer family, buying their Rights of Possession for 88 hectares of land on Cayo de Agua island for $1 million dollars.
Cirilo McSween Sr. was the man trusted by General Omar Torrijos Herrera to educate his son, who is now Panama’s President Martin Torrijos. Cirilo McSween Sr. is a prosperous businessman who owns a chain of McDonald’s restaurants in Illinois, and he would eventually name Martin Torrijos as the administrative manager of of one of his restaurants in Chicago area.
“El Siglo” learned from political sources that President Martin Torrijos made a private trip to Chicago Illinois on 12 May 2007 to visit Cirilo McSween Sr., who is reportedly in ill health.
Much Interest: The indigenous Indians on the islands were initially against the creation of a “Reordering” in the insular (or coastal) areas because they were afraid the new laws would benefit those with economic power and that the natives would be evicted from their lands.
Behind everything: There is a general displeasure among the members of the eleven Backer families. Gilberio Jal, the oldest grandson of Aurelio Backer, expressed his displeasure and said that “they sold us.” Seated on a wood bank he explained the land sale. He said his grandfathers were the sole owner of these lands and that the sale was “not consulted” because they should have held a family meeting to discuss the sale and that the meeting did not take place.
“He just sold the land, and they relocated the eleven families on these two hectares, where Mr. McSween promised to build eleven houses of wood and metal roofs with all the extras, but it did not happen that way,” he said.
Unfulfilled Promises: The sale was conditional to the relocation of the eleven families, the construction of eleven houses each with two bedrooms, a living room, a kitchen, dining room, bathrooms with toilets, as well as an aqueduct (water supply.) In addition the two hectares of land was supposed to be divided into eleven equal parts.
According to Jal the sale of the land has divided the Backer family because only some of them have received money from their grandfathers. One can notice a sense of hermetism with the Backer family on the subject and the family members referred us to Lubio Backer, who we were unable to speak to. In Gilberio Jal’s opinion there was something more to the negotiation, because he now compares the prices for hectares and asks how is it possible that his grandfathers sold 40 hectares for only $250,000.
It is known that the Backer family used Juan Conquet as the intermediary in the land sale with the American (Cirilo McSween.) What’s more, McSween asks Panama’s the National Tax office through the Ministry of Economy and Finance to buy these lands with edict number 263-2006 of 23 May 2006. In addition McSween published Edict Number 25,585 in the “Gaceto Oficial” which contains the general information related to the process, which describes McSween’s request to purchase land measuring 88 hectares plus 911.65 additional meters of land (the land acquired from the Rights of Possession from the Backer family.
According to McSween the land bordered on the North by the Caribbean Sea, on the south by an unnamed stream, to the East Lands of the Nation occupied by the Hotel El Limbo, and on the West by the Caribbean Sea and an access. But what the buyers of these lands have not said yet is that they plan to construct a resort hotel with luxurious rooms, swimming pools and other infrastructures for American and European tourists.
The Tax Office: According to the director of the Tax Office in Bocas del Toro, Roberto Prestán, the transaction made by McSween with the Backer family is only for the Rights of Possession of these lands. Prestán said that it can not be called a purchase, because the office he presides over (the Tax Office or :Cadastro”) has not received any documents regarding the purchase of land on the islands.
Prestán said McSween should present the mega-tourist project he intends to develop in Panama (City), while (his) Tax Office in Bocas del Toro will make estimates to quantify the economic scale of the project, and then Panama might give a concession to develop the lands.
More hectares: “El Siglo” spoke with McSween’s lawyer Carmen Sosa, who said her client acquired the Rights of Possession for a total of 363 hectares of land on Cayo de Agua island, divided in the following manner: 100 hectares from Julián Morales, 90 hectares from Jean Morales, 88 from the Backer Family, 70 from the Chuito family, and 15 from the Taylor family.
Carmen Sosa said McSween paid $1 million dollars to the Backer family for their lands, but did not specify how much McSween paid to the other families. Carmen Sosa said McSween will have to present a master plan to Panama’s Tourism Institute (IPAT), and that it will be evaluated by the Ministry of Economy and Finance (MEF), the General Comprtoller’s Office of the Republic, as well as Panama’s National Environmental Authority (ANAM.)
She added that employees from the Ministry of Economy and Finance (MEF) should travel to the island to evaluate the land to prepare a tax assessment.
The entire island measures approximately 400 hectares total.
He Wants To Invest: “El Siglo” contacted Cirilo McSween Jr. who confirmed his interest in acquiring some land for, in the future, a tourist development. However, he explained there is nothing set in stone yet, because he still does not have an answer from the Panamanian government with regards to the concession he is requesting over his plans to develop the lands in question and to address the issue regarding his Rights of Possession over the lands.
“What interests me is investing in Bocas del Toro and my idea is to acquire a very small extension of land on one island and for that I have negotiated the purchase of some Rights of Possession,” he said. He added that in spite of having in his possession the documents (regarding the Rights of Possession) he still has not been able to obtain the concession from the state because “I understand that the bureaucratic process is very long and very complicated.”
“I know that you can not buy land directly from the government, and that part of the process is that you have to obtain permissions from several governmental authorities and then request a concession, but part of that is you first must have the Rights of Possession that this we already have,” he said. He said that his lawyer, Carmen Sosa, is in charge of the proceedings, and that he has not participated in the proceedings, except for the purchase of the Rights of Possession, for which he has already invested “enough.”
“I have bought Rights of Possession from more people in Bocas del Toro, and that they were interested in selling”, he said. It said that in spite of the personal relationship between his family Panama’s President Martin Torrijos, he has not received any help from the government in the purchase of these lands.
