As the main highway through Panama snakes the pacific coast,where the development is currently taking place.
There are many options to chose from in Panama, and that makes the decisions of where to buy live or invest, all the more difficult, as there are literally hundreds of different options for you to chose from.
There are two main issues when owning real estate in Panama and that is if the property has title or rights of possession . The difference between the two is very large.
Rights of Possession; Many people are afraid of ROP, but in effect foriegners can not buy ROP in their own name, so the best way is to purcahse the land in a Panama Foundation or Corporation. Once in the name of a local foundaiton or company with a conncession no one can take you property from you. This is a safe and sound way to proceed and purcahse a ROP property.
Today most properties on the beach front are not titled unless before 1922. With the election of the new government in 2004, changes to the laws once again allow for tiltling of beach front properties.
If you purcahse a property with ROP and place this into a Panama Foundation or Coporation you are not liable for local government taxes. Hence why ROP have many benefits over Titled Rights.
Titled Rights is like having freehold title to the land and its in your ownership and you may choose to make what ever changes you like in accordance with Panama Laws applicaple at the time.
In early 2007 the rules for owning beach front property are set to change to provide more stable ownership rights, to make transfer of Rights of Possession to Title more easier.
There are no requirements for you to become a Panama Citizen in order to purchase or invest in real estate in Panama. You can elect to establish a Panama Foundation or Corporation and have this Foundation or Corporation own the rights to your property. You now control the Foundation or Corporation.
If you choose to sell the property later on, all you do is sell the Corporation, not the property, making the sale much easier..
Panama is currently experiencing a tourism boom and the next sector of the economy to boom is real estate. In 2004 tourism become the countries largest sector in the economy. Tourism now earns more money than the Panama Canal.
As more and more people visit Panama they are finding out the exceptional lifestyle and the benefits of living, working or investing in Panama, Are you ready to learn the alternate way that 1000's are discovering every day.
Panama is fast becoming the 21st Century place to invest in real estate to live, retire or invest.
As tourism increases so to will the number of people interested in buying real estate as people discover Panama and its secrets. To live here is one of the benefits that life provides, economical, safe and secure, Panama is the Apple of Latin America.
We are happy to discuss with you any issues you may care to raise with us concerning property purchases in Panama for whatever purpose you have in mind. Please contact us by phone + 507 6676 7453.
