Panama is a country located in Central America, bordered by Costa Rica to the west (option 1), the Pacific Ocean to the south (option 2), and Colombia to the east (option 3). These options are therefore not correct as they all share a border with Panama. Option 4, Venezuela, however, does not border Panama. Venezuela is located on the northern coast of South America, several countries away from Panama. There is no direct border between these two countries, hence, option 4, Venezuela is correct.