The Image and fortunes of Panama are inextricably bound to fifty of the most famous miles of water and locks on earth. The Panama Canal began reshaping the fortunes of this Central American nation in 1914. The original project spanned more than 25 years and cost more than 27,000 lives to complete.
The French began the modern day canal around 1880. When these efforts proved futile around the turn of the 20th century, the US stepped in. It would take another decade and half to complete the world’s most famous short cut. Looking back, more than 95 years of successful operations and millions of ships transited are proof that the canal was well worth the time and sacrifice required to construct it.
The US assumed operations of the canal and its buffering defense, housing, and business area called , the “Zone” upon completion. US management of the Zone continued for 75 years until 1999 when control of the canal and related lands was restored to the nation of Panama.
Panamanians and Americans blended well during the days of US canal operations. Residents of the Canal Zone became known as “Zonies”. Many Zonies married locals. As generation followed generation, many came to think of themselves as more Panamanian than American. The descendants of Zonies now occupy positions of business, political, and cultural leadership at the highest levels. This blending of US and Panamanian culture under girds much of the affection “Gringos” enjoy to this day.
After more than 80 years, the Canal remains Panama’s most significant and reliable national asset. Current expansion plans assure that this will continue to be the case in the future.
A stable economy is essential to a stable real estate market. Panama is uniquely gifted in this way. When you think about it, as long as sailors take to the sea in boats, they will be looking for the shortest line between two points. This simple necessity predicts a bright future for a short cut that eliminates more than 8,000 sailing miles when traveling from the Atlantic to the Pacific.
If you are interested in investing in Panama, gaining residency here, doing your offshore banking in Panama, starting a business, meeting the right people, or finding the ideal retirement location on the beach contact one of our Panama experts today.
Email us at The Panama Club for discrete answers to any questions you may have about Panama.
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