Real estate

Real Estate In Coronado and the West Beaches
( For property listings click here )

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The development of the "West Beaches", or Pacific beaches, has grown over the last 5 years. Now you can see high-rise condos, golf clubs, as well as smaller gated residential communities springing up along the coast and inland. For newcomers who need to get better acquainted with the region, renting is a great option. There is everything from short term vacation rentals to longer term house and condominium rentals. With so much to explore, knowledge is power. Living right on the beach has the advantage of being cooler, a bit breezier and obviously have the pleasure of some of the best views in the world. Living inland, it will be drier and perhaps more private and quiet. Oceanfront properties, like anywhere else, will be more expensive in its initial price and perhaps a bit more in maintenance. Many of the available properties inland are at an elevation that still allows for ocean views, they are just at a distance, but you also have the mountain vistas that are magnificent.

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Coronado is the most well established of all since it began selling parcels and building more than 50 years ago and has just about everything from single family homes, to tennis, to an equestrian club, to golf to high-rise condominiums. If you are interested in having even larger parcels of land, that too can be had, to raise cattle, or grow organic vegetables or just enjoy the ultimate privacy, whether you make it a finca (farm) or not.

The rapid emergence of the Republic of Panama as an attractive tourist and retirement destination has led to a real estate boom in the Latin American nation. Projects designed by world famous architects, such as Ignacio Mallol and George Moreno are currently under construction in Panama. The country, well known for its excellent topography, incredible scenic beauty and world famous rain forests, now offers a wide range of villas, penthouses, condos, beach resorts, spas, malls and many other buildings, comparable with best buildings across the globe.

Once you have crossed over, and have decided to buy a property, the first thing you do is find a well qualified attorney to protect you, do the research of title and explain all Panamanian laws that protect you. If you have chosen a gated community, familiarize yourself with all of their rules and regulations and common fees. In most cases, this is all straight forward, you just don't want any surprises two years down the line. Most of these are extremely well run and cared for. It is by far a more likely choice to live in a gated community for foreigners, for many reasons, social life, security and quality of life.

Panama’s international connections, its proximity to the United States, usage of the U.S. dollar as the official currency, its favorable banking, tax and safety laws, world comparable education, health and other services make it a hot tourist destination. As John Le Carré said, in the The Tailor of Panama, “We have everything God needed to make paradise. Great farming, beaches, mountains, wildlife you wouldn’t believe, people so beautiful you could cry.”

In addition to its proximity and cultural similarities to the United States of America, Panama has an excellent banking system, which is also the second largest in the world after Switzerland, and is the trade and transport hub of the region. The country has put in place investment-friendly laws, where even foreigners have the right to purchase property legally. Panama property titles, even if owned by foreigners, are safe and protected by law, just as they are in the United States. In fact, US-based Stewart Title Company and First American Title & Insurance Company both offer title insurance on property in Panama.

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Panama also offers several tax exemptions to people wanting to settle here after retirement. Besides allowing tax free import of personal house belongings, duty free import of a new car for private use is also allowed every two years. Owners of all new construction, whether retirees or not, are exempt from the payment of property tax for a period of 20 years. No capital controls are placed, with easy movement of funds to its country of origin without any kind of restrictions or taxes. Panama is amongst the best six locations on the continent to own a second home, according to Conde Nast Traveler.

 

 

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