SOURCE: Don Winner @ Panama-guide.com
So you’re planning your next vacation getaway to the Caribbean and you’re thinking about what kind of things you want to do in this beautiful part of the world. Laying out and soaking up some sun all day? Watching a gorgeous island sunset? How about snoozing the day away in a hammock? If this sounds like a waste of vacation time to you, and you want to spend your Caribbean experience enjoying more active pursuits, then have no fear; many of the Caribbean Islands offer more than just a day at the beach and picturesque sunsets.
Those travelers who are more into adventurous and active endeavors while visiting the Caribbean can spend your days with plenty of exciting activities. Try the popular sports of tennis and golf if you enjoy a little friendly competition. There are watersports and underwater exploration for those who want to get their feet wet. And nature-friendly eco-oriented endeavors allow you to become one with the great outdoors. All you have to do is decide which activity interests you the most, and you’re ready for all kinds of adventures during your visit to the beautiful and exciting Caribbean.
Caribbean Sports
A lot of hotels and resorts in the Caribbean have packages especially for tennis and golf players to accommodate sports-minded travelers. A lot of the major resorts in the region have tennis courts on location that are available to their guests and by reservations for those who aren’t staying at the hotel. A lot of the time hotels with tennis courts will offer tennis instruction for various fees, so even if you’re a beginner player, you can still enjoy some great tennis action on your vacation in the Caribbean.
If you happen to be in the Caribbean at just the right time, or if you plan a little bit in advance, you may be able to catch a professional tennis tournament during your stay. If you want to spend the daytime hours relaxing and soaking up some sun, a lot of hotels have lighted courts, so you can hit the courts at night, which may also be more comfortable than playing in the hot Caribbean sun. Keep in mind that you may have to pay a little extra for the luxury of lighting.
In order to guarantee that you get some much-coveted court time in the Caribbean, contact your hotel or other resorts near where you’ll be staying to see if they have courts available, if the courts are illuminated, and how much it costs to play. There are several islands in the Caribbean where vacationers can go to find great tennis courts and facilities, including the Dominican Republic, Aruba, Puerto Rico, and Jamaica, which feature resorts that provide special tennis packages and top-notch facilities.
Golf is also a popular sport for many people visiting to the Caribbean. Golf can be a laid-back and relaxing outing, as well as provide some exciting competition. The beautiful tropical weather in the Caribbean is just right for enjoying a game of golf almost any time of year, and many of the region’s courses are located in beautiful breathtaking settings among majestic mountains and tropical greenery. Vacationers can find great golf courses throughout the Caribbean, but especially on the larger islands. The majority of courses are available to visitors and offer equipment for rental as well as golf lessons for various fees. The expenses of golfing on particular greens will vary from course to course, and can range from extremely pricey to budget play, so check ahead with the course or golf resort.
Golf players can find courses in the Caribbean that were designed by world renowned golfers and expert course designers. You can find exciting golf courses and golf resorts on many Caribbean islands with some of the best being in the Bahamas, Puerto Rico, Jamaica, and the Dominican Republic.
Making Waves
During your visit to the Caribbean, you’ll be surrounded by the amazing sapphire waters of the Caribbean Sea and sparkling Atlantic Ocean, so you’ll have access to a wide variety of watersports and other aquatic endeavors, like snorkeling, scuba diving, and fishing, just to name a few.
People from around the world come to the Caribbean to enjoy its offshore activities in the region’s warm, clear, blue waters. Beneath the calm surface of the Caribbean waters is a wondrous world of colorful and exotic ocean wildlife including brilliant fish and coral. Because of its fascinating underwater habitats, the Caribbean features some of the most popular dive destinations in the world, and is home to various resorts and hotels that focus especially on the diving aspect of visiting the Caribbean by offering special dive package.
Dive resorts and many hotels offer their guests equipment rental for scuba diving and snorkeling, and even provide scuba diving lessons and certification, because you must have a license and some instruction in order to get the most out of your diving experience.
Volcanic vents, Coral reefs, old shipwrecks, as well as other underwater formations make great places for scuba divers to explore, and can be an unforgettable experience for vacationers of all ages. The cost of your dive or snorkeling excursion will vary according to the kind of dive you take, when you go, and what kind of certification you want to get. Travelers can find great dive spots all over the Caribbean, but especially on the Cayman and Virgin Islands.
Other water-based pursuits that vacationers can enjoy while vacationing in the Caribbean include fantastic watersports like fishing which is a popular activity for many who visit the Caribbean, which has a countless number of fish species dwelling beneath the surface of the crystal blue waters. In recent years, windsurfing has become an extremely popular watersport in the region. Also, there is kayaking, parasailing, water rafting, and many other ways to enjoy the waves of the salty Caribbean.
Ecological Activities
For a lot of travelers, a trip to the Caribbean is the perfect chance to get back to nature. Several islands in the region boast lush landscapes and are home to a variety of exotic animal species. Travelers who are more ecologically aware can experience nature in the Caribbean in a number of ways, such as through hiking, camping, and mountain biking. To find out more information about outdoor excursions and nature-related activities, the best place to start is your hotel information desk, which may be able to provide you with maps of the island, the names and numbers of rental companies where you can get camping equipment and mountain bikes, and information on local guides that you can hire to show you around island trails.
Hiking is good exercise and can be a great way to see parts of islands that can’t be reached by car. Hikers can pick from a few different levels of hiking difficulty, from leisurely strolls to brisk uphill hikes and more strenuous treks. Mountain biking is also another way to get off the beaten path and see areas of the island you couldn’t see by staying in the city limits. Take a trip up the side of a volcano, visit a cascading waterfall, or do some exotic birdwatching. In the Caribbean the ecological possibilities are endless.
