Real Estate Panama Green - International Real State News

Will in Panama- Testamentary Probate case

2009-10-05T08:48:00.000-07:00

Re: Does a will avoid probate in Panama?

A will still has to go through a testamentary probate case, which is
quite short if the assets are well described and no challenges are
made. A Panama bank will not hand over assets to a heir, or the
Panama Public Registry convey title to a heir, without the judgment
of the judge on said case. Listing correctly all finca numbers,
share certificates of corporations and account numbers, will ensure
that the probate case is short. The will can be executed as a close
will, which is only opened upon death of the deceased.

The only problem is that it blows away any confidentiality for the
heirs upon the opening of the will.

Attorney fees can be reduced if fees are billed by the number of
hours, instead of a percentage. Involving a Panama attorney BEFORE
executing the will will ensure that less hours are involved in
probate.

Another alternative is a testamentary trust, which will become valid
upon the death of the settlor and does not involve a judge. The
trustee does not have to be a lawyer or a licensed trustee.

Panama has no estate tax. Which does not mean that estate taxes from
the decedent's country are not applicable...

Financial Companies -resgistration law

2009-10-03T06:44:00.000-07:00

What is a Financial Company under Panamanian Law?

Law NÂ°42 of July 2001, which regulates the operations of financial companies registered in Panama defines them as those engaged in offering loans or financing facilities to the public no matter if that company includes in its name or denomination the word financing company.

This law does not regulates the following: the company that finances operations from its own sales; the lending operations that are regular in banking activities or any other entity regulated by the Superintendence of Banks, the insurance and reinsurance companies, co-operatives, mutualist funds and savings and loans associations.

2. What is the Financial Company Directorate?

According to the Panamanian Law, the Financial Company Directorate of the Ministry of Commerce and Industries will be the entity in charge of supervising and regulating the Financial Companies in Panama. This Directorate is also in charge with the obligation to guard by the appropriate fulfillment of the law.

All companies interested in leading financial companies activities have to register with the Financial Company Directorate that is invested with the authority to perform all the necessary investigations in order to approve or denied a registration. If the application filed with the Financial Company Directorate is complete the registration procedure do not have to take longer than a month to be completed. The exception for the previous statement are those companies that already exists or are about to be incorporated, and are willing to engaged in financial companyâ€™s activities although their articles of incorporation do not contemplate these activities. In these cases the Financial Company Directorate will provide a temporary permit for a 90 days term in which the public notary will have to protocolize the modifications to the article of incorporation, follow up by the proper registration at the Public Registry.

3. What do you need if you want to register a Financial Company in Panama?

To register a Financial Company you must fill-out the application provided by the Financial Company Directorate. The application includes the name of the applicant and his/her general information; the name of the company and its registration information; the paid-in and subscribe capital of the company; the number of tax payer registry (RUC), the name and identity document number of its Directives, Legal Representative and Attorney in fact, if applicable. Also the application must include the date in which the company is planning to initiate operations, the address, P.O. Box, phone number and e-mail address of the company.

Documents you should file with your application:

1. Power of attorney,

2. An authenticated copy of the articles of incorporation and its modifications, if applicable,

3. A Public Registry certification that confirms the information provided in the application form,

4. A certification by an authorized public accountant of the paid-in capital of the company that should not be less than USD 500,000.00,

5. A certified check in favor of the Ministry of Commerce and Industries of USD 1,000.00 to cover all the investigation expenses of the application,

6. A Feasibility Study, performed by an accredited economist, of the Economic Objective and Financial Projections of the Company,

7. A copy of the standard contract that will be used on the day to day operations by the company, which must include the following:

7.1. Date and place of the transaction,

7.2. Accurate identification of the parties and general information,

7.3. Terms and the applicable nominal interest rate,

7.4. The number of payments, regularity, quantity, and the date in which the payments must be made effective by the debtor,

7.5. Method to calculate the applicable interests,

7.6. Method to calculate the devolution of interest in case of anticipated cancellation depending on the method of calculation of interests used by the company,

7.7. Amount that the debtor will receive before cancellations and financing,

7.8. Amount of the expenses and commissions charged and retained for the company,

7.9. Amount of the expenses and commissions charged in favor of third parties,

7.10. Amount of the interest,

7.11. Total amount of the obligation,

7.12. Detail of the amounts paid to third parties by authorization or instruction of the debtor,

7.13. Net amount receive by the debtor before cancellations and refinancing,

7.14. Effective interest rate applicable,

7.15. Percentage of surcharge for delay on the payments,

7.16. Expressive acceptance on part of the debtor of the conditions and terms of the contract,

8. A authenticated copy of the identity documents of the directors, dignitaries, legal representative and attorney in fact, if applicable (at this point is important to mention that all the directives of a financial company registered in Panama must be Panamanians), and

9. The criminal and police record of all the directors, dignitaries, legal representatives and attorney in fact, if applicable.

4. About the Description of Objectives and Economic and Financial Projections of the Company

The Description of Objectives and Economic and Financial Projections of the Company must be certified by an economist of its equivalent under the Article IV of Law NÂ°7 of 1981 by which is regulated the profession of the economist in Panama. The study must be a detail description of the following:

Market Demand

A general description of the offer and demand of services provided by financial companies in the area in which the company is planning to practice. This part should provide information that allows the Financial Companies Directorate to evaluate the knowledge of the financial company business in matters such as number of companies, alternative sources of financing, area of the market targeted by the company and general situation at the economic level.

Market Strategy

Including location, orientation or destination for the loans that the company will provide, targeting strategy, characteristics and/or conditions pre-established to select the clientele of the Financial Company.

Organization, Financing Sources and Expenses Structure

The Financial Companies Directorate requires that in this section the applicant states a detail organization scale, financial resources, expenses strategy including all generals, administrative, financial and loans management expenses.

Investment

All the information relating to the initial investment, such as furniture, office equipment rent or purchase of the offices, transportation, organization and initial amount for financing operations.

Financial Analysis (At least a three years projection)

This section must include cash flow, situation balance and income statement

Evaluation

An evaluation with the proper documentation regarding Present Net Value (PNV) andInternal Revenue Rate (IRR)

Determination on the Rentability of the Project

In this study it is important to note the expected results of the productive process of the company and how it is planning to approach the needs of its clients and fulfill them appropriately according to the law and the better practices of the financial companyâ€™s business.

5. The registration at the Financial Company Directorate.

Once the Financial Company Directorate has review the application and confirmed that all documentation is in order it would enact a resolution approving the registration of the Financial Company and this authorization will be registered at the Financial Company Registry with the following information:

Number of the resolution,
Date of enactment,
Name, address and phone numbers of the company and its legal representative,
Commercial name and exact address of the establishment where the financial company will operate,
The paid capital that will support the business and the date when the financial company will initiate operations.

In case of changes or modifications on the registration information the legal representative must inform the Financial Company Directorate within the next fifteen days after the date of the change or modification in order for the Directorate to perform the proper habilitation.

Notes

1. Law NÂ°42 of 2001

2. Ministry of Commerce and Industries, Financial Companies Directorate Application Form and Requirements.

Panama Tax Break

2009-10-03T06:41:00.001-07:00

PanamaÂ´s Tax Breaks and Booming Economy

Influential international auditors, Deloitte Touche Tohmatus, published a report which predicted that the Panamanian economy will experience strong growth in 2008, the highest of all the Latin American countries. In addition, the Panamanian government has reinstated the 20-year tax exemption for foreign property buyers in Panama, which expired last year.

Prospective investors in Panama, particularly those looking to escape the failing U.S. economy, will be encouraged by the new economic report which was compiled jointly by Panamanian advisory and financial services company, Indesa, and Deloitte Touche Tohmatus. The report predicts healthy GDP growth for Panama in 2008 with the economy expected to increase by between 7% and 8%. Analysts believe that the dynamic economy, with its range of important private and public investment projects planned for 2008, will help to offset the negative ripples from the U.S. economy. The biggest plus for the Panamanian economy is the massive expansion of the Panama Canal, approved in a referendum in 2006 and due for completion in 2014.

The Panama government has decided to restore the property tax exemption on all new construction with building permits issued before December 31st 2009. The decision was made to encourage PanamaÂ´s booming property market to continue in the same vein. James Gonzalez, Market Analyst at Obelisk, says, \"Panama is a stable environment and it is perennially popular with retirees from the U.S. who are attracted by the mild climate and low cost of living. Now that the government has reinstated the 20 year tax exemption for foreign buyers, the market will continue to boom.\"

Resale properties are also exempt from property tax, with the 20 year exemption starting in the year the property was built. This means real savings for those buying off-plan or resale property or building their own property in Panama and is proof that the government is keen to encourage foreign investment with tax incentives. The Heritage Foundation supports this in its Index of Economic Freedom, noting that Panama\'s investment climate is superior to those of its neighbours, with most sectors open to foreign investment.

Panama\'s property market has been booming for around 5 years and this looks set to continue thanks to huge investor interest from the U.S. Rental yields are impressive, especially in Panama City where they reach just over 11% on small units of 190 square metres, according to Global Property Guide.

With a favourable investment climate, tax breaks for foreign buyers, a booming economy and property market, Panama has the perfect property investment climate.

ESTATE PLANNING IN PANAMA

2009-10-03T06:38:00.001-07:00

Estate Planning in Panama

Since 2006 the Republic of Panama has been experiencing a fast growth in different types of investments. Particularly, in the property market, this “Boom”, driven by the interaction of buyers and sellers in real estate transactions in Panama City, the beaches, islands and mountains has been an important engine for the economy.

Some of the main players of this boom are foreign citizens mainly from English speaking countries (US, Canada, UK, Australia, among others). This group consists mostly of retirees and investors either buying a second home or permanently relocating to Panama.

Nevertheless, like any legal, economic and migratory phenomenon, these foreign citizens are required to comply with locals the laws and regulations, and consequently estate planning within the Panamanian jurisdiction falls into these categories.

Wills in Panama can be common or special. The common Will is classified in open, close and holograph. The special Wills are classified in maritime, military and offshore. If a person needs to write his/her Will according to the Panamanian legislation, he/she must be more than twelve years old without distinction of sex, citizenship and must be in good mental health.

Open Wills are the most common category within the Panamanian jurisdiction. The document must be composed with the assistance of an attorney. Formalities required are that the Will be read before the Public Notary, three witnesses and the client. If the client agrees with his/her last will, as it is read before the Public Notary, he/she must sign it before said Notary, the same signature as in the passport, and have his/her right fingerprint stamped besides it. If the client cannot sign the document, one of the witnesses will sign on behalf of the client.

The final version of the will must be summarized in a public deed and the original will be recorded in the Public Notary office. The Notary will issue the client an authenticated copy of the will; that will serve as an original for most purposes.

Foreigners with a native language other than Spanish, must be assisted by an official translator who will translate the last will to their native tongue, and this translation will become part of the official document, registered in the public deed before the Public Notary. The Notary is civil and criminally liable if he/she does not comply with the formality of the translation of the testament.

The interested party (client) is completely free to declare and establish the terms and conditions of his/her testament and how assets, accounts, property, among other things, will be distributed in the event of his/her death.

Open Wills could be set up as a legacy, by which it donates particular and specific assets to a specific person; or could be universal, bequeathing all assets to a specific person or institution. The client is free to leave all assets or parts thereof to whomever they choose regardless of kinship, since Panamanian jurisdiction does not obligate citizens or foreigners to leave a specific part of his/her assets to certain members of his/her family (wife, children, others). The corporations and foundations have full capacity to receive all assets from estate, if the transferor has made such provisions in his/her last will or testament.

The advantages of an open Will are multiple. It is done before a public authority in charge of the Public Faith. This Notary could issue many authenticated copies of the document with the same value of the original will/testament. This provides not only the interested party, but relatives as well, the advantage of multiple copies and knowledge of the content, which makes transition and paperwork easier for survivors, providing the client wishes to notify and afford them (relatives) with copies.

Other Panamanian legal structures are the Trust and Private Foundations, but these will be treated in another article.

