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Archived Articles
Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.
He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.
In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.
Global Real Estate Project
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Panama: More Than Just A CanalSeveral events have focused the world attention on the small Central American country of Panama in the recent days and weeks. None of them was linked directly to the famous Panama Canal. And yet all of them have made international headlines. First, Panama and Taiwan declared that till the end of 2003 they would seek establishing a free-trade area (FTA). If this happens, Panama will be the first nation in the world to have such an agreement with Taiwan, media say. On the menu is the market liberalization, removal of tariffs, opening the service sector, investment negotiations and the intellectual property rights' protection. Another event that caught the media attention was the fate of 3 citizens from US and Canada, who were kidnapped on Panama soil adjacent to the Columbia border by Columbian far-right militiamen. The kidnapers' warlord promised to free the hostages but in anyway this is a warning for the foreigners to better plan their trips inside the country, which otherwise has one of the lowest crime rates in the world. [Note: The three that were kidnapped on Sunday 1/19/03 were released on the following Thursday. Two reporters were seized Tuesday of the same week in Columnbia on the other side of the Arauca province. In both cases the rebels stated the people had entered the Columbian area that is under control of the National Liberation Army without permission.] Yet another bad news announced in Panama has made headlines these days. It appears that bananas may disappear globally in the next 10 years if the agronomy doesn't find a remedy against the new version of a Panama disease that ravages the plantations in many regions around the world. In Panama bananas is the single most important agrarian culture, but fortunately the agriculture represents only 7% of the national economy (76% is the service sector; 17% is the industry). The planned FTA agreement between Panama and Taiwan could be very important for all the investments in this Latin America country. The common sense says that such an agreement could turn Panama into a new financial crossroad between Taiwan and the rest of the world, which doesn't aim irritating Beijing by supporting direct relations with the island. Taiwan has paid cash the price of its diplomatic recognition by Panama having poured $450 million in the country so far. It seems that communist China isn't very scandalized by the Panama position, so it doesn't plan to withdraw its $200 million investments and even pledges to pour more. Chinese investors are particularly interested in renovating the ports on both ends of the canal. Communist China now is the world third largest user of the Panama Canal and its traffic could only grow after the entry into the World Trade Organization. 200,000 Panamanians are of Chinese ethnic origin, which makes the country an ideal "third angle" for the triangle alongside Beijing and Taipei. Could Panama become another Cyprus that turned out to be prosperous cashing in on the political hostilities between some countries? It's possible, or at least Panama has all reasons to believe in this scenario. In the recent years Panama has increasingly become a destination for many baby-boomers, wishing to escape the high taxes and the expensive real estate in the United States. Maybe for this reason the offices of the website EscapeArtist.com specialized in expatriate relocation information, have their headquarters located in Panama City.
 Panama isn't just the canal In 1990 the country abolished its armed forces by a Constitution amendment. On the one hand, this diminished the political risks for the foreign investors fearing another possible dictator coup. On the other hand, the economic prospective is good given the increasing interest by some major financial centers. As a result, local experts and expatriates report skyrocketing real estate prices in many areas in the country. 5 years ago a 3BR house in Chiriqui Province on the Pacific coast with a small beach strip cost $7,000. Now the same kind of house has been offered for $35,000 and only the sky is limit. The 2-3 acre waterfronts still start at the amazing $10-12,000 but for how long? An excellent alternative for the investors could be buying or building a hotel with return of the capital within few years. The same period of capital returning is observed with investments into some residential rental properties. Another form of investment could be buying large tracts of undeveloped land, building the infrastructures and reselling the whole project into small lots. Local and international experts warn however that the corruption in Panama is still a problem as well as getting a title of property by the new owners. In some parts of the country the local Indian tribes own tracts of land so there could be ownership conflicts. There are different forms of land ownership in Panama. All land transaction paperwork should be reviewed by a Panamaian attorney. Make sure that the land has been surveyed and the survey has been recorded. Experts suggest for the larger investments, you should work through a Panamanian corporation. This could help settle disputes, and moreover the additional fees for establishing a company aren't too high compared to the investment. Country profile:
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See also the directory of companies providing real estate services in, and general real estate information of Panama.
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