Frequently Asked Questions about buying or selling Panama Real Estate
Since the construction of the Panama Canal and the free circulation of the US dollar as legal tender, our country has become an attractive market for real estate investments.
Panama has had an International Financial Center since 1970, and more than 90 banks provide financial services to nationals and foreigners from our country. For this reason, you could be sure to invest in Panama properties.
In addition, in our country, you can verify who is the owner of the property title that you want. The Registro Public is a governmental entity property where you check the property titles of the country. The information is transparent without cost. Another advantage is that the land use and zoning regulations are clear and well defined.
The first tip recommended is to evaluate your borrowing capacity and could do it with a local or foreign bank. With that information, you determine the ranges you can handle according to your savings, family, or individual income.
Another tip like the first is relying on suitable intermediaries with a valid license. They are professionals who will ensure that the rules and regulations that govern the activity are complied with, providing security and transparency in transactions, and protecting their interests.
The Technical Board of Real Estate regulates real estate agents, a government entity for the performance of real estate activities, a guaranteed bond is required, and to carry a card that identifies them as suitable professionals.
By investing in properties in Panama, you simultaneously apply for a permanent residence. Through Executive Decree 722 of October 15, 2020, and for the following 24 months, many foreign investors and families benefit from making a real estate investment in Panama (inbuilt projects or through a promise of sale).
Invest three hundred thousand balboas (about US$300 thousand) they apply for a permanent residence. After 24 months, after October 2022, to apply for permanent residence, the minimum investment is five hundred thousand balboas (about US$500 thousand).
Our team has extensive knowledge of the national culture and idiosyncrasy. In addition, knowledge, and experience of the laws and regulations that govern real estate investments in Panama. Good relationships and handling mortgage loans.
Of course, our brokers offering fair dealing to all parties involved in the rental, purchase, and property sale since 2006!
The physical structure of the home you built or bought is a depreciating asset, just like a car. It will age over time, and our advice is to make constant maintenance.
Depend on the necessities of each one. When you buy a home, there’s no one-size-fits-all approach. Personal preference is everything, and what suits one buyer or family might be unacceptable for another. Cost, size, location, and maintenance are just a few of the many care-about factors for homebuyers.
Each house is unique, and when comparing new homes with older homes, some qualities are trusting across the board. When you understand the general differences could help you focus on your search process.
A broker is a person who represents sellers or buyers of real estate. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents need a license by the state to negotiate sales agreements. Also, to manage the documentation required for closing real estate transactions. Generally advised buyers and sellers to consult a licensed real estate professional. They warranty the completed management of the legal paperwork in a real estate deal.
Yes, you should pay the land and improvements taxes every year. Also, you need to pay for life insurance and a fire policy on your own.
The typical time to close a mortgage is around 45 to 60 days. The process begins from the day you filled the mortgage application until the day that the property title is in your hand.