It might seem a bit exaggerated statement but Panama lawyers form one of the largest and best educated community in Latin America. Many Panama lawyers pursued their studies in the United States and became members of the well-known lawyer associations.
In Panama there is a significant large offshore banking industry and booming real estate market, and therefore it is quite difficult to do business here without a lawyer who exactly knows the maziness of the local marketplace. Plus, since only Panamanian citizens can get a license for practicing law, hiring a local lawyer became a necessity. Almost each lawyer or lawyer firm in Panama has their own area of operations, so when a company is looking for a professional lawyer to represent its interests, it is important to make sure to get in touch with one that specializes in the type of transactions the company is involved with. In addition, when searching for a lawyer in Panama, it is important to ask for their references, credentials and information about their school background as local schools do not have a great reputation when it comes to qualified graduates.
Panama is considered to be one of the hottest real estate and retirement destinations in the world and therefore the economic environment is rapidly evolving along with it. Since the local currency is US dollar, foreign investments and offshore banking are still remaining very high. With acquired strict banking secrecy and strict anti-money laundering laws, Panama has achieved a good reputation concerning the integrity and trust in its banking system.