1. February - Volume 10 - Nº 02
Previous Issues:
Volume 9
Nº 1 -January Asset Protection
Newsletter
Nº 2 - February Asset
Protection Newsletter
Nº 3 - March Asset Protection
Newsletter
Nº 4 - April Asset Protection
Newsletter
Nº 5 - May Asset Protection
Newsletter
Nº 6 - June Asset Protection
Newsletter
Nº 7 - July Asset Protection
Newsletter
Nº 8 - August Asset Protection
Newsletter
Nº 9 - September Asset
Protection Newsletter
Nº 10 - October Asset
Protection Newsletter
Nº 11 - November Asset
Protection Newsletter
Nº 12 - December Asset
Protection Newsletter
Volume 10
Nº 1 -January Asset Protection
Newsletter
Highlights of this issues articles:
- How to protect more than your heart this Valentine’s Day
- Panama named best place to retire in 2016
- International franchise investments are hot in Panama
- Panama picks Japanese technology for new $2 billion monorail
- Panama: Urban development for $3 billion
- The Oppenheimer Report: Latin America’s forecast: Cloudy (except for
Panama)
- Panama: Chiriqui incorporates drones in agriculture
- Breakfast in Panama City
- A waterborne jungle safari just 30 minutes from the city
- Summer coop – A Panama mindset

2. From Rollingout website of January 13, 2016:
HOW TO PROTECT MORE THAN YOUR HEART THIS VALENTINE’S
DAY
4 ways to make the best of a potentially bad situation.
Photo credit: Shutterstock
There may be no worse feeling than having your heart broken, especially on
Valentine’s Day.
“But anyone who has had their heart broken — whether in a divorce or a long-
term relationship where assets were an issue — knows that romantic heartbreak
can extend to financial heartbreak,” says attorney Hillel Presser of the Presser Law
Firm, P.A., which specializes in comprehensive domestic and international asset
protection.
“Moving forward after a divorce can leave you guarded romantically, and most
professionals would tell you that, at some point, you have to open up. But there’s
absolutely nothing wrong with protecting your wealth as your next relationship
progresses.”
Knowing that your liability is limited, asset-wise, may even help hurting hearts in
a bad relationship. Presser, author of Financial Self-Defense, offers four ways to
start protecting your assets from a possible bad breakup in the future.
• Get the prenup. One barrier to the pre-marriage agreement is that intended

3. spouses hesitate to raise the delicate subject of a prenuptial agreement. Few
believe their marriage can fail, and many fear that a prenup communicates
distrust. But, a pre-marriage agreement is the safest way to protect yourself from a
future divorce, Presser says. Consider a prenup as a mature consideration for those
who can admit that not everything works out perfectly in a marriage.
• Don’t cohabit without a cohabitation agreement. A cohabitation agreement
defines the couple’s property rights. More than a few want to avoid the legal and
financial complications from marriage — particularly when one party has
substantially more wealth. Many of these folks are seniors who don’t want to
disqualify themselves for Social Security or pension benefits. But, if things go
wrong, your former partner may have a claim on your assets.
• Write a post-nuptial agreement even if you’re married. Married spouses may
want to contractually agree on how they’ll divide their assets should they later
divorce, and most states allow for these post-nuptial agreements. As with pre-
marriage agreements, Presser says, the enforceability of the post-nuptial
agreement requires the agreement to be fair; that both spouses fully understand the
agreement; that neither party defrauded the other; and that each party had
independent legal counsel.
• Keep your good credit. Good credit is one asset you must diligently protect
during divorce. You’ll lose your good score if your spouse runs up huge bills on
your charge accounts and credit cards. It’s difficult to financially cope during the
turmoil and expense of divorce, but there is a path, Presser says. First,
immediately notify your creditors that you will no longer be responsible for your
spouse’s debts. Next, destroy and revoke all credit cards on which you have
liability. Finally, publicly disclaim liability responsibility for your spouse’s future
debts.
“Knowing that your wealth and assets are protected is liberating,” Presser says.
“Whether or not you’ve been hurt before, don’t fall for the idea that romance is
perfect; it’s not. When things go bad, the power of the positive can easily turn to
the power of the negative. I advise folks to avoid fear by reasonably protecting
themselves in marriage, cohabitation and divorce.”

