Panama property Taxes Since 2019
Panama Property Taxes Registered Like Family Heritage Tax (Patrimonio Familiar Tributario) at Direction General of Incomes (DGI)
0 – $120,000 Exonerated | $120,001 – $700,000 0.5% | + $700,000 0.7% |
From 0 to USD$120,000 the property is exonerated.
Since $120,000 until $700,000 you pay 0.5% taxes over the following sum USD$580,000.
For Example, for an apartment of USD$250,000, you pay taxes for USD$130,000 The tax that you pay to DGI is USD$650 per year.
If the property value is over USD$ 700,000 you calculate the Panama property taxes in the following way:
For Example an apartment of USD$900,000
From 0 – USD$120,000 exonerated
From USD$120,001 until USD$580,000 you pay taxes for USD$580,000 = USD$2,900
From USD$700,000 until USD$900,0000 you pay taxes for USD200,00 = USD$1,400
The tax that you pay is USD$2,900 plus USD$ 1,400
The Annually Panama Property Tax is USD$4,300 dollars.
Second Homes, Commercial and Industrial Properties
0 – $30,000 Exonerated | $30,001 – $250,000 0.6% | $250,001 – $500,000 0.8% | + $500,000 1% |
In the case of second homes, for example, beach homes, mountain homes, industrial and commercial properties, banks, and other financial institutions will be tax withholding agents.
In the case of houses, the financial institutions don’t be tax withholding agents.
