HOW TO BUY A PROPERTY IN PANAMA

These are the steps you will have to follow in order to purchase Real Estate in Panama:

1- Attorney: If you live abroad, the first thing you will need is to hire a local attorney who represents you in Panama. If you are already living in Panama, you will still need an attorney to take care of all the legal aspects of the process.

2- Finding the property and negotiate: It is recommended that you find a licensed Real estate agent who can help you find the right property for YOU and help you negotiate the price and conditions of the sale. If you prefer to negotiate directly with a property owner, be sure to agree upon all important terms. Once you agree on all terms and conditions, your attorney will prepare a written purchase contract using those terms.

3- Confirm the title. Prospective buyers should always confirm title first. Once you have found the property for you, ask the owner for two documents—the public deed containing the title (Escritura) and the Ownership and Encumbrances Certificate (Certificado de Registro Público) from the Public Registry. If these documents are not available, ask the seller for a property (finca) number. With this information, your lawyer will be able to search for the title at the Public Registry.

4- Promise to Buy Sell Agreement: The buyer promises to purchase the property in a formal written contract.  A small down payment is usually required (regularly, 10% of the total price of the property) when this contract is signed by the parties.  Now the property is held open to give the buyer time to research the property’s condition and verify the seller is really the owner.  Register this contract with the government Public Registry to give notice to other potential buyers that the property is unavailable.

5- Search the Title: Your attorney can go through Public Registry records confirming the seller is the true owner along with any liens on the property.  The lawyer can also research encumbrances or other problems related with the property. The attorney can also research the government utility agencies to make sure all bills are paid for water and sewer services.

6- Buy-Sell Agreement: This is a second contract after the title and utilities are researched and the buyer is ready to close on the purchase. This contract usually is the deed.  

7- Transfer of Title: This is when title transfers to the buyer and when the deal is considered closed. Finally, your lawyer  can help you record your purchase at the public registry (the sale isn’t final until you do this.) This process normally takes a few weeks, but it can be done in about 10 days by having your attorney file the documents directly at the main office of the public registry.

The time required to go through all these steps depends on various factors, but usually it takes around 3 months to complete the transaction.

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HEALTH CARE IN PANAMA

Panama is considered to have first-world medical facilities, almost on par with the USA, Canada or Europe. It´s health care system is one of the best in Latin America and panamanian doctors are as qualify as doctors in any other developed country, since most of them have been trained in the USA, Canada or Europe.
However, this may change if we talk about the countryside, where the quality of health care declines. therefore we recommend  you should live in an area close to major cities like Panama City or David.

Panama has one of the best private hospitals in Central America, many of which are affiliated with hospitals in the USA.

Doctor´s fees for office visit vary. A typical visit to the Doctor could charge about $30, while a good private specialist could charge between $30 and $50. Lab test are around $15.
Some local insurance companies offer medical coverage for around $100 a month.

Panama also has a Social Security System called Caja de Ahorro similar to the USA. Members can obtain free medical at a Social Security Hospital. These hospitals are located all over the country and only accept those people who are members of the Panama´s Social Security System.

Some private hospitals take insurance from most foreign insurance companies, but we recommend you to check this first with both, the hospital and your insurance company.

For a list of the major hospitals in Panama: http://pinvestmentsrealestate.com/en/hospitals

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THE COST OF LIVING IN PANAMA

A lot  have been said and written about the low cost of living in Panama, and to be completely honest, depending on what you compare it to, that is not necessarily true.

Panama is not a cheap country. I still dont get why so many people write articles stating that Panama is cheap, when the truth is that Basic products like milk, or bread, are way much more expensive than in Europe or the USA. The reason for that is that, contrary to what happen in Europe or the USA, there are no "white Brands" in Panama, so almost everything you buy here must come from a commercial brand. "white brands" make the cost of living of a country fall down because, since they dont have to invest in marketing or anything else, they can afford selling their products at a lower price.

Maybe if you compare the cost of living in Panama to other latin american countries, you will find that effectively, Panama is cheaper. That is why people from countries like Venezuela or Costa Rica use to come to Panama for shopping. But for those who come from Europe, the United States or even maybe Canada too...no way.

Here is a short prices list of basic products at any supermarket in Panama:

1 liter milk: $1,55
Bread: $1,80 and above
1 yogurt:  $0,80 and above
2 ltrs Coke: $2
1 tomato: around $1
1 lettuce: around $3,50
1 potato chips: $3,50
Shower Gel: $3,50

Sure there are other things that are cheaper in Panama..like getting a cab (we will talk about this in other article..), eating out or having a drink. At the end of the day, specially if you come from Spain, France or any other country with a rich culinary tradition, is just a matter of "changing the chip" and trying to adapt to  the country´s lifestyle, instead of trying to keep on with your old alimentary habits, unless of course...you can afford it.

