Verizon use SIM cards for LTE, but not for their 2G or 3G voice/data services. So yes, you definitely need a device with CDMA compatibility (which is not the same thing as WCDMA, which is GSM 3G/UMTS) and then you can only connect it by asking Verizon to register it.
For Panama it looks like you need the 850 and 1900 GSM and UMTS bands.