New Regulations of the Immigration Law

2009-10-03T06:33:00.000-07:00

New Regulations of the Immigration Law

By means of Law Decree No. 3 of February 22^nd, 2008 and the executive decree No. 320 of August 8^th, 2008, the Panamanian government approved the new immigration law and its regulation that entered into force as of August 26^th, 2008. The new legislation modifies existent visa programs and creates new programs in accordance to existent economic and political situation of Panama.

The most outstanding changes by new migratory regulations are:
- Simplifies migratory categories
- Changes in government fees and expenses
- Strict penalties for illegal permanence within the country
- Creation of new temporally residence visas
- The Increase of funds required in order to apply to some visa programs

Migratory categories

The new rules simplify the categories in non residents, temporally residents and permanent residents.

Non Residents Visa

Tourist: Visitors are allowed to stay up to 90 days within the Panamanian territory. The stay allowed will depend upon immigration officers and country of origin.

Short Stay Visa: These visas are granted up to 9 months to visitors willing to carry out different activities such as:
- Setting business subsidiaries or branches in Panama
- Relatives visit
- Scientist and research
- Medical treatment
- Potential Investments for call centers, exporting processing zones, film industry
- Natural disasters refuges
- Potential investments in Banking sector

Temporally Residence Visa

· Employment: These visas are granted up to 6 years (renewal every year) to petitioners hired or to be hire within the following sectors:
- Colon Free Zone Executive: Minimum salary US$ 2,000.00
- Employees within 10% workforce: Minimum salary US$ 850.00
- Expert or technical staff within 15% workforce:
Minimum salary US$ 850.00
- Workforce hired in accordance to Marrakech Accord:
Minimum salary US$ 1,000.00

· Investments: These visas are granted up to 6 years (renewal every 2 years) to petitioners willing to invest within the following activities:
- Agriculture Investor: Investment of US$ 60,000.00
- Film making industry: Labor contract
- Executive for International Companies
(activity must take effect out of Panamanian territory): Minimum salary US$ 1,000.00
- Multinational Regional Headquarter employees: Salary must be paid from abroad.

Permanent Residence

· Economic reasons: These visas allows petitioners to obtain permanent residence by fulfilling the following proceedings:

1. Filing a residence permit for 2 years
2. Filing a permanent residence petition
3. Filing a petition for the procurement of citizenship

Programs
- Reforestation: Investment US$ 80,000.00
- Large Investor: Investment US$ 160,000.00
- Self Sufficient funds (Person of means):
300 K CD deposit, 300 K real estate purchase or mix
investment (CD deposit & real estate purchase)

· Special Policies :These visas allows petitioners to obtain permanent residence by fulfilling the following proceedings
1. Filing a residence permit for 2 years
2. Filing a permanent residence petition
3. Filing a petition for the procurement of citizenship

Programs
- Retired Annuitant Visa (2^nd Passport):
set a CD deposit that produces US$ 2,000.00 interests per month
- Tourist Pensioned: pension of US$ 1,000.00 per month

· Other Permanent Residence Programs: These visas allows petitioners to obtain permanent residence by fulfilling the following proceedings

Programs
- Employees hired as permanent staff of Panama canal authority: Labor contract
- Panama Pacific Investor: Investment US$ 250,000.00
- Employees hired as permanent staff of an operator in
the special economic area (Panama-Pacific): Labor contract
- Export processing zone investor: Investment US$ 250,000.00
- Film making industry investor: Investment US$ 150,000.00

Panamanian Government reduces Bank Deposit required for Second Passport

2009-10-02T19:09:00.001-07:00

By means of Executive Decree No. 26 of March 2, 2009, the Government of Panama significantly reduced from US$615,000 to US$260,000 the bank time deposit at the National Bank of Panama required to qualify for a Second Passport.

The new rule only requires that this deposit produces a minimum of only US$850.00 per month in interest which at current interest rates for a 5-year time deposit amounts to US$260,000.
About the Panama Second Passport, if you are looking to obtaining a second passport quickly, the only immigration program that provides that is the Panama Second Passport Program. This passport is excellent because is granted almost immediately and it lasts for 5 years, renewable.
We have found that the Panama Second Passport has been useful for Russian, Middle East and other nationalities with restricted entry into EU.
With the Panama Second Passport, they can enter most EU countries without Visa and without any invitation letters.
One important advantage when they travel with this Passport is that Panama has Visa-Free agreements with 40 countries.

USA PATRIOTIC ACT - FOR TAX REPORTS IN PANAMA

2009-10-01T15:57:00.000-07:00

http://en.wikipedia.org/wiki/USA_PATRIOT_Act

OPENNING A BANK ACCOUNT IN PANAMA

2009-10-01T14:00:00.000-07:00

FROM LEGAL FORUMS

You do not need to pay anyone ONE PENNY to open a bank account for
> you
> > in Panama, and indeed,

nobody but YOU can open a bank account for
> you.
> > Your face and signature are required IN PERSON and anybody that
> tells
> > you otherwise is full of crap and trying to unecessarily separate
> you
> > from your money.
> >
> > If you are not a Panamanian citizen you will need various
> documents.

> > Most importantly a letter of recommendation from two home country
> > banks (or one bank with multiple accounts).

You will need a copy of
> > your passport.

If the account will be in the name of a corporation
> > you will need your corporation chartering documents and the "poder"
> > that says you can open the account and the directors must sign the
> > application.

You will have to fill out forms and complete a "know
> > your customer" form that asks a bunch of personal questions about
> your
> > money, where it comes from and what you will be doing with it in
> > Panama.

Some banks will open an account for you right away when you
> > come in with all the required documents, others will not and will
> make
> > you sign up and wait three or so weeks for their "committee" to
> > approve your application.
> >
> > Do not under ANY cirumstances attempt to deposit home country
> checks.
> > Use wire transfers to move money, in amounts under $10,000 if you
> are
> > from the USA. If you do that, your funds will be credited to your
> > account in a couple of days. Bring CASH to open the account, just
> a
> > few hundred bucks will suffice for most accounts.
> >
> > Anybody whose name will be on the account must present face and sig
> to
> > bank, in person, no exceptions. If your spouse isn't with you, the
> > account will be opened with your name only and your spouse will be
> > added upon presentation in person and signing of forms and cards.
> >

PANAMA BAR ASSOCIATION-FILING COMPLAINTS

2009-10-01T13:40:00.000-07:00

Re: [Panama_laws_for_expats] Re: Panama Bar Association list of attorneys

http://www.cnapanama.com/leyes.htm has the provisions for disciplinary procedures.

This bar association can investigate and recommend discipline to
the Supreme Court with respect to an attorney who is NOT a member. The Supreme Court can also receive complaints about lawyers who
are not members, and then forwards it to the Bar Association.

The affected party can file a complaint seeking discipline of a
lawyer with the Panama Supreme Court (a client, a district attorney or official dealing with the attorney). Remember the bar association does not file complaints - it receives and investigates them, then forwards its recommendation for disbarment to the Supreme Court.

If the bar association refuses to investigate or does not do
it to the satisfaction of the allegedly wronged client, and does NOT
refer the matter to the Supreme Court for discipline, it is the same as if a district attorney refused to prosecute a crime: end of story.

Depending on what the attorney did, other agencies may receive complaints. If we are talking a forgery, misappropiation or another felony, obviously the criminal justice system. If the attorney violated his retainer agreement (which clients rarely demand and attorneys rarely offer), a civil case can be started. If an attorney doubles as an unlicensed real estate agent, the Real Estate Board. If an attorney acts as unlicensed trustee, the Superintendent of Banks. And so on... Purely ethical issues (conflict of interest, advertising in bad taste) are the ones prosecuted solely through the association.

In practice, lawyers who belong to this bar association can be disciplined because the association has record of their offices and can be served a summons to attend the investigation. Non-members do not have their office address in record with the association and are able to delay the investigation for years by avoiding service. Also, members are reminded on a regular basis about the Code of Ethics and forwarded copies of the Code, unlike non-members who do not even read the thing during law school years.

by : Alvaro from legal forums

Cost of HIRING EMPLOYEES IN PANAMA-FROM PANAMA LAW FORUMS..

2009-10-01T10:49:00.000-07:00

Are you thinking of starting a business in Panama and hiring
employees?

Wages in Panama are low, but not quite as low as you may
think, because there are many "extra" payments that you, as an
employer, are required to make.

COSTS OF HIRING AN EMPLOYEE IN PANAMA

WHAT YOU DEDUCT FROM EMPLOYEE'S PAY CHECK:

Social security: 7.25%
Education security: 1.25%

EMPLOYER'S SHARE OF PAYMENTS:

Social security: 10.75%
Education security: 1.5%
"Riesgo" (workers' compensation): 2%

NOTE: There is another tax called ITBMS that is applicable only to
higher paid employees. My employees don't qualify so I haven't
researched it. Ask your attorney.

HOW YOU MUST PAY SEGURO THESE AMOUNTS:

When you first hire an employee, you fill out a document
called a "planilla." The planilla lists your employees, their
Cedula numbers, and you must fill in each employee's salary. The
next month, Seguro will deliver a planilla to you listing the
amounts you filled in and adding the total amount you must pay
Seguro for that month. You must pay Seguro either in cash (bad idea
to ever pay any government office with cash) or with a certified
check. You also write in what next month salaries will be for each
employee, which Seguro will use for the next month's planilla. If
you make a mistake you still have to pay the amount shown on the
planilla and you will write down the mistake and the planilla will
be adjusted the next month. If you pay any amount other than the
exact amount on the planilla, the check will be sent back uncashed
and you will have to pay a penalty.

DECIMO PAYMENTS

Every four months, you must pay your employee a bonus
payment called the "Decimo." The Decimo is equivalent to 9% of your
employee's gross pay for the preceding four months.

VACATION PAY:

Every employee is entitled to 30 days paid vacation, after
one year of employment. They must take their vacation in at least
15 day increments and cannot take them a day at a time.

PAID HOLIDAYS

There are approximately 15 paid holidays each year. I do
not know what they all are, but six of those days are in November (I
know that November 3, 4, 5 and 10 are on the list) and most of the
rest are in December. (The government publishes a listing of paid
holidays on one of its web sites, but unfortunately I do not know
what the URL is, ask your attorney to identify the holidays for you,
or you can check with your local bank.) If your employees are
required to work on those days you have to pay them double time.

PAID SICK LEAVE:

Each employee gets 6 days of paid sick leave. To accumulate
those days, they must provide you with a doctors "notice of
incapacidad" and you note each six day on the planilla.
in my capacity as an employer who is trying to follow the labor laws.

OVERTIME:

You have to pay overtime if your employees work more than 8
hours a day. In some cases, you have to pay time and a half if an
employee works on Sunday. (This gets complicated, ask your
attorney.)

CAVEAT: Don't let your employees talk you into paying them "off the
books" and not complying with the mandatory social security law.
You will end up having to pay anyway, plus penalties and probably
attorneys' fees. Gringos are prime targets for labor law
enforcement and it matters not a bit if your employee ASKED you to
violate and even signed an agreement to that effect. Don't listen
to people who tell you "I never pay Seguro" because they (and you)
WILL get caught. You are required to put your employee on Seguro 30
days after they begin employment. You may NOT (contrary to some
rumors circulating) avoid Seguro by putting your employees on
temporary contracts. A temporary contract does not affect your
obligation to enroll the employee and pay Seguro.

BUYING REAL STATE IN PANAMA

2009-08-28T15:36:00.000-07:00

uying Real Estate in Panama

23.08.2009 23:46:10 Purchasing a property in Panama can take up to 6 months. If you decide to buy a property in Panama, you need to use a real estate broker’ services to whom you discuss the terms of sale.

(live-PR.com) - Living in Panama brings a lot of advantages giving the low cost of living and the low taxes compared to other Western countries. Consequently, the real estate market in Panama is booming and we can venture to say that the real estate field in Panama turns out to be a safe and profitable business. The real estate investors are protected

by the laws of Panama and therefore, real estate transactions are regarded as safe.

Generally there are no restrictions for foreigners to own property in Panama, except for properties located within 10 km from the Panama’s borders.

Purchasing a property in Panama can take up to 6 months. If you decide to buy a property in Panama, you need to use a real estate broker’ services to whom you discuss the terms of sale. It is necessary that an attorney deals with all the paperwork on your behalf. The attorney will check the availability of the necessary documents in order for the transaction to be made possible. The attorney will also deal with the registration of the title deed and will prepare the Purchase / Sale Agreement and eventually sign the formal Purchase/Sale Agreement. The Purchase/ Sale Agreement needs to be approved by the Public Registry and then the title deed will pass to the new owner.

