Posts Tagged ‘Panama’

This is a brief discourse designed to help you avoid some pitfalls that many before you have encountered:

Panama is a wonderful place especially to the expat or would be expat. It is easy to become taken with the country and start thinking emotionally instead of like a calculating business person – Don’t Do this. Getting excited about how great this place is and how happy you will be living here is fine but think hard when buying property.

Consider the future investment potential of the property. Be careful about considering a piece of property when the buy decision is based on future variables like a road to be build some day. What if it never gets built?

If you are retired and able to live a couple of hours from a major hospital fine, but if this is not such a good idea rethink this carefully and try to stay closer to a major city.

Panama is full of vacant land, loads of it. What Panama does not have loads of is Panama City property with an unobstructed water view where there is no possibilty of something being built to obstruct your water view. The same principle applies in other areas. Be careful try to get a unique property in some regards so it will hold it’s value well compared to other properties.

Rural areas sometimes have little to no infrastructure. Often a 20 minute or longer drive is required to get groceries. Find out if the cell phones work there, if there is hi-speed internet, can you get cable or satellite TV, where is health care and at what level, if there are dirt roads ask about rainy season. Think things through. If you like to enjoy dining out, seeing movies, malls, etc ask yourself if you are comfortable with the drive times for such things.

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Panama is a popular tourist destination. Some people, once they have been to Panama cannot get it out of their system. They are so amazed at the wonder of Panama’s sights that they wish to be back again to this country. Some people have even gone so far as to decide that the only solution would be to buy a vacation home in Panama.

Buying real estate, wherever you plan to do so, is a complex matter requiring great deliberation and systematic investigation. It is highly recommended that before you finally commit to buying a particular piece, you should seek the help and advice of a real estate lawyer in Panama.

There are also things you need to know beforehand even if you plan to consult a real estate professional. It is better that you collect all available information that you can get your hands on before seeking professional help. Thus, you would have a better grasp of the legal situation as well as have the necessary knowledge based on which you can ask intelligent and relevant questions.

Types of property in Panama

Panama has three different types of property; the Titled Property, Possession Rights Property and Concession Property. The Titled Property is under the jurisdiction of the Panamanian Public Registry and the existence and value of a particular property can be verified through this channel. Titled Properties obligate the owner to pay taxes in Panama if property is worth more than $30,000. If you are currently building, you can get tax exemptions proportionate to the value of your real estate.

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With Panama becoming increasingly popular as a retiree’s haven, this article provides a guide on how to buy property in Panama along with the do’s and don’ts.

The property in Panama can be classified into 3 categories: Government property, squatter property and titled property. The government property is largely in remote places and jungles. Squatters illegally occupy government land and claim ownership after many years. Squatter property may not have proper titles, as the legal rights may be granted only several years of occupation. Titled properties are those whose ownership is recorded in the National Registry. It is the only property that a visitor should buy.

Regarding choosing a location Chriqui province and the province of Bocas del Toro are ideal places to buy property. The towns of Boquete and Volcan in Chirqui province are American friendly and are only an hour’s drive from Costa Rican border. The islands of Bocas del Toro also lie close to Costa Rica and are favorite destination of Americans.

Weather is an important consideration while choosing a place to settle down and Bocas del Toro has typical Carribean tropical weather. It is warm and humid in summer with sea breeze and light rains from August through January. Volcan is in an elevated location and the weather is usually cool with a prolonged rainy season. Boquete is also situated in Panama’s highlands and the air is dry and crisp and one may need a sweater. Because of the elevated terrain, both these places are surrounded by colorful flora all year round.

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