Panama Real Estate Companies

Project Panama Pacifico has started in November 13, 2008 at the former US air force base at Howard near Panama Canal. Since the inception of the project, government of Panama had made a deal with UK based real estate developers London & Regional Properties with a hefty US$ 750 million. This is one of the biggest developmental projects in any part of the world. More than 2750 acres of land was earmarked for the entire project.
The Panamanian government made a public-private partnership with the London & Regional for the project and formed AAEEPP (Panamá-Pacífico Special Economic Area Agency), a governing body to supervise the works. It will develop the land in 40 years. The infrastructure at the commercial and residential sites will be of highest standards according to international level.
Gilberto Ferrari, the administrator of AAEEPP stated that nearly 450 million US dollars will be spent during the first phase of the Project Pacifico, where renovation of the existing airport will be taken care of. The domestic and the international terminal will feature state of the art technologies and smart interiors. The airport will become a hub for the regional air cargo transportation, as the existing Tocumen International airport will act as center for transport of air passengers. The Howard air force base is situated near the southwest area of Panama Canal and just opposite is the Panama City at the South East part of the canal. It is merely a 15 minutes flight from Howard base to the Tocumen airport.
Miguel Angel Claire, the other administrator at AAEEPP has stated that during the initial phase of first eight years, the London & Regional will invest US$ 60 million to build multi-utility offices, commercial spaces and warehouses.
It will also include developmental proceedings around Howards air strip to construct roads and other infrastructure improvement to connect the airport to the rest of the country. Supply of adequate potable water to the entire Project Pacifico will be developed during the first phase of the project. It will also encompass wastewater treatment facilities and sewerage networks.
When fully developed, Project Pacifico will cater employment of around 40,000 odd people. Therefore, public transport system has to be developed also. In the first phase, renovation of the existing roads of the former US base will be done. A comprehensive mass transport system to cover whole of the Howard area and connectivity to the Panama City will be developed.
The first phase of Project pacific will also include development of an International Business park, the Town Center, the Pan American Corporate Center and Kobbe Hills. The London & Regional will construct a new road in the west perimeter, underground power supply cables, initial telecommunication infrastructure, aqueducts, and improvements to the Andrews Boulevard.
Jaime Gilinski, the in-charge of the construction of Project Pacifico has stated that when completed, the modified town will become the model of logistic development for the rest of the world.
It has become a matter of immense interest from the investors throughout the world that how L & R works in the first part of the much hyped mini city in the Howard base.

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The performance of these funds will come from the operation of real estate and the earnings and losses that the investor obtains will depend on the income generated from rent or from sales of properties.
With the growth in the construction sector, which in June of 2008 was 54.5%, it is today attractive to invest in a residence or apartment.
But there also exists in the market another alternative, which is real estate investment funds, and participating in these is a very profitable business.
The performance of these funds will come from the operation of real estate and the earnings and losses that the investor obtains depends on the income generated from rent or from sales of properties.  Besides this, the investment will be adjusted annually by the change in value of the properties that the fund possesses.
One will ask, why invest in these products?  As in any investment, you should analyze all of the implications that are invested in this figure.

What is a real estate investment fund?
It’s a portfiolio of resources (assets) formed by the savings of many investors that is purposed toward the acquisition of real estate, generally for rent or for sale.  The investor buys a part that is proportional in all of the real estate that is acquired, which is known as a “share” and permits obtaining part of the results that the portfolio generates.
These funds are “closed”, which implies that the number of shares is limited, which are negotiated via a stork market and their terms are definite.
There exist other investment funds whose portfolios include other goods, for example, value in debts or shares.
For whom are these funds?
The standing norm establishes minimum investment amounts of 5,000 dollars and up.  As the real estate business is a long term one and with variables that demand some knowledge of real estate, these funds are for the investor who:

• Knows about investment funds and the functioning and risk of real estate investments
• Can commit money for the long term
• Has at his disposal the minimum established amount
• Has other investments (diversification)

Every investment carries a risk.
BEFORE DECIDING ON WHICH FUND TO INVEST IN, KNOW THE ALTERNATIVES AND RISKS ASSOCIATED WITH EACH ONE.