If you want your vacation to be an active and exciting one while in Caribbean, you won’t be at a loss for things to do in this amazing region of the world, which is rich in various sports and activities. You’re sure to have a memorable experience while enjoying active pursuits in the Caribbean.
About The Author
Danielle Mitchell writes for http://Caribbean-Guide.info , http://Jamaica-Guide.info , and other Segisys travel Web sites. © 2005, Interactive Internet Websites, Inc. Article may only be reprinted if it is not modified in any way, and if all links remain live.
Panama City, Panama - Jul 10, 2003 (PRN): Can you imagine 180 miles of untouched Caribbean, white sandy-beach coastline within hours of 20 major North American cities? Are you looking for a beachfront retirement property at a 10th of the cost of most beachfront property that is available today? All this and more is waiting for smart investors in the Republic of Panama.
“The helicopter tour of this coastline is unbelievable,” states the president of one of the largest resort development groups in the U.S. “I have never seen so much undeveloped, beautiful, Caribbean beachfront in my life! It is almost impossible to know where to even start and it is inevitable that the major resort players will begin staking out their territory in this developing region.”
All indications are that this professional is right about Panama’s Caribbean secret. Panama has primarily developed along its Pacific coast, due in part to the InterAmerican Highway that links North and Central America. The Pacific side is attractive to investors and travelers, but it also has temperamental weather patterns, a 15- to 20-foot tide change and the beaches simply can’t compare to those on the Caribbean side. Despite the negatives, Panama has seen its Pacific beachfront property values escalate to over US$400,000 an acre in developments such as Coronado and El Valle.
It is only a matter of time before the tide turns to the Caribbean side of Panama. Panama mounted an extremely successful multimillion dollar marketing campaign through the BBDO and Ketchum Agencies in 2002, and, of course, Panama’s Caribbean gold mine was featured prominently (http://www.visitpanama.com).
Panama has everything required to support its billion-dollar, Caribbean development. In terms of tourism, the country has four hundred years of Spanish history, one hundred years of international influence and 14 years of Democracy, a diversity that appeals to world travelers. It also has more varied destinations to travel to than most of the top tourist destinations in the world. In fact, Panama has “found its place” on the Caribbean tourist map in the past seven years in locations such as the Bocas del Toro Archipelago and the San Blas Islands. Panama has also been constantly recognized as one of the safest places to travel in the world.
But that’s not all. Panama has modern air transportation and new, modern highways and tollways that are going to provide complete access to this Caribbean paradise over the next few years. Panama has the most modern and extensive banking center in Latin America, has earned the title of the fiber-optic hub of the Americas, has exquisite dining and five-star hotels, and the U.S. dollar as its main currency. With all this, full Internet traction and the prolific infrastructure that Panama has it should gain the recognition in five years that it took Costa Rica twelve years to achieve.
The combination of Panama’s strong points spells opportunity for San Cristobal International (a private Investment Promotion Agency that helps individuals and institutional investors participate in the expansion of Panama’s touristic zones), which has sold over 45 Caribbean, waterfront lots in the last eleven months. “We have seen a hyper-increase in our website traffic statistics and a steady flow of investors coming to Panama with their eyes wide open,” states Tom McMurrain of SCI (www.sancristobalsa.net). “We have worked 18 hours a day for the last year trying to keep up with the momentum that this country has, it is incredible!”
To sum up, Panama has the potential to become a world-class tourist destination and a dominant business center for companies looking to cash in on its Caribbean “Gold Coast” boom. Now is the time to make the move to Panama if you are interested in exceptional land prices and want to enjoy the unspoiled and undeveloped regions of this beautiful country.
For media information or to schedule interviews, contact media@sancristobalsa.net, 1-866-811-5324 (U.S.) or at +507-322-0913 (Panama).
About San Cristobal Land Development, Inc.
http://www.sancristobalsa.net
San Cristobal Land Development (SCLD) is a leading developer of Emerging Growth Real Estate in the Caribbean. Through SCLD, investors have access to a portfolio of international properties that have been hand-selected by a real estate and marketing team that has a proven track record of identifying emerging-growth destinations, properties and opportunities. These may have unique timing value, have suffered media damage or simply possess infrastructure improvement opportunities.
SCLD offers carefully executed programs that bring value to its investors. Investors benefit from a solid return on their money while it works, and SCLD offers tremendous upside potential that our customers benefit from before we do. This “customer-first” mentality has provided SCLD with a global network of real-estate purchasers seeking our opportunities.
For more information, contact:
San Cristobal International
Panama City, Panama
Toll Free: 1-866-811-5324
Tel: +507-322-0913
Email: media@sancristobalsa.net
Website: http://www.sancristobalsa.net
Planes, Trains & Automobiles in Panama
In the city it’s typical to pay less than $5 for a taxi ride to just about any reasonable distance from your hotel including the regional airport. In the small communities of Boquete and Bocas taxi fares drop to $2 or less. Although the town of Bocas is small dragging luggage down Main Street in the heat and humidity can be a pain. Here te taxis will typically charge 50 cents to take you to your hotel.
For getting around the country you can go back-packer-frugal and get from one end of the country to the other for under $20 but the best way to get around is by air.
