Quick Takes | Coronado and The West Beaches | Ecotourism | PanamaQ Blog < • >Toma rápida | Coronado y Playas El Occidental | Ecoturismo | PanamaQ blog
Real estate / investing
Hot tourist destination, sees upsurge in real estate
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. Several new 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 rainforests, now offers a wide range of villas, penthouses, condos, beach resorts, spas, malls and many other buildings, comparable with best buildings across the globe.
|Final rendition of the completion of the
Balboa Avenue build-out
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.
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.
(Continued on page 2)
Unlike some tax havens, the Republic of Panama, has great esteem for its sovereignty after U.S. control for 95 years. Panama has refused politely with the OECD. Panama's stance, "fairness for all".
President Martinelli, the winning candidate of the (CD) Democratic Change Party, has obtained multimillionaire status by being owner of
Panama's largest supermarket chain Super 99. President elect, age 57, was American Educated. Graduated from Staunton Military Academy in Va, went on to receive a BA in
business from the University of Arkansas, and graduated with an MBA from INCAE Business School in Costa Rica.
President Martinelli during the transition of the Canal from the United States to Panama, served the government as minister of Panama Canal affairs.
Copyright© 2009, Pan Am Publishing S.A. , Republic of Panama
Copyright© 2011, Pan Am Publishing S.A., Republic of Panama