Multinational companies continue to grow their presence in Panama, which is always a good sign for the property market.
The latest arrivals are a group of companies from Switzerland and the Republic of Ireland that was recently approved by the Panama Multinational Companies Headquarters Licensing Commission. Along with entities from the Cayman Islands, the companies will invest more than $5.1 million, according to information from the Ministry of Commerce and Industries (MICI).
Panama is famously welcoming to multinationals, thanks to a 2007 law that eased the procedure and framework for setting up a regional headquarters, known as the SEM (multinational company headquarters). More than 170 international groups have set up operations in Panama under SEM, and many of them are our property management clients, including Caterpillar, Sony, and Panasonic. They provide a steady stream of well-paid renters looking for top apartments, and many of them eventually turn to buyers — one of the reasons Panama’s market is built on such a strong economic foundation.
The new companies setting up operations are focused on activities such as financial services, consumer goods, and personal care, insurance and reinsurance, and the sports industry, according to coverage in CentroAmerica Forbes. The new company operations will also generate more than 150 jobs for nationals and foreigners, says the General Director of SEM of Panama, Jeannette Díaz Granados.
Since the SEM law was implemented, the manufacturing, technology, and engineering sectors have supplied the largest number of registered SEM companies, according to the new report. The largest number of companies are based in the United States, followed by China, Switzerland, the Netherlands, and Germany.
So far in 2021, nine companies have established new headquarters in Panama under the SEM guidelines.
Punta Pacifica Realty Property Management maintains exclusive relationships with the fast-growing number of multinational corporations and embassy staff in Panama City, giving you access to high-level executives and diplomats as tenants for your investment property.
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