Panama Duty Free Zone or Colon Free Zone

For long, the Duty( Colon) Free Zone has been the paradise to wholesalers and retailers and is perhaps the only place where consumer goods can be bought either by the container load or in smaller quantities with no taxes. But since when did the place find roots?

It all started with the notion of selling imported duty-free goods to tariff-bound Latin America; however, following the fall of the Latin tariff barriers, the Free Zone reshaped itself before further expansion as per the ground rules that apply now globally.

The prime reason behind the huge success of the Colon Free Zone is the huge support that it receives through the four international airports and five seaports with Panama being the owner of the world’s largest merchant fleet.

Add to it Panama’s International Banking Center that brings together 75 banks from around the world, the reason becomes clear by itself. Thanks also go to the currency, Balboa; it is equivalent to the American dollar and has no exchange restrictions imposed. Summing up all these factors with a modern communications system and an exquisite tourism service, there’s no wonder that the Colon Free Zone is the place for wholesalers as well as retailers.

To enter, the visitors must go through a main gate that leads to the actual commercial area. It is important to carry a valid passport all the time, but the place is not for happy motoring; one must be prepared to do a lot of walking, even when the temperature range is around 25º or 30º Celsius with high humidity.

As if this was not enough, Colon free zone is devoid of eateries and restaurants; in case hunger strikes, the street vendors are the only option. However, if a retail purchase is made, the merchandise won’t go with the buyer to his hotel room, instead, the purchases must be sent in-bond from the Colon Free Zone to Tocumen International Airport within 24 hours, from where they can be collected on way back home.

Upon making several purchases, it’s always better to transfer all to one company to result in a single consignment. The collection from the airport, however, is a time consuming process, though a lot of help can be expected out of the suppliers, who are experts in arranging the shipping of the goods to any destination.