IX. BUSINESS TRAVEL Foreign visitors should use the same precautions while traveling in Panama as in any large U.S. city. BUSINESS CUSTOMS Business practices and customs in Panama are a unique blend of North American methods and traditional Latin style. The large number of international banks that operate in Panama also bring their business practices and customs, which are emulated and assimilated by Panamanian businesspersons. Foreign corporations operating in Panama are important forces in shaping the style and ways of doing business. Most private business offices are open from 8:00 a.m. until 5:00 or 6:00 p.m. Banks are open from 8:00 a.m. to 1:00 p.m., Monday through Friday. Most government offices are open from 8:30 a.m. to 4:30 p.m., Monday through Friday. VISAS U.S. citizens may enter Panama with a passport or a certified copy of a U.S. birth certificate and an official picture I.D., (e.g. driver's license) and a Tourist Card purchased for US$ 5.00 from an airline serving Panama. The Tourist Card is valid for 30 days and may be extended for two more 30-day periods. The following are three types of Visas available to businesspersons wishing to spend extended time periods in Panama: 1. Inversionista (Investor): A minimum of US$ 40,000 must be invested and US$ 600 must be deposited in advance (US$ 500 with the Ministry of Government and Justice and US$ 100 with the Ministry of Treasury). (Refer to Appendix C for contact information). 2. Visa de Visitante Temporal (Temporary Visitor's Visa): For executives or technicians working with a company in Panama for a limited time. The Visa is valid for one year and is renewable. 3. Temporal Especial (Working Permit): For professional or skilled personnel transferred from an overseas office to work in Panama. The applicant must prove his earnings will come from outside of Panama. The Visa is valid for one year and is renewable. Further information can be obtained from the Consular Section of the Embassy of Panama (Refer to Appendix C for contact information). U.S. Citizens are subject to the laws of the country in which they are traveling. Penalties in Panama for possession, use and trafficking in illegal drugs are strict. Electronic Bulletin Board: In 1987, the State Department's Bureau of Consular Affairs established the Consular Affairs Bulletin Board or (CABB), as a means to keep the international business community informed about security or crime problems abroad. Access to the CABB is free of charge to anyone with a computer and a modem. Callers dial 202-647-9225 from their modem. Both Consular Affairs and the Bureau of Diplomatic Security update the CABB daily. Also, the Travel Advisory Service of the Department of State can provide information in verbal and fax form for any travel warnings on traveling to foreign countries. For verbal information contact tel: (202)647-5225. To receive a facsimile, the interested traveller can call (202)647-3000. NATIONAL HOLIDAYS There is no official business conducted on national holidays and local government offices as well as, the U.S. mission are closed. The following national holidays are: January 1 New Year's Day January 9 Mourning Day February 28 Carnival April 14 Good Friday May 1 Labor Day November 3 Independence Day from Colombia November 4 Flag Day November 10 The Uprising of Los Santos November 28 Independence Day from Spain December 8 Mother's Day December 25 Christmas Day SPECIFIC BUSINESS INFORMATION Panama's official language is Spanish. However, English is widely spoken as a second language in the main cities. Panama has excellent local and international telephone services. Direct dialing is available to more than 150 countries worldwide with fast, high density telephone communications systems. Other forms of communications include 170 radio stations and 27 television channels, five of which transmit locally. Health conditions in Panama are excellent, especially in the urban centers. Running water is available in almost all parts of the country. Some rural areas and small towns in the provinces may require boiling water before drinking. There are several hotels that maintain international standards and facilities. Facilities usually include: swimming pool, tennis courts, fitness centers, clothing and souvenir shops, casino, restaurants, coffee shops and bars. Furnished apartments are available for longer stays. A wide variety of restaurants offer international cuisine, such as: Chinese, Italian, Mexican, Spanish and Japanese. Several specialize in seafood. All large hotels offer American, European, and local cuisine. There are some hotel coffee shops that are open around the clock. Transportation from the International Airport into Panama City is by a special taxi service, and the price ranges from as US$ 12 per trip for small taxis to US$ 20 for the large taxis. There is no bus service to and from the international airport; however, taxis may be shared with other passengers. Transportation services within the city are readily available by bus or taxi. Taxi fares are low and may range from one to five dollars depending on the trip's length. The official currency of Panama is the Balboa (symbol B/.) which is on par with the U.S. Dollar. The Balboa exists only in coin form of the same denomination and size as the U.S. coins. Both U.S. dollar bills and coinage are used for all tenders. Both the U.S. system of weights and measures and the metric system are used in Panama. Speed limits are posted in miles per hour in some places, kilometers per hour in other places and some signs have both miles and kilometers per hour limits given.