Panama Draws Regional Cash

Panama Draws Regional Cash

Panama

by Andy Webb-VidalPanama may be barely an eighth of the size of Venezuela, but it has a welcoming investment environment and bright economic prospects. This contrasts markedly with the worsening business and political climate in some parts of LatAm, making Panama a magnet for cash fleeing for more stable havens.According to Panama’s Banking Superintendent, deposits from sources in Venezuela, including banks, surged from the $811 million in 2006 to $1.32 billion at end of 2007, a hike of 63%. This is partly driven by rising numbers of mostly wealthy Venezuelans migrating to Panama.“Many people prefer Panama over the US for a number of reasons, chief among them is the question of vis

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