Located near the Pacific entrance of the Panama Canal this spectacular city has a vibrant, cosmopolitan life and hosts one of the most important U.S. dollar based banking centers in the world. Since the city is located at the crossroads of the world, it is a shoppers paradise with goods available from every corner the world. Visitors to Panama City can also see historic Spanish ruins in Panama Viejo. Founded in 1519, it was the first Spanish settlement on the Pacific Coast and one of the most magnificent cities of the New World until it was completely destroyed by the pirate Henry Morgan in 1671.
In the southwest of the city, on a small peninsula jutting south into the bay, is the Casco Viejo, or the historical district, with its delightful mix of colonial architecture and renovated luxury homes. Built by the Spaniards in the 1670s, to relocate the city destroyed by Henry Morgan, the Casco Viejo was surrounded by walls to provide protection from pirates. Some remnants of the Spanish fortifications can still be seen, including Las Bovedas (the Vaults), a sea wall containing dungeons. The Casco Viejo features several notable buildings, including the colonial Catholic cathedral built in 1673, the Presidential Palace, the Golden Altar of the Church of San José (made of pure gold), and the National Theater.
