Panama

•Geography & Nature:
•Panama Canal: Panama is

famous for the Panama Canal,
a man-made waterway that
connects the Atlantic and
Pacific Oceans. It is one of the
most important shipping routes
in the world.
•Culture & People:
•Population: Panama has a population of
over 4 million people. The majority are of
mixed Mestizo heritage (a mix of
Indigenous, African, and European
ancestry).
•Languages: The official
language is Spanish, but
English is widely spoken,
particularly in the business
sector. Indigenous
languages, such as Guna
and Embera, are spoken by
native communities.
•Economy & Society:
•Currency: Panama uses the U.S.
dollar alongside its own currency, the
balboa, which is only available in
coins.
•2. Economy: The country
has a strong economy,
largely thanks to the
Panama Canal and its role
as an international banking
hub.
Fun Facts:
1.Independence: Panama gained independence from
Colombia in 1903, with help from the United States,
partly to facilitate the construction of the Panama Canal.
2.Bridge of the Americas: The Bridge of the
Americas in Panama connects the two continents,
symbolizing Panama’s key geographical role as a
bridge between North and South America.
Panama's culture is a blend of Indigenous traditions,
African influences, and European heritage, creating a
vibrant and dynamic society.
1. Personal Relationships are Key
•Networking is crucial for doing business in Panama.

Establishing personal relationships and trust is
important before formal negotiations begin.
•Panamanians prefer to work with people they know,

so expect business dealings to involve meetings,
social events, and small talk to build rapport.
•2. Business Etiquette
•Formal greetings: Handshakes
are common, accompanied by a
friendly smile and direct eye
contact. Titles are important, so
address people as Señor/Señora
or use their professional titles
(Doctor, Ingeniero, etc.).
•Panamanians value courtesy and
politeness in business
communication. Maintain a
respectful tone and avoid direct
confrontation or criticism.
•3. Punctuality
•Although social events may
start late, punctuality is
expected for business meetings.
Arriving a little early or exactly
on time is considered
professional.
•Meetings might not always start

immediately, as some small talk
often precedes the business
discussion.
•4. Hierarchical Structure
•Panama has a relatively
hierarchical business culture,
where decisions are often made at
the top level of management.
Seniority is respected, and final
decisions usually come from higher-
ranking individuals.
•If you are dealing with a larger
company, expect that major
decisions will take time and may
involve several rounds of approval.
•5. Language
•The primary language of business in
Panama is Spanish. However,
English is widely spoken in many
sectors, especially in banking,
international trade, and tourism.
•While many professionals speak

English, it's considered polite to
conduct business in Spanish or at
least attempt to use some basic
phrases if you're an outsider.
•6. Dress Code
•Business attire is typically formal and
conservative. Men generally wear dark
suits and ties, while women wear
professional dresses or suits.
•The tropical climate may lead to slightly

more casual attire in some sectors, but in
formal business settings, dressing well is
important for making a good impression.
•7. Business Hours
•Typical business hours are
from 8:00 AM to 5:00 PM,
Monday through Friday, with a
break for lunch, usually from
12:00 PM to 1:00 PM.
•Many businesses are closed
on Saturdays, though
international companies and
banks may have extended
hours.
•10. Corporate Culture
•Panamanian companies may have
a more relaxed and friendly
atmosphere compared to the rigid
corporate environments of some
Western countries, but there’s still a
clear distinction between
professional and personal spaces.
•11. Gift-Giving
•Gift-giving is not necessarily
expected in a business context, but
small, thoughtful tokens (like
company-branded gifts) are
appreciated and seen as a gesture
of goodwill.
•If invited to a Panamanian
colleague's home, it is polite to
bring a small gift such as flowers,
wine, or chocolates.
•Here are some fun and
interesting facts about the
people of Panama:
•1. Friendly and Welcoming

•Panamanians are known for
their warm and friendly
nature. They often go out of
their way to make visitors feel
welcome and are proud of
their country.
•2. Multicultural Society
•Panama is a true melting pot of cultures! Its
population includes descendants of Indigenous
peoples, Africans, Europeans, Chinese, and people
from the Caribbean, all contributing to a diverse and
vibrant culture.
•3. Carnival Lovers
•Panamanians love to celebrate, and Carnival is one
of the biggest events of the year. The festivities last
for several days before Lent, with parades, music,
dancing, and colorful costumes, especially in cities
like Las Tablas and Panama City.
•4. Passionate about Baseball
•Baseball is the most popular sport in

Panama, and the country has produced
several Major League Baseball stars,
including Mariano Rivera, considered
one of the greatest closers in baseball
history.
•5. Bilingual Country
•While Spanish is the official language,
many Panamanians are bilingual, with
English widely spoken, especially in the
capital and in the business world.
•6. Family-Centered Society
•Family plays a central role
in Panamanian life. It’s
common for several
generations to live close to
one another or even in the
same home, and family
gatherings are an essential
part of social life.
•7. National Dish: Sancocho
•Sancocho is Panama’s national
dish—a delicious chicken soup
made with vegetables and herbs,
especially culantro (similar to
cilantro). It’s a favorite comfort
food and is often served during
family gatherings or celebrations.
•8. Panamanians Love Coffee
•Panamanians are passionate about
their coffee, and the country
produces some of the world’s finest
beans, especially Geisha coffee,
which is renowned globally for its
quality and flavor.
•9. Famous for the Golden Frogs
•Panamanians are proud of their
unique Panamanian golden frog, a
critically endangered species. The
golden frog is considered a symbol of
good luck in Panama, and there’s
even a National Golden Frog Day
celebrated in its honor.
• 10. Diverse Cuisine
• Panamanian food is a reflection of the
country’s multicultural population. The
cuisine includes influences from
Indigenous, African, Caribbean,
Spanish, and Chinese cultures,
resulting in a delicious fusion of
flavors.
•11. Strong Sense of National
Identity
•Panamanians are very proud of their

country’s independence and
achievements, particularly the Panama
Canal, which plays a major role in their
national identity and global
significance.

Panama

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•Geography & Nature:

•Panama Canal: Panama is

•Networking is crucial for doing business in Panama.

•Panamanians prefer to work with people they know,

•Meetings might not always start

•While many professionals speak

•The tropical climate may lead to slightly

•1. Friendly and Welcoming

•Baseball is the most popular sport in

•Panamanians are very proud of their

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