The buyer has to pay 10% to 50% in advance to the seller after signing the pledging Purchase / Sale. However, the total costs of the transaction may vary giving the process carried out when buying the property.

The seller pays the agent’s fee which is 3% to 5%.

The transfer of the ownership of real estate in Panama is achieved after a period of 1 to 3 weeks. The Panamanian State charges 2% of the value stated in the deed of the sale. To the above charges must be added the Public Notary fees that is another 2%, for registration of contracts for the transaction.

Generally, sellers of real estate in Panama pay the transfer of tax titles of the ownership (2%), but it is also possible for the seller to add this cost to the buyer.

So to say, the buyer will pay around 2% and the seller around 5% - 7%, which brings the roundtrip transaction costs to 7% - 9%.
http://www.ireypg.com
You can find more information about Panama property here : http://www.ireypg.com/blog/property/panama-property-real-estate
A good place to invest in property is Bocas del Toro. This area of Panama has beautiful beaches and natural wonders. There are only few places in the world that equal the same natural beauty and investment opportunity as does Bocas del Toro. You can find here http://www.ireypg.com/real_estate/panama-real-estate one of the good agents in the area.

Author:
Arturo Ares
e-mail

FOSSILE TEETH FOUND IN PANAMA CANAL EXCAVATION

2009-06-11T07:23:00.001-07:00

http://media-newswire.com/release_1092586.html

Cost of Living in Panama

2009-06-11T07:18:00.000-07:00

http://bankabletravel.com/?s=panama

Posted by Drew On June - 6 - 2009

The House Of Your Dreams Could Be A Reality

Take everything that you read with a grain of salt and be sure to look at every angle when making a decision in life, especially one that relates to permanent relocation. Moving abroad is not for everyone, and if you are comfortable where you are, then stay there. If you are open minded, willing to take on new experiences and face new challenges, then Panama could be the paradise filled with opportunity that you have been searching for. A life away from home can relieve you of a lot of stress and worry, and can be a change that you will embrace and be glad that you did.

With the economy the way it is, and it becoming increasingly harder to stretch a dollar, it is becoming impossible to afford some of the luxuries and opportunities that you have become accustomed to. This is why so many people are thinking outside of the box, researching living overseas and finding places where life’s little luxuries are a lot more affordable. In many ways Panama is leading the way for these people, let’s take a look at why.

Find Out What You Are In For

Panama is hard to define. It is a small, unique and very different country that connects North and South America. It has a very different climate, culture and atmosphere than many other places in the world, yet offers so much for retirees and expatriates. There are many places to consider when choosing to live overseas and move abroad. Costa Rica leads the way in many ways, but the Pensionada Visa Programme offered in Panama is incredibly attractive.

Now, one suggestion you should keep in mind is to take a vacation or a holiday to any place that you are considering moving to. Before making a final decision on any location, especially Panama, you should visit, find out the facts and see if it suits your lifestyle before uprooting your entire life and your family.

Once you visit Panama there are a few things that you will definitely notice. Property values are incredibly low and you will be able to afford a home on acres of property that would usually cost you an absolute fortune in other places. This makes that 3 bedroom, 2 bathroom home, that is full of gardens and beauty, a reality that is not achievable in other parts of the world. A lot of steps have been taken to ease the process for expatriates and retirees heading to Panama, but that doesn’t mean it is a walk in the park.

Dealing with a new government, new procedures, a new language and new bureaucracies will always leave you jumping some hurdles, but that is part of the territory. However once you fight through it, the benefits are endless and sometimes mind-blowing.

Cost Of Living Like No Other

The cost of living is remarkable, cars are less expensive, insurance is cheaper, gas prices are lower, clothing is inexpensive and food is high quality and cheap. In terms of household expenses it is relatively normal for an expatriate to pay $30 for all utilities including water, gas and electricity. With food, internet, telephone and a few extra expenses it is relatively easy to live on $150-$200 a month. What better way can you imagine to start living debt free and stress free?

Money aside, Panama is stunningly beautiful. Anywhere you choose to live you will be within just a few hours drive to the Pacific Ocean or the Caribbean Sea. And remember that this isn’t your usual drive through the city, the nature that surrounds you and the wildlife you see on the scenic drives will amaze you. If that isn’t enough, just imagine the year round weather of approximately 80 degrees.

The Pension Program Benefits In Panama

The benefits of living in Panama are aplenty, the weather is immaculate, financially it is easier and the atmosphere and environment are no less than breathtaking. Panama is referred to as a “Paradise for Wildlife”. As if everything mentioned already was not enough, here is a look at some of the benefits offered in the Panama Visa Pension Program;

As a pensioner earning or bringing in a minimum of $500 a month you can receive benefits such as;

-50% discounts on ticket prices for events, concerts, sporting events and movies.

-30% discounts for transportation including boats, trains and city buses.

-50% discounts on weekdays for hotels and 30% discounts on weekends.

-35% discounts on airline tickets leaving the country to most international destinations.

-25% discounts on sit down restaurant meals and 15% discounts on fast food.

-15% discounts in hospitals and 10% off of prescription medicine, 20% off doctors fees, 15% of dental fees and 15% of optometrist fees

-50% of the price of a Panama passport

-15% off of your monthly electricity bill, 25% off the monthly telephone bill and 25% off of the water bill.

-And a Pensionado can purchase a new car every two years without paying import tax and can bring in up to $10,000 worth of personal goods without paying the duty.

As you can see the benefits are unrivaled by many other parts of the world, which make it incredibly easy to stretch your dollar by moving abroad to Panama. Everything is there that you need and it is a decision that most people will never regret. With that being said, make sure you do your research, plan in advance and prepare yourself for the change that you will be implementing into your life.

Relocation is not for everybody, but you have to admit it is wonderful just knowing that the opportunity is there. The next time you get hit with a monthly gas or electricity bill upwards of a hundred dollars, or have to pay ridiculous car insurance costs, consider Panama and the excitement and luxury that may await you. More money does not necessarily mean less stress, ask anyone in the know.

PANAMA-TAX EXCEMPTION AND PROPERTY RIGHTS

2009-06-11T06:26:00.000-07:00

Panama is one of the most beautiful and well-developed countries in Latin America. A country with a rich history, Panama is all about culture, civilization and wildlife. Panama property has captured the eye of keen investors and those looking for a second home. The present prices are low enough for every person to afford a property in this marvelous state. The property taxes are (for construction permits issued after Sept. 1, 2006 these exemptions apply): value up to $100,000: 15-year exemption, value from $100,000 to $250,000: 10-year exemption, value over $250,000: five-year exemption.

Still, there are certain aspects that must be taken into consideration before purchasing an affordable Panama property. There are several basic laws that must be respected when it comes to buying Panama real estate. These laws are important for local and foreign investors, being introduced for legally transacting the buying/selling process of Panama property.

The first step for any buyer is finding the right property. Next, the buyer will have to make a down payment, showing his genuine interest in buying that Panama property. Customary, there is a 10% offered as down payment, the sum becoming the property of seller as soon as the final transaction is successfully completed.

The ‘promise to purchase’ agreement is the next thing to be done; this agreement is actually quite critical to the entire process. This contract includes the necessary legal description of the transaction being executed. The parties involved in the process will be registered thanks to this legal agreement that is of paramount importance when it comes to performing a legal transaction. All necessary information will be included right in this document; for instance, this agreement will include the property description, the necessary terms of the deal and the entire legal identification of the participants.

Any potential buyer should also pay attention to the fact that this country has plenty of opportunities when it comes to its real estates. There is a wide range of properties available on the current market. Panama property is broken down into two different types: ‘the titled land’ and ‘the right to possess”. Understanding these two types is vital in order to genuinely understand the exact type of property you are going to buy. The titled land is the used term for all properties that are likely to be recorded in the Public Registry. By choosing such a property you will be provided with a formal history of ownership. This history is already available and it includes any liens or other claims against that particular property. Panama real estate that is titled cannot be sold without having a clear title thus making the entire title search an important step in the whole process. Therefore, it is wise to note that the buyer can purchase title insurance.

The right to possess property was established in order to encourage inhabitation of unclaimed and untitled land. For ‘the right to possess’ Panama real estate, you have must hire a good attorney because of the legal issues that could arise if proper procedures have not been followed in a legal manner by previous owners. It is of paramount importance that you and your attorney follow the exact and proper procedure in order to get a great deal on the new real estate.

Panama property can be regarded as an excellent investment, with the purchase process being simple and with steps easy to follow. Having a good and experienced lawyer is essential, helping through every step of the process. Buying a property in Panama is, without doubt, a profitable and easy transaction.

By: Clint Jhonson

Panama´s economic position from panama experts

2009-06-10T14:13:00.000-07:00

n in the Scheme of Things

Posted under Country Houses

Some of you will say - well if so many countries are going downhill economically what about the Republic of Panama? Well this is a good point. Panama is actually not dependent on any one country to any appreciable extent. In Panama 15%-20% of the economy is dependent on banking. Panama has about 150 banks that are from many different countries around the world which due to Panama’s Neutral Status and Bank Privacy Laws has turned Panama into the Switzerland of Latin America. Panama is not in any tax treaties is one reason this goes on. Income tax evasion is still a civil offense in Panama. Panama is the Switzerland of Latin America but in reality the protections and privacy laws in banking and in general are better here than in Switzerland, check it out for yourself. What this means is that it is unlikely for Panamas banking system which is a vital part of their economy to ever get hurt since it is spread out into so much of the world.

In Panama there are still Bearer Share corporations which are owned by no one on record anywhere but by the person who has the papers for the corporation. Thus corporations can be transferred in a few seconds with no recording of anything. It is very common to have a bearer share corporation own real estate in Panama thus making the real estate ownership untraceable and most inconvenient for an entity that goes around confiscating assets which governments and lawyers are so fond of doing. This has given Panama a healthy business regarding corporation registration and formation which again is another aspect of the economy of Panama likely to not be threatened. Similar to this is the maritime ships registration business which also brings in a lot of money to Panama and again is most unlikely to be at risk.

Any sort of property can be owned by a bearer share corporation in Panama - a store, real estate, artwork, collectibles, jewelry. It is a way of owning and controlling things that are impossible to trace back to you thus protecting the asset from litigation etc.

To further assist people with privacy and protection Panama has foundations which no one really ever owns and one can have the bearer share corporation owned by a foundation. If you could ever penetrate the corporation far enough to see who owned it the circumstances would be most confusing so it is a commonly employed asset protection tactic used by people worldwide. Any sort of property can be owned by a bearer share corporation in Panama - a store, real estate, artwork, collectibles, jewelry. It is a way of owning and controlling things that are impossible to trace back to you thus protecting the asset from litigation etc. A bearer share corporation can not have a bank account without providing the bank with what is called the beneficiary owner of the account which sort of reduces the privacy value of this vehicle when it comes to banking. Could one have a bearer share company own the house they live in and pay rent to the corporation in cash getting receipts from the corporation, sure why not.

Panama does not import or export that much to the USA. Panama trades a lot with many other countries. I can not ever once remember seeing an advertisement of any sort in the USA for tourism to Panama. Panama has a nice and flourishing tourism industry but it is not all that America dependent. Lots of tourists come from Central and South America. Mostly American go to the Caribbean. Prices are good enough and the travel times are somewhat less. Panama tourism involves tourists from many different countries not being dependent on any one of them. Let’s not forget the Panama Canal which generates one billion dollars a year in revenue which is a lot for a country of only 3 million people. They are considering expanding the capacity of the canal to handle super ships but in any event this revenue is most unlikely to go away, thus it is another ingredient adding to the stability of Panama. Panama is just beginning to exploit ecotourism another fantastic source of revenue. After this medical tourism will be pursued as another source of bringing revenue into the country. Panama grows things and manufactures very inexpensively - two vital ingredients for stability and economic growth. If this is not enough Panama uses the dollar as currency so you can have all the stability of the dollar and since oil is priced in dollars demand for dollars will be high especially with rising oil prices so you avoid any currency conversion costs and have stability. My bottom line is that Panama may very well be more stable and economically secure than your home country plus offer you a better lifestyle! Think about it!

