For more than 10 years Panama has experienced great real estate development. Despite global economic challenges, the country has demonstrated a strong economy and sustained growth. Hundreds of buildings built and under construction generate an excellent opportunity to invest in business or a residence. Likewise, the improved public transportation system in Panama City that now has two metro lines and that will soon connect directly to the newly expanded Tocumen International Airport, are proof of this growth, but also of the desire to generate a better life style for Panamanians and foreigners. It is also vital to include the large number of tourist and commercial complexes along the Pacific beaches and on many of the islands, which are also an incentive for both local and foreign visitors to check and invest in other economic sectors of the interior of the country.
Current laws encourage the development of tourist projects by foreigners, which has driven an increase in investment by large international companies and secure real estate investment. Law 54 of 1998 protects foreign investment and is treated in the same way as that of a Panamanian citizen. This protection also includes the right to market freely with these goods: sale, investment for business or rent.
Steps to acquire a property in Panama.
- Find a property in which you want to invest and negotiate the conditions of sale with either the owner or a real estate agent
- Hire a Panamanian lawyer who knows the handling of the necessary documents to carry out the transaction, especially the real estate title.
- Sign a written purchase-sale promise to ensure the conditions of sale and secure the investment. Usually when signing, 10% of the total value of the property is paid.
- Once confirmed that the property is suitable for sale, the final contract is signed and the transaction is scheduled to close.
- Once the full payment is made, the contract is taken to the Public Registry for registration where the change of ownership of the property will be officially made.
Panama is one of the safest countries to invest in real estate, both by the law that protects foreign investment and the political, economic and social stability of Panama.
