Mr. Ambassador, what is the reason for the increased attention of Russians to the Republic of Panama and its real estate, which we have seen recently? Panama is certainly attractive for Russians in terms of investment, and not only in real estate. Panama is the most important global financial and banking center in Latin America. More than a hundred large international banks operate in our country. This is largely due to the fact that at the beginning of the last century, Panama entered into an agreement with the United States, according to which the US dollar is freely circulating in the country. We also have our own currency - the balboa, but the balboa circulates exclusively in the form of metallic money, only the dollar is used as bills. I should note that Panama has a privileged geographical position - it is located between two American continents and between two oceans. As you know, our country has laid the Panama Canal, which plays a huge role in the world economy, and now a project has already begun to expand it. Unlike other countries in the Caribbean, we do not have devastating hurricanes and earthquakes. Panama has established the Colon Free Trade Zone - one of the largest in the world. Five main fiber-optic cables pass through Panama, so telecommunications are of very high quality and very affordable. Finally, it is a politically stable country, which, of course, contributes to the creation of a favorable investment climate. All of these factors attract foreigners, and Russians are no exception. Could you briefly describe the current state of Panama's economy? How does it affect the ability to buy real estate? Panama's economy grew 11% last year and is expected to grow 9% this year. At the moment, unemployment in Panama is 7%, while a few years ago this figure was equal to 14%. At the same time, I note that the expansion of the Panama Canal is now beginning, and when the work is in full swing, the unemployment rate will decrease even further. The occupancy rate of our hotels is exceptionally high - 95%, last year our country received 1 million tourists, this year it will probably already be 1.5 million, and this despite the fact that only 3 million inhabitants live in the Republic of Panama. In addition, Panama is now one of the starting points for cruises in the Caribbean. The country is experiencing a huge boom in construction, and I must say that the investments of Russians in this area are very noticeable: for example, one of the St. Petersburg companies is building two 30-storey towers in Panama City, and one Russian bought a very advantageously located land plot, where a four-star hotel will be built, so I am pleased to see that Russians' interest in Panama is growing. The range of tourism and investment opportunities provided by Panama to foreign nationals is very wide. I will note that a number of laws have just been passed to stimulate investment in real estate. For example, a company that is building a hotel with more than 300 beds can also get permission to open a casino. At the moment, there is a shortage of office space, since the world's largest firms open their offices in our country. Who are the main buyers of residential property in Panama? First of all, these are US citizens, as a rule, representatives of the baby-boom, that is, the generation born after the Second World War. If earlier American retirees usually moved to Florida, now, due to the fact that global warming is causing more and more devastating hurricanes, they often choose Panama. I would also like to note the interest in Panama from the people of Western Europe. In addition, there are a number of Russians who have already informed me that they are going to move to Panama and do business from there. Why are the pension programs developed by the Panama government attractive? Can Russians participate in them? Pension programs for foreigners provide for various privileges, ranging from tax breaks to discounts on medical services, utilities, etc. These programs, in addition to US citizens, are also used by many Europeans, the only limitation is the amount of pension paid by the foreign government. state to its citizen, must be at least a certain amount. Panama's economy is directly tied to the dollar. Is the weak position of this currency good or bad for the country's economy? The crisis is not new to the global economy. This situation repeats itself periodically, and even if the current crisis is deeper and larger than the previous ones, it should be taken into account that the dollar is the currency of the country with the largest economy. The United States will certainly be able to solve its problems. So far, the global crisis has not significantly affected Panama. And in terms of the real estate market, buying property in Panama for Europeans and Russians is now more profitable than ever. How has the Panama real estate market developed in recent years? Some time ago, there was a significant rise in the real estate market, now the market has stabilized. Representatives of this sector are very optimistic, in particular, they feel the growing interest from the Russians. Our companies regularly participate in Russian real estate exhibitions and get good results. What exactly can you buy in Panama? Apartments, holiday home? The choice is wide enough. Firstly, Panama City is a very modern, cosmopolitan city with good opportunities for life and business, with a very high level of medical care. In addition, holiday homes are attractive in those parts of the country where the climate is milder, not as hot as in the capital. Since the country is small, they are all located within two hours of Panama City. So, on the border with Costa Rica there is a place called Boquete, where many foreigners live, most of whom are Americans, but every year there are more and more Europeans. How expensive is life in Panama? So far, the cost of living in Panama is relatively low, especially when compared with major cities in Europe and Moscow. Unfortunately, due to global trends, the inflation rate is now growing: at the moment it is 9-10% per year, whereas in recent years inflation has not exceeded 2-3%. For Russians, transport is probably the biggest problem when buying real estate in Panama. How can you get to Panama now? There are several routes. You can fly from Moscow to Havana on an Aeroflot flight, the duration of the flight is 13 hours, and from Havana to Panama on a flight of our local company Copa Airlines will take another 2 hours. Another option is to take a KLM flight from Moscow to Amsterdam, and then transfer to a transatlantic flight directly to Panama. Currently, active negotiations are underway with Russian airlines to open direct flights from Moscow to Panama in the near future. Since Panama is the central hub of Latin America and has a large modern airport, organizing a direct flight from Moscow will allow Russians to get to Latin and South America faster and more comfortably. What visa opportunities are open to buyers of real estate in Panama? Russians who have bought real estate worth more than $ 300,000 can obtain a residence permit in Panama, and after five years (provided they pass the Panama exam) they can apply for citizenship. But for those whose purchase fits into a smaller amount, getting a Panama visa is easy: the process takes three days, and for non-Muscovites we try to issue a visa within a day. I can say that the flow of Russians visiting Panama is growing rapidly: in the first eight months of this year we issued more visas than in all of 2007. In conclusion, what would you like to wish the readers of the magazine? I am very glad that Russians are more and more interested in Panama, and I am grateful for the opportunity given to me to tell about our beautiful country to those who would like to buy a house abroad. I am confident that Homes Overseas readers will appreciate the opportunities that are opening up in our country.