The first diamond bourse in Latin America will be in Panama.
$ 7 billion annually traded in the market for diamonds and precious jewels in Latin America, according to PDE
If safety in buildings is mentioned, it could be that Panama has already begun the tendering process for one of the safest buildings in this country and perhaps throughout Latin America, we are talking about the tower that will host the diamond bourse of Panama, through the Panama Diamond Exchange (PDE), to be built with the most rigorous safety standards that are implemented in countries like Israel and the U.S.
Surveillance camera will record 24 hours, 365 days a year, every inch of the building and a novel security vault, which will be opened by remote control from London – to specific times schedules to deposit and withdraw precious stones – will be part infrastructure of about 45 levels and up to 300 offices, which is predicted to be completed in 2011 and is located in Costa del Este, adjacent to the southern corridor, 10 minutes from Tocumen International Airport and 5 minutes from Panama City.
The area is suitable said the CEO of PDE, Haviv Aviad, since it allows easy access for traders and visitors to the PDE building, which costs $ 250 million to build and will include a hotel and a shopping center, which is considered an “anchor project” within a land area of 88,000 square meters. As the CEO mentions, you see this as a major commercial district in the future.
It is estimated that implementation of the building complex would generate 3.000 direct jobs and 10,000 indirect and involve the relocation of a thousand families to Panama, projections estimated from the activity generated by past experiences of other diamond bourses, like the last in Dubai.
The Diamond Exchange has to be located in a free zone exempt from payment of fees or introduction taxes and be near Tocumen Airport for safety, as Panama Diamond Exchange, welcomed the decree on 13 February 2008.
Panama Diamond Exchange will build its own tower of 45 levels which will cost approximately $ 250 million and will host 300 businesses and diamond jewelries.
Why Panama?
Three factors enabled Panama to be chosen to be the first Latin American Diamond Exchange, according Haviv Aviad: its considerable strategic geographical location, the currency circulating in this country (the dollar) and financial system stability.
Jewelry of the Continent
In Latin America there are approximately 15,000 jewelries according to PDE projected estimates. We could recruit 80% of them, which would generate transactions in Panama in the range of $ 5.000 million annually, with an estimated 20 % yearly growth.
Somewhere in the world more than 8,000 vessels are flying the Panamanian flag. To put this into perspective consider that the second largest merchant fleet in the world (Liberia) claims roughly 2,000 vessels.
There are a lot of reasons why so many yacht and ship owners would come so far to register their boats. For starters, offshore income derived by a vessel registered in Panama is exempt from taxes. There is no minimum tonnage requirement for registration here and Panama’s corporate secrecy laws can provide absolute privacy for a vessel’s owners.
There is another big plus for yacht owners when they purchase a boat in Panama for $200,000 or more. Transactions of this kind may qualify the buyer for a “Person of Means” visa. This can make coming and going from Panama easier while opening the door to dual citizenship.
If you are interested in learning more about the benefits of registering a vessel in Panama, you should begin your research by developing a strong relationship with a local attorney. You will find that there are many third party resources to help you select the best one for your needs. These groups provide unbiased reviews of providers in Panama’s professional community speeding you to a successful pairing.
For more information on banking and tax strategies, estate management, employment, forming a Panamanian foundation or corporation, real estate, trade policy, local economics, vessel registration, obtaining legal counsel, or any other topic related to doing business in Panama… click here
