Nice Live Inn Panama

Archive for July, 2009

Tropical paradise is what many people think when they hear the word Panama. This South American country attracts a lot of tourists every year because of wonderful tourist destinations and friendly people. It is no wonder that many individuals from all over the world are looking into Panama Real Estate to experience beautiful beaches, wonderful seascapes, and magnificent views. What sets Properties in Panama apart from other places is their affordability and great potential for growth. But that’s not all. There are more important benefits to owning a property in Panama. Read on.

Aside from the beautiful scenery and affordable beach properties, one big benefit of investing in Panama real estate is tax incentives. The government of this South American country offers 5- to 20-year tax holidays on property investments made by foreigners. The tax incentives, however, are dependent on the start of improvements and construction on the property. Furthermore, citizens of the US, France, the UK, and many other European nations can be assured that their properties in the country are protected because of Panama’s bilateral investment agreements with these countries.

Panama Real Estate is also irresistible because the government allows foreign nationals to purchase almost all types of property in the country. Only a few tourist spots in the world allow foreigners to own properties in their locality. Perhaps the only thing that foreigners could not own in Panama is the rainforest found near the country’s borders. Foreign nationals who want to retire in this country can do so without having to think about taxes. Unless you are earning money in Panama, you are not really required to file income tax returns even if you live in the country. It is not surprising that many senior European and US citizens are spending their retirement in the beaches of Panama. Besides, the hot weather is ideal for people who are suffering from arthritis and other pain-related illnesses.

Although Panama Real Estate is an ideal investment, particularly if you are shopping around for a relaxing retirement or vacation home, it is important that you take precautionary measures before buying properties in the country (or even in other places). Before paying any amount of money, you must check out the documents and see if the seller is the true owner of the property that you are buying. Also, make sure that there are no liens or other restrictions on the property title.

I appreciate you as a client and a friend. I appreciate your business, your loyalty, trust and your referrals. It is my goal to provide the very best counsel, advice and service possible for your real estate needs. If I may ever be of assistance to you, a relative, friend or co-worker please don’t hesitate to call me. I look forward to the opportunity to serve you

Have questions, need advice you can count on or just want to discuss this further?
Don’t waste any more time; pick up the phone and call me now! I’m here to help!

Author: Herb C. Jahnke

Foreigners are subject to “Know-Your-Customer” (KYC) requirements when opening an account with a bank in Panama. Subject to changes according to internal procedures of each bank, applicants must appear in the person at the bank for a personal interview and provide :

1. 2 Letters of Reference from 2 other banking institutions, authenticated with Apostille or by Panama Consul, addressed to the bank in Panama,
2. Copy of the passport and another picture identification (providing the original documents for
   verification)
3. Tax return or other document which will help the bank identify the income range of the applicant
   and compare it with the movement of account.

The Panama Superintendent of Banks has a website http://www.superbancos.gob.pa where all institutions licensed to provide banking services are listed. Institutions which do not appear in this listing act in violation of local laws and depositors risk losing their deposits.

In addition, Panama banks owned by investors holding publicly-traded shares, disclose their financial statements and relevant events to the Panama Stock Exchange http://www.panabolsa.com, which helps to gauge their financial solvency.

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