Some risks common to these funds are:
• Risk of concentration of the real estate.  This occurs if the invstors concentrate in only one type of real estate or in only one property or project and when for reasons of unoccupancy, vacancies, or  disasters, the income of the fund is diminished.
• Risk of concentration of renters.  This happens when the income comes from the rent of only a few renters or from only one activity and when, due to market conditions, or incompliance with a contract, eviction or disoccupation the income of the fund is reduced.
• Risk of unoccupancy of the real estate.  The fund could acquire properties that remain unoccupied for a long time.
• RISK OF INADEQUATE VALUATION OF PROPERTIES.  THIS HAPPENS WHEN PROPERTIES ARE PURCHASED AT AN EXCESSIVE PRICE OR ARE SOLD AT A VERY LOW PRICE.
• Risk of liquity of participation.  In these funds, in order to recuperate an investment shares of stock must be sold in the stock market.  You could not successfully sell the shares at the desired speed or receive less money than hoped for depending on the offer and demand.
• RISKS OF OPERATION.  EACH FUND HAS ITS OWN DEFINED WORKING RULES THAT THE ADMINISTERING COMPANY MUST FOLLOW AND ARE AVAILABLE IN THE PROSPECTUS.  NEVERTHELESS, YOU AS AN INVESTOR COULD BE PREJUDICED BY GUILT, WILLFUL MALICE, OR NEGLIGENCE OF THE ADMINISTERING COMPANY OR BY AN EMPLOYEE.

In summary, risking yourself or not entering in this type of business is the decision of each person.  What is certain is that before doing so, you must obtain information about the characteristics of the investment, the investment policies, the real estate investment fund’s risks, and the administering company.

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Hard Rock Hotel Panama
The Lagomar property has announced the commencement for the hard rock hotel Panama, a luxuries hotel development on the Pacific Ocean. The tropical location combined with hard rock’s renowned offer you a unique destination resort for one of the world’s most globally recognized brands. It would be less than hour to take to reach the hard rock hotel Panama. The city will be located near Coronado beach.
The hotel will be situated near the lightly forest seaside and rainy equatorial region including miles of sparkling white sand beaches and towering palms. Brining the hard rock hotel in this side will definitely brings some significant changes as per the people are concern, who looking to enjoy at the most. The eco-sensitive design of the hotel will incorporate panama culture from Spanish to Kuna motifs within a good up to date.
Planned attractions currently including the huge foot pool and the two signature restaurants that feature the best South American chef’s and cuisine, a signature bar offering sophisticated adult nightlife adventure to this area. There are some great buildings are to be developed for the wedding ceremony and to enjoy for the several other occasions that helps people to group and enjoy. A small ballroom also is on site for more private, intimate affairs and there will be dedicated children’s areas and activities for family vacationers.
The resort is part of a planned destination complex currently set to include an 18-hole gold course. From rain forest to the desert oasis of Las Vegas, the wealth is experiencing the huge profit in this field for the development and the recreation work. Lagomar properties are committed to the ecologically vacation conscious vacations that to visitors from all over the globe. You can get information regarding it on the website that can also be guiding you for the selling broker information and about the Panama project.

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The Latin business chronicle magazine has published panama’s features prominently. The all panama’s banks are very liquid and the foreign banks have assumed a defensive postures as the foreign banks have cut the lines of credit to all the local banks. This has resulted to contribute a part to the real estate projects that are started. The developers have to come up with their part of investment and any cost overruns have to find the developer.

The projects that are geared to the lower brackets local market, say from units to sell. Panama’s economy has not see a fall even thought eh world market was kept changing and that affects a large sectors, still, the panama is seeing themselves to grow up their business and there are large investment seeing the goals. The growth development percentage of panama was figured 11% in the year 2007 and the growth development percentage in year 2008 was figured 9%. Year 2009, was an exception when it reaches to 5%, still, a good market seeing the rest of the world.
There is definite some pressure on the pricing, especially on larger luxury units, as some foreign clients have found it is difficult to tackle and to close their home economy anyways. The effect of the pricing is good enough as the new projects are still arriving to boost the market to upstairs. If the demand for those units at least prices are countered, there are still many north and Latin Americans that are looking the panama to be the safest place to invest and earn a lot from here. This is relatively safer place and politically and economically it has been established in the last few years that have also made a significant change for their goals and decisions.