Panama has two regional airlines - Aeroperlas and AirPanama. They flit around the country to dozens of locations each day and for a pleasantly low amount. A week ago I took a taxi from the Atlanta Airport to a hotel in Suwannee, about a 30 minute ride. The one way fare was over $100. In Panama I can fly all the way from Panama City to David or Bocas del Toro, about a 1 hour flight, for just $75!
On our first visit we were focused solely on Bocas del Toro. While perusing the EscapeArtist website I discovered some really exciting articles about getting rich growing Teak & Noni while living the good life in the Caribbean. If you read my letter about Bocas at LearnAboutPanama.com you now know it was a scam. However, the scam artist himself did give us one good piece of advice. He suggested that if we were coming to see Bocas we might as well check out the rest of the country. He recommended a town called Boquete in the mountains, said is was lovely and quite different. If that suggestion had not been made we would never have discovered our piece of Panama Paradise. That led us to create our Panama Travel Triangle. We would fly from Panama City to Bocas then across to David and return to Panama City from David. It really is a very convenient way to explore most of the country in a short period of time. PC to Bocas costs $75, and Bocas to David $39 inclusive of taxes.
Another adventure is taking the train from Panama City to the Port of Colon - the Freezone. The train leaves Panama from the Corozal terminal around 7AM. It takes about 45-60 minutes to get to Colon. The return leaves Colon at 5:30. The last time I checked it was about $35 round trip and $20 one way. It’s a good idea to buy your tickets in advance as the train is often booked full by Cruise Ship passengers. This railroad was originally built to connect the city of Colon on the Atlantic (Caribbean) to Panama city on the Pacific. This was the very first transcontinental railroad in the Americas. A cautionary note - an entire day is a long time to spend in Colon. Although you can get some great deals in the Freezone this is one of the worst parts of Panama for crime. I suggest you plan ahead to get out of Colon City as quickly as you can. You might want to explore the beautiful Caribbean communities and islands on the coast. Look to Portobello or even a day on the beach at Isla Grande.
The Pan-American Highway (Carretera Panamericana), commonly known as the Inter-Americana, stretches from the Costa Rican border in the west across the country into the heart of the Darien province. There it stops about 50 miles from the Columbian border. The Darien Gap is this area along the border between Colombia and Panama. It is a lush rain forest with one of the highest degrees of bio-diversity in the entire world. The Pan-Am Highway is a real treat by Central American standards, and in some cases even North American standards! It is well maintained and there are plenty of food and gas stops all the way across the Isthmus. The trickiest part of driving in Panama is in the cities and getting out of Panama City itself. Be sure to read my directions at LearnAboutPanama.com Taxis are so cheap I recommend getting about by cab within the city and then picking up your rental car when you are just ready to leave.
Buen Viaje! Happy Tavels!
Mark has been there and done it! He moved to the warm, stable Republic of Panama. With his wife and two sons he travelled throughout the country and learned how to Safely Invest in Panama Real Estate. Panama City, Bocas del Toro & Boquete - Now you can follow this family journey discovering the best places to eat, stay, live and invest. Learn more about Mark’s adventures at http://www.LearnAboutPanama.com
A quick 50 minute flight from Panama City and we found ourselves in the tropical Caribbean paradise of Bocas Del Toro (a.k.a. Bocas). There are two regional airlines with daily flights to Bocas. Currently the cost for a one way flight to or from the city is $75 as of ‘07. (Be sure to read my Letter: “Getting Around Panama” at http://www.LearnAboutPanama.com for all kinds of tips on how to get around the country).
Bocas del Toro is an island community. Instead of a car most people own and get around by boat. I’ve heard Bocas referred to as ‘Venice of Caribbean”. Although the only similarity I notice is the getting around by boat part! I would describe Bocas more like the Wild West than Venice. In fact, when we arrived in Bocas is was a little intimidating. Although there are a number of restaurants and bars in the town of Bocas on Isla Colon there is really little to do. If you are not planning on getting away from the main town don’t bother going! That said, getting out into the protected waters of the archipelago is a real treat. You will experience the beautiful blue Caribbean waters and white sand beaches; wildlife including the famous Red Frogs of Isla Bastimentos and the Porpoises of Dolphin Bay, to name a few and even some of the best surfing in the Caribbean, I am told.
Bocas is one of the only parts of Panama where we encountered a bit of ’street hustle’. We were tempted by one of the local tricks - More than one fisherman, through with his morning catch, approached us and offered his ‘private boat’ for the day. He promised to take us to the same places as the tour operators for the same or maybe even less money, he was willing to negotiate. It sounded like a bargain especially when he talked about the tour company filling their boat with strangers and how nice it would be to have his boat to ourselves. Fortunately, we had some good advice and just said ‘No thank you’. We learned that a private boat often turns out to be a leaky boat with no protection from the sun and it’s not uncommon for the captain to pick up “friends who just need a lift” i.e. other unsuspecting tourists. (There are other little tricks like this about Bocas that we learned the hard way. Watch for those tips in my next Bocas letter.) So, we followed another piece of advice and went directly to the well known pro in Bocas, JJ’s Tours. Their reputation is well deserved. It truly is the best place in Bocas to go on a snorkelling or island tour. We spent an entire day in and around the islands chasing dolphins and snorkelling with our bilingual guide. We even stopped for a lunch of fresh caught seafood at a restaurant built on pilings in the middle of the mangrove.