4. From Yahoo News of January 4, 2016:
PANAMA NAMED BEST PLACE TO RETIRE IN 2016
Bocas del Toro, Panama
In Panama, a retired American couple can live on the beach and eat farmer's
market fruits and vegetables all year-round, without sacrificing the conveniences
and amenities of home for $1,500 a month -- all in.
The cost of living is low compared to the quality of life in Panama, which is why
the Central American country was named the best place to retire in International
Living's Annual Global Retirement Index for 2016.
Already home to 50,000 US expats, Panama topped the index after raking in top
scores across 10 categories including: buying and renting property, visas and
residence, cost of living, environment and amenities, health care, infrastructure,
and climate.
The list was compiled after consulting a team of correspondents, editors and
retirees around the world.
New this year, voters were also asked to weigh in on two added categories which
have emerged as important issues for expat retirees: healthy lifestyle and visas and
residence. Couples interviewed for the index raved about their new life in Panama,
where the sweet life is described as not only cheaper, but simpler and stress-free.
"We're healthier and living a better lifestyle here than we ever did in the U.S.,"
says expat Mitzi Martain, who has lived on her farm near Santa Fe, Panama for
nearly the last nine years.

5. Added Connie and Mikkel Moller who have been in Panama since 2012: "Our
stress level is 10 percent of what it used to be."
Utilities are a fraction of what retirees are used to paying back in the US, clocking
in at around $100 a month for electricity, water, internet, cellphone cards, and
trash pickup and allowing renters to live happily on $1,500 a month.
That can be slashed by up to half for couples who own their own property.
"In Panama's capital I have the best of both worlds," said IL Panama Editor
Jessica Ramesch.
"There's a growing cultural and arts scene...opera showcases, art exhibit openings
and handicraft festivals... [and] there are so many new restaurants every week, I
stopped trying to keep track."
Here are the top 10 places to retire according to International Living's Global
Retirement Index 2016:
1. Panama
2. Ecuador
3. Mexico
4. Costa Rica
5. Malaysia
6. Colombia
7. Thailand
8. Nicaragua
9. Spain
10. Portugal
From The Visitor Newspaper of December 24, 2015:
INTERNATIONAL FRANCHISE INVESTMENTS ARE HOT IN PANAMA
By: Staff at Panama Offshore Legal Services
E-Mail: info@pols.com.pa
Phone: (507) 227 - 6645
Panama’s first international franchise was Tastee Freeze in 1957 followed by
Dairy Queen in 1959, which still operates here.
Panama now has over 200 international franchises operating here. Most of them
came here during the past five years. The three largest franchise industries are
food, hotel services, and retail. The world’s biggest food franchises are here

6. including brand names such as McDonalds, KFC, Dominos Pizza, and Subway
have numerous locations throughout Panama. Hotels such as the swanky Waldorf
Astoria and the Royal Sonesta along with Hilton, JW Marriott, Radisson, Ritz-
Carlton, and even Donald Trump’s Ocean Club are here. Famous international
retailers like Burberry, Cartier, Chanel, Coach, Dior, Fendi, Gucci, Jimmy Choo,
Michael Kors, Prada, Rolex, and Valentino can be seen inside Panama’s numerous
large luxury malls.
The main reason why so many of these famous international franchise brands
come to Panama is that local consumers (Panamanians and expats) and tourists
flock to them. While Panama is a relatively small country with a population a little
over three million, its spending power is strong enough to support all these famous
brand names. In addition, a report by the Panama Tourism Authority (ATP)
revealed that between January and June of 2015 more than 1.3 million visitors
spent over $1.9 billion USD averaging $10.5 million per day.
Panama only has a few laws regarding franchises. A franchise is established in
Panama when a user license contract allows technical knowhow or assistance to be
provided by the franchisor to another person or company to develop the same
business, which complies with specific quality standards.
If you are thinking of starting or buying an existing franchise in Panama, consult
with a business law firm before signing a user license contract.
From Bloomberg of January 15, 2016:
PANAMA PICKS JAPANESE TECHNOLOGY FOR NEW $2 BILLION
MONORAIL
Japan and Panama will sign a memorandum of understanding Thursday to use
Japanese technology for an estimated $2 billion monorail that would span the

