Note that Panama’s currency is the U.S. dollar. Panama does not print paper money – even if a price is quoted as “20 Balboas” you will be expected to pay using a US$20 bill. There are $1 Balboa coins in circulation as well as smaller denominations that are, within Panama, interchangeable with U.S. coins.
Business practices and customs in Panama are a unique blend of North American methods and traditional Latin style. Foreign corporations operating in Panama are important in shaping the style and manner of doing business.
The U.S. Department of State’s Bureau of Consular Affairs maintains current travel-related information at www.travel.state.gov. International travelers and citizens on extended stays overseas are advised to visit this site for foreign travel information and, when appropriate, warnings.
You can view the U.S. Department of State’s Panama-specific information here:
Further information can be obtained from the Consular Section of the U.S. Embassy in Panama, Unit 9100, DPO AA 34002, Tel: (507) 317-5332, Fax: (507) 317-5278, or at http://panama.usembassy.gov/.
U.S. citizens may enter Panama with a valid passport (min. 6 months) and a return airline ticket, and are automatically authorized to stay in the country for 180 days as tourist. The 180 day period is nonrenewable. An old tourist card requirement was eliminated. There are three types of visas available to businesspersons wishing to spend extended periods of time in Panama:
There are other business related residency permits available, some related to special zones such as the “Panama – Pacific Area”; the “City of Knowledge”; “Export Processing Zones”; and for “Call Centers.”
There is a US$ 40 departure tax on leaving the country. This is usually charged in the airline ticket.
U.S. Citizens are subject to Panamanian law when visiting Panama and penalties for possession, use and trafficking in illegal drugs are severe.
If you plan to bring representatives or technicians to the U.S. for training, you should be aware that Panamanian nationals need a valid visa. Visa applicants should go to the following link: http://panama.usembassy.gov/non-immigrant_visas.html.
U.S. Companies that require travel of foreign businesspersons from Panama to the United States should be advised that visa issuance is managed by the U.S. Department of State’s Consular Section rather than the U.S. Department of Commerce. Visa applicants should go to the following links:
Panama has an excellent telecommunications infrastructure which includes broadband internet services, calling card availability, public phone services, and many public places around Panama City and other major cities to access the internet services and international phone calls. Direct dialing is available to more than 150 countries worldwide. The cell phone service is based on the GSM technology and you can buy prepaid SIM chips for unlocked GSM phones on the street. There are 170 radio stations and five television stations in Panama. There is cable TV service as well as satellite-based services.
Panama has excellent air transportation facilities. Three major U.S. airlines serve the country, as well as others from different countries. COPA, the Panamanian airline, has a regional hub at the Tocumen International Airport, connecting Panama with major cities in the U.S. and Latin America.
Buses and taxis are readily available in urban areas. Taxi fares are low and usually range from US$ 2-10 depending on the trip's length. Congestion in the Panama City metro area is a rapidly increasing problem, but since the metro area is relatively compact, taxi service is the best way to get around. The Government of Panama is executing a plan for a fully integrated bus and metro transit system to deal with the congestion.
Transportation from Tocumen International Airport into Panama City can be made by a special taxi service, with prices between US$ 30 - $35 depending on the size of the taxis. Taxis may be shared with other passengers. Car rentals are available. There is no bus service at the airport.
Major car rental companies operate in Panama and offer excellent services.
There is train service from Panama City to Colon, on the Atlantic side, operated by Kansas City Southern. This is primarily a container transportation facility but the railroad also operates limited passenger service. It has become an attractive tourism option to visit Colon.
Panama's official language is Spanish. However, English is widely spoken as a second language in the main cities.
Health conditions in Panama are good, especially in the urban centers. Running water is available in almost all parts of the country and is usually potable. Use of bottled water or boiling before use is necessary only in some rural areas and small towns in the provinces. There are no major potential health risks when visiting Panama, particularly in the business areas of the country.
Panama does not observe Daylight Savings Time. So from roughly April – October, it is one hour behind U.S. East Coast Time. From November – March, it is at the same time as the U.S. East Coast.
Private business offices are open from 8:00 a.m. until 5:00 p.m., Monday through Friday, and Saturdays from 8:00 a.m. to 12 noon. Banks are open from 8:00 a.m. to 3:00 p.m., Monday through Friday. Most local banks open Saturdays from 9:00 A.M. to 12:00 Noon. Government offices are open from 8:30 a.m. to 4:30 p.m., Monday through Friday.
All private, government, municipal and U.S. Embassy offices are closed during local holidays. In addition the U.S. Mission observes all U.S. holidays.
The Panamanian holidays for 2012 are:
Business travelers should not have problems entering with laptops or any other personal business equipment or software if they are for personal use. Exhibiting materials can be brought into Panama subject to temporary entry restrictions.