There is this great little hotel on the main street but away from the dock where the water taxis come and go. It’s quieter back here. The wood work in this little inn is incredible and they make a pretty good pizza too! The town of Bocas has a Jamaican flavor. The restaurants in town are plentiful. Our favorite one serves to tables right on the dock and we enjoyed fresh caught Pargo Rojo (Red Snapper) which is so big it hangs over each side of the plate and all for under $10! The real estate bargains appear to be everywhere here as do the real estate street vendors… “PST, hey mister. Want to buy some land, cheap!” Bocas has a well earned reputation of being the shadiest part of Panama and I don’t mean the Palm trees. It’s tough making smart decisions here. The people are so friendly and the waters so lovely. The emotions kick in but beware there is little law enforcement to protect you from the unscrupulous. I was fortunate to have my lovely wife with me. After almost signing on the dotted line I bowed to my wife’s intuition and narrowly escaped a $100,000 Teak & Noni farm (scam). Without proper guidance many a life’s savings have been lost in these magical waters.
After a couple of days of snorkelling and exploring the wonders of the rain forest we were off in the air again. This time north to the Pacific and into the highlands of Chiriqui and the village of Boquete.
Hasta Luego!
Mark has been there and done it! He moved to the warm, stable Republic of Panama. With his wife and two sons he travelled throughout the country and learned how to Safely Invest in Panama Real Estate. Panama City, Bocas del Toro & Boquete - Now you can follow this family journey discovering the best places to eat, stay, live and invest. Learn more about Mark’s adventures at http://www.LearnAboutPanama.com
Bocas is one of Panama’s top tourist destinations, with good reason. There are few places left in the world where you can enjoy gorgeous beaches with scarsely a soul in sight. Many of these incredible beaches are fringed with rainforests so fine that Lonely Planet Guide calls them “a biologist’s fantasy.”
Amid this natural splendor you’ll find the charming town of Bocas, a laid back Caribbean settlement with a friendly English speaking population, historical ambiance, great restaurants and a lively nightlife.
Bocas is also blessed by nature in that no hurricanes ever touch these shores, as they do other Central American neighbors.
The archipelago of Bocas del Toro is located on the northwestern coast of Panama in and around the Bay of Chiriqui. International travelers have only recently discovered this isolated region of Panama. It is for this reason that much of the island chain remains pristine and untouched.
Excellent Business Opportunities With Incentives
Warm Climate
It is an outdoor lovers paradise with diving, fishing, boating, kayaking, snorkeling, hiking, horseback riding and white water rafting.
This region, considered the most geographically diverse in the Caribbean, is also a nature lover’s dream come true. Bocas is one of the few places in the world that can boast of being the home to a fully functional research facility owned and operated by the Smithsonian Institution. Eco-tourism is coming of age in Bocas, and why not, with unspoiled coral reefs, a magnificent rain forrest and miles of unspoiled beaches within close proximity. If nature is your thing, you will find quality jungle tours, river tours, island tours, bird watching and turtle watching expeditions.
Bocas is also home to at least two tribes of indigenous Indians whose villages can be visited by invitation. Several of these villages are located within the boundaries of the Bastimentos National Marine Park, a gem in Panama’s National Park system.
The main town on the archipelago is Bocas Del Toro, which is located on the southeastern tip of Isla Colón. It is easily reached by land, sea or air. There are several daily flights from Panama City and other nearby cities into the modern airport. Taxi service by boat is available throughout the day from Almirante, the closest city on the mainland. For those wishing to get to Bocas by car, ferry service is provided several times each week from Almirante.
In addition to the charm of a small Caribbean community, the town boasts paved streets, treated potable water, several new hotels and restaurants and modern conveniences such as internet service, cable TV, a hospital with ambulance service and a fire department.
As in all of Panama, the currency is the US dollar and in Bocas you will find that many of the local people speak English.
In addition to a tourism boom, in recent years Bocas has experienced a real estate boom. Although prices are rising, they still represent some of the best buys in the Caribbean. On a retirement income in Bocas, you can enjoy “the good life” in safe and beautiful surroundings.
PROPERTY OWNERSHIP
Foreigners can own property in Panama with few restrictions. Currently ownership can be conveyed in two ways: title and rights of possession ( with concession).
Titled property is treated very similar to U.S. real estate law. Deeds are recorded in the public registry or “Registro Público”. Rights of possession are handled by the agriculture department and also recorded. This system was originally set up in the land reform of 1971 to encourage homesteading of unclaimed, untitled land. Most of the land traded in the islands is by right of possession with the exception of town, proper.
NOTE: (1/1/06 ) After much debate, a project of law (Law 2) was recently passed by the national congress that may substantially change the process for treatment and development of right of possession properties in the islands. In the spirit of encouraging foreign investment and tourism, we feel these much needed changes to the system will be positive for the foreign investor in every aspect.
Constitutionally the government cannot take possession of private property without following a condemnation process similar to the U.S.; the owner must be compensated for land and improvements at fair market value.
Regarding waterfront property, by law all beaches are public, hence all waterfront properties must provide a public easement. (The distance may vary).
The technical aspects of property ownership and your best options are best discussed with a qualified Panamanian lawyer.
BUILDING RESTRICTIONS
Environmental impact studies may be required in some instances but there are currently no zoning laws or building restrictions in the islands. Building permits are required and obtained locally.Permits to build over the water require a concession from the maritime authority.
CONSTRUCTION COSTS
There is a vast range here depending on accessibility of the building site and degree of finish-out. The average cost, on Colon, is estimated between $45- 95/sq. ft.
PROPERTY TAXES
There is a 20 year moratorium on property taxes for any and all new construction. A 2% (of acquisition cost) transfer tax is charged upon the sale of titled property.
PANAMA LAW 54 PROTECTING FOREIGN INVESTMENT IN PANAMA - July 22,1998
Whereby provisions for the Legal Stability of Investments are adopted.