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The estate sector searches for new alternatives in the multinationals.
PANAMA.  Facing a reduction in potential clients for the purchase of luxury residences, the president of the Panamanian Association of Real Estate Brokers and Promoters, Osvaldo Marchena, proposes to take advantage of the conditions in Panama as a logistical center for transnationals to soften the impact of the “temporary reduction” of residential demand by foreign clients.
Marchena explained that there are large international companies interested in investing in Central America and they will have a need to base themselves in a strategic place with the right conditions.  This signifies an opportunity for Panama, which possesses infrastructure, technology, and a telecommunication network.
The businessman assures that the country has the capacity to offer immediately residences and offices to those executives nad employees at the top of the corporate hierarchy that would have to move along with the company.

“When a company says I’m going to Panama, the executives need a place to live and can’t wait four years for a building to be completed,” he said.
“In Singapore there are more than 5,000 multinationals and in the world there are 60,000 in the same category,” he added.
Currently, in the Economic Area of Panama Pacific, operate the transnationals Dell as a “call center”, River Latinoamerica Industrial, I.P. Leather Corp, the Singaporean company Aerospace Engineering and ACCEL.  Also Caterpillar and Procter & Gamble decided to move their Latin American seats to this special place.  Meanwhile 3M is deciding when they will move.  There are also credit-related entities that such as the Banco Latinoamericano de Reexportaciones that have Panama as their principal office.
But for the construction sector, the president of the Panamanian Chamber of Construction,  Jaime Jované, suggests large investments in infrastructure to palliate the deficiency in demand of high cost properties.
DATA
According to the Comptroller, residencial projects in January of 2009 reduced by 31.2%, principally in the district of Panama City and San Miguelito.
Multinationals Dell,  Aerospace Engineering, ACCEL and Caterpillar settled in the Economic Area of the Pacific.

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Five Keys through Panamanian Doors
While Panama seems to be a very attractive place to move to, it is pertinent to know more information with respect to the requirements and possible ways to earn residency.

There are five ways to obtain residency in Panama.

These ways are specially designed to cater to different profiles of applicants who wish to enter the country for varying purposes.
For retirees, Pensionado Visa, otherwise known as the Retirement Visa, is the best way to obtain residence in Panama. It is the easiest kind of visa to acquire, thereby making it the most commonly applied for. This is the best choice available for retirees who wish to retreat and seek relocation in a very relaxing ambience.
The Pensionado Visa is designed for those who are already receiving pension in their country. They are granted the chance to be residents of Panama for minimum requirements.
To qualify for this visa, applicants must earn at least $1000.00 a month, reducible, however, to $750.00 in the event that an applicant already has acquired a property in Panama that exceeds $100, 000.00 in value.
Dependents of any applicant can also be granted residence for as long as the applicant can present an additional of $250.00 per head in the income statement.

For people with stable and sufficient income, the second most common type of visa that people apply for is the best. This is called the Visa de solvencia económica propia, or the Person of Means Visa. This visa deems to be the most plausible and useful for businessmen who wish to venture into expansion in a country of flourishing economy.
This kind of visa caters to people who wish to move to Panama as a refuge or retreat and expand their businesses, at the same time.
The Person of Means Visa is best for people with enough resources from personal business ventures to finance and support their stay in Panama.
For as long as applicants can show proof of $300, 000.00 worth of assets in Panama property or cash via a local bank statement, they are eligible for the Person of Means Visa. A combination of the two proofs is also accepted.
For applicants who wish to be accompanied by dependents, an additional of $2500.00 per dependent is required.

