The Colon Free Zone, better known as Zona Libre Panama to the Latin Americans, is the second largest tax free zone in the world after Hong Kong.
What is a Zona Libre?
It is a zone where companies can export and imports goods without paying any duty. The benefits for buyers are that the final price of the products stay competitive in order to sell better.
More information about Panama
The Republic of Panama is located in Central America. The border countries are Colombia and Costa Rica. The population is approximately four million people. Although it is a small country, it is one of strongest economies in Latin America as it is strategically located as the doors to the region. The language that is spoken is Spanish but there is a large English speaking community. The Republic of Panama also enjoys economic stability thanks to the use of the US dollar as its legal tender which fluctuates less than other currencies in the region. A large banking center, a strong insurance industry and high tech ports also contribute to the success of this zone. It is also the home of the famous Panama Canal which allows ship to cross from the Pacific to the Atlantic and vice versa in less than one day. This saves a valuable amount of time and money.
Advantages of buying from the Zona Libre Panama
It is strategically located thanks to the Panama Canal which is often referred to at the crossroads of the world.
Quick facts:
*Most important tax free zone in Latin America and the Caribbean
*Second largest Tax Free Zone in the world after Hong Kong
*More than 400 hectares
*Thousands of wholesale companies
*300 000 buyers every year
*More than 20 000 employees
*More than 10 billion worth of imports and exports yearly
In 2014, the expansion of the Panama Canal is expected to be completed. This will allow Post Panamax ships to use the locks as well. This will further contribute to the growth of the Zona Libre Panama.
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