THE LEGISLATIVE ASSEMBLY
DECREES
CHAPTER 1 - INVESTMENT PROTECTION
Article 1. The State promotes and protects investments within the country, in all areas of economic activity established in the Law, and in any enterprise or contractual form in accordance with national legislation.
For the purpose of this Law, an investment is the disposition of capital, in cash or credit facilities, capital goods or transfers of assets designated to the effective production of goods and services, in accordance with activities establishes in article 5 of this Law.
Article 2. Foreign investors and the enterprises in which they participate, have the same rights and duties as national investors and enterprises, with no other limitation than those established in the Political Constitution and the law, including those that refer to the freedom of trade and industry, and export and import.
Furthermore, the freedom to dispose of the profits obtained in their investments, the freedom to repatriate their capital, dividends, interest and profits produced by their investments and the freedom to commercialize their production is guaranteed hereby to said investors.
Article 3. Property rights for investors have no limitations other than those established by the Political Constitution and the law.
Article 4. Copyrights and trademark rights of foreign investors are subject to the same regulations as established for national investors.
CHAPTER II - APPLICATION SCOPE
Article 5. The present legal stability regulation is granted to individuals or private entities, foreign of domestic, who carry out investments within the national territory to develop the following activities. Tourism, industrial, agricultural, exports, agroforestry, mining, export processing zones, commercial and petroleum free zones, telecommunications, constructions, port and railroad development, and any all activities approved by the President’s Cabinet, previously recommended by the Ministry of Commerce and Industries.
Article 6. The Ministry of commerce and Industries is the authority in charge of enforcing this Law and the regulations that develop it.
Article 7. Except for information protected by law, government entities and public offices have to provide the information and assistance required by the Ministry of Commerce and Industries to enforce this Law.
Article 8. To receive the benefits of this Law, the investor must develop the investment in accordance with the investment plan presented for such purposes, must be duly registered in the entity in charge of promoting and supervising such investments, if it is the case, and must comply the other duties established in article 16 of this Law.
Said entity, on sight of the petition of party in interest, shall certify the existence of the investment and shall send copy of it to the Ministry of Commerce and Industries, entity that shall decide to file or deny the file of the investment in the Registry, through a motivated opinion, within a term of six months.
Foreign and domestic investors who, previous to the promulgation of this Law, have been engaged in investments in accordance with the requirements as prescribed by article 16 and who are interested to receive the benefits of this Law, shall have a term of six months to do so, after the promulgation of this Law.
The legal and tax stability provisions in effect at the moment of their inscription in the registry provided for in this article shall be guaranteed to these investors, in the event that they were duly registered in the entity responsible for promoting and supervising the respective type of investment.
For the purposes of the previous paragraph, the entity responsible for promoting or supervising the activity, duly required by the interested party, must send to the National Board of Enterprise Development of the Ministry of Commerce and Industry, identified with the acronym “DINADE”, copy of the inscription, in order that the Board may file or deny the file of said investment in the Registry.
In the case of activities which investment does not require to be registered in an entity in charge of promoting and supervising it, the investor request from DINADE the authorization for the corresponding inscription, which may be denied or accepted by the Board, in order to obtain the benefits of this Law.
All inscription requests must follow the guidelines established in this article.
Article 9. The following are not allowed to obtain the benefits of this Law.
Individuals or juridical entities who have been or might be convicted by domestic or foreign authority or court for tax or customs crime, those with outstanding, clear and due fiscal debts, or when a final judicial or administrative decision has been passed declaring the firm’s failure to comply with customs, tax or social security statues.
Individuals who have been convicted or might be convicted by a foreign or domestic court for any of the crimes established in articles 255,257,258,260,262,263a,263b,263c,263ch,263e and 263g of the Criminal Code, which refer to crimes related to drugs, money laundering or legitimization, entities in which said individuals act as directors, officers or representatives. Those who have been convicted for crimes described in articles 190,197,265 and 267 of the Criminal Code, respectively, which are related to fraud, misappropriation, and forgery of public and private document.
To validate this numeral, a final judicial or administrative conviction declaring said person criminally responsible must exist.
In the event that, after being registered in the DINADE Registry, an investor protected by this legislation incurs in any of the crimes outlined in numeral 1 and 2 of this article, the registration will be cancelled after the corresponding verification process has been accomplished and a motivated resolution has been issued. The same treatment will be dispensed to investors which have incurred in the situations established in numeral 1 and 2 of this article, when these circumstances are made know to the corresponding authorities after the registration, even if the crimes were incurred before the inscription. The cancellation of the registration will produce the extinction of all benefits the present Law offers the investor and the latter will be punishable law.
CHAPTER III - GUARANTEES
Article 10. The individual or entity who develops investments in the activities prescribed in article 5 and who comply with the obligations set forth in article 16 of this Law, since its promulgation, shall receive the following benefits for the term of ten years.
Legal stability in such a manner, that even though new regulations that might vary its acquired rights herein be enacted, said new regulation shall not affect its constituted regimen, unless public utility or social interest causes shall exist.
Tax stability within the national territory, subject only to existing tax laws at the time of its registration at the Ministry of Commerce and Industries, Indirect taxes are excluded from the tax stability contemplated herein.
Municipal tax stability, to the extent that possible changes to the regulation on how to determine and pay municipal taxes could only affect investments protected under this Law every five years.
Stability in customs statutes derived form special laws, when these are enacted for special tax refund situations, exoneration’s, temporary admissions and similar. The President’s Cabinet faculty to modify all customs legislation shall nor constitute a violation of this guarantee.