7. Central American nation’s trans-oceanic canal and ease traffic congestion.
The pact includes financing via the government-backed Japan Bank for
International Cooperation, though lending terms haven’t yet been set, Luis Miguel
Hincapie, Panama’s vice-minister of foreign affairs, said Thursday in an interview
in Tokyo. The project, which could start as early as this year and be completed by
2022, would be the largest Japan-sourced infrastructure investment in Panama’s
history, he said.
The 27-kilometer (17-mile) project, Central America’s first monorail, can help
expand business ties with Japan, part of a broader goal to draw more investment to
Panama, Hincapie said. Japanese industrial group Hitachi Ltd. is “highly
interested” in the project and participated in a feasibility study, said spokesman
Kazuki Fujiwara. Mitsubishi Corp. is also considering vying for the business, said
spokesman Koichi Funabashi.
“This is the start of a new era of cooperation with Japan, and is very important for
Panama,” Hincapie said. Panamanian President Juan Carlos Verela plans to visit
Japan in April to sign a final agreement on the monorail project, Hincapie said.
The new line would transport commuters from the suburbs of Panama City to the
city center in 45 minutes, a trip that now can take three hours by car because of
traffic jams.
From The Panama Perspective of January 19, 2016:
PANAMA: URBAN DEVELOPMENT FOR $3 BILLION
The mayoral office of Panama City has presented development plan which
urgently requires investments in mobility, transport, water, drainage, waste
management and urban planning.

8. The so-called Action Plan for the Metropolitan Area, presented in conjunction
with the Inter-American Development Bank (IDB), is already projecting
impacting 1.7 million people in the capital city, San Miguelito, Arraiján and La
Chorrera, said the Mayor of Panama in a statement.
According to the municipal authority, the implementation of the plan requires an
investment of $355 million in the first stage, $1.862 billion in the second and $855
million in the third, making a total investment of $3.072 billion. A warning was
given that in the next 35 years, population growth in the capital’s main districts
will increase by one million inhabitants.
The first strategic line of the document points to mobility and transport, urban
inequality and land use and vulnerability to natural disasters. Strategic Line 2
relates to water, sanitation and drainage, and solid waste management, and line 3
to the issues of modernization of municipal management.
News from Panama of January 19, 2016:
THE OPPENHEIMER REPORT: LATIN AMERICA’S FORECAST:
CLOUDY
Oppenheimer reports on the zero growth for Latin America again this year. The
exception will once again be Panama that is expected to grow at 6%.

9. In recent days, I interviewed the heads of the Latin American departments of the
three main international institutions that track the region’s economy, and what
they said threw me into a temporary state of depression.
All three of them — the head of the Latin American departments of the
International Monetary Fund (IMF), the World Bank, and the United Nations’
Economic Commission for Latin America and the Caribbean (ECLAC) — said
they expect Latin America to show zero growth in 2016. It will be the fifth
consecutive year of no growth in the region. They also agreed that, overall, South
America will do badly this year, while Central America and Mexico will do
somewhat better.
While South America’s biggest economies will suffer because of their dependence
on commodity exports to China, whose economy is slowing down, Central
America and Mexico will benefit from their close ties with the United States,
where the economy is expected to do well.
The zero growth projections for Latin America in 2016 are worrisome because the
IMF, the World Bank, and — more so — ECLAC tend to be overly optimistic in
their annual forecasts for the region. Over the past four years, they have predicted
a regional recovery that didn’t happen.
“Economic forecasts since 2012 have always erred in predicting more growth than
what really happened,” conceded Augusto de la Torre, the World Bank’s chief
economist for Latin America. “I think that forecasters are now becoming more
realistic, and humbler.”
For Brazil, South America’s biggest economy, the consensus among the three
regional economic experts was that its economy will contract between 2 percent
and 2.5 percent in 2016, following a near 4 percent contraction in 2015. Brazil’s
dependence on commodity exports to China and corruption scandals that are
threatening to trigger an impeachment of President Dilma Rousseff have caused a
major recession.
Venezuela, whose economy collapsed by between 7 and 10 percent last year, will
contract by a similar percentage this year, the three experts said.
Alejandro Werner, the head of the IMF’s Latin American department, said
Venezuela’s inflation reached a world record of 270 percent in 2015 and “may
continue to move upwards in an explosive way.” The IMF’s official annual
forecasts scheduled to be released in coming days may put Venezuela’s inflation
rate at more than 500 for 2016.
For Argentina, the three international experts agreed that new president Mauricio
Macri has inherited an economically crippled country, whose economy will only

