Panama Real Estate Companies

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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There are so many reasons why Panama is so popular when it comes to buying real estate. From the affordable lots and spectacular beachfronts, one is bound to be certain about purchasing property in the country. However, it is not as easy as it may sound. As with buying any real estate, one should be cautious and wary of possible issues and costly mistakes that might be made in the process of buying a lot. Here are some of the things you should know about to avoid the usual pitfalls when planning to buy property in Panama:
1.    You Should Never Deal with an Unqualified Broker. Always make sure your real estate agent has a license. Foreign agents will have a hard time getting one so at least be certain that their agency has a license. However, a license doesn’t guarantee the credibility of the agent. The important thing is that you find a legitimate and expert broker. This means someone you can trust and who won’t put you in risky situations just so they can make more money out of a sale.

2.    You Should Evaluate Potential Properties. It is basic that you should compare the various prices, location and characteristics of your potential purchases to make a sound decision. Make sure you compare and consider all your options for investments. Avoid being easily convinced by hungry realtors. The features of the properties should be according to your needs and wants. Contrast areas against each other and figure out which would make the best investment. Have at least four options to choose from.

3.    Assess Pre-Construction Condominiums: Scams and shady deals can be predicted when there is a huge hype on anything including real estate. There are a lot of publicized deals and offers so be wary of these suspicious deals. Check the possible advantages you might get in pre-constructed buildings compared to pre-built houses or apartments. Whatever decision you make in the end, caution and attention to details will always save you from being cheated into a bad purchase.

4.    Visit the Property: This doesn’t mean you drop by once before closing the deal. Visit on different times of the year to see how it is during the various seasons and times of day as well. There are plenty of considerations to make when you decide to buy a property, among them are the weather, flow of traffic, proximity to service centers and others. Make sure you frequently visit the area before jumping into major decisions.

5.    Obtain Title Insurance: There are already reputable insurance companies in Panama. They have slightly higher rates compared to the ones in the United States because the industry is quite young in Panama. However, if you plan to invest a good deal of money, it is recommended that you spend just a little more for title insurance.

6.    Exercise Caution with ROP Properties: Panama citizens may have less trouble with Right of Possession (ROP) properties but unless you are an expert in Panama real estate issues, it is best that you either avoid or be careful about these properties. ROP lands take a long time to be titled with a lot of connections needed. This will not be the best idea when it is your first time to invest in Panama real estate. It is better that you opt for less complicated properties especially when you want to be sure about the lot or condominium you are buying.

7.    Research Your Potential Location: Decide early on which region you want to buy from. It helps to visit or take a drive to check out the best places. Don’t be swayed into buying what others, including your agent, want you to buy. Some areas may be more expensive than others but you may find ones that are not yet developed, such as those that the real estate industry hasn’t reached.

8.    Do Not Be Fooled By False Advertising: Don’t be convinced by property characteristics as placed on paper. You must consider the locations accessibility, history and other features. Also check out places that are not as well promoted as others. You might just find a region with a lot of investment potential if you follow your instincts rather than relying on others and statistics.

9.    Be Wary of Flashy Bank Offers: You might get excited with the many bank offers and mortgage loans but these may not be all that they claim to be. For one, you may not even be qualified for the opportunities they advertise about. Be sure you will be able to finance the mortgage and don’t relax when you think you’ve found a bank offering up to the tremendous amount of 70% for your estate.

10.    Build a Network: Connections are very important in Panama as with anywhere else. Find people who are experienced in the country’s goings on in real estate. Connections as these will save you a lot of trouble when it comes to filing for business permits and licenses. When purchasing lots and apartments as well as building them, you might get into a few hurdles that can only be solved by good contacts and even some cash. It would be helpful if you know the right people.

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