Panama’s Real Estate Boom
Panama has had a non-stop real estate boom since 2005. The worldwide economic crisis did not affect Panama’s economy which remains as one of the strongest in all of Latin America.
In 2012, Panama City has over 200 condominium buildings over 20 stories
tall being constructed. The city is experiencing a complete infrastructure overhaul with brand new Volvo busses with air conditioning replacing its entire fleet of public busses. A new metro 13 kilometer subway system is under construction which will provide new, sleek, modern subway trains from Panama City’s international airport through the center of the city to Albrook where one of the largest malls in Panama and its largest inter-nation bus terminal and domestic airport are located.
Panama Real Estate Investment Opportunities
Panama’s beautiful beaches located on the Pacific and Atlantic oceans are
seeing new resorts being built with infrastructures to support them. Panama has over 1,000 islands where several of them are seeing new infrastructures and resorts which will make Panama one of the most popular beach resort destinations in all of Latin America.
Tourism has been rising by an annual average of 10% since 2005. Panama has laws encouraging tourism development by foreigners which is now experiencing a spike in new hotels across the country.
Easy to Relocate to Panama
Panama has the most liberal immigration laws in Latin America with over
15 immigration visas and permanent residency programs inviting foreigners to
relocate to Panama. In 2012 Panama’s President issued Decrees for citizens of 47 friendly nations to quickly and easily become permanent residents by starting or purchasing Panama businesses. In addition, foreign workers from these countries hired by a Panama company can also apply for this permanent residency visa. More countries are expected to be included.
Foreign Investments in Panama are Rising
Real estate investments by foreigners in Panama have also been rising
every year since 2005. The United Kingdom’s largest real development company, London & Regional, is building an entire city to service the Panama Canal Zone with a freight airport and high tech companies, airplane and boat maintenance & repair companies, freight companies, and over 130 internationally based corporations setting up offices.
Take advantage of Panama’s booming real estate market by visiting,
relocating, or investing.
Panama is Safe to Invest in Real Estate
Purchasing Panama Real Estate is safe and secure for foreigners who have the same rights as Panamanians.
Purchasing real estate in Panama includes title deeds which are recorded in a Public Registry just like in the U.S. and Canada.
The U.S. State Dept. verified this fact when it declared
several years ago that: “Titled land, and the process of buying this, is similar in concept to that of the U.S., and land deeds are duly recorded with the Public Registry…”
Panama’s Constitution states that property ownership by foreigners
will be treated the same as its citizens. Property ownership is an inherent right under Panama’s Constitution.
Panama has Created Laws to Protect Foreign Investments
Law 54 of 1998: Foreign Investor Protection Law
Panama created Law 54 in 1998 to protect foreign investments. It is clear by declaring that foreign investors in Panama along with their businesses have equal rights as its citizens. Foreigners have the freedom to participate in trade, industry, exporting, and importing. The profits earned by foreigners through their investments can be disposed of as they see fit. This includes capital, dividends, earned interest, and profits. Foreigners have the right to commercialize their goods, products, and other investments in Panama. In addition, foreigners will have 10 years of stability in regards to continuity of the laws regarding taxation, customs, labor, and municipality rules.
In conclusion, Panama is a safe country to invest in with laws protecting private ownership and foreign business.
Contact Us for all of your Panama Real Estate Law needs.
If you need the services of an English speaking, licensed Panama Real Estate Agency please click on Panama Real Estate Group.