Now there is a migration of people who want to live here which is just starting a real estate boom which you can still get in on at close to the ground floor. Remember such booms in the USA and how easy it was to make money. Remember buying a house and selling it at a profit before the construction was finished. Here is your second chance because this is happening in Panama right now. What is my point- sell your house while you can still realize some gains and come enjoy the good life in Panama while real estate is still a steal and what the heck buy a couple of spec houses or lots if you have the money - opportunities like this don’t come around that often.

Housing in Panama

Housing costs are not what they used to be. Housing prices are shooting up in recent years as more and more Expats discover the advantages of life in Panama. The peak in housing prices will be at the very end of 2007 or in 2008 (my guesstimate) then prices will stagnate for a while and probably fix there. A price decline would require a shortage of incoming Expats which is something I do not see happening any time in the near future. Most Expats are probably buying homes/apts for an average price of $160,000 taking into account many live in many different rural areas of Panama (see our real estate advertising section for details). As long as the Expat can sell their current home for more than the cost of their Panama home they will keep coming. Many Expats are getting $300,000+ for theircurrent homes trying to cash out before the bottom falls out due to rising unemployment, rising interest rates, rising bankruptcies, energy costs affecting commuters and home heating oil costs soaring too. Many Europeans are coming here to take advantage of the high Euro. Since Panama real estate is priced in dollars it is like getting a 20% discount for the Euro buyer. Now when the Euro falls they sell their real estate which in Panama is priced in US dollars thus when they convert back to Euros post sale, they will buy more Euros with their dollars which would rise in value if the Euro fell. Sort of a fail safe for the European speculators which there are plentiful of these days.

I would speculate that Panama City houses run about $1000 a square meter (a sq. meter is slightly over 10 square feet). So a 200 square meter apartment (approx 2100 sq. ft.) would be $200,000. Now this would be the starting price and you could surely negotiate this down somewhat. Prices in other outlying areas will vary so do check our real estate section for current prices and offering with pictures so you can see what you’d be getting.

Rentals in Panama city come in two flavors - furnished and unfurnished. Furnished units are hard to come by. Most furnished units will not have really nice furniture, got it? The furnished apartments will usually have furniture that shows wear and may not be so clean, even if you spend $1900 a month. So what we learned was this. Furniture in Panama is very nice and cheap, real cheap. Like a king size bed, no headboard with frame for $210. The mattresses are great, not cheap foam but hand built and firm. We bought a nice sofa, love seat, plush chair with an Italian fabric we picked out, custom built for us in five days, delivered $595. The furniture here is not upholstery over fiber fill but solid foam, it is hand built and really solid. You can easily nicely furnish a 2 bedroom apt for $2000-$3000 assuming there are appliances which it probably will have. A nice brand new with warranty washer, dryer, stove, refrigerator will run about $1600 - $1700 delivered and set up. To really put the dog on and go first class for a 2 bedroom figure $5000 for furniture (not including appliances) and we are talking really nice stuff - rosewood, plush sofas with big pillows, solid wood all the way. If you spent $8000 on a four bedroom house it would look like $35,000 of furniture stateside but would wear better and be more comfortable. Dishes, lamps and stuff like that are really cheap. Consider not bringing your furniture down. Sell it and buy new stuff here with the proceeds, you can really do it. Anyway if you rent unfurnished there will be many more places to look at in the city or in the outlaying areas. Unfurnished rents are cheaper and you can take the savings and invest in your own furniture.

If you spent $8000 on furnishing a four bedroom house it would look like $35,000 of furniture stateside but would wear better and be more comfortable.

Okay in Panama City you can get a nice two bedroom apt in a decent neighborhood where you will be happy for about $900. If you want to live in a high end neighborhood by the water it can get up to $1800 which would be top drawer. Three bedrooms would start at about $1000 for a nice apt unfurnished up to $2500 for top drawer in modern buildings on the water on a high floor with an unobstructed view. We saw nice furnished apartments with views, three bedrooms for $1100 a month. Most all of these building will have some view - city or water. There will usually be a balcony. There will usually be a swimming pool and a gym but do not expect much with the gym typically too under equipped to be of any value. There will be enclosed parking (2 spots usually) and very adequate security. Nice comfortable apartments that do have closets. In the outlaying areas rents are less and the amount of available rentals is also less with furnished rentals being especially hard to find. If the project of building the extra canal goes through it is expected to result in an apartment shortage due to extra workers being sent here by their companies which of course means you could buy an investment unit furnish it and rent it out for big bucks for many years while the new canal is being built, not kidding about this. As a Pensionado, if you buy or build a new house, you won’t pay property taxes for 20 years, nor will you pay taxes on foreign-earned income. Make sure you check out our real estate section to get up to date prices on rentals and purchases.

Most apartments and houses have maids quarters. They are usually the size of a large walk-in closet with a full toilet attached and not air conditioned. This is the way things are down here. A maid will run about $200-$250 a month, her benefits will be about $27 a month. The maid is on 6 days a week, off Sunday (is this why so many people eat out on Sundays). The maid will cook, clean, do laundry and even shop for groceries. She may or may not iron - this is a sore spot with maids????? Maids will also serve as babysitters but many have an additional nanny. You can also hire a driver for about same money if you let him live in. Some may elect to have a live in driver and have a day maid. Most dwellings only have accommodations for one servant to live in. A driver drives you to restaurants and then when ready to leave you call him on cell phone and he comes to pick you up in front, same for going to mall, movies, bank etc. He will also help with errands and around the house.

PANAMA FO RINVESTORS-ARTICLE FROM NUWIRE

2009-06-04T13:21:00.000-07:00

Panama has a variety of investment opportunities, including a burgeoning condo market in Panama City, miles of untouched beaches on the Caribbean coast and everything in between. While some markets are poised to become overbuilt, others are still full of long-term promise.

Real estate investors can choose anything from unspoiled beachfront property to downtown high rise condos. Other investments, such as businesses in the tourism and service sectors, could be promising because of Panama's steadily increasing tourism industry.

In addition, many baby boomers, looking to stretch their retirement money and still enjoy a traditional retirement lifestyle, are moving to places both sunny and inexpensive. Panama draws many American retirees because of its proximity to the U.S. and the incentive programs it offers to retirees, such as tax exemptions and deferrals and discounts for entertainment and travel, among other things.

Panama investors can choose from beachfront real estate to downtown condos

Further, Panama City's reputation as a business center is gaining steam, and the city has begun to draw multinational corporations to the area.

Market

Interest in Panama's real estate market started "in the interior [of the country], where you look at places like Bocas del Toro and you look at places like Boquete, which were initially…destination locations that were hyped for their beautiful climate, low cost of living, cheap land" and other features, Matt Landau, founder and CEO of The Panama Report and a real estate consultant based in Panama City, said.

But "real estate prices have accelerated, particularly in the last two years," Lyle Burke, founder of TropicalPathways.com, an investment discovery tour company, said. "There are still many good buys…many good investment opportunities, but of course, like any other emerging market, prices are coming up."

For lots on the Pacific, "you're around $200,000 and for a house, you're probably up around $500,000," Jeff Duda of Panama Casa, a property management company, said. "If you compare it to Florida, it's still pretty cheap."

"I don't know where in Miami you can buy a 200 square meter condo overlooking the ocean for $200,000 or $300,000," Landau said.

Prices are also rising because Panama's international profile is increasing. Many multinational corporations now have locations in Panama. Panama is "a high-end business sector," and many multinational banks and law offices have set up operations in Panama, Burke said.

Panama's convenient location and infrastructure attract U.S. investors

"Panama City is very much a business center of Central America," Duda said. "It is…the New York or Hong Kong of Central America."

"From a business perspective, this country is going to boom quite a ways [into] the future," he said. "The Latin American country group is one of your fastest growing economies in the world right now."

This increased business activity is part of the reason why much of the focus of the real estate market has trended away from the interior of the country and become concentrated on Panama City itself.

"The transition over the past five years has gone mainly toward Panama City," Landau said. The real estate market has trended "more toward the city; it's been less toward land."

Panama's real estate market "has been growing exponentially for the last three years," Lucia Haines, director of Panama Realtor in Panama City, said. "I see this interest increasing."

Opportunities

There are a variety of opportunities available for those interested in investing in Panama. Most of the opportunities are real estate investments, but there are opportunities in service and tourism related industries as well.

Real estate investments on the beach are popular, with resorts seeing more overall success than individual houses, Duda said. Also, investors should remember that "the beach areas…are very seasonal, whereas in the city, you have demand all year round," he said.

Service and tourism businesses, such as restaurants and tour services, are investments that can benefit from retirees, tourists staying in Panama—either in resorts or individual houses—and those stopping through Panama on a cruise. The increasing number of cruise ships stopping at Panamanian ports could be a huge boon for those interested in making service and tourism related investments.

For those interested, Panama still has a lot of beachfront property available. "Panama has dual coasts—Pacific and Caribbean sides—and a lot of real estate for development," Burke said. "For example, the Caribbean…is hardly touched at all."

A brick-paved street in Casco Viejo, courtesy of Matt Landau

About 75 percent of the Caribbean coast is undeveloped, with mile after mile of pristine beaches, Burke said. "For growth in the next 20 years in Panama, I think you're going to see sector growth there in tourism and…all forms of, certainly, real estate based investments."

Investment opportunities in cities, particularly Panama City, tend to be geared toward businesspeople rather than tourists. "The business executive group is big on the short-term rentals. There's a big demand for that," Duda said.

One notable businessperson investing in Panama is Donald Trump. "Trump announced less than a year ago that they're building a tower in downtown Panama City," Burke said. "It's probably three quarters sold out at this point, but that certainly attracted a lot of attention."

Short-term, full-service rentals are popular among those who travel to Panama, many of whom stay for one to six months, Duda said. "They like to have a place that's almost like a hotel."

"On the short-term rentals, we're basically 100 percent full," Duda said. "We actually turn people away because we actually have more demand than we have supply for the quality short-term rental that's well located."

The location and the style of the rental itself are both important components in terms of determining a place's success.

Investors interested in buying property in a city with the intention of renting should keep in mind that, "for purely a rental sense, the downtown areas are probably the best," Duda said.

Investors should also be aware, however, that some have already taken note of the opportunities available in Panama City and that the city is subject to the risk of overbuilding.

"To date, what's worked is flipping. People who have bought condos in Panama City while that demand was way up there and the supply was still far below [were] buying their condos and flipping them in what amounts to no time—six months, a year," Landau said. "But this was back two, three, four years ago, when condo buildings were just getting built."

Panama offers affordable beachfront properties

"The supply is nearing demand in Panama City," he said. This building boom has put Panama City's condo market at risk of overbuilding, which would mean a drop in prices. Overbuilding in cities such as Las Vegas and Phoenix has led to a correction in those markets through falling prices. (For more on this trend, read our article on overbuilt markets.)

"Their skyline is full of new development," Burke said.

Those who want proximity to Panama City without being in it will likely be intrigued by a development being constructed directly across the canal from Panama City in the complex of the old Howard Air Force Base, which was decommissioned in 2000.

"There are plans for a $700 million mixed residential project. It will have high-end hotels, residential of all kinds, golf courses, shopping malls—it'll have it all," Burke said. "I expect probably to see some actual presale opportunities coming up early next year."

Foreign investors

Panama, having witnessed Costa Rica's success, is following in its footsteps by actively catering to foreign investors.

"Most major banks will provide financing for foreigners," Haines said. "They'll finance up to 80 percent, generally."

"90 percent of the real estate on the market is freehold," Burke said. "You don't have to live in Panama to own it. You have all the rights, the same as a Panamanian citizen."

"Foreigners do have protection," Haines said. "They've got the same rights as locals when it comes to purchasing and owning title property."

Further, "title here is fee simple. Once you own the title, it's yours," Haines said. "Unless you obtain that land through arms trading, drug trading or people trading, nobody can take it from you." She said that title insurance is available and recommended "for peace of mind," however.

"For property insurance, it's usually pretty inexpensive in comparison to other countries, such as the United States," Haines said. "Panama doesn't have any real natural disasters."

