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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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The Republic of Panama, or Panama as it is more popularly known, is a country that geographically belongs to Central America, sandwiched between Costa Rica and Colombia. Surrounding it are the Pacific Ocean, the Gulf of Panama and the Caribbean Sea. Through it passes the Panama Canal, that which connects the Caribbean Sea, and thus the Atlantic Ocean, with the Pacific Ocean.
Because of Panama’s strategic location, it is no wonder that it has become the most developed country in Central America. The Panama Canal has become crucial to world movement of goods and as such, Panama has high import and export levels. The Colon Free Zone is the epitome of this geographical advantage to the economy. This has become the processing and clearinghouse of the traffic of goods along the Panama Canal.
The Panama Canal actually plays a major role in the way Panama has developed and how Panama became an independent country. Panama was previously part of Colombia. On November 3, 1903, Panama became independent of Colombia. This was accomplished with the help of the United Sates. The United States actually did this so that they could have access to the Panama Canal being then built by Colombia. In the same month that Panama successfully seceded from Colombian rule, Panama signed the Hay-Bunau-Varilla Treaty which gave the United States right to continue construction and full control of the Panama Canal for an initial payment of $10 million and a yearly fee of $250,000.
Panama’s geographical location has also given way to the booming tourism industry in the country. It is just hours away by plane from North America and it belongs to the Caribbean region that is famous for its beaches and tourist destinations.
Panama means “an abundance of fish” or “an abundance of butterflies” in the native tongue. Both suit Panama quite well. Because it is surrounded by pristine beaches with breathtaking corral reefs, fish is abundant in this country. And because it has mountainous provinces where rainforests and jungles are sheltered, there is also an abundance of butterflies and other enchanting creatures in Panama.
Panama has a population of around three million. Panama nationals are called Panamanians. Panama’s official language is Spanish. More people are Roman Catholic, but freedom of religion s practiced in Panama so there are places of worship for people of different religious persuasion.
Panama, because of its geographic location and its commercial outlook, has people of different ethnic origins in it. The most common ethnic group is the mestizos who are generally known by their lighter skin color. These are people who are generally of European and Native American origin. The other group is known as the Antillean Blacks or the mulattoes. These are people with European and African origin who came to Panama from the West Indies. Finally, the minority group is the indigenous peoples of Panama, generally known as Indians. There are seven indigenous peoples in Panama. They are the Bribri, Buglé, Emberá, Kuna or Cuna, Naso, Ngōbe, and Wounaan.
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