It is currently the worlds second largest free trade zone trailing hong kong but is much more accessible for. Colon 2000, monument to christopher columbus, and limon bay are a few additional nearby sights. Want to see the time in colon, panama compared with your home. The colon free trade zone is a free port in panama dedicated to reexporting a wide variety of merchandise to latin america and the caribbean. Reefer inland capabilities customs clearance performed in the ports as well as bonded cargo pick up and deliveries. Colon free zone cfz was created in 1948 as an importreexport zone and today is the second largest sez in the world. Panamas free trade zone the colon free zone is the worlds second largest free trade zone and plays an important part in panamas service economy. The largest in the americas and the second largest free trade zone in the world. If youre planning to drive around colon, or if you want to leave your car somewhere safe to walk from your hotel to colon free zone, youll want to check out our deals on hotels near colon free. The colon free trade zone cfz offers a remarkable opportunity to u.
Panama highlights 2020 page 4 of 9 other resident legal entities that do not carry out operations within panama offshore companies must maintain accounting records and supporting documentation for at least five years from i the last day of the calendar year during which the transactions covered in the accounting records took place. A case study of selected strategies a report of the panama initiative. A couple of additional sights to add to your agenda are gatun locks and monument to christopher columbus. From colon to panama 1912 illustrated with historical. Business panama colon free zone and other free zones. Panamas main destinations of reexports from the colon free zone, 20112014. The economy of panama is based mainly on the services sector, which accounts for nearly 80% of its gdp and accounts for most of its foreign income.
The colon free trade zone was created in 1948 and is the 2 nd largest in the world behind hong kongs. Sell through panamas colon free trade zone to the region. The colon free trade zone in panama offers monetary, fiscal and corporate advantages to companies established in the commercial area. On 6 april 2016, through publication in official gazette no. This publication presents excerpts from the panama guide.
Connect main ports of panama city and colon free zone destinations within 4 hours transit time availability of equipment including reefers upon request customs clearance can be conducted in the ports or bonded cargo pick up and deliveries max cargo weight. Colon is the capital of this province and also a major port city and free trade zone in panama. Tiba panama colon free trade zone avenida 2da, entre calle a y calle 1era, france field colon free trade zone panama phone. Panama s free trade zone the colon free zone is the worlds second largest free trade zone and plays an important part in panama s service economy. Principal business entities these are the corporation, limited liability company, limited liability. Founded in 1850 at the atlantic northern terminus of the original panama railroad now the panama canal railway, the settlement was first called aspinwall, named for one of the builders of the railway. The colon free trade zone, panama republic of panama in 1948 the republic of panama began a project to solve two basic needs at both the national and international levels. Get colons weather and area codes, time zone and dst. Any company or person that desires to be located in the colon free zone can do so. North america east coast central america feeder nae. The colon free zone, located at the atlantic entrance to the panama canal, is the focal point for sea and air cargo transportation in the hemisphere.
Shopping in the colon free trade zone dates back to 1948 when the country was trying to establish its manufacturing industry after world war 2 and has been a pillar in the panamanian economy ever since. Nestled between the agricultural lands of colombia and costa rica to the east and west and framed by the tourist islands of the caribbean to the north, panamas economy is based around the panama canal. The first panama tax incentive began in 1948 when the colon free trade zone was established and has become the second largest tax free zone in the world after hong kong. The resulting sanctions against the waked businesses had an immediate and devastating economic impact, with over 5,000 people losing their jobs from one of the targeted waked businesses alone. Colon is an important port, commercial center, and tourist destination. Since its inception in 1948, it has grown from a mere 120 acres to over 1,000 acres, is home to more than. Protection of intellectual property rights in free zones, export. Tax exemption on imports, reexports and manufacturing of goods. Explore colons sunrise and sunset, moonrise and moonset.
The existence of the panama canal and the colon free zone are examples in. Colon free zone panamapacific city of knowledge our results suggest that sez have been successful as measured by static indicators, such as foreign investment, job creation and productivity. The code of conduct group will revise the list once a year. Services include the panama canal, banking, commerce, the colon free trade zone, insurance, container ports, and flagship registry, medical and health and tourism. It is the capital of panamas colon province and has traditionally been known as panamas second city. If you want to be near all the action, and stay in a topnotch hotel, check out the melia panama canal, 3 miles 5 kilometers away. Manzanillo international terminal coco solo sur, moulten avenue colon, republic of panama colon free zone p. The colon free trade zone in panama offers monetary, fiscal and corporate. Over 1,800 companies operate in the colon free zone with the majority of them involved in importing and exporting, including factories, warehouses, and repackaging many products.
Shopping in colon free trade zone in panama court goes. The colon free zone, located in the city of colon, near the atlantic entrance to the panama canal, is the secondlargest dutyfree zone in the worldsecond only to hong kong. Costa abajo is a division of the colon province of panama which is divided between the costa arriba upper coast and the costa abajo lower coast regions. Panama s main cargo airport is tocumen international and there are five major seaports with every modern cargo handling facility.
