Merrion Stockbrokers, where bosses became overnight millionaires before Christmas by selling out to an Icelandic bank, plans to raise 8m from Irish investors in the next two months. The money will be used to buy 2,500 acres in Panama, plant it with teak trees and harvest the forest when it matures after 18-20 years.

Each investor will have to put at least 51,000 on the table and, assuming that money does indeed grow on trees, an investment of 100,000 today could grow to about 850,000 by 2024, according to Merrion's projections.

The South American country, which hit the headlines in 1989 after the Americans overthrew military leader General Noriega, has an equatorial climate ideally suited to teak-growing.

Merrion's Eric Culliton said the investment was aimed at people saving long-term for retirement or for their children. "It's a low-risk investment once it's managed by professional people, " he said.

"There's a worldwide shortage of teak so the price is going to go up over time.

There's also a huge kicker potential in the land because tourism is beginning to develop in Panama."

Culliton, who has never visited the country, said Panama is now a stable place in which to do business. "If you're looking to invest in South America, the least risky country is Panama, " he said. "The Panama Canal is seen as a strategic asset so, if there ever was trouble, the Americans would probably go in and take it over again."

The investment went on sale last week and Culliton said the response had been extremely positive. "This is quite different from anything else out there, " he said.

"There's a lot of property deals on offer . . . this has a different slant."