Panama struggles to regain the lost properties

The Panamanian struggle to reclaim the territories from the U.S. military at last has seen sunlight. It took a long time and many sacrifices but as the English proverb goes - all well that ends well. Reports suggest that Panama gained properties worth over $10 billion in collective wealth when the U.S. military left the country back in 1999.

When the Torrijos-Carter Treaty came into effect, the U.S military had to hand over more than 14, 538 properties to the Panama government; most of which however had fallen into disrepair. The properties included residences, buildings, gas stations, swimming pools, infrastructure galore and many offshore installations.

La Prensa at the Ministerio de Economía y Finanzas recently published a report that has the details of the Panama properties with their estimated worth. The report claims that the U.S. inheritance was valued at $10.8 billion back in 1999 when its military finally left Fort Clayton, Howard Air Force Base and Fort Sherman, and various other military stations. This amount is greater than the country’s total outstanding liability.

Panama is a country that knows how to turn around. And it did. After the U.S. left the country, Panama used the reclaimed properties effectively and turned the entire asset into wealth. At first, Panama built a strong infrastructure and than it re-developed its communication facilities. As these two sectors are well advanced now, Panama is attracting huge foreign investments and observing a boost in its real estate sector. As the country is located strategically on an isthmus that adjoins North America on one side of its border and South America on the other side of its border; it maintains a friendly foreign relation with all its neighbors, thriving for strong regional bond.

Tourism sector of the country is also growing. Although Panama is mostly known for its famous canal that the U.S occupied for a long time, the country has many natural attractions that serve as irresistible lure for travelers willing to try something new for a change.

As time passes, Panama is becoming a good place to settle down, a nice country to invest money and the best place to take a vacation.