Investors concerned about complications of leaving their property to their heirs can set up a Panamanian corporation to hold it, Burke said. "The cost [of setting up a corporation] is around $1,200," he said. "If something happens to you and your heirs go to Panama to clear up the legal work, to transfer the property to them, if it is in your name, then it's a long probate process. [Panama's] bureaucracy is slow and cumbersome. If you have it in a corporation, it's a very simple process" to transfer the property.

Panama City's skyline is full of new development

"Business visas are also available for investors, who can put $200,000 in a Panamanian bank account "and then you can work and conduct business in Panama like a Panamanian," Burke said. "They allow you to use the money as a mortgage, if you will, for real estate that you buy, or as a guarantor."

Real estate agents receive a pretty standard commission in Panama. "Commissions are generally between 3 to 5 percent of the sales price," Haines said.

Haines recommended that foreign investors take advantage of property management services, which "do everything from overseeing construction to managing properties for rental....Usually the property managers will charge anywhere from 10 to 30 percent to manage the properties."

While Haines said that the investment process in Panama is simple and straightforward, she also recommended that investors work with an attorney. "It's always a good idea to have somebody looking out for your interests, especially for first-time buyers."

Part of the reason for Haines' recommendation is the fact that "Panama is a small country, and a lot of making it here successfully is…making good contacts," Haines said. "Attorneys are often a good point to start those contacts."

Good contacts are important because "real estate in Panama is not quite as organized as it is in the United States," she said. "We don't have a multiple listing [service] so what we do instead is…form networks."

Another important reason for investors to make good contacts with trusted advisors is that more and more people in Panama want their share—or more—of the boom that is going on in the country.

"You'll find a piece of property that you're very interested in, and your real estate agent will tell you it's $2 million, when in reality, the farmer told him that it was $1 million—meaning that the real estate agent is banking $1 million on the deal," Landau said.

To be certain that they are not overpaying for property or being swindled in some other fashion, investors should find trustworthy people who can go through the details of a deal with them and work with their best interests in mind.

Rural properties in Panama are increasing in popularity

"That's a very tricky thing, especially if [Spanish] is not your language," Landau said.

Landau also stressed the idea of verifying all aspects of a deal before going through with any of it because "it's very hard to sue in Panama." Some people have invested in bad deals, he said, and not been able to get their money back.

Outlook

Panama is easily accessible for Americans, both in terms of its proximity to the U.S. and its dollar economy. Its infrastructure bests much of the rest of Central America, and its great weather, beaches and attractions are bringing increasing numbers of tourists and retirees to the country. For all of these reasons, it is also attracting a lot of foreign investors, who can benefit from the tax deferrals and exemptions offered to them.

"The allure is that it's very, very new, and people are getting in way ahead of the boom," Landau said. He cautioned investors to do research before investing rather than getting caught up in the hype about Panama. "A lot of it is very, very well founded," he said. "A lot of it is not."

Because of the hype, Panama has increased in popularity with investors. There is a boom going on, and, as the U.S. housing market proves, those do not last forever. As a result, there are some markets within the country that are at risk of overbuilding. These markets will likely face corrections in the coming years. Investors might be wise to wait to purchase property during the correction, when prices will have dropped.

Still, "this is a great opportunity and time to be investing in Panama, or to be looking at that possibility," Burke said. "My opinion is it's still in the first 20, 25 percent of the growth curve."

CREDIT CARD INDUSTRY FIND ADDITIONAL WAYS TO EARN PROFITS

2009-06-04T07:03:00.000-07:00

By Candice Choi

THE ASSOCIATED PRESS

The overhaul of the credit-card industry is being hailed as a triumph for long-abused consumers. But before you start banking on falling interest rates or vanishing fees, you might want to read the fine print.

Credit-card legislation that Congress sent President Obama on Wednesday bans certain practices by card issuers, but there's still no limit on the charges that can come with your monthly statement. And it's likely credit-card companies will start searching for additional ways to earn profits.

Here are some questions and answers about protections the bill spells out — and others that it doesn't.

Q: What practices are still allowed that I should be aware of?

A: The bill doesn't cap interest rates, as some lawmakers had hoped it would. While lenders generally can no longer raise rates on existing balances — at least until the cardholder is very late with payments — they can still raise them going forward.

Q: What if I always paid my bills on time?

A: There will likely be higher fees and interest rates across the board to make up for lost profit.

Card issuers in the past few months have already started raising fees for services such as balance transfers and cash advances. It's a trend that's likely to continue in the near future.

Card issuers also might start charging higher rates at the outset, when a customer gets a new card.

Q: What can I expect to happen in the next nine months?

A: Be on the lookout for any letters from your credit-card company. They could be notifications about rate or fee increases as card issuers prepare to get in compliance with the new bill.

Q: So what specific practices DOES the bill ban?

A: Card issuers will no longer be able to raise interest rates on existing balances. The exception is if a payment is 60 days late; at that point, there's no cap on how much they can hike rates. If the cardholder pays the minimum balance on time, though, the lender would be required to restore the lower rate after six months.

Among other restrictions:

• Consumers will have to get 45 days' notice and an explanation before their interest rate could be increased.

• If a company uses "risk-based pricing" to raise rates on riskier borrowers, they have to use that same methodology to lower rates when appropriate.

• The Federal Reserve in coming months will determine what constitutes "reasonable and proportional" penalty fees. This might include a cap on the dollar amount card issuers could charge for penalties such as late fees.

• Card issuers can charge a fee for over-the-phone payments only if you speak with a live operator.

• Those 21 and under will need to show they have an independent source of income to get a credit card. Otherwise, they will need a co-signer.

Posted by George Puckett-Mexico-My Space

BEFORE YOU DECIDE TO RELOCATE TO PANAMA BY EMERGIS

2009-06-03T07:40:00.000-07:00

by Daniel Retterhauer

So you already know you want to permanently relocate to Panama. You will evaluate many factors. The primary and most important element aspect to consider when deciding to relocate to Panama is to define your legal status. In short, how will you be able to stay in the country for the long term without breaking the countrys immigration laws?

The simplest and probably most used method of achieving this is by applying for what is called the “pensionado” visa program. All foreigners who receive a steady retirement pension or income from a government, development organization or private company and wish to reside in Panama, qualify for the program. The only basic requirements are as follows: 1. Minimum monthly retirement income of at least $1,000 per month for the rest of the applicants life; or 2. Minimum $750 monthly retirement income, if the applicant purchases a property in Panama valued at over $100,000.

The the steps include submission of the following documentation: - Certification of retirement and verification of pension amount. If this amount is perceived from a foreign company then further documentation is required. This includes a certification to be provided by the private company which proves the availability of funds for the remainder of the applicants life, a copy of the pension check, receipt or statement, and contact of the pension funds administrator of the company. - Should you have dependents, proof of income of up to $250 per dependant; Documentation or certification of the property purchased by the applicant from the Public Registry. Should a spouse also wish to move with you, then the income needs to be verified by both parties and as such the documentation must be provided for both applicants. There are several firms in the country that can help you find the perfect Panama Real Estate proposition for your needs and will walk you through this process.

Having a pensioners visa in Panama also has several tax benefits, for example, you may import a car every two years free of tax, the right to import household goods for your residence free of tax up to $10,000 and discounts at major food chains and services granted to senior citizens in Panama as per Law 6 of 1987.

This visa scheme is beneficial to retirees who wish to reside in Panama as it provides several benefits to the applicants. The entire process is quite straightforward and may take between two to three months to complete. It is one of the most economical ways to move to Panama. Typically, and depending on the complexity of the case, the legal costs will be about $2,500 for this service.

Moving to Panama has an immediate return on investment.

buying property in panama- by panama expertos

2009-06-03T07:30:00.001-07:00

With Panama becoming increasingly popular as a retiree’s haven, this article provides a guide on how to buy property in Panama along with the do’s and don’ts.

The property in Panama can be classified into 3 categories: Government property, squatter property and titled property. The government property is largely in remote places and jungles. Squatters illegally occupy government land and claim ownership after many years. Squatter property may not have proper titles, as the legal rights may be granted only several years of occupation. Titled properties are those whose ownership is recorded in the National Registry. It is the only property that a visitor should buy.

Regarding choosing a location Chriqui province and the province of Bocas del Toro are ideal places to buy property. The towns of Boquete and Volcan in Chirqui province are American friendly and are only an hour’s drive from Costa Rican border. The islands of Bocas del Toro also lie close to Costa Rica and are favorite destination of Americans.

Weather is an important consideration while choosing a place to settle down and Bocas del Toro has typical Carribean tropical weather. It is warm and humid in summer with sea breeze and light rains from August through January. Volcan is in an elevated location and the weather is usually cool with a prolonged rainy season. Boquete is also situated in Panama’s highlands and the air is dry and crisp and one may need a sweater. Because of the elevated terrain, both these places are surrounded by colorful flora all year round.

Buying a property in Panama is relatively easy and there are property laws in place that fully protect the rights of a foreign owner just like the locals. You can buy and sell property any time you like and fully repatriate the proceeds with you. A lawyer’s assistance is usually not required if you have done proper research and you can save lawyer’s fees of around $500. The property tax laws are investor friendly; you can claim exemption from taxes for 20 years when building a house.

After choosing a property and deciding on the price, you have to inspect the title, whether it is the name of the seller or not. You can also request a title search from the registration office to find out if they are any liens or other legal complications with the property. The title must be original with the stamp of the registration office. A ‘bill of sale’ has to be finalized next for sales tax purposes and the value is usually declared less than $20,000, irrespective of actual transaction value, not only to save on sales tax but also to claim property tax exemption. The new title has to be notarized next who types out all the details of the property and sends it to Chief Notary’s office for approval. The transaction value is then paid through check on a local bank after transferring funds from abroad. The final step in the property transaction is registration of the deal with the National Registry.

LAND INVESTMENT -A SAFE MARKET

2009-06-02T17:26:00.000-07:00

Land investments are now regarded as an alternative investment to the stock market, for many reasons. The most cited is that land being a tangible asset makes it less susceptible to depreciation brought by wear and tear, the volatility of the stock market, and it increases in value over time. This is so because the law of supply and demand applies to land – the Earth has only so much land to supply but the demand for more land increases with population growth. Thus, if you are looking for a more stable medium to long term investment opportunity with the potential of exceptional returns, then land investment could be exactly what you are looking for.
If you are looking for land for sale, one of the best countries to look into is the United Kingdom (UK). The country is offering attractive tracts of land for sale to local and international buyers with the opening up of more freehold land. But before you go into land investments in the UK, choosing a good land investment provider/land agent is important. As with any sizable investment, the layman would be in a good position to invest wisely if there are competent people offering advice and assistance. Investing in land will not be a chore and a burden for you when you have a good land investment provider/land agent.

ADAVANTAGES OF RENTING PROPERTY IN PANAMA

2009-06-02T13:18:00.000-07:00

ARTICLE FRM PANAMA BIZZ.COM

The benefits of renting a property

As everyone is well where the effects of the global economic climate filter through to our everyday lives. Some of the issues that are highlighted in the media such as falling property prices add to what some term as sensationalism, but should rather be viewed as a correction. Specifically relevant to the property market are issues such as the recently highlighted Freddie Mac and Fannie Mae issues that led to the issues we are seeing today. Without getting too technical about the economic terms, policies and practices we have to realise that renting a property does in fact offer value in itself based upon what we are witnessing as the up down turbulence of not only the real estate market but the global financial markets to.

One of the side-effects of the market dropping it created a more difficult situation for first-time homeowners top obtain a mortgage. This is largely due to the fact that the interest rates have increased, and although the value of the property has declined the actual cost of property ownership has gone up.

These factors have in turn led to a stimulation in the demand for rental properties which furthermore boosts the rental market and therefore providing a greater range of high-quality homes to rent. The main benefit comes to mind is primarily avoiding any possible mortgage rate increases or additional stress that may emanate from owning your own property.

