Yes, it is safe. Foreigners have almost the same rights for buying properties as Panamanians with one exception - foreigners cannot own properties within 10 miles from Panama borders. A property can be owned by a person as well as by a corporation that sometimes can be used to reduce taxes. Another type of ownership is possession, that kind of properties are owned by the government that issued the possession right to the owner for a specific term.

First we help you to find a property you like, than it is recommended to make a reservation of the property to take it out from the market (usually it can be made with 5-10 thousand dollars that can be returned if you’ll change your mind within 10-30 days or used to pay the property if not), you sign the contract and start to make initial payment that usually are 30% of the price and divided in three part that are paid 10% at signing of the contract, 10% six month and another 10% one year after signing the contract, the rest 70% are paid on the building completion. After complete price is paid we help you to receive the property title and you become the new owner of the property. However that process can be different in many aspects depending on the type of property, construction state and other things.

It can be in any language that all signing parts understand. Usually all the contracts are provided in two languages Spanish and English, however if you do not understand any of the languages of the contract we can provide you certified translation.

By the law of Panama first 22 meters of a beach counting from high seas is always must be public, also you cannot block access to the beach if there are no other beach entrance within a 1000 meters.

Usually all the process can take from 3 up to 6 weeks. However that time can significantly vary due to many factors such as negotiations with owner, mortgage issues and any other additional work that can be required to close a deal.

The prices can vary significantly depending on the area of the Panama and the property itself. For example a property in a decent neighborhood can be priced as much as 80-120 thousand dollars for an old building and starting from 135 thousand dollars in a new building. More far from the city center cheaper it cost and vice versa closer it gets to the ocean more expensive it cost, for example an apartment on the Panamas principal ocean front street – Avenida Balboa have prices starting from 200,000 dollars. Beach front property only 90 minutes from Panama can cost starting from 150 thousand dollars. Mountain property near of the city can be priced as much as starting from 90,000 dollars. But you must consider that the real estate market of Panama is developing fast so the prices are subject of the fast change, contact us for to get current prices.

Property purchase can cost starting from 1000 up to 2000 dollars and that cost depends on the lawyer and the property itself. Also if the property is new to the charges starting from 200 up to 500 could be applied to make property tax exoneration.

It is a law in Panama that the seller pays title transfer taxes, all other costs is usually paid by the buyer; however it is possible that the buyer and seller have an agreement that they will share the costs.

There are no special real estate investor’s taxes; only tax that you will have to pay is a tax over your locally generated income, the same way that every local person pays it here. That tax declaration must be made annually.

Panama’s property tax is paid annually and its amount depends on a registered property value. Properties with a value less than 30,000 dollars are exempt from the tax, 30,001-50,000 dollars pays 1.75%, 50,001-75,000 pays 1.95% and properties that cost more than 75,000 pays 2.1%. The tax over the land value and construction are calculated separately and then summed. That is more convenient because new construction can have 20 years of the tax exoneration.

Yes there is the tax over a capital gain that is measured as a 10% from a difference between registered value and new sale price.

No, there are no inheritance taxes, but the whole process of inheritance acquisition can be lengthy and any way you will have to pay your lawyer’s fees.

It is not common here to use an escrow service for a property purchase; however an escrow payment can be made through a bank.

Yes you can, but the maximum amount of financing that you can pretend on is 70% (more realistic is 60%), also you will have to prove your economic solvency by providing documents that shows your income, bank account balance and other that may be requested by the bank. Also it is usually harder to get a credit for a land than for a construction. Mortgage interest rates in Panama are varying from bank to bank and usually are from 6.5% to 8%.

When you are trying to get a financing for a property you must be eligible for a life insurance and the property itself required having fire insurance.

Yes, if you have Pensionado status (have Pensionado Visa and prove that you receive pension of $1000 per month) and if you are of a certain age you can be eligible for a special interest rate discount.