Stability in labor statutes in relation to the laws in force at the time of the contract, pursuant to the Panamanian law and to the international pacts and agreements on the matter, ratified by the Republic of Panama.
Article 11. To assure the effects of the previous article, the DINADE shall send to the pertinent municipal and government authorities, a copy of the filed registry, which act as a proof in favour of the investor.
Article 12. If, during the enforcement of the law for the legal stability of investments, any exoneration or modification of the national taxes, which constitute part of the guaranteed tax statute, should expire, the investor shall pay taxes in accordance with the tax statute in effect at the time of its registration in the DINADE, unless the modification answers to public or social interests.
If the abolishment of any of the taxes that form part of the guaranteed tax statute result from its substitution with a new tax, that investor shall pay the new tax up to an amount which does nor exceed the amount that he would have has to pay annually under the abolished law.
Exoneration and their enforcement period will be regulated by the legal norms that enacted them.
Article 13. At any moment, investor registered in the DINADE shall elect, only once, to benefit from the tax statute applied to the investors nor protected by this Law. In that case, said statute will constitute, for the investor, the new parameter the same shall remain in force without modification, unless public or social interest mediate, for the rest of the ten year period provided by article 10 of the present Law.
The investor who elect to change the tax statute, in accordance with the aforementioned, shall notify such change to the DINADE, who shall issue the respective resolution, which shall be notifies to the Ministry of Finance and Treasury.
Likewise, investors who have elected to receive the benefits guaranteed by this Law, shall, at any time, after duly having notified DINADE, waive such guarantees and thus become bound to normal conditions that, in legal and tax matters, are in force to other investors not protected by this Law.
CHAPTER IV - COUNCIL BOARD
Article 14. The Counsel Board for Investment Legal Stability herein named as the Counsel is created under the jurisdiction the Ministry of Commerce and Industries, and shall be integrated as follows.
The President of the Panamanian Association of Corporation Executives (APEDE), or a designated representative of that association.
The President of the Panamanian Chamber of Commerce, Industries and Agriculture, or a designated representative of that association.
The President of the National council of Private Enterprises (CONEP), or a designated representative of that association.
The President of the Panamanian Syndicate of Industrialists (SIP), or a designated representative of that association.
The President of the National Union of Agricultural Producers (UNPAP),or a designated representative of that association.
The President of the Panamanian Food Merchants Association (ACOVIPA), or a designated representative of that association.
The President of the Panamanian Association of Exporters (APEX), or a designated representative of that association.
A representative of any other association or body determined by the counsel. The members of the Counsel shall nor receive remuneration for the service renders.
Article 15. The duties of the Counsel Board shall be as follows.
To advise the Ministry of Commerce and Industries on investment matters related to the interest of the investors protected.
To support, through recommendations, opinions and analysis of the respective groups, all efforts conducted by DIANADE.
To recommend to the Ministry of Commerce and Industries the inclusion of new activities in the present stability regulation, pursuant to article 5 of this Law.
CHAPTER V - INVESTORS OBLIGATIONS
Article 16. All investors interested in receiving the benefits of this Law shall comply the following procedure.
To present to the competent authority in charge of regulation and supervising the investment, whichever the case may be, an investment plan which includes the obligation to invest two million dollars ($2,000.000.00), which shall be developed in the period established by the law that regulates the respective activity, or, in other cases.
The amount of the planned investment.
Number of employment planned to be created.
Any additional information that DINADE might require, based on the nature of the pertinent activity, as long as it is necessary to evaluate the viability of the potetion.
Execute, maintain and develop the pertinent investment, during the agreed term and according to the investment plan.
To faithfully fulfill the group of norms, strategies and actions, established by or to be established by the Government, to orient, condition and determine the conservation, use, administration and utilization of the environment and natural resources, taking the necessary provisions, as ordered by the pertinent authorities, in order to avoid any negative effect on the environment.
To strictly comply the laws and regulations, regarding of the activity linked to the type of activity in reference to pay on time the taxes, fees and contributions and other social and labor charges to which the business may be finded.
To waive to any diplomatic claim, whenever the enterprises are totally or partially held by foreign capital or wherever foreigners are the owners or control the stock or participation in them, with the exception of cases of denial of justice.
To fulfill all tax and labor laws and regulations obligations assumed puremant the precision of this Law.
Article 17. The investor’s default of whichever of the obligations outlined in the previous article, shall produce the loss of the protection system a term that shall not exceed a two years term, computed from the time of the registration, except that the nature of the investment demands a term extension, that DINADE shall determine it.
Once the term for the investment have elapsed, the investor must accredit the amount invested and the activity developed, which shall be done through an affidavit, the certification of a certified public accountant and the corresponding evidence annexes. The affidavit certification shall be presented to the authority in charge of supervising the investment, or to the DINADE in the case of activities that does not require to be registered with an authority in charge of promoting and supervising their investment.
For the purpose of this Law, with the exception of those activities where the authority in charge of supervising the investment has disposed the content of the respective investment plan, the plan should contain at least the following information.
If the investor is an individual, the name and personal description of the investor, including the number of the personal identity card or passport number.
If the investor is a juridical entity, foreign or domestic, or must include a copy of the Articles of Incorporation and a certification signed by the Public Registry certifying the names of the directors, officers, legal representative,resident agent, authorized capital stock and any other information of the corporation. This certification is valid for two months.
A detailed and precise description of the activity, including the feasibility studies, blueprints and any technical studies the project might require or need guaranteed by this Law, unless force major can be proven.