The process of renting a property is fairly easy, with most of the letting agencies or property management companies having streamlined the process making it so much easier for the potential tenant. The general rule of thumb is that a deposit is paid normally equal to that of one months rent as well as the first month rent upfront and dependent on location of the rental property be mentioned deposit is normally returned provided the property has not been damaged or none of the rental agreement provisions have been ignored or transgressed. There are also usually a number of set periods that the rental property can be rented for such as three months six months or even more, this can normally be negotiated with the letting agency or the landlord. In addition to this some landlords allow pets and some don’t, so in the event that you are a pet lover you should check with the letting agent first; it may also be that the complex in which the rental property is situated may not allow pets or may be a pet friendly complex. These are issues that would be relevant and would need to be discussed before rushing into a rental or lease agreement.

In addition to not having to worry about mortgage related issues the rental tenant is less tied down than a property owner, therefore providing more freedom without having to worry about property prices and so forth, provided of course that all terms and conditions of the rental agreement are satisfactorily adhered to.

Property maintenance cost is for the account of the property owner and provided the tenant does not maliciously damage the rental property these costs are therefore not for the concern of the tenant, representing another benefit in terms of renting a property.

TOURIST CARD INFO- RENEWAL AND EXP

2009-06-01T12:51:00.000-07:00

Great article from BOQUETE FROUM ABOUT TOURSIT CARD

n several blogs and forums around the internet I have seen a lot of confusion about the changes in Panama's policy concerning the tourist card.

For starters, what is a tourist card? From the website of the National Directorate of Immigration and Naturalization in Panama: The citizens from countries that are allowed to travel to Panama with a tourist card do not need a visa, they only have to buy a tourist card within the airline, which cost is $5.00, fill it out it with the requested information and present it along with the passport when entering Panama.

In other words, a tourist card is a piece of paper that you will be given to fill out on the airplane or at the Costa Rica border, that costs $5 and that will allow you to hang out in Panama during 30 days. Citizens from Canada, U.S.A., Australia, Western Europe, Central and South America, etc. will only need a tourist card to enter Panama... no visa!

I may not be an expert, but I do know a bit because at our Spanish school () we help our students get their 30 day tourist card extended for another 60 days and it is a very simple process that only requires a visit to the Immigration offices in David and costs $15 (plus transportation to David)... you don't need a lawyer or anything complicated and expensive....

Before I go on, at Habla Ya Language Center, we ONLY do this for our students (so please don’t call or email if you just want us to help you with this), BUT my advice is that if you got a Panamanian friend, that’s all you need… have them help you out and take them out for a meal… instead of leaving the country every 30 days and spending 3 day’s money in Costa Rica.

Before the changes in immigration policies, when they entered the country, foreigners from many countries where entitled to a 90 day tourist card. Now, they are only entitled to a 30 day tourist card, BUT as I mentioned, they can easily get it extended for another 60 days (to see if you will be given a tourist card to enter Panama or if you need a specific type of visa that needs to be approved before you leave your country you can visit ).

Why did the Panamanian government make these changes? Well I haven't had a chance to have a chat with them, but I think it is obvious:
1. They want people retiring in Panama to have the appropriate Pensionado or Investor Visa or any of the other 5 or 6 types they grant (or whatever number, as I mentioned, I’m not an expert)... They want to prevent people leaving the country every 90 days and coming back after 3: ETERNAL TOURISTS…
2. They want to control immigration from countries in Central and South America. This is good for everybody because they will only grant visa's to people who will add to the country... not subtract (wanted criminals for example... following this line of though, any wanted criminal from any country can enter Panama without being checked deeply and stay for 30 days... but in the past they could wander around in Panama for 90 days, leave the country for 3 and come back in again).

This is at least what I think… I don’t know what your opinion is.

So… how do you get your tourist card extended for another 60 day?

1. Show your passport to the Migration Department. They need to see your passport stamped (for our students we arrange the transportation to David but our students pay for it… or if they have a car… cool!, we just go with them).
2. The request for extension is subject to the approval of the director office (until this moment all our student’s requests have been approved… we haven’t had students who are criminals… yet)
3. Request for extension of tourist visa duly completed & the letter of responsibility (our students fill these docs at our offices in Boquete, and we sign the letter of responsibility… any Panamanian citizen can sign it… you can download the docs at )
4. The guarantor must be Panamanian or resident of Panama.
5. The letter must include copy of identity of guarantor (this would be Carlos, our school Director)
6. Copy of return ticket (valid for 1 year)
7. Copy of passport data and last entry or tourist card.
8. The visa extension card will cost $ 15.00
9. The tourist extension process takes 4 working days upon presentation at the win

Schools in Panama - all the options available

2009-06-01T11:17:00.000-07:00

I received many inquiries about the best schools in Panama and how the system works. I would like to share this great article I founf in PANAMA GUIDE,

Many English speaking expatriates move to Panama with school aged childred, and there are some excellent schools available to choose from.

The education system in Panama is different from the public school system in the United States in that most children attend some kind of private school. Elementary and secondary education is big business here. Most parents strive to send their kids to the best school they can afford. Public schools are considered to be almost like a social safety net, and primarily only children from the poorest families attend public schools.

There are many excellent options for children of English speaking expatriates. For the most part, you get what you pay for. The most expensive schools can afford to attract and retain the best teachers and staff, and there is somewhat of a “pecking order” with a few schools that stand head and shoulders above the rest as offering the best combinations of value and quality education.

Near the top of the pile is the Balboa Academy. This school is located on the old military base of Ft Clayton, and most of their teachers and staff used to work as teachers on the bases before the military left. The “BA” is clearly one of the best English language schools in the country, and they run on a US schedule with the school year starting in September and finishing in June. They take time off for Panamanian holidays and things such as carnival, but for the most part they mirror a US schedule which makes for easier changing from the US to Panama. They are expensive, however. Here's a link to them: http://www.balboaacademyweb.org/general-information.html

Another school that is on the US schedule is the St. Mary's Academy on the old Albrook military installation. Its another English language school that's on a US schedule. I tried to find a web site for them, but unsuccessfully. I've heard some good things about this school, but do not know anyone personally who has their children attending there.

Another excellent (and, expensive) school is the International School of Panama (ISP). The ISP is another elite and excellent school that has been the favorite of diplomats for years. Again, taught in English, US schedule. The ISP is located out toward the golf club, and its a bit further away from the center of the city. Heres a link to them: http://www.isp.edu.pa/

My personal vote in the “most bang for the buck” category is The Oxford School: This school is on the Panamanian schedule, and most classes are taught in English. Social studies and Spanish (as a second language) are taught in Spanish. The Oxford school is based on the British style and system, and is an excellent school. Here's a link: http://www.oxford.ac/

The Isaac Rabin school is also located on the old Ft Clayton military base. I've spoken to a few parents who have children in this school, and they are more than happy, they are convinced that this is the best school in the country. The Isaac Rabin school takes a slightly different “whole person” approach to education, and they focus on real-world problem solving and situations. Heres a link to them: http://www.cirabin.edu.pa/front/front.htm

And finally, heres a link to some general information about the education system in Panama:http://www.unesco.org/iau/cd-data/pa.rtf

(Added by Andrew in response to a question about Kindergarted options...)

In a message dated 11/24/2004 10:11:01 A.M. Eastern Standard Time, andrew@experiencepanama.com writes:

Melanie,

Both are good schools, but there are quite a few other options, Oxford, Episcopal, St. Mary's and other smaller schools as well. You will need to decide on ease of getting there - which in the mornings can be a challenge if you are fighting traffic all the way, which school year you want to be on - American (September to June) or Panamanian (March to December), curriculum - American based, International or British and then there's the costs - some schools are very very expensive as they are designed more for the company expat who gets all that stuff paid for.

We've been here for 7 years now and have a 4-year old so just starting to see what we can do for Kinder in a year's time. As we are planning on being here for a bit and have no need to coordinate holidays with other family so are looking at Episcopal as we have friends who have their kids there and are very happy with the quality of education.

But it comes down to what you are comfortable with - you will really need to visit each school and take the time to get a feel for how each operates.

We have a good friends working at Balboa, and others who are on the Board and also a teacher at ISP so we could introduce you if you want.

Hope this helps a bit...

Andrew

COST OF LIVING IN PANAMA

2009-05-31T09:05:00.000-07:00

Consideration to move to Panama

by Daniel Retterhauer

Once you decide to permanently relocate to Panama. You will evaluate many factors. The first and most important thing aspect to take into considerarion when deciding to relocate to Panama is what will be your legal status. In short, how will you be able to stay in the country for the long term without breaking the countrys immigration laws?

The easiest and probably most used method of achieving this is by applying for what is called the “pensionado” visa program. All foreigners who receive a steady retirement pension or income from a government, development organization or private company and wish to reside in Panama, qualify for the program. The basic requirements are as follows: 1. Minimum monthly retirement income of at least $1,000 per month for the rest of the applicants life; or 2. Minimum monthly retirement income of $750 a month if the applicant invests in a property in Panama valued at over $100,000.

The process includes submission of the following documentation: - Certification of retirement and verification of pension amount. If this amount is perceived from a foreign company then further documentation is required. This includes a certification to be provided by the private company which proves the availability of funds for the remainder of the applicants life, a copy of the pension check, receipt or statement, and contact of the pension funds administrator of the company. - Should you have dependents, proof of income of up to $250 per dependant; Documentation or certification of the property purchased by the applicant from the Public Registry. Should a spouse also wish to move with you, then the income needs to be verified by both parties and as such the documentation must be provided for both applicants. There are several firms in the country that can help you find the perfect Panama Real Estate proposition for your needs and will walk you through this process.

There are numerous benefits to achieving residency in Panama this way including the right to import a car every two years free of tax, the right to import household goods for your residence free of tax up to $10,000 and discounts at major food chains and services granted to senior citizens in Panama as per Law 6 of 1987.

Depending on the complexity of the case, the legal costs range around $2,500 for this service. This visa scheme is beneficial to retirees who wish to reside in Panama as it provides several benefits to the applicants. The entire process is quite simple and may take between two to three months to process. It is one of the most economical ways to move to Panama.

Moving to Panama has an immediate return on investment.

INVESTORS IN COSTA RICA -NEW CONCEPT

2009-05-29T11:58:00.001-07:00

I would like to share this aticle about a new idea for investment in latin america.

ttp://raisingtheroof.blogs.nytimes.com/

why open an off shore banck account? taxes

2009-05-28T11:20:00.000-07:00

If you ever consider saving on taxes, this article may help...

we can refer a good lawyer,

patpanama@gmail.com

http://www.investmentinternational.com/news/latest/how-to-open-an-offshore-bank-account.html

panama cost of life -cost of labor from MSN-why build? tax exemption!!

