A couple of years ago the Modern Maturity Magazine of the AARP (American Association of Retired Persons) named Panamá as one of the 15 best places in the world to retire or to have a second home in.

This has awakened a higher interest for foreigners to settle in the country.

Residential tourism is mainly practiced by the United States baby boomers but recently Canadians an Europeans have entered this market. They come here and they purchase a house and other assets includçing cars, electric goods, food and others similar items. This information is found un a study called "Analyis and projections of the residential tourism regarding national economy", written by the economist, Rúben Lachman.

Fidel Reyes, vice-president of the Panamanian Chamber of Tourism said that originally residential tourism mainly came from United States.
However, with the currency strength of the Euro, the pound sterling and the Canadian dollar they have now seen buyers from different parts of the world.

Likewise, direct air connection and the interest in Panama's real estate have awakened countries such as Russia, Italy, Sapin, France and England. As well, we cannot leave out the Latin American countries. Venezuela and Colombia have an important presence in Panama not only for tourism but also for permanent residency.

Amoung the most sectors to benefit form reidential tourism are construciton, trade, restaurant, general services, agricultural and industrial sectors.
According to the AARP, US retirees or baby boomers are drawn here by the low cost of living, tax reductions, the warm climate, political and economical stability and the availability of infrastructure and services.

However, for some people like Miguel Angle Rodriguez, an expert on tourism in Spain, residential tourism has to be self-financed. For anyone wishing to develop residential tourism they will have to guarantee the execution of all the development works. These inlude infrastructure, drinking water, sewer system, paving roads and public services.

Statistics

It is estimated that Panama is inhabited by at least 2,500 families that have emigrated from the United States. According to the Study, the projection of North American Families that will protentially reside in Panama in 2008 is 3,868. In 2019 the figure will reach 218,533 people. And it is calculated that between 2005 and 2018 there will be a total of 13,793 residences bilt for tourist residents. For 2008 alone the projection is 1,275 residences. the investment flow on residential construction for this market between 2005 and 2018 will be US$4.395 million. It is estimated that the impact on these investments of residential touristic facilities over th construction Gross Domestic Product will be US$762.6 million.

BOQUETE

The Boquete district was the first place in the country where residential tourism and investment had been intensively developed. Between 2005 and 2009 a total of 606 residences will be built for resident's tourist in this region of the country. Projects like Cileo Grande, Las Brisas, La Oriana, El Paso, Panamonte among others are the result of this investment.

According to the study, the development of residentical tourist facilities produced an increase in the Gross Domestic Product of Boquete that surpassed form US$67.4 million in 2000 to US$310.1 million in 2008.

For Reyes the development of residential tourism in Boquete is mainly because of the participation and interest of developers and investors.
"I consider Valle Escondido a smart strategy of this concept. This was originally where the gowing number of baby boomers flocked to. The participation of companies like International Living and Panama'a place on the five best destinatios to live, outside the United States, has given an advantage on the region", he said.

PENDING DUTY

For some members of the torist sector there is still much to promote on quality projects and the development of the rural areas. A project development of infrastructure that can facilitate the accessibility to both developers and possible investors is needed. Incentives are needed here like the ones used in the Dominican Republic. There the state shares US$ 1 to US$1 with the private investor with the state's US$1 being used for road constructions, airports and marines.

THe future of this activity will depend on many factors, Developing a better infrastructure, radical change in transportation services, creation of ways to access development and facility areas are all important issues.

This would allow the a larger and better connection with more people.

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