Invest in Panama

What you need to know about buying a property

If you are thinking about purchasing a property in Panama, we present a series of tips that can help clarify the process.

Start your search

Understand the country well and the tax benefits provided for a foreigner (link)
Identify the type of product you are looking for. In Panama you have beach residential projects as well as in the city with good amenities. Learn to identify in which areas you would like to live.
Begin your search. Create a file with your interests and contact a real estate agent or development company. There are real estate companies such as Verde Azul that provide a whole attention program for foreign citizens.
It is important that you research about the development company in charge of the projects you liked. Trajectory, developed projects and specially, post sale services.

Buy

Once your decision is made, start the negotiation process. In general, real estate companies can negotiate prices or hand out bonuses and/or additionals with the purchase, as well negotiate the conditions of agreement.
Once negotiated, sign a reservation agreement that guarantees the intention to buy and gives a stipulation of time (necessary for the process) in which the Promise of Purchase Contract will be signed, and the initial payment is paid (amount agreed during the negotiation).
Depending on the type of payment (cash, wire transfer or bank credit) a Letter for Promise of Purchase will be issued.
Meanwhile, the seller will prepare the tax documents and pay any other amounts that need to be liquidated when the contract is signed.
Signing of the Purchase Contract and registration of the degree in the Public Registry; the amount will vary depending on the value of the property (located between US$500.00 and US$2,500.00)
The title is sealed in the Public Registry and can take around 10 days to be effective.

This information was developed by Panama Living, a digital platform committed to collecting, researching, and disseminating all the necessary information to turn your interest in Panama into a pleasant and enriching experience.