10. grow between 0.5 percent and 1 percent in 2016.
But, they praised Macri’s first economic measures, and expressed optimism about
the county’s future. Macri’s economic measures may restore business confidence
and draw investments, which could inject new blood into the economy in late
2016 or 2017, they said.
“Clearly, there is a possibility of an important positive surprise in Argentina
within the next two years,” the IMF’s Werner told me.
For Mexico, the three regional economic experts predicted a relatively healthy
growth of between 2.6 percent and 3 percent this year, thanks to a growing U.S.
economy. “Within a context of recession, Mexico is not doing badly,” ECALC’s
Barcena said.
My opinion: This fifth year in a row of sluggish growth in much of Latin America,
and of outright economic crisis in some countries such as Venezuela and Brazil,
should move the region into taking drastic steps to diversify its exports.
All South American commodity-exporting countries should write into their
constitutions the task to create “revenue compensation funds,” such as those of
Chile and Norway, which save a percentage of their export incomes during boom
years in order to be able to pay for their social safety nets during bad years.
But more importantly, they should urgently focus on innovation and on producing
more value added and high-tech exports, which — in the current knowledge
economy — are worth increasingly more than raw materials or most
manufactures. (Just think that Uber, a cell phone application that offers
transportation services and doesn’t own any vehicles, has a market value of $60
billion, more than that of General Motors, which produces more than 10 million
vehicles a year.)
If Latin America — especially South America — doesn’t expand its export basket,
we will have many more years of depressing forecasts.

11. From La Estrella Newspaper of January 16, 2016:
PANAMA: CHIRIQUI INCORPORATES DRONES IN AGRICULTURE
Yesterday, the Ministry of Agricultural Development (MIDA) presented the use of
drones in agriculture to enhance productivity to producers from Orillas del Río in
Alanje, Chiriqui.
These drones, which have GPS technology and infrared cameras, detect the
variation of colors in plants and are able to discover affected plants within the
production plots, allowing producers to treat more effectively any pest that
damages the crops.
Jorge Arango, MIDA minister, said, “the drones are a technology being used for
some time in other countries but that are only starting to be used in Panama. There
are three demonstrations that have been made in the country and we know that this
will help improve production costs.”
Arango said that this technology “will allow lowering production costs because
producers won’t use fertilizers or other productivity mechanisms discriminately as
this technology will help them determine what part of the plots need support at
any given time.”
“Producing more quintals per hectare, by only using the fertilizer needed is a way
to lower the market basket and to double production,” said the minister.

12. “This technology seeks to optimize production by lowering labor costs, pesticide
and fertilizer use because they can detect where the problem crops are,” said
Melquiades Gaitan, a promoter of drones.
Among other things, the drones can detect pests, water stress, and the plants’
nutritional problems without having the staff travel long stretches of land on the
farms.
The geo-referenced maps of the production plots are downloaded as photographs
to determine the specific points where the administrator needs to work in a
productive farm.
Producers seek help from the MIDA
Due to the presentation of the use of new technologies in agriculture, rice producer
Nodier Diaz said, “we need to implement a pilot plan to support these producers,
especially the small ones that do not have access to these drones that are so
expensive, so the state must intervene to help them.”
Diaz stressed the importance of this technology and said the Government should
provide logistical and technical support to producers through the MIDA.
Panama currently uses drones very effectively in the production of sugarcane,
bananas, and rice, which are the largest productions in terms of land and crops.
The flights of these drones are automatic; they dominate the topography, count
plants, detect problems, and tell producers when the ripening process of some
crops begins in just one flight.
A top of the line drone in Panama can currently cost around $ 15,000, so
agricultural officials hope to provide the necessary support to the producers who
are interested in adopting this technology in their fieldwork.

