Why Invest?
Panama City is a combination of innovation and history. It has become one of the top destinations for retirement, second home buyers and for entrepreneurs, and it is because here you can find nature, beautiful beaches, eco tourism and it is also very attractive for business.
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Market Report
We forecast that the property prices will increase in near future from 20 to 22 percent.
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Economic Overview
Panama's economy, distinct that of its Central American neighbours is based on a highly sensitive services sector, together with the Canal, shipping, banking and the Colon Free Zone, and secretarial altogether for some 68% of GDP. With a dollar currency (the US dollar is lawful tender) the economy has also traditionally been one of the steadiest in Latin America.
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Visa/Residency Issues
A visitor's visa is normally valid for three months, but people on business visits or undergoing medical treatment and the retired parents of an Australian citizen can obtain a visitor's visa valid for 12 months.
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Getting to Panama
An approximate flight time to Panama City from London is 14 hours. There are no direct flights to Panama from London. Flights with American carriers such as Delta and American Airlines fly via Atlanta or Miami, and Iberia flies via Madrid.
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Fees & Taxes
- Transfer taxes are paid by the seller, and are 2% of either the updated registered value of the property or the sale price - whichever is higher.
- Capital gains on the sale of a property should be declared in your tax return, and are treated as part of your normal income. If you receive rental return on your property, you will be liable for Income Tax, up to a maximum of 30% (on returns greater than $200,000).
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Panama
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Basic Information
| Population |
3.23 million |
| Languages |
The official language is Spanish. English is widely understood by the middle-classes |
| Area |
77,381 sq km; 29,762 sq miles |
| Currency |
US Dollar (referred to locally as the Balboa)
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| Dialing Code |
+507 |
| Emergency Services |
104 |
Panama Overview
Panama, officially the Republic of Panama, is the southernmost country of Central America. A transcontinental nation, its isthmus constitutes a natural land bridge between the subcontinents of North America and South America. It borders Costa Rica to the northwest, Colombia to the east, the Atlantic Ocean to the north and the Pacific Ocean to the south.
Average Property Prices
Coming soon.
Buying Process
- The first step is to find a Panama property you like, and negotiate the price and terms of the sale with the seller (or Panama real estate broker).
- Second, you should seek a qualified attorney in Panama to handle the due diligence and title search on the property, putting your Panamanian attorney in contact with the seller (or real estate broker) to gather copies of the property title documents and survey (if available).
- Third, have your attorney prepare a Promise to Buy/Sell Contract to lock in the property sale and secure the terms agreed upon (a deposit of 10% is usually required by the seller upon signing the promise to buy/sell contract), plus this gives you time to do the due diligence and get your funds into the escrow account.
- Fourth, once the attorney has confirmed the property title is clean, and then the final closing is scheduled, where the buyer/seller signs the final Buy/Sell Contract.
- Fifth, payment is made to the seller, broker, and attorney from escrow (in some cases, buyers/sellers agree that payment is made after the public deed of the property is transferred and registered into the buyers name).
- Sixth, the Buy/Sell Contract is registered at the Public Registry where they transfer the property title ownership from the previous owner to the new owner.
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