Construction To Begin On New Luxury Eco-Resort In Bocas Del Toro

A new luxury eco-resort, Emerald Monkey, is scheduled to break ground in Bocas Del Toro this month, for completion in 2010. The resort, billed as the first zero-carbon luxury resort in the world, will feature 1, 2 and 3 bedroom villas with private plunge pools and garden terraces. According to the developments website, the resort will be receive electricity exclusively from hydroelectric dams, will utilize chlorine free natural saltwater pools, and will obtain drinking water from local springs. The resort will also operate an organic farm on the premises, and will feature a market with locally grown and organically produced produce and fruit.

With relatively few eco-resorts in Panama (in comparison to Costa Rica), it is good to see developers increasing the focus on eco-minded tourists. Claiming carbon neutrality is an ambitious goal for any development, and if the development continues as currently planned the Emerald Monkey resort could be a very unique experience, and hopefully increase environmental standards and awareness among developers in Panama.

With any “eco” development, environmental benefits can often be exaggerated and “greenwashed.” In the case of the Emerald Monkey development, claims for one hundred percent hydro power do avoid releasing carbon pollution, yet could also have negative impacts on local biodiversity. While the “handmade bungalows” that make up the resort are to be handmade from sustainable materials, they are also shipped from Bali, which is likely to be carbon intensive. Despite these potential exaggerations, claiming carbon neutrality is an ambitious goal, and hopefully start to set a new standard for sustainability in Panama resort developments.

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CNN On Panama’s Pearl Islands: “A Beach Bum’s Paradise”

Panama’s Pearl Islands were recently featured in an article on CNN, and were described as a “beach bum’s paradise.” The Pearl Islands are located 30 miles off the Pacific coast of Panama in the Gulf of Panama, and can be reached via a short 20 minute plane ride from Panama City. The tropical islands were the location of three seasons of the American television program ‘Survivor.’

The Pearl Islands, which are said to have been stop off point for Spanish Conquistadors on their way to bring treasure back to Spain, are now the location of many wealthy Panamanian’s vacation residences. The Pearl Islands were briefly the home of the Shah of Iran following his exile in the late 1970s.

The author visited Contadora, one of three islands in the archipelago that are accessible by plane, and Mogo Mogo, a deserted island used to film seasons of ‘Survivor’ (which is still used as the location to international versions of the show). The Pearl Islands feature pristine beaches, fantastic snorkeling, and chance run-ins with television crews.

For more information the CNN article can be read here

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Panama’s Economic Activity Is Up Nearly 7% In June Versus Same Period Last Year

Panama’s government is reporting that economic activity has increased 6.96% this past June in comparison to the same period last year. Panama’s economy still appears to be staying strong, despite the sinking dollar and turmoil hitting the markets in the United States and Europe. It will be particularly interesting to see if the trend continues as numbers continue to come out for the later summer months, when increasing gas prices and uncertainty in the finance industry put pressure on the United States economy.

Source:
Panama June economic activity up 6.96% vs year ago (Economictimes.indiatimes.com)

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IFC Considering $500 Million Loan To Support Canal Expansion

The International Finance Corporation (IFC) is considering offering a $500 million loan to help Panama finance the current canal expansion. The project, which includes adding a third set of locks to the canal, has a current estimated price tag of over $5 billion. The expansion will allow larger ships to pass through the aging American built canal. The canal is a major component of Panama’s economy, directly and indirectly accounting for nearly 19% of the country’s GDP, and 41.2% of its export volume.

The IFC, a member of the World Bank Group, is primarily responsible for providing loans to major private sector projects in developing nations. The group predicts that the Panama Canal expansion will boost Panama’s real GDP by 0.6 – 0.8% at its completion. The IFC’s board of directors is expected to review the loan proposal as early as October this year.

Source:
IFC Mulls $500 Loan For Canal Expansion (Nasdaq.com)

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Panama Enacts New Immigration Regulations

Panama has amended several immigration regulations that impact real estate investors in Panama, according to the My Panama Lawyer Blog. Some of the laws changed include the length of stay allowed for tourists, regulations on foreign workers, changes in the minimum investments for forestry and other visas, and an increase in the required minimum income for the pensionado program.

Here is a selection of some of the changes, which will be effective starting  August 25th, 2008:

-Tourists may remain in the country only for 90 days, with only those with an original period under 90 days being able to ask for an extension to complete the 90 days when justified (Art. 21),

-Forestry temporary visa minimum investment is raised to US$60,000, up from US$40,000, with an additional requirement of 10 hectares purchased (Art. 100),

-Forestry permanent visa minimum investment is doubled to US$80,000, with an additional requirement of 20 hectares purchased (Art. 180),

-Self-solvency investor visa minimum investment is increased to US$300,000, up from US$200,000 left in Panama bank account for 3 years (Art. 192).

-Self-solvency investor visa minimum investment alternatives include also real estate for which at least US$300,000 is paid for, free of mortgage (Art. 193) or a mixture of a 3-year deposit and mortgage-free real estate up to a combined minimum of US$300,000 (Art. 194),

-Self-solvency investor visa real estate may be held under a Private Foundation which founder or beneficiary is the applicant,

-Pensionado minimum income is raised to US$1,000, up from US$500, or a mixture of US$100,000 in directly-held Panama real estate (Art. 200 – it does not specify if the property is free of mortgage),

To read more of the important changes in the immigration regulations, read My Panama Lawyers full post here, or download the full documents in Spanish here and here (yahoo ID required).