This decision shall only be adopted after the investor’s default has been proven, through summary proceeding and it shall be decreed through a motivated resolution issued DINADE, who will notify the investor, who might appeal in the manner provided in article 20.
Article 18. The Government shall indemnify the investor in the event that, for social or public interest, an investment protected by this Law be expropriated, as long as that decision causes damages which can be proven. The indemnity shall he determining in the manner provided in article 22 of this Law.
The investor will not receive said indemnity if the investment have been insured against country risk by a foreign government, by the World Bank Multilateral Guarantee Agency (MIGA) or any other local insurance company. The government will encourage local insurance companies to offer investment insurance for the activities described in this Law.
Article 19. When, in accordance with this Law, a foreign government, an international organization or a foreign or domestic insurance company, has issued the investor any insurance or financial guarantee against country risk, the Government shall recognize the investor’s subrogation rights, when that insurance or financial guarantee has been paid out.
CHAPTER VI
General Rules
Article 20. Any controversies, claims and differences that arise between the government and investors with regard to the application, execution or interpretation of this Law, will be settled in a direct and friendly manner through conciliation, in accordance with the conciliation Rules of the Panamanian Center of the Conciliation and Arbitration. Supervisory actions from national and municipal tax administrations and administrative acts of interpretation and tax collection and other public order rules are excluded from the conciliatory and arbitration process referred to herein.
If no solution is reached within the thirty days the conciliatory process has been promoted and after the corresponding claim has been presented the investor might elect to refer.
Through a decision of the competent governmental or judicial authority.
Through judgement, in accordance with the Arbitration Rules of the Panamanian center of conciliation and arbitration. Arbitration judgement shall be definite and obligatory for the litigating parties and shall be definite and obligatory for the litigating parties and shall be executed in accordance with national legislation.
These cases in which exist the causes of causation based on form or annulment based on prevarication exists, as provided in articles form or annulment based on prevarication exists, as provided in articles 1151 and 1441 of the Judicial Code, respectively, are excluded from the above paragraph.
Article 21. The Government shall nor take direct or indirect measures of modification or derogation of laws which carry the same effect, against investments developed under the protection of this law, unless such measures the adopted under the following criteria.
That paid measures be adopted based on public utility or social interest and in accordance with the Political Constitution.
That said measure not is discriminatory.
That paid measure implies the payment of adequate indemnity.
Article 22. The indemnity referred to in the previous article shall be based on the market value, according to fiscal laws, of the investments affected on the date immediately previous to that in which the adopted measure is communicated to the affected party.
When there is a difficulty to determine said value, the indemnity may be fixed according to the principles of evaluation generally applied, taking into account the amount of capital invested, its depreciation, the amount of repatriated capital up to date, replacement value and other relevant factors.
In any of the cases deserved in the previous article, the procedure for payment of the indemnity shall adjust to that established in Part II, Title XVI, Book II of the Judicial Code.
Article 23. This Law shall nor affect the rights, conditions or benefits granted to investments by virtue of treaties for the promotion and protection of investments undersigns by the Republic of Panama.
Article 24. The Executive Branch will regulate the precision contained in this Law.
Article 25. This Law shall be effective as of its promulgation and it revokes law regulation, which contravenes it.
PROMULGATE IT AND COMPLY WITH.
Approved on third debate at the Justo Arosemena Palace, Panama City, on the 18th day of July, nineteen hundred and ninety eight.
ALBERTO MAGNO CASTILLERO HARLEY JAMES MITCHELL D.
Acting President Secretary General
NATIONAL EXECUTIVE BRANCH
PRESIDENCY OF THE REPUBLIC-
PANAMA, REPUBLIC OF PANAMA, JULY 22, 1998
ERNESTO PEREZ BALLADARES OSCAR CEVILLE
President of the Republic Acting Chief of Staff
The islands of the Bocas del Toro Archipelago have been called the Galapagos of the Caribbean. They are located in the extreme western part of the country, only 25 miles from the Republic of Costa Rica. This Archipelago has the perfect combination of historical and cultural traditions, with a charming variety of aquatic species, coral reefs, mangroves, beaches with crystal clear water and undisturbed jungles with all the flora and fauna you can imagine.
Without any doubt, the most famous visitor to this piece of paradise was the Admiral Christopher Columbus on October 6, 1502 on his fourth and last trip to the Americas. He entered with two vessels into a wide bay, now called Almirante Bay, took in provisions on the present Bastimentos Island and careened a ship in the vicinity of Carenero Island.
At the beginning of the 19th century, the brothers “Snap” arrived from Jamaica with their slaves, at the same time with the “Shepherd” family that inhabited Shepherd Island.
A few years later various Scottish and English families emigrated from the San Andres and Providencia islands, also together with their slaves, in order to evade tax payments. An important commercial exchange started with the settled Indians of the region trading live turtles, turtle shells, cocoa and mahogany with the English people that came from Jamaica.
Bocas del Toro possesses a rich, ethnic culture that is reflected in its traditions, customs, gastronomy, music, dances and other afro-antillean manifestations; combined with the indigenous culture that remains intact.
It is not known for certain from where the name of this incredible Archipelago, forgotten by time, comes. It is said that when Christopher Columbus landed at one of the fantastic beaches, he saw various waterfalls in the form of “bocas del toro” (mouth of the bull). Columbus also distinguished a large rock on Bastimentos Island that has the form of a bull that is lying down. The sound of the immense waves hitting the large rock is similar to the roaring of a bull. On the other hand, there are locals that assure us that the last “cacique” (chief) of the region was known as “Boka Toro”.
Matt Landau works at a Bocas del toro hotel and rides on a flight to bocas del toro
