Panama City is the capital and largest city of the Republic of Panama. It has an urban population of 430,299, and its population totals 880,691 with 1,526,421 in its metropolitan area. The city is located at the Pacific entrance of the Panama Canal, in the province of Panama. The city is the political and administrative center of the country, as well as a hub for international banking and commerce. It is considered a "Beta-" world city, one of three Central American cities listed in this category.Panama's Tocumen International Airport, the largest and busiest airport in Central America, offers daily flights to major international destinations. Panama was chosen as the 2003 American Capital of Culture jointly with Curitiba, Brazil. It is among the top five places for retirement in the world, according to International Living Magazine.The city of Panama was founded on August 15, 1519, by Spanish conquistador Pedro Arias Dávila. The city was the starting point for expeditions that conquered the Inca Empire in Peru. It was a stopover point on one of the most important trade routes in the history of the American continent, leading to the fairs of Nombre de Dios and Portobelo, through which passed most of the gold and silver that Spain took from the Americas.