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Panama's City of Knowledge
CITY OF KNOWLEDGE
By Steven Rich, MBA The City of Knowledge (La Ciudad del Saber) is a 300-acre tax-free zone for high-tech businesses just outside of Panama City in the former U.S. military base Fort Clayton. What It Is: This is an international complex for education, research, and innovation. Created to promote and facilitate synergy between universities, scientific research centers, businesses, and international organizations. It consists of universities and internationally renowned entities such as Florida State University, McGill University, The Smithsonian, and The Nature Conservancy. It is now home to many software manufacturing & assembly plants, call centers, and high-tech exporters.
Benefits: Businesses operating inside the City of Knowledge benefit from low rents. They also enjoy distinct tax advantages similar to the existing Colon Free Trade Zone (the second largest distribution center in the world). These businesses get substantial tax breaks on certain percentages of their products or services. These businesses are also eligible for special work visas for their foreign employees. City of Knowledge Work Visa Program: This program allows businesses located inside the City of Knowledge up to 5 work visas (valid for an initial term of 2 years with an additional 2-year renewal). The City of Knowledge offers a unique business environment where international research and education centers interact with high-tech businesses. It fosters the integration of academic programs, scientific research, and technological development. This is the only place in Latin America where students, professors, scientists, high-tech businesses, and renowned international organizations exchange ideas, knowledge, and experience.
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Contributor's Note
Steven Rich is the Marketing Manager for Panama Offshore Legal Services an English speaking law firm whose website is:
www.panama-offshore-services.com
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