13. From The Eat, Drink & Think website of January 21, 2016:
BREAKFAST IN PANAMA CITY
Before arriving in Panama City with my husband and son last week, we spoke
with friends who had made the trip, and they told us to get ready for the
fruit. They were right. The tropical metropolis is overflowing with stunningly
sweet pineapples, mangos, melons and guavas (and many other species I could not
readily identify).
What I was not prepared for was the city’s abundance of Jewish and kosher
restaurants.
Take Darna’s Bread Co. Founded in 2003 by Ayelet Vahnish Gal and Esther
Dahan — sisters who grew up in both Israel and Panama City — the kosher
bakery and restaurant has become a fixture of the city’s growing culinary
landscape. In addition to two Darna Bread locations, they also run Lula by Darna,
an upscale kosher meat restaurant. (While certified kosher, Vahnish Gal said their
clientele extends beyond the city’s estimated 5,000 to 10,000 Jews.)
The word darna translates to “my house” in Arabic (the sisters come from
Moroccan ancestry), and reflects the restaurant’s home-style approach to cooking.
Vahnish Gal, who went to culinary school in Israel and apprenticed with baking
legend Erez Komarovsky, among others, specializes in sourdough and other rustic
loaves. She also turns out an array of cookies and pastries — think croissants
filled with chocolate or, in a fun savory twist, cream cheese and smoked salmon,
bourekas, cinnamon twists and raisin pinwheels.

14. The cappuccinos and other espresso drinks are brewed from beans specially
roasted for the restaurant by a local company. When my family ate breakfast there,
we rounded out our meal with shakshuka, house made bread served alongside
whipped labneh yogurt topped with za’atar and olive oil and a gorgeous plate of
sliced tomatoes, cucumbers and olives.
As someone who comfortably eats vegetarian and fish dishes in non-kosher
restaurants, I enjoyed sampling the fried fish and plantains, coconut rice and the
rainbow of fruit that Panamanian cuisine is known for. But as a Jewish traveler
making my way through Panama City, it was lovely to discover Darna’s taste of
home.

15. From News Room Panama newspaper of January 26, 2016:
A WATERBORNE JUNGLE SAFARI JUST 30 MINUTES FROM THE
CITY
A hidden waterfall
By Margot Thomas
IT’S BEEN six years since my first waterborne “jungle safari” on Lake Gatun,
visiting Panama’s only floating lodge, and traveling down a tree shrouded
tunnel to a hidden beach before picnicking on the edge of the jungle.
It was a memorable experience that I have frequently revisited and, like an old
fairy story well told, the journey never palls.
Each voyage provides new experiences, different wild life a fresh camera angle, a
varied menu, and some freshly dug nugget of information from the encyclopedic
running commentary of the irrerepressible “Captain Carl” Davis.
Carl operates one of the most satisfying back to nature trips in the region. Over the
years, I have recommended his Jungle Land Explore adventure to scores of visors
from Canada, the US and Europe and never a report of failed expectations.
Carl’s journey to creating his waterborne exploration business began when, as a
young marine he did his jungle training at Fort Sherman, near Colon’s San
Lorenzo Fort.
After leaving the service he entered the tourism industry, first as a crew member
on cruise ships, and later creating tours for passengers in the Caribbean, until he
finally sailed back to Panama with the first part of his houseboat, later enlarged
with a second floating home, constructed in the US and towed to Lake Gatun to
form a lodge. Since my first visit, it has added two floors and additional
recreational space.
Moored to the lodge is a mini fleet of his own cruise craft, each holding up to 20