If you are buying a residence with a price less than $62,500 you can be eligible for a so called “preferential interest” that is lower than normal rates. Each bank can have different conditions of issuing mortgage credits, such as credit terms, limits and rates.

Sometimes there is a penalty sometimes there are not, all depends from the bank that is issuing a mortgage.  Sometimes the penalty can be applied only if you pay of mortgage in first 10 years.

We do count with the best mortgage brokerage agents so they will be able to get you the best deal getting a financing. All that you need is to provide us with a property sale contract, copy of your passport and preferable mortgage conditions, than we will find the best bank that satisfies your request and give you detailed information about requirements.

No problems with that as long as you pay capital gain taxes and follow the contract. For new properties there is often a limit for reselling the property; however that limit can be avoided using Panamanian corporation.

There is a various ways to come to live in Panama. One of the most popular ways is trough an investment. If you are making a 300,000 dollars investment you are becoming eligible for a citizenship. That money can be invested partially to the real estate property and the rest should be deposited as a time deposit in the national bank. If you have a pension that is not less than $1,000 a month or can make a deposit to the bank that will generate as minimum $2,000 of monthly interest you are eligible to become a resident.

Yes, you can bring them. Veterinarian in the airport will check them and will give it any required shots. Also you will need to pay around 120-150 dollars charge per animal.

We count with one of the best movers services in Panama, feel free to contact us to get an estimate for your case. Price for moving can vary significantly depending on many factors, that’s why an estimate should be based on a real things.

Panama is very Americanized country that have a strong historical ties with United States. Panamanians are usually friendly to foreigners and any foreigner can expect to be treated as anybody else.

You can own freely a firearm in Panama, but first you have to pass some medical exams and apply for a license. Also you can bring your firearm to Panama (in that case you also will have to apply for a license), but this process is quiet complicated and can take a time.

Yes, there is. In fact, in the past years, Panama has received more visitors per year than its capital city total population and continues to be one of the best destinations in Latin America.

That depends on what you are coming for. If you want to come to discover sunny beaches most favorable time for that is from January to May – the time of the dry season. If you would like Panama in its greenest state – choose the rainy season – from May to January. If you are planning to see carnaval come in February 2-6.

That depends on what country are you from. However if you are from United States or Western Europe you do not need a visa, all what you will have to do is to buy the tourist card that should be sold you by your airline. If for some reason you will arrive to Panama without tourist card you will be able to buy it in the panama’s airport, the immigration officers will direct you the place where you can do it.

There are many direct flights that are coming to Panama from all around the world and from major cities of United States. If you are looking for a national airline we can recommend Copa Airline – www.copaair.com.

Yes, you will pay 20 dollars as departure tax that payment usually included in a price of the ticket.

Flying within Panama is very cheap and can be in a range from 50 up to 200 dollars for a round trip. For example to visit Contadora Island and come back will cost you 60 dollars, to visit Bocas Del Torro will cost 140 dollars. Renting an airplane for a private flight can cost around 750-1000 dollars. You can find more information at the site of a local air carrier Aero Perlas: www.aeroperlas.com.

Usually we can pick you up in the airport and bring you to the hotel. However if you are flying on your own the taxi fare from the airport can be 20-25 dollars, plus around 2 dollars for a toll road may be charged depending on what area you are staying.

Panama have many places to visit and we can help you to choose the tours you will like depending on what is your preferences. Please contact us for we provide you with the latest information about available tours.

Panama has a quiet stable weather without any natural disasters such as hurricanes or strong earthquakes. The temperature depends from the area, higher the area more fresh it is, in the Panama City it can be in a range of 80-90F (26-32C) degrees. Also there is two seasons, dry season that last from January to May and the raining season that is from May till June.

Panama is a tropical country, so be ready that here will be warm, shot sleeve shirt can be suitable with shorts or long pants to look more formal. Also we would recommend you to have a light jacket for a case of too high air conditioning or if you plan to visit a mountain areas.