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PANAMA´S BEACH MARKET

Punta Barco is the next location where one can generally find luxury panama beach real estate for sale and probably the nicest beach along the 40 miles of coast line between Punta Chame and Rio Hato. The luxury offering of property for sale in Punta Barco includes a small selection of condos but is mostly limited to luxury homes for sale. Most of the Panama beach homes for sale in the Punta Barco area include very large estate style lots on a minimum of 2 acres, although from time to time one can find quality luxury homes for sale with a smaller lot size. There are a handful of estates in Punta Barco that include horse farms and stables. However many of them are owned by old-Panamanian money and thus, rarely go up for sale.

A hidden gem just to the west of Punta Barco is the El Cortijo gated community, located in the larger area known locally as Costa Esmeralda. With only 14 residences, this small development is unique in that each home is built on a minimum of ½ acre so that residents enjoy a great deal of privacy. All of these luxury Panama beach homes for sale have ocean views and are no more than 300 meters from a private beach. The surrounding Costa Esmeralda community is just around the corner from El Cortijo and is a well known weekend retreat for Panamanian families because of its great beach. There is also a beach club associated with Costa Esmeralda that residents of El Cortijo also have access to.

Vista Mar is the next Panama beach community with a luxury real estate offering. This gated golf community has some very elegant luxury condos near the golf course and large single family homes overlooking the ocean, closer to the private beach area. An elegant restaurant with ocean view and a renovated beach front club house are a couple of the reasons residents choose this gated golf community.

Buena Ventura is perhaps the best known luxury Panama beach real estate development. Homes start around $1M and townhouse/condo options are also available. Buenaventura has been beautifully landscaped and is home to many wealthy Panamanians including several ex-presidents and heads of major corporations. There are several restaurants within Buenaventura as well as a golf complex, equestrian facilities for horse lovers, The Bristol hotel, and a world class ocean front beach and pool area.

If you are looking for something less traditional, there are also several private island areas to choose from including Contadora, Bocas del Toro, and Boca Chica all of which have a world class offering of high end beachfront real estate for sale. However at such a distance from Panama City, the weekly or monthly commute can be daunting.

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FURNISHING YOUR NEW HOME

OK, you already bought this nice apartment in Panama..now, you have to furnish it in order to make it your HOME. We can help!!.

P Investments Real Estate distribute high quality furniture from the most prestigious brands in Europe. We, with the help of an experienced Interior Designer, will help you find the best option for YOU.

Interested?..Contact us now. We will be glad to help.

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TRUMP TOWER

When it comes to luxury in Panama, The TRUMP Tower has it all. Without a doubt, this wonderful building located at Punta Pacifica is the most representative of the Latin-American Country. 

At the Trump you can find residences that goes from 1 to 4 bedrooms, all equipped with central air conditioning,marble flooring, concierge service, frameless glass showers and more...much more. 

The social area of the Trump Tower is really amazing. Five swimming pools, fitness center, ocean front desk, ballrooms and meeting rooms, business center, various fine dining experiences...truly, you will never want to leave!!.

If you want to live at The Trump, whether you want to buy or rent, there are plenty of options. You can have an unit directly from the developer´s inventory or purchase a resale one. The difference is that in some cases, the resale units will have a better price (this is something very common in the panamanian Real Estate market).

Do you like The Trump?...Contact us!!.

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REAL ESTATE WARNING

The Real Estate market in Panama is a crazy one.
As soon as you put your feet in the city, you´ll be amazed by all the skyscrapers you will see. The skyline is amazing and will instantly make you think that you have reached the United States, instead of a little Latin-American country.

All these buildings represents a great opportunity for business for a lot of people from Panama, and abroad. There are literally thousands of brokers in Panama. Must of them are people who just arrived in the country and realized that there was an opportunity in Real Estate, so they jumped in the train. They have no background or experience in Real Estate, nor they have the license to work in the field either. What is worst, sometimes they don´t have the ethics needed to do the job in a professional way...and that could lead you, as a buyer, to a very painful situation.
Fortunately it is not so difficult to find out when you are dealing with a real professional and when..well, not so. There are some signs that should trigger your suspicion, like:

- The lack of a professional email address: Do you see too many professionals in your country that dont have a company´s email address?....hotmail, gmail, or yahoo accounts indicates that there is no company behind the person. If the guy or girl is not from Panama..you have 90% chance that he/she wont have a valid real estate license and so, he/she is not authorized to work in the Real Estate sector.

- You go to visit a property and the broker shows up wearing...shorts and flip flops. Does that look professional to you?....

- Once you visit a property, the broker do his/her best to make you give a deposit, saying that if you dont do so, the property will be gone...without you even knowing anything about the property or the contract you would sign!!. It´s true, the real estate market is very active in Panama..but, a real professional would never tell you to give your hard earned money to someone you dont know, and without having some relevant information first.

Sure there are good freelance professionals and respectable companies doing business in Panama, you just have to find them using your common sense and instinct.