Colon free zone panama pacific city of knowledge our results suggest that sez have been successful as measured by static indicators, such as foreign investment, job creation and productivity. Print download pdf send link email captcha click to try a new captcha indicates required field. Companies that benefit from these exemptions are not eligible to benefit from the program to promote the competitiveness of agricultural exports cefa in spanish for their exports. The canal and the colon free zone are the focal points of much of the countrys international trade activity. Special economic zones in panama harvards growth lab. In a defined area of 400 hectares, the colon free trade zone is located at the caribbean entrance to the panama canal in the province of colon, and is considered the second largest free trade zone in the world and the largest of the western hemispere. The ftz in colon is for wholesale shoppers you are much better off going to albrook mall in panama city if you did go yes you need your passports and you need to get a pass outside of the gates ftz is not going to have local art work again for shopping and local art stick to pc. You might also stop by galeta island marine education center, located 4 mi 6.
Background on panama and colon panama is a unique country. Colon free zone, panama pacific and city of knowledge. Fob colon free zone is a catalog and directory of companies, products and services offered in the colon free zone, republic of panama. Colon free zone, panamapacific and city of knowledge. The colon free zone has a number of elements which support commercial activity on such differing levels as transport and financial operations. This historical work is considered of great importance for the knowledge of what life was like in panama more than 100 years ago, mainly in the villages and towns located in the old transisthmian railroad. If you are interested in doing business or setting up operations in the colon free zone, please carefully read the following. In the ftz, some particular products can be imported, stored, modified and reexported, without any need to go through customs whether on entrance or on exit, nor to pay for any special taxes. Fees costs for warehousing and forwarding services from the colon free zone.
The aim of this paper is to evaluate the three largest sez in panama. Colon owes its existence to the panama railroad which opened in 1855 as the first rail link from atlantic to pacific, making travel from the east coast of the americas to the west coast a lot easier. Relations have been strengthened by a bilateral free trade agreement that entered into force in october 2012. Cfz is located on the atlantic side of the panama canal, employs 30,000 workers, and its net exports account for 4% of panamas gdp. Choose a date and time then click submit and well help you convert it from colon, panama time to your time zone. Cfz is located on the atlantic side of the panama canal, employs 30,000 workers, and its net exports account for 4% of panama s gdp. It is currently the worlds second largest free trade zone trailing hong kong but is much more accessible for merchants from throughout latin america.
As you plan your holiday retreat, youll find 7 hotels and other lodging accommodations to select from in colon. Each of them offer different kinds of tax breaks based on their intended purposes. The united states has close relations with panama, stemming in large part from the extensive linkages developed when the panama canal was under u. Panama is home to the colon free zone, the worlds secondlargest free trade zone after hong kong, which is located at the caribbean entry point to the panama canal. Colons greatest claim to fameand the main reason visitors come hereis the colon free zone, a massive shopping showroom where. Distances are measured using a direct path, as the crow flies and the compass direction is shown as well. The colon free trade zone, panama republic of panama. The 99 companies operating in panamas 15 free zones may import inputs duty free if products assembled in the zones are to be exported. Panama reorganizes free trade zone in colon and regulates.
Shopping is a favorite activity, so consider an excursion to colon 2000 and colon free zone. It is considered the first free trade zone in the western hemisphere and the second largest in the world, supporting the development of export and import activities, manufacturing. Colon was surrounded by, but not part of, the former panama canal zone. One, the modernization of the economic service sector, and the other, a mechanism without precedent to streamline regional commerce on a large scale. About 50 miles northwest of panama city, colon is home to the northern gateway of the panama canal as well as afrocaribbean descendants of those workers who helped build the canal in the early 20th century. Known as the worlds second largest free trade zones, the colon free trade zone is considered as panama s duty free heaven. The services sector includes the panama canal, shipping and container port activities, and local and offshore banking and insurance services.
Panama colon free trade zone benefits and requirements. Freight forwarders and custom brokers in colon free trade. Sell through panama s colon free trade zone to the region a u. Other cities, available with also fast transit times. It is located on the caribbean coast, near the atlantic entrance to the panama canal, in the province of colon, within the city of colon though outside its municipal jurisdiction and operates as an autonomous entity of panama. Us secures confession in panama waked money laundering case. Panama reorganizes free trade zone in colon and regulates other provisions on 6 april 2016, through publication in official gazette no. It was made a free trade zone in 1953 and is the worlds second. Originally it was located entirely on manzanillo island, surrounded by limon bay, manzanillo bay,and the folks river. The city of colon dont walk, around without a local guide unless you know the city know where you. See distance to other cities from boquete panama measured in kilometers km, miles and nautical miles and their local time. Put a free analog web clock for colon, panama on your page, customized to match your color scheme.
Known as the worlds second largest free trade zones, the colon free trade zone is considered as panamas dutyfree heaven. Economic growth from 20002003 was hampered by the global slowdown, a decline in the colon free zone and agricultural exports, and the overall impact of the withdrawal of the us. Abdul waked is also among the founders of the colon free trade zone the second largest such zone in the world, and a long time money laundering hub. Sell through panamas colon free trade zone to the region a u. Tax advantages of the colon free trade zone tax strategies. It is considered a unique entrepot of world commerce.
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