2009-05-28T09:17:00.000-07:00

Today I gound a great article about PANAMA, but the best part was about the cost of life and cosntruction..take a look or go the the original article,

Panama has one of the lowest costs of living in all Central and South America: A U.S.-style home can be built for about $40 per square foot; unskilled labor costs $6.40 per day; a full-time live-in maid costs $120 to $160 a month; a beer at a bar costs 35 cents; a cup of coffee, 30 cents; a haircut and shave can cost as little as $2; an afternoon at a beauty salon is $8; electricity is about 10 cents per kilowatt-hour; water bills are $18 per year; telephone service costs roughly $30 a month; Internet access is $14 a month; wireless is available for a bit more; cellular-telephone service costs about $30 a month plus a per-minute charge of around 22 cents; and cable TV will cost you about $30 a month.

http://articles.moneycentral.msn.com/RetirementandWills/RetireInStyle/PanamaIsParadiseForRetirees.aspx

BEACH PROPERTIES IN CHIRIQUI -CONDOS, LAN

2009-05-27T08:29:00.000-07:00

IF YOU ARE LOOKING FOR INFORMATION ABOUT THE BIGGEST BEACH DEVELPMENT IN CHIRIQUI, RESIDENTIAL CONDOS AND HOUSES, SEE THE INFORMATION BELLOW, ABOUT THE AREA AND OTHER BLOGS NEWS..

http://playalabarqueta.com/playalabarquetanews.html

DAVID- HOTEL RECOMMENDATION AND INFO

2009-05-27T07:00:00.000-07:00

I FOUND THIS NICE BLOG ABOUT A HOTEL IN DAVID, NICE AND CONFORTABLE

BUT THE BEST WAS ALL THE INFO ABOUT DAVID, CHIRIQUI AND THE LIFE THERE,

CHECK

www.bambuhostel.blogspot.com

panama maps

2009-05-26T13:48:00.000-07:00

I found today this great link to maps in Panama---

Its hard to find good ones,

thou any car rental will have one for their clients, or in some grocery stores, like ribashmith or el Rey.

http://www.lib.utexas.edu/maps/panama.html

what things you shouldnt bring when moving to panama

2009-05-25T12:32:00.000-07:00

Loves this article, about hings to bring or not to Panama when moving.

http://steptolife.blogspot.com/2009/02/what-to-bring-to-panama-what-to-leave.html

English language books, CDs, DVDs. Even if they're books you've already read, you can trade them at the various book exchanges, like the one at the expat center in Panama City.
Light clothing made of natural materials such as cotton or linen. I recently ordered a bamboo fiber shirt online and found it to be extremely light and soft. Also, you may not find your size here. Panamanians tend to be shorter and more slender than North Americans.
A pair of waterproof boots or shoes for the rainy season.
If you'll be in the highlands, a waterproof or water-resistant jacket might come in handy during rainy season. In Panama City, however, it would be too hot for this.
Comfortable house shoes or house slippers. I have removed three giant spiders from our house, and I always wear slippers now. In addition, floors here are tiled, not carpeted, and so may not be as soft as you are used to. I have a pair of Crocs that I wear around the house and I'm very happy with them.
A computer. The computers sold here have Spanish-language operating systems, so if you prefer an English-language model you should bring it with you. Also, computers and electronics in general are more expensive here than in the USA. Other electronic items I have brought from the states include a digital camera, aSkype-enabled cordless phone and a PDA.
If you have particular cosmetics or skin care products that you like, I suggest you bring a supply with you, since there's no guarantee that you will find the same brand here. Certainly the Farmacia Arrocha is full of imported skin care products, but you may not find that particular brand that you're used to.
High thread count sheets and pillowcases. Hard to find here, I've heard.
Alice, a reader of my blog says: "Face Cloths! When we traveled to Panama in January most of the mid-priced hotels we stayed in did not have face cloths. When browsing different stores for items like towels, pillows, etc there was a VERY small selection to choose from. I also noticed that the quality of plasticware was very poor. I dare say you wouldn't put any of it in a microwave, so I'll bring my own. Just a couple of observations while in Panama."
Richard adds, "Right-on about the face cloths. My wife and I spent considerable time even in Panama City trying to find small wash cloths and just ended up with what we call 'hand towels' that were much larger than needed."
The power goes out here occasionally. On her last trip to the U.S., Laura brought back a hand-cranked lantern and flashlight made by Freeplay. I love these. You just wind them up and you have light. No batteries needed. I take the flashlight with me when I go on my evening walks.
Update regarding hand-cranked devices: I brought back another hand-cranked flashlight and a hand-powered radio and I gave them to my gardener as gifts. He lives in a village in the mountains with no electricity, and walks an hour every day to get to El Valle. And I know that he (like many locals) is too poor to buy batteries for battery-operated devices. He was very happy with them and I believe they will significantly improve his quality of life. I can imagine the whole family sitting around in the evening listening to the radio and taking turns winding it up.
Connie from the Panama Forum came up with the following list: "Lots of refills for anything that requires refills: coffee filters, vaccuum bags, Swiffer refills. They aren't available here very often... I don't think you would want to ship them, but you may find yourself bringing back spices and extracts (just try to find peppermint extract in David or > Panama City) and other goodies like special flours or canned green, chilis or whatever it is you like to cook... Susan G-G would probably recommend a good can opener... Plastic shelf liner from the Container Store (if you have an American style kitchen, you may have trouble finding enough liner of any kind). If you are building, kitchen knobs; without being picky, I could not find enough of any kind in David or Panama City unless I wanted plain wooden ones. Anything for organizing: hooks, drawer dividers, shelves, etc. (very limited selection here). More gardening tools (good quality) and some of my favorite plant pots. An electric space heater (I live in the mountains)."
I second the vote for a good can opener. I searched everywhere for one. Many stores carried electric openers, but it wasn't until I visited one of the department stores on the peatonal (the pedestrial stretch of Avenida Central) that I found a low-quality manual opener. I had to show Rosa (our maid) how to use it because she had never seen one and had been punching cans open with knives!
Susan Guberman-Garcia says, "If you have a high end computer with a lot of data and software in it, bring that. If you have a good saw and a few high end tools bring those. Bring your cotton clothes. If you have books you particularly treasure, bring those. Everything else leave home, sell it, give it away, or put it in storage if you aren't sure whether you are coming back. That's my opinion and I'm sticking to it. (and I think it's nuts to ship a car here...)."
Another reader of the Panama Forum says, "Well I would recomend being sure to bring all small appliances from the States. We paid good money for a coffee maker at the Do-It Center (in Panama) and it died this morning. Just a short 8 week life span. Yesterday, a $40.00 tower fan died a slow death. Actually it was a massive heart attack and very quick. The fan lived a short 6.5 weeks. Not really long-life appliances."

INMIGRATION REGULATION-CHANGES IN VISA REQUIREMENTS

2009-05-25T11:50:00.001-07:00

More changes to Immigration Regulations

Five months after having entered into force the new Immigration Decree regulations of Executive Decree 320 of 2008, the government amended several of its articles, reported Tayra Barsallo, deputy director of the National Immigration Service. For example, it eased the requirements for visas for seafarers, extended the term of visas for temporary workers, and reduced the cost of extending visa for domestic workers, among others. The changes inExecutive Decree 26 0f 2009 were published in the Official Gazette No. 26,238, yesterday Wednesday.

Saturday, August 16, 2008

New Regulations for Immigration Law are enacted

Minimum amounts for investment visas are increased

As announced in a previous posting, regulations for Immigration Law were being drafted.Executive Decree 320 of 2008 was published this week and gives the fine print for the Immigration Law enacted in early 2008.

Effective August 26, the main changes from current practice would be:

- Tourists may remain in the country only for 90 days, with only those with an original period under 90 days being able to ask for an extension to complete the 90 days when justified (Art. 21),
- Foreign workers within the 10% maximum must have a salary of US$850 monthly to apply for residency and work permit (Art. 79), up from US$500,
- Foreign executives representing foreign multinationals under the WTO Marrakech-round visas must have a salary of US$1000 monthly to apply for residency and work permit (Art. 92), up from US$500,
- Investor permanent visas may only be granted after having asked for three 2-year temporary visas for a total of 6 years (Art. 95),
- Agricultural visa minimum investment is raised to US$60,000 (Art. 96), up from no minimum,
- Forestry temporary visa minimum investment is raised to US$60,000, up from US$40,000, with an additional requirement of 10 hectares purchased (Art. 100),
- Forestry permanent visa minimum investment is doubled to US$80,000, with an additional requirement of 20 hectares purchased (Art. 180),
- Small-business investor visa is eliminated,
- Macro-business investor visa minimum investment is raised to US$160,000, up from US$100,000, with an additional requirement of 5 Panamanian full-time workers (Art. 185, 188),
- Self-solvency investor visa minimum investment is increased to US$300,000, up from US$100,000, left in Panama bank account for 3 years (Art. 192).
- Self-solvency investor visa minimum investment alternatives include also real estate for which at least US$300,000 is paid for, free of mortgage (Art. 193) or a mixture of a 3-year deposit and mortgage-free real estate up to a combined minimum of US$300,000 (Art. 194),
- Self-solvency investor visa real estate may be held under a Private Foundation which founder or beneficiary is the applicant,
- The minimum return on a Panama National Bank CD for the Rentista visa is increased to US$2,000 monthly, up from US$750 (Art. 196),
- Pensionado minimum income is raised to US$1,000, up from US$500, or a mixture of US$100,000 in directly-held Panama real estate (Art. 200 - it does not specify if the property is free of mortgage),
- Pictures must show the face of the applicant (no full burkha pictures) (Art. 245),
- Tourists must enter with passport having no less than 3 months of duration (Art. 255),
- Multiple-entry permits may be issued for up to 5 years, up form 2 years (Art. 262).

RETIREMENT IN PANAMA-VISA YOU QUALIFY FOR

2009-05-25T11:39:00.000-07:00

ABOUT THE REQUIREMENTS TO OBTAIN VISAS IN PANAMA :

Article written by Jisel Perilla SOURCE: Latinworld

What Kind of Residency Visa do I Qualify for?

This is one of the first things you’ll have to find out if you’re thinking about making a permanent move to Panama. The good news is that it’s pretty easy to obtain permanent residency in Panama, so long as you’re a retiree with a formal monthly pension or you’ve got at least $160,000 to invest. If you’re low on funds or looking for work on your own, you may be out of luck – at least technically. The Panamanian government does everything possible to make sure that jobs in Panama go to Panamanians, so unless you have a very special skill or are sponsored by a large multinational, you may have to go a less official route. Keep in mind that immigration and visa laws have a tendency to change quickly, so it’s best to seek legal counsel as soon as you start thinking about relocating to Panama.

The following are the most common visas sought by foreigners relocating in Panama:

If you’re retired…

The Turista Pensionado Visa is available to those receiving at least a $1,000 (up from $500) monthly pension from a verifiable source. There’s no expiration date on this visa, but you’ll have to check in with the Immigration Department once a year to demonstrate that you’re still receiving a pension. If you received your pension in a lump sum and aren’t receiving monthly payments, you can obtain a Rentista Retirado Visa. You’ll just have to deposit your funds, in a 5-year CD at the Banco Nacional de Panama and be earning returns of at least $2,000 monthly (up from $750) In order to retain residency status, the CD must be renewed every five years.

If you’re an investor…

Panama provides a very friendly environment for those looking to go into business. The provisional two yearInversionista Visa requires an initial investment of at least $160,000 and the hiring of at least five full-time Panamanian employees. The visa must be renewed at least three times every two years before it becomes permanent and provides a path for obtaining Panamanian nationality. The Inversionista de Pequeña Empresa Visa (Small Business Investor Visa) was recently eliminated.

If you’re not retired, not an investor but independently wealthy…

You may qualify for the Solvencia Económica Propia (Person of Means) Visa. You must deposit at least $300,000 to be left in a bank for three years. You can also apply $300,000 toward the purchase of mortgage-free property or do a combination of both. This visa can become permanent after an initial renewal, so long as your economic situation remains unchanged. The Solvenica Económica Propia also provides a path to Panamanian nationality.

If you don’t meet any of the above categories…

Relocating to Panama and obtaining permanent residency will be a bit more difficult if not impossible, unless you marry a Panamanian. As an American, Canadian or European man, you’ll find this is pretty easy to do in Panama!

If marriage doesn’t interest you, however, there is an unofficial way to move to Panama. American, Canadian, and most European citizens are legally entitled to stay in Panama for up to 90 days without a visa, so many expatriates simply cross over into Costa Rica or explore Central America every three months. You’ll have to remain abroad for at least 72 hours before reentering Panama. This is an at-your-risk “permanent tourist” option, but I’ve heard of many people who have lived like for months and even years. As far as I can tell, the government doesn’t seem to mind as long as you’re not trying to take jobs from Panamanians.

Another option is to teach English. Private schools are always looking for ESL teachers, and they seem to prefer American and Canadian candidates. Likely, you’ll be required to provide evidence of a Bachelor’s degree, TEFL certification and teaching experience. If you wish to remain in Panama for more than a year, you may be able to renegotiate your contract with your employer. Keep in mind however, that teachers in Panama usually only make between $600-$1,000 a month, so you won’t be living large by any means.

In order to apply for a visa and residency status you’ll have to talk to a Panamanian lawyer. If a law office’s rates seem too good to be true, they probably are. Ask around for a reputable firm before you get the process started. I haven’t found the Panamanian embassy to be particularly helpful, but they do have a bit of investor and retirement information on line. My Panama Lawyer is an informative, unofficial relocation blog and is a good place to keep up with Panama’s frequently changing visa and residency requirements. You can also find a few other visa/residency options here.