For people who have been previously self-employed and are not receiving pension, they can apply for another kind of visa in seeking residence in Panama, the Private Income Retiree Visa. This visa is the choice for businessmen who have decided to let go of the bulk of the enterprise management and seek a haven to enjoy fruits of long years of labor.
This is the kind of visa for people who have retired from self-employment. The only requirement is a bank statement from the National Bank of Panama that states a $2000.00 earning from deposit interests per month.
The benefits of the bearer of the Private Income Retiree Visa are the same with those of the Pensionado Visa holder. The queue is just endless.

For people who wish to combine business and pleasure, a way by which they can enjoy residence in Panama is by applying for a Panama Business Investor Visa. People who seek a new working environment conducive for a thriving business may find this kind of visa the best choice. This visa can be acquired by investing in a business in Panama. The minimum requirement is a bank certificate for US$160, 000.00

For environmentalists, they can enter Panama by way of a Forestry Investor Visa. This visa is for people who wish to contribute in the country’s mission to improve and rehabilitate the forest areas.
In support of the goal to rehabilitate forest areas, the country can grant a visa to anyone who purchases a reforestation property. The applicant is also required to show a bank certificate worth at least US$80, 000.00
These five ways to enter Panama may just be your key to enjoying the different perks that the country can offer. Among which are the growing annual GDP, lower cost of living, wide range of cultural and recreation amenities, strong economy, eyeful environment, relative freedom, accessible health services, impressive infrastructure, ensured safety and the great climate.

Contact us and be an addition to over 100 Americans, Canadians and Europeans that have obtained – and are enjoying – their residency in Panama. It is our honor to offer you any kind of assistance.

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Five Steps to Your Brand New Panamanian Purchase
Purchasing or acquiring a property in Panama is relatively a free-market. This provides foreigners an equal chance to own properties within Panamanian lands. A series of procedures, however, must be followed and accomplished flawlessly to ensure smooth and conflict-free acquisition.
Finding a good mediator is a very essential step. A person to act on your behalf, an agent, is very important to make sure you are making the right choice of purchase and that all legal issues are taken care of. A lot of properties available in Panama offer a promising projection for ROI or return of investment.
A good agent is tantamount to a good accountant or a good bank. He/she must safeguard your investment, making sure you get your investment’s worth with the least amount of risks involved. The agent must look after your investment and its reward.
The second step to be followed in purchasing a property is to make sure that the property has a title. Never make a purchase of any property with a fazed ownership. Legal nuisances may follow suit.
It is only logical to never purchase a property that is not yet titled. If you cannot draw up or find the title of the property, you are at risk for a future conflict with claimants whose intentions are really questionable.
The initial formal step to be done in acquiring properties is the signing of a legally binding contract. This step involves the signing of two consenting parties, buyer and seller, of the conditions and terms of each other. There should also be a down payment of tenth of the actual selling price to be kept in an escrow account. The contract must bear the signatures of the parties and the different requirements and terms like maturity and termination. Should the buyer back out of the purchase, the down payment is non-refundable. On the other hand, if the seller fails to meet the stipulations in the contract, he/she must return the investment plus penalty of same price, thereby doubling the initial shell-out. If, by any chance, the seller refuses to oblige, legal actions to sequester the property may be done.
The contract drafted and signed in this step of the process serves as security of tenure for the whole negotiation and sale process. Both parties must consent and agree to the other party’s requests and minimum requirements. Any violation and breach thereof will result to the nullification of the agreement and the imposition of the punitive clause, included in the signed document.
Transfer and payment completion may follow after a payment of transfer fee, two hundredths of the selling price, and the presentation of all pertinent documents for good debt and taxation standing. The process may take a month or more, depending on the intricate details to pay attention to. The deeds, written in Spanish, shall be made and released 10 days from purchase date.
This part of the process involves the formal transfer of the deed of ownership from the seller to the buyer. This may seem a very easy process, but, on the contrary, it involves a long queue of bureaucratic steps.
To ensure a safe and legally sound purchase, hiring a lawyer may be the best way to go. With a knowledgeable counsel, you can be assured of a thorough acquisition, at 1.5% to 3% the selling price.
While it may seem a very good perk to be able to purchase a property in Panama regardless of nationality, it is also imperative to equip oneself with the proper knowledge to avoid delays and hassles.

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