{"id":9631,"date":"2014-02-11T11:56:32","date_gmt":"2014-02-11T16:56:32","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=9631"},"modified":"2014-02-11T11:56:32","modified_gmt":"2014-02-11T16:56:32","slug":"panama-city-the-booming-business-hub-of-central-america","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-city-the-booming-business-hub-of-central-america\/","title":{"rendered":"Panama City: The Booming Business Hub of Central America"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/02\/panama-city.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-9632\" title=\"panama-city\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/02\/panama-city.jpg\" alt=\"\" width=\"640\" height=\"360\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/02\/panama-city.jpg 640w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2014\/02\/panama-city-300x168.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>In a great article that appeared\u00a0 in Variety Magazine,\u00a0 Anna Marie de la Fuente writes about how &#8220;Rebates, Stages and a solid financial base have turned this once-sleepy community into a production powerhouse&#8221;.<\/p>\n<p>A new film hub has suddenly emerged in Central America. Just as its  skyline has morphed dramatically in the space of a few years, Panama,  sometimes known as the Dubai of the West, has upped the ante on  production, offering a 15% cash rebate to foreign shoots and a studio  complex and media center set to break ground by late 2014.<\/p>\n<p>All the construction workers toiling on the skyscrapers in Panama  City could easily learn to put up film sets, says location manager Sam  Tedesco, who has partnered with producer Jonathan Sanger  (\u201cVanilla Sky\u201d) and attorney Michael Moore to build the tentatively  dubbed Panama Media Center. Initial plans include four soundstages and  office spaces on 20 to 30 acres of land. Tapping both local and  international investors, the upcoming facility will cost between $25  million and $50 million to build, according to Sanger, who grew up in  Panama.<\/p>\n<p>\u201cPanama is the real hub for Latin America,\u201d Sanger claims. \u201cIt has a  world-class international airport, no currency exchange issue and  stability.\u201d The objective, he adds is to train locals in all aspects of  filmmaking.<\/p>\n<p>The media center will include conference rooms, training centers and  screening rooms. Mentors will be invited to conduct workshops and  seminars. \u201cWe intend to work very closely with the local film  community,\u201d says Tedesco, who is in talks with Panamanian helmer Abner  Benaim (\u201cChance\u201d) to form part of the facility\u2019s management team.<\/p>\n<p>The new tax incentives and a wealth of locations that provide varied  urban and tropical settings within an hour\u2019s drive give Panama an edge.  Aside from having the U.S. dollar as its currency, wages are low, and  banking and cash-flow transactions are fluid. The latter is due to the  presence of most major international banks, lured by the Panama Canal,  which demands cash advances of up to $500,000 from the ships that sail  through it.<\/p>\n<p>Two major Latin American equipment rental companies, Congo Films of  Colombia and EFD, Mexico, have already set up shop in Panama. Both  serviced Venezuelan helmer Jonathan Jakubowicz\u2019s boxing biopic \u201cHands of  Stone,\u201d starring Edgar Ramirez and Robert De Niro, who play legendary Panamanian boxer Roberto Duran and his trainer Ray Arcel, respectively.<\/p>\n<p>\u201cThere\u2019s definitely no other place (I know) where skyscrapers are  five minutes away from the rain forest and the beach,\u201d Jakubowicz says.<\/p>\n<p>Local production has also risen dramatically with some eight  features, both fiction and nonfiction, skedded to shoot in 2014,  compared to an annual average of one until as recently as last year, per  Panama Film Commission topper Arianne Benedetti.<\/p>\n<p>International production in Panama is also on the rise. Panama\u2019s  earnings from foreign shoots ranged from $2 million to $3 million  annually between 2000 and 2012, with the exception of 2007 when \u201cQuantum  of Solace\u201d spent $12 million in the country. \u201cInvestment climbed to $23  million last year\u201d when the new film law kicked in, Benedetti says.  Big-ticket productions in 2013 were led by \u201cHands of Stone,\u201d French  Pablo Escobar pic, \u201cParadise Lost,\u201d 3D Imax docu \u201cThe Panama Canal\u201d and  TNT skein \u201cThe Hero.\u201d<\/p>\n<p>Sanger is mulling over the possibility of producing at least two  projects in Panama later this year, historical drama \u201cMan for the  Defense\u201d and action thriller \u201cBreathe.\u201d Tedesco took Mark Wahlberg\u2019s  actioner \u201cContraband\u201d to the country two years ago. \u201cWe would have shot  more scenes there but the tax incentive didn\u2019t exist then,\u201d he says.<\/p>\n<p>Meanwhile, the third Panama Film Fest, running April 3-9 this year,  seeks to grow in prominence as it debuts Latin American co-production  market Meets during the fest. Benedetti will serve as director of Meets,  which will bestow a $25,000 cash prize on the winner of a competition  among a pre-selected crop of five Panamanian and seven Latin American  fiction features in the final stages of development.<\/p>\n<h3><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>In a great article that appeared\u00a0 in Variety Magazine,\u00a0 Anna Marie de la Fuente writes about how &#8220;Rebates,<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9631","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Panama City: The Booming Business Hub of Central America - Blog 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