Portobelo (Spanish: "beautiful port", historically in English: Porto Bello) is a historic port and corregimiento in Portobelo District, Colón Province, Panama, Central America, with a population of 4,559 . Located on the northern part of the Isthmus of Panama, it is northeast of the modern port of Colón now at the Atlantic entrance to the Panama Canal. It functions as the seat of Portobelo District. Established in 1597 during the time of the Spanish empire due to its deep natural harbor, it served as one of the two ports (together with Veracruz to the northwest) through which Spanish treasure was shipped from the mines of Peru (via Panama City on the Pacific side of the Isthmus and overland to Portobelo) back to Spain. The city was repeatedly captured by British privateers and pirates, culminating in a successful siege by the Royal Navy in 1739, during the War of Jenkin's Ear.