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Irving Saladino Wins First Olympic Gold For Panama; New Sports Complex To Be Named In His Honor

Congratulations to Irving Saladino, who took first place in the men’s long jump on August 18th at this year’s Beijing Olympics, bringing home Panama’s first gold medal in Olympic history. The gold is the first medal awarded to a Panamanian athlete since Lloyd LaBeach took home two bronze medals in the 100 and 200 meter races during the 1948 London Olympics.

Panama President Martin Torrijos commended the athlete calling Saladino “an example of success and perseverance for all Panamanians.” The president also said that a new sports complex constructed in Panama will be named in the athletes honor. The complex will include a new football stadium, a gymnasium, a hall of fame, and will be completed in 2009.

Source:
Panama honours its gold (Edmontonsun.com)

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Tourism On The Rise In Panama, Says Seattle Times

Panama’s tourism industry brings in $1.5 billion in revenue per year, more than earned from the tolls at the Panama Canal, according to a recent article in the Seattle Times. Panama’s government, through the official tourism ministry – IPAT, have sought to increase the country’s visibility by promoting the recent “Panama – It Never Leaves You” advertising campaign. The article discusses major tourism destinations in Panama, including Isla Parida, David, Boquete, and Bocas del Toro.

The article also described the rapid pace at which growth and development have been occurring in parts of Panama. A local from Isla Parida, an island ten miles off the coast from David in southwestern Panama, describes his current frustration have sold his property over a decade ago when surrounding land was converted into a national park, not knowing the value the property would be holding today.

The author goes on to describe his experience Boquete, in Chiriqui Province:

Nowhere is the investment as intimate as in the lush foothills of the 11,397-foot Baru volcano, where Americans retire in mass to the town of Boquete. Signs on the edge of town promote Coldwell Banker, Kohler sinks and the Hacienda Los Molinos, which promises, in English, “A Fabulous Lifestyle in Boquete… Later, [we] drive the road east from Boquete and pass parked bulldozers, cleared hillsides and billboards promising more.

I thought the article was interesting, and shows the wealth of opportunities that Panama offers to international tourists. Panama is uniquely positioned as a crossroads of business and culture, as well as an ecological crossroads between two continents. This diversity will help to continue to diversify and help bolster Panama’s already robust tourism industry.

Source:

A detour-filled drive across Panama (Seattletimes.com)

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Nikki Beach Resort Scheduled To Open In Panama In March 2009

Located 45 minutes north of Panama City, the Nikki Beach resort is scheduled to open in March of 2008. The Nikki Beach Playa Blanca Resort and Spa complex will include a 140-unit condo-hotel in addition to two other elements, Nikki Beach Residences, which will feature 60 two and three bedroom ocean view apartments, and Nikki Beach Lofts, featuring 68 one and two bedroom ocean view lofts. Nikki Beach, internationally known for its opulent hotels and resorts, recently opened a similar resort in Turks and Caicos, and currently has 15 planned resorts worldwide.

The resort, which is located in Playa Blanca, has seen a recent surge in major international projects and upscale condominiums, including a Hard Rock Hotel opening in the area in the near future. Playa Blanca, Panama was also rated one of the top destinations to visit in 2008 by the New York Times.

Source:
Nikki Beach Playa Blanca Resort & Spa To Open In Panama On March 1 (Hotelinteractive.com)

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English Language News Sources In Panama

For anyone interested in keeping up to date on local news and events, here is a selection of English language newspapers in Panama:

The Panama News: an English language online news magazine with articles written by Eric Jackson. The magazine features a variety of stories on topics that relate to Panama’s economy, culture, lifestyle and natural environment.

The Bocas Breeze: An online magazine with articles in both Spanish and English that discuss news and information relating to Bocas del Toro.

The Bajareque Times: An online news magazine that publishes stories related to the Boquete region in both Spanish and English.

La Prensa: The Republic of Panama’s primary major print and online newspaper. Published only in Spanish, La Prensa can be translated into English (or any other language) using Google Translate.

These are just a sampling of English language news resources for Panama. If any readers have further recommendations, please share!

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Panama Resort Named One Of The Top ‘Clothing Optional’ Destinations In World

A recent Reuter’s article ranked the Garden of Eden Resort in Bocas del Toro the number two ‘clothing optional’ resort destination in the world. The top resort went to a scandalous sounding resort in Mexico called The Au Naturel Club (definitely not beating around the bush with that one). According to the article, the Panama resort is on a pristine island on Panama’s Caribbean coast, and features a laid back atmosphere. The resorts website makes it clear that the property is strictly “adults only,” and offers many opportunities for their adventurous clientele, including snorkeling and kayaking.

While I personally prefer to keep my clothes on in public, apparently there is enough of a demand for these types of resorts to necessitate a top 10 list (although I would hate to know what the worst ‘clothing optional’ resorts are).

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