An introduction to buying property in Panama
Panama - Property
Over the past few years, real estate in Panama has developed significantly. Panama City is in a constant process of construction, with buildings that grow ever taller.
All of Panama is growing as the construction boom has spread to the coastal areas. So much construction work has fuelled economic growth in Panama over the years.
The modern real-estate market in Panama
Between 2003 and 2005, the number of visitors to Panama grew significantly. Several international magazines published articles on retirement in the country. They often recognised Panama as one of the best countries to live in, with spotlights on the high quality of life and low costs.
In April 2006, Donald Trump announced his new project: a 65 storey building in Punta Pacifica. At a cost of $220 million, it helped increase confidence in the real estate growth prospects in Panama. In October 2006, the Panamanian government agreed to construction work in order to amplify the Panama Canal. This was completed in 2009.
Since then, real estate investment and development have increased exponentially.
There are many reasons to invest in real estate in Panama. Some of the benefits of investing in Panama include:
- One of the best banking centers in Latin America, due to the use of American Dollars as legal currency over the past 100 years. You will also find many international banks (HSBC, Citibank, BBVA, etc.) that provide real estate financing for foreigners.
- Panama has one of the best programs for retirees and pensioners in the world. This allows people retiring to Panama to become residents in less than two months, and offers an excellent benefit package – including the ability to import all personal goods without any tax (including cars).
- Panama gives residents access to good services and utilities for their property; like electricity, water, gas, telephone, high-speed Internet, cable and satellite.
- In Panama, it is possible to purchase a luxurious apartment at a reasonable price, especially when compared to similar properties in Europe or the United States.
- It's possible to buy a property in Panama with property tax exemption for a period of 5 to 15 years depending on the date of construction.
Other reasons why the real-estate market is attractive in Panama include:
- Good weather
- Outstanding natural beauty
- Social and political stability
- Low crime rate
- Low risk of disasters such as earthquakes or hurricanes
- Low cost for hiring maintenance staff
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