16. passengers along with cayucos kayaks and canoes.
Carl’s water safaris last six and a half hours including the lunch break and your
opportunity to explore the hidden beach and waterfall kayak or go fishing.
The start point is the public wharf a short distance past the El Renacer prison on
the road from Panama City to the Gamboa Resort.
For those new to Panama, the route is an enthralling introduction to tropical
vegetation and you have some 30 minutes of driving to wonder at the hardiness of
the 49’ers trekking across the Isthmus on their way to getting a ship to the
goldfields of California. At the wharf, you board your jungle tour craft, and from
the moment you set sail on Lake Gatun, created during the building of the Canal,
you get a non- stop presentation in ecotourism, history, and the progress of the
current widening.
Carl has a hard to beat knowledge of the 1200 varieties of trees that surround the
lake and the canal, identifying them by name, detailing the fruit they provide and
which wild life lives or feeds there.
There is the expected stop at Monkey Island where the inhabitants, recognizing
the floating supermarket are on the canopy before the craft stops, hands ready to
collect the proffered peanuts.
Soon after the lodge comes into sight, but first a stop at an adjacent small island
occupied by only four Rufus napped Tamarin Monkeys, a tiny breed but with big
appetites for their favorite bananas. They take small slices from your hand with
demonstrably more courtesy than their larger Monkey Island cousins.
At the lodge, Carl moves to the upper deck and loads the barbecue while his staff
get to the work in the kitchen, preparing local dishes.
Over lunch, Carl demonstrates his knowledge of the original canal construction,
and the building of the railroad linking the Atlantic and Pacific Oceans.
We also get to meet some of his fellow boarders including a lively toucan who
takes Carl’s finger in his beak and plays tug or a six years-old boa constrictor
draped around the host’s neck, a large iguana who looks ready to nip like
a crocodile, and a lemurin night monkey who happily curls up on an available
shoulder, and like a new born in diapers sometimes leaves a small warm pool to
mark his arrival.
After lunch, it’s time for the adventurous to climb into a kayak or canoe, or for
others a powered cayuco.
This is where the journey become truly jungle as you are hidden from the sun

17. moving slowly under canopies of tropical shrubbery, towards a hidden waterfall
where Carl has constructed a mini beach giving visitors the opportunity to swim in
a crystal clear pool at the foot of the falls.
Back at the houseboat a quick visit to the small but well stocked souvenir shop
before heading for the public wharf, and a drive back to city life, only 30 minutes
away. Hard to believe.
From The Massachusetts Maritime Academy website of January, 2016:
SUMMER COOP – A PANAMA MINDSET
International Maritime Business majors find that their instructors place a lot of
emphasis on the "International" piece of the program. A Panama coop experience
helped prove how intricate and delicate maritime operations are in a growing and
increasingly interconnected world. Each piece of the maritime industry, from
shipping to freight forwarding to ground transportation, allows consumers to
receive the products and services they need to live happy and healthy lives.
3/C Mikayla Correia, a 2014 Graduate of Dartmouth High School Dartmouth,
MA, and current International Maritime Business Major, selected MMA because
she saw an opportunity to be educated in an environment that rewards hard work

18. with careers in an amazing industry. “This past summer I was given the
opportunity to spend six weeks in Panama City, Panama, interning with Grupo
TLA, a logistics company that operates throughout all of Central
America. (Logistics is the management of the flow of things between the point of
origin and the point of consumption in order to meet requirements of customers or
corporations.) Working there was both challenging and rewarding and I learned a
lot about the complexities of logistical coordination. I worked in Panama Pacifico,
one of two Special Economic Zones in Panama. Companies that operate in this
zone receive a number of tax breaks, are not restricted by the same labor, and
wage laws as companies throughout the rest of the country. Being immersed in
Latin American culture has given me the opportunity to begin to learn another
language and appreciate cultural differences,” Correia noted.
Fellow cadet, 2/C Victoria McDonald, was also interning in Panama. Both young
women were hosted by two Panamanian students who attended the Universidad
Maritima Internaconal de Panama (UMIP). “We were able to gain a lot of insight
into UMIP and the job opportunities available to its graduates. One of the students
who hosted us actually came to the Academy to observe our freshman
Orientation,” she stated.
“This particular coop experience expanded my mindset, giving me a better
perspective on maritime operations and a giant assist in shaping my role as an
ambassador for the IMB program”, Correia finished.
**************************
Until next time, thank you for reading “Asset Protection Newsletter”.
For your Asset Protection needs contact:
Panama Offshore Legal Services
www.panama-offshore-services.com
Email: info@pols.com.pa
Tel (Panama): ++ (507) 227 - 6645
Fax (Panama): ++ (507) 227 - 7485
Note: If calling to Panama from the US or Canada,
you must dial "011" prior to the country code (507).
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