Yanko Pla
CEO & Founder
P Investments Real Estate
yanko@pinvestmentsrealestate.com

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ALLURE TOWER, THE BEST LOCATION IN PANAMA

If you are looking for the best location in Panama City, there´s no need to look further than ALLURE Tower.
This awesome building is located in Avda. Balboa area, just in front of Parque Urraca and next to a two story historic building, which guarantees that the excellent views of the city and the ocean will remain intact for ever.

The social area of the Allure is one of the best you can find in Panama. There you will find a nice pool, kids playground, racket ball court, mini golf, a lounge bar, meeting room and a space for the teenagers with ping pong table and other amenities.

ALLURE Tower has everything you may be looking for when buying a property in Panama. It is the best choice in terms of location, quality construction and views.

Interested?..Send us an email at info@pinvestmentsrealestate.com and get more information, now!!.

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PROPERTY TAX EXONERATION/INCENTIVES FOR NEW CONSTRUCTION

The properties that were already granted the 20 years of property tax exonerations on the improvment/ new construction are grandfathered for the remainder of their 20 years.   

For new construction the amount of years of property tax exonerations granted vary depending on the value of the new construction:

Commercial buildings have 10 years of tax exonerations on the improvements



RESIDENTIAL CONSTRUCTION valued up to:

• 100,000 USD gets 15 years of property tax exonerations on the improvements
• 250,000 USD gets 10 years of property tax exonerations on the improvements
• 250,000 + USD gets 5 years of property tax exonerations on the improvements 

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RETIREMENT INCENTIVES IN PANAMA

Panama offers an attractive incentive program for retirees, and because of the lower cost of living, great climate, lower crime rate and tax advantages, Panama compares with many European choice of retirement destinations.

A partial list of retiree incentives and benefits include:

• Household goods can be brought in to Panama free of taxes.
• New cars can be brought in duty free every two years.
• Discounts between 15% and 50% are offered on hotels, restaurants, movies, many professional services etc.
• Panama is a safe country.
• Panama City has a modern, American style infrastructure due to the near 100 year presence of the Americans in Panama.
• High-band Internet connectivity, cellular phone networks and ADSL in-home phone capability are readily accessible throughout most of Panama. Full-service satellite and cable TV are also very common.
• Panama's cost of living is a fraction (approximately 1/5th) of the United States.
• Panama has an ideal climate.
• Panama has medical facilities on a par with the United States.
• Panama is close to the United States with direct flights to Panama from 5 major US cities.
• Retirement visa requirements are minimal.
• Foreigners can buy and own property in Panama enjoying the same rights and protections as Panamanians.
• English is the second language in Panama and is widely spoken.

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WHY TO INVEST IN PANAMA

PANAMA is one of the three better places of Latin America to live, according to a survey made by Corporate Resources Group and one of the four best ones of the world to live outside the United States. This last one indicates the Association of Retired and the International Living American

Panama offers an ideal "offshore" legislation and a great place to live.

Panama enjoys a stable government, democratically chosen.
It has the greater frank zone of America to import, to export, to re-export Colon free Zone 
The economic yield of Panama is, year after year, better than almost all the other Latin American countries. By 40 years, the rate of inflation of Panama had a smaller average of 2% per year, outrageous in the other countries to the south of the U.S.A.
Comparing it with its neighbors, Panama has more comforts than the places of traditional retirements in Mexico or Costa Rica, but the rates of costs and crime are much smaller
There is much less interferences of the local authorities.
The Government of Panama and its laws at the moment foment the foreigners to invest and to live here.
If you are looking for a residence country, Panama boasts to offer the most attractive programs for the foreigners. Like “a pensioner” in Panama, you are eligible for discounts in almost everything                      you buy. If you buy or construct a house, you do not pay  property taxes for 20 years. As resident you do not pay taxes on the gained income from abroad.

Panama offers:

1) tropical climate,
2) a low cost of life,
3) security and efficiency absence in other Latin American countries,
4) favorable offshore banking “laws”
5) a stable economy with the North American dollar like currency of legal course,
6) govermental incentives for investors
7) a diverse geography that goes from mountains to tropical islands and metropolis in height to vast forests.


1. A TRUE PARADISE TAX-FREE - capital duty free, gains done outside the national territory duty free, inheritance or duty free judgments of succession, etc.

2. FAVORABLE LAWS TO ESTABLISH COMPANIES - the laws of societies allow to have actions to “the carrier”, to have directors of any country and power to form Private Interests Foundations, everything with low costs.

3. STABLE MONEY WITHOUT ANY RESTRICTION - There is no restriction on the movements of funds inside and outside the country.

4. STRICT LAWS OF CONFIDENTIALITY - there are strict laws of confidentiality that protect the banking information of the client like the one of books of the society, of anyone, including foreign governments.

5. STABLE GOVERNMENT- the government of the country is stable and the country is safe to visit.

6. STABLE ECONOMY - the economy of the country is very stable.

7. EXCELLENT BANKING SYSTEM- the banking system of the country is advanced in infrastructure areas, governmental audit and technology.

8. EXCELLENT COMMUNICATION SYSTEM - the  communication system of the country is very advance in comparison with the countries of the first world.

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