Panama’s official language is Spanish and in some, mostly remote, areas indigenous languages are spoken. Many people also speak freely in English, and the majority understands it.

Paper money that is used in Panama is United States dollars. Formally Panama has its own currency called Balboa, that is equal to the United States dollar, but in the reality that currency can be found only in the form of coins that is freely circulating in couple with a United States coins.

Visa, MasterCard, American Express is widely accepted everywhere. Panama has its own debit card system called Clave that is usually work with Cirrus or Plus systems. Travel checks are also can be cashed, but there is a charge for that.

Panama is a proved to be one of the safest countries of Latin America and in fact it is safer than many American cities. However, there are some areas that better to be avoided; it is poor areas that can be identified by using common sense, when you see ugly, shabby buildings, messy looking like people – avoid it.

There are no such requirements to put any vaccines to come here, Panama has very low rate of tropical sicknesses occurrence, so that shouldn’t be your concern, unless you are planning to go some remote jungle areas.

In Panama you can find very good quality modern health care, which will be available to you for an acceptable charge. One of the best hospitals of Panama is a Hospital Punta Pacifica, which is a branch of American John Hopkins Hospital.

Panama has an excellent and relatively cheap private education available through variety of universities, colleges and schools some of which is international branches of other schools from US and other countries. Bilingual education is also available.

Panama has a rich life going 24 hours a day. It has big malls with many famous shops, restaurants, casinos, cinemas and all other possible things. At the night there are plenty of clubs and discos available. Going to a beach you can enjoy the Pacific Ocean as well as the Caribbean Sea, take a rest in a resort or go scuba diving, truly the limit here is only your imagination.

Usually you can easily find a good fully equipped gym in the area. Also there are many golf and tennis clubs. Prices for membership are usually lower than in United States.

It can occur, but it is rare. Even so, some buildings have reserve power generators and water tanks.

Tap water in Panama has a reasonably good quality and it is moderately safe to drink it. Any way we would recommend you to filter it to remove a chlorine taste or buy bottled water.

Panama has one of the best rankings in the Latin America for a quality of life and retirement index. Panama is safe and has booming real estate market. Every year more and more visitors are coming here and already per year Panama is visited by more people than its capital city population. Analyzing current situation we can surely say that that economy and attractivity growth will last.

Average worker salary can range between 500 and 1000; middle managers usually receive from 800 up to 3000. Cost of living of course depends on a lifestyle you prefer, but to give you an estimate, for an average, without special requests lifestyle, per month you will need to have an income around 1,500-2,500 dollars to live quiet comfortably in Panama City.

If you are calling to the United States or Canada from a wire phone the call can cost you as much as 5-6 cents per minute, if you are trying to call from a cell phone the price for a call can be significantly more expensive, it can cost from 26 up to almost 90 cents per minute. At this moment in Panama we have only two cell phone service providers first is Movistar and the other is Cable & Wireless.

No, it is not difficult to find skilled laborers in Panama, you just have to be resourceful. Minimum wage here is low, and it is possible that, depending on the location, you could find an experienced foreman that would work for as low as $5 per hour. Low-level skilled laborers make $2.85 per hour.

Panama has variety of insurance companies and to have insurance in Panama is cheaper than in the United States. Rates for insurance here could be in a range from 40 up to 100 dollars per month, depending on the person’s age and state of health. That insurance will allow you to get a treatment in best hospitals of Panama only for a small co-payment. Also Panama has a lot of small clinics, which can attend you for as much as 5-10$.

First of all we are Real Estate company, we assist you to find the property that will suite you the best. We will consult you, explain and bring step by step to a successful purchase. We will consult you and answer all questions you will have. We can help you to move to Panama, open a company, organize tourist trip and anything else that you can possibly need. Feel free to contact us and ask!

We do not charge you for our assistance helping you to buy a property; instead usually we have an agreement with developer or owner about commission from sale. And we do not charge you for other services ether, such as consultations unless it involves serious lawyer work.