Some people call country of Panama a ” paradise“. No doubt Panama is one of the most beautul places to live. Country of Panama is one of Central America’s most Beautiful countries, with beaches, jungles, islands, and rivers, there is always something new to explore. You can organize weekend excursions to explore the diverse landscapes of Panama, including visits to the rain forests of Soberania National Park, home to an abundance of wildlife and stunning waterfalls. You can also plan to visit the Embera Quera community and learn about their unique traditions and way of life. You can explore the fascinating exhibits at the Bio-Museum, delve into the wonders of the Panama Canal at the Mira Flores Locks, or encounter playful monkeys on Monkey Island. The diverse wildlife at the Smithsonian Natural Center is worth a visit and you must experience the heartwarming work of the Sloth Sanctuary. Other adventure activities include ziplining through the rain forest canopy to whitewater rafting on the Chagres.
Panama is the home to several Native American peoples, such as the Guaymí, Kuna, and Chocó, Panama became the first Spanish colony on the Pacific. Panama also known for Celebrated as “the door to the seas and key to the universe,” it served in the 1530s as the staging point for the Spanish conquest of the Inca empire and until the 19th century it was a transshipment point for gold and silver destined for Spain. With the independence of Colombia, which once controlled Panama, from Spain,
HOW TO BUY A PROPERTY IN PANAMA?
In case you are considering to purchase a property in Panama, we recommend to contract a trusted Panamanian attorney to represent you. Before entering a contract to purchase a piece of property such as a commercial property, land, condo or home, the trusted attorney would perform his due diligence to make sure there is no pending litigation or any other claims against the property. Once everything is clear, you may enter into a contract to purchase a property. Moreover, we do not recommend to purchase properties that have no title. Contact us today and let us make sure the property you are purchasing is titled and is free of any kind of debt.
Titled Property or Concession property?
A great deal of the land outside Panama City, coastal areas and on islands do not have titles. . Rights of possession and concessions on untitled land increases the risk of ownership disputes and lawsuits in Panama court system. It is recommended that buyers understand the type of property they are purchasing and proceed with caution. Panama’s Registro Publico (Public Registry) is the source of information on all property ownership.
Panamanian Judicial System
The laws and regulations in Panama are quite different from the USA. It is noteworthy that the judicial system’s capacity to resolve contractual and property disputes takes a long time ( up to 10 years ) and is subject to corruption. The World Economic Forum ranks Panama’s level of judicial independence to be 133 out of 142 countries in the world. For more information, please read the Department of State’s Investment Climate Statement .
10 Percent Deposit
Standard type of contract requires 10% deposit to be delivered to the seller of the property. There is no escrow account in Panama.
Commercial Litigation
Before you purchase any properties in Panama, we strongly suggest with an experienced commercial lawyer to represent you and does his due diligence. We mean before entering a contract to purchase. Whether you are using a real estate agent or buying direct from the owner, there are many pitfalls when signing a contract to purchase and hand over your money to the seller. Commercial litigation in Panama is very expensive and time consuming. It may take up to 5 years or more to resolve a situation within the Panama court system. So it is wise to hire an experiences attorney to make sure you are purchasing a titled property and you will close as stated in the contract.
BENEFITS OF INVESTING IN PANAMA PROPERTIES
Stable & Growing Economy
Panama is one of the best-performing economies in the region, with sustained growth in recent years. This trend is expected to continue in the coming years, presenting significant potential for foreign investment and business expansion.
Safety & Security
Panama ranks among the safest countries in Latin America, with low crime rates. Furthermore, the government has implemented measures to maximize the safety of tourists and foreign residents.
Cost of Living
The cost of living in Panama is highly convenient for foreigners, as there are options for every budget. Affordable real estate properties and reasonably priced fresh food can be found. Additionally, there is a wide range of quality services, including healthcare, education, and public transportation, at fairly reasonable costs.
Excellent Healthcare Program
Panama’s healthcare system is top-notch and offers a wide variety of options for both citizens and foreign residents. This includes a broad range of specialized medical services at affordable prices.
Life Style
Panama boasts an excellent quality of life thanks to its warm tropical climate, beautiful beaches, natural landscapes, good infrastructure, and services for residents. Moreover, it offers a diverse range of housing options, from luxury properties to more affordable places, allowing newcomers to continue with the lifestyle they are accustomed to.
Tax Haven Jurisdiction
We understand that evaluating the tax details is crucial when considering investing in Panama. In this case, it’s important to note that the Panamanian government has established a series of tax incentives for foreign investment, providing tax exemptions across a wide range of business sectors. Additionally, laws have been enacted to benefit foreign companies establishing their operations in the country, offering opportunities that encourage the expansion of their activities.
Financial Hub
Panama is a significant center for international trade, with the Panama Canal being one of its main competitive advantages. The country also hosts one of the largest free trade zones in the world, the Colon Free Trade Zone, enabling tax-free trade with a wide variety of countries. Moreover, Panama has trade agreements with various nations, fostering investment and commerce in the region.
In terms of the tourism industry, Panama offers a wide variety of tourist destinations, from paradise beaches and national parks to vibrant nightlife both within and outside the city. Tourism in Panama has been steadily growing in recent years, leading to the construction of new hotels, restaurants, and tourist attractions.
Panama City is renowned for its impressive skyline, historical architecture, and rich culture. Furthermore, Panama is known for its international festivals of music, fashion, and cinema, which attract visitors from around the world.
Real Estate Market
The real estate sector in Panama has shown steady growth over the years, thanks to the country’s economic development and foreign investment. As of today, the real estate market in Panama remains highly active, standing out for its multiple investment opportunities.
The real estate market in Panama City is constantly expanding as the city becomes an increasingly important financial and business center in the region. For all these reasons, investing in Panama is one of the brightest ideas any foreign investor can have.
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