Building Green in Panama -

2009-05-21T13:34:00.000-07:00

Great article with links and ideas on building a green house, building or proyect,

http://todaysfacilitymanager.com/facilityblog/2009/05/new-embassies-in-panama-and-bulgaria-practice-“green-diplomacy”.html

Relocating Pets to Panama-

2009-05-20T12:22:00.000-07:00

IMMIGRATION REQUIREMENTS FOR PETS

CATS & DOGS

Vaccination Card provided by your veterinarian;
Sanitation Certificate also provided by your veterinarian
Certificate of Origin.
Completed Import Form (you can get one at the airport’s Health or Quarantine Departments);
Airport Health Department reviews papers and inspects the pet.
$7 per day fee must be paid if your pet is quarantined by the Health Department.
Home Quarantine option is available for a $120 fee where you promise to keep your pet inside your home for the required time. The Home Quarantine letter must be delivered to Panama’s health department 2 weeks before your arrival.
All other required documents must be dated within 10 days of your arrival. That means you have to:
(a). Have your pet examined, and have your vet sign the certificate of rabies shots
(which had to have been given AT LEAST 30 days before you fly and less
than a year before you fly) on a special form.
(b). Drive/overnight, etc. the form to the nearest USDA Veterinary
Health office for “certification” of the form. This is known as an “Apostille” where a government agency certifies the authenticity of a signature or a certificate before being officially recognized by a foreign government.
(c). Drive/overnight, etc. the signed, stamped, certified forms to a
Panamanian consulate for “authentication” and get it back in time to
take with you. Call in advance, as consulates sometimes move or
close or take vacations with no warning.

EXOTIC PETS (Birds, Reptiles, etc.)

Sanitation Certificate provided by your veterinarian;
Export Authorization by CITES (Convention on International Trade in Endangered Species of Wild Fauna & Flora). Your veterinarian should provide you with their appropriate agency in your country to contact regarding this.
Letter of Request to the Director Nacional de Patrimonio Nacional, Autoridad Nacional del Ambiente (ANAM) Phone #: ++(507) 315 – 0855, Ext. 176.

This letter must include:

Name, Species (common & scientific name), age, other relevant information
Country Exporting from
Panama as country of Import
Sanitation Certificate & CITES authorization Attached

ANAM will provide an Import Authorization which must be sent to:

Departamento de Cuarentana Agropecuaria, Ministerio de Desarrollo Agropecuario (MIDA) Their Phone # is ++(507) 207 – 0703

This department will provide the Pet’s Import Permit which must be presented at the airport when your pet arrives. They will determine if your pet must be quarantined. This is when you can request the Home Quarantine option.

Your Veterinarian is Your Key: As you can see, most of the documentation of your dogs & cats will be provided by your veterinarian. As long as your pets have been properly vaccinated, sanitized, and place of birth documented; you shouldn’t encounter any problems with Panama’s Immigration and Health officials.

Exotic Pets Require Further Documents: Since Panama has many beautiful and exotic birds & reptiles, protecting them is a national priority. Your veterinarian can provide you with a Sanitation certificate. Obtaining CITES approval is your first step. Even with CITES approval, permission to enter ultimately rests with Panama’s ANAM agency.

CITES: Obtaining a CITES authorization is the first critical step. Their website (http://www.cites.org/ ) describes their function as: “All import, export, re-exports and introduction from the sea of species covered by the Convention has to be authorized through a licensing system.” There are 2 classes of species according to potential of extinction which CITES wishes to protect:
1. “Species threatened with extinction. Trade in specimens of these species is permitted only in exceptional circumstances.”
2. “Species not necessarily threatened with extinction, but in which trade must be controlled in order to avoid utilization incompatible with their survival.”
Here are the requirements by CITES for obtaining their approval based on the 2 classifications of species above:
Species 1

“An import permit issued by the Management Authority of the State of import is required. This may be issued only if the specimen is not to be used for primarily commercial purposes and if the import will be for purposes that are not detrimental to the survival of the species. In the case of a live animal or plant, the Scientific Authority must be satisfied that the proposed recipient is suitably equipped to house and care for it.”

“An export permit or re-export certificate issued by the Management Authority of the State of export or re-export is also required. An export permit may be issued only if the specimen was legally obtained; the trade will not be detrimental to the survival of the species; and an import permit has already been issued.” A re-export certificate may be issued only if the specimen was imported in accordance with the provisions of the Convention and, in the case of a live animal or plant, if an import permit has been issued. In the case of a live animal or plant, it must be prepared and shipped to minimize any risk of injury, damage to health or cruel treatment.

Species 2:

“An export permit or re-export certificate issued by the Management Authority of the State of export or re-export is required. An export permit may be issued only if the specimen was legally obtained and if the export will not be detrimental to the survival of the species. A re-export certificate may be issued only if the specimen was imported in accordance with the Convention.
In the case of a live animal or plant, it must be prepared and shipped to minimize any risk of injury, damage to health or cruel treatment.
No import permit is needed unless required by national law.”

As you can see, CITES has strict regulations in order to protect all types of exotic species. Knowing these requirements before you begin your application process will be valuable in obtaining their permission.

To Summarize this article: Bringing in dogs and cats is a pretty standard procedure, as long as, your veterinarian provides you with the appropriate documents and you get them “apostilled”. Exotic pets, on the other hand, will require an international organization’s approval and a Panamanian agency set up to protect its natural environment.

Panama is still cheap..

2009-05-18T10:33:00.000-07:00

I read this article at a new site I found, propertywire, about the market in Panama.

Enjoy!

Last year, we heard rumblings that Panama had gotten more expensive… that it was no longer a real bargain.

The Panama that had been our favorite for years deserved a broader approach, so we took a fresh look… a deeper look…

Panama has long been the prime choice for retirees, second-home buyers, and property investors alike. Readers have retired in style, enjoyed terrific vacation homes, and made money. The country deserved the #1 spot on our Global Retirement Index for six straight years—it’s been a winner from the start.

But once we decided to dig deeper… to broaden the appeal of this successful destination… our work paid off.

Yes, we’re still well-connected to the premium property market that has made Panama a mainstay with property buyers and investors from around the world. The Panama that offers the luxury of Miami at a fraction of the price is still there… and it’s still growing.

But there’s more…

We tapped into the local market and found investment and lifestyle properties that are so affordable, many people thought they were gone. Properties marketed to the local buyer rather than the foreign buyer, including

Apartments in Panama City for $80,000… and less

Prime mountain lots just minutes from the best Pacific beaches for $70,000

Good rental apartments starting at $350 per month

Beachfront lots on the shimmering Pacific at $125,000 for almost an acre… with small beachfront parcels starting at an amazing $38,000!

A rolling green 10 acre farm in the hills of Chiriquí for just $30,000.

Expensive? No… it’s a bargain.

It’s the hidden, affordable Panama. A place where you can still live on $1,200 per month.

What’s more, Panama still offers 20-year property tax exemptions and the renowned Pensioners’ Visa, one of the best—and easiest to obtain—retirement programs in the world.

And there’s more… take a look why people are choosing Panama today:

It’s close to the US; less than three hours from Miami on an inexpensive flight

Panama boasts high quality health care at a fraction of what you’d pay at home

The government offers the world’s best retiree discount and benefit program

Panama uses the US dollar, protecting its residents from the dollar’s decline

Panama is geographically diverse, with mountains, beaches, the region’s largest percentage of unspoiled rain forest, and good city living. The property market is liquid, and has provided good rental and capital returns

The people are lovely, friendly and welcoming… arguably the #1 reason for settling here

And the best part? You can relax… knowing that your retirement is comfortable and secure, and that your money will stretch further than it could in other places.

Relocating and Buying in a New Area

2009-05-14T15:21:00.001-07:00

Loved this information about relocating -from About.com

http://homebuying.about.com/od/buyingahome/qt/053007Relocate.htm

Panama news briefs...moreusefull info about panama

2009-05-11T18:18:00.001-07:00

http://www.panamanewsbriefs.com/?p=50805

PANAMA IN THE CIA WEB SITE

2009-05-11T18:01:00.001-07:00

https://www.cia.gov/library/publications/the-world-factbook/geos/pm.html

All info about panama /history to real state

2009-05-11T17:13:00.000-07:00

http://www.latinbusinesschronicle.com/app/section.aspx?id=122

NUREWIRE INVESTOR/ NFO FOR PANAMA INVESTORS

2009-05-11T13:36:00.000-07:00

http://www.nuwireinvestor.com/results.aspx?searchwords="PANAMA"Publicar entrada

Zillow.great site to keep up with the news in USA

2009-05-11T11:48:00.000-07:00

http://www.zillow.com/reports/RealEstateMarketReports.htm

Panama Hotels Review Blog

2009-05-11T11:27:00.000-07:00

Panama Hotel Reviews Blog /

http://steptolife.blogspot.com/2009/05/panama-city-hotel-reviews-hotel.html

HOUSES FOR SELL IN PANAMA - VOLCAN

2009-04-03T22:47:00.000-07:00

CASAS A LA VENTA EN PANAMA -
VOLCAN_
$160.000.00 5RECAAMRS, 5BANOS,LOT 1000MTS
$145.000.00 3 RECAMARAS, 2 BANOS, 1500MTS LOT
$99.000.00 3RECAMARS, 2 BANOS, 800MTS LOTE
$50.000.00 3 RECAMARAS, 2 BANOS, 800MTS LOT
$85.000.00 3 RECAMARS, 2 BANOS 1000MTS LOT

BUGABA - LA CONCEPCION

$89.000.00 3 RECAMARS, 2 BAOS, NUEVA, LOT 2000MTS
$110.000.00 3 RECAMARS, 2 BANOS, LOT 1500MT
$60.000.00 2 RECAMARS, 1 BANO, LOT 800MTS, LINDO JARDIN
$55.000.00 3 RECAMARAS,2BANOS, LOT1500MTS

DAVID

$160.000.00 3 RECAMARS, 3 BANOS, LOT 1000MTS
$250.000.00 3 RECAMARAS, 3 BANOS LOT 1000MTS
$90.000.00 3 RECAMARS, 3 BANOS LOT 800MTS

BAMBITO

#199.000.00 3RECAMARAS, 3 BANOS CON MUEBLES

PROPIEDADES A LA VENTA EN PANAMA

2009-04-03T22:37:00.000-07:00

FINCAS :

40 HA LOCALIZADA EN CUESTA DE PIEDRA, CON PASTO MEJORADO, LUZ A 500MTS, MONTANAS, 60% PLANA.ESPECIAL PARA LECHERIA O GANADO DE CEBA.
PRECIO .$15.000XHA

FINCA DE CAFE EN RIO SERENO -150 HA ,CON ASFALTO, LUZ CERCA, CAFE, PLATANO, FRUTALES
PRECIO.$8500.00XHA

FINCA DE CAFE EN RIOS ERENO A 15 MINDE VOLCAN, 18.5 HA TODA SEMBRADA EN CAFE, CON AGUA VIVA, LUZ CERCA, ASFALTO.
PRECIO$25.000XHA

FINCA DE 20 HA IN SANTA MARTA, CON PASTO MEJORADO, AGUA VIVA, LUZ
PRECIO.$10.800XHA

FINCA EN VOLCAN -10.5HA A 15 MIN DE VOLCAN, CON LUZ ELECTRICA, AGUA POTABLE, ASFALTO.
PRECIO.$80.000 X HA

FINCA DE 11.5 HA IN CUESTA DE PIEDRA, PLANA, ASFALTO, LUZ,AGAU VIVA, VSITA
PRECIO$45.000XHA

FINCA DE 6.5 HA IN RIO SERENO CON CAFE Y PLATANO,AGUA VIVA,
PRECIO>$20.000XHA

PANAMA GREEN REAL ESTATE

2009-04-03T22:30:00.000-07:00

Panama Green -ubicado en Volcan ,Chiriqui,ofrecemos>

Fincas ganaderas/ cown Farms
Fincas agricolas /Farms for agriculture
Fincas de cafe /Cofee farms

Casas en Volcan , David, Cerro punta /Houses for sell and for rent in David, Volcan, Cerropunta
More information, please contact at:

infopanamagreen@yahoo.com
507.6565.60.58
507.771.55.92

Lic. Liane Kraemer
lic 1650

ASEGURE SU INVESTIMENTO, NO HAGA NEGOCIOS CON PERSONAS SIN LIC. DE BIENES RAICES.TRABAJE CON PERSONAS Y EMPRESAS QUE LE DE SEGURIDAD.