Panama To Sell as Much as $500 Million of Bonds

This story by Eric Sabo (November 13) (Panama May Sell as much as $500M of bonds) from Bloomberg reports on Panama and a proposed sale of $500 million of bonds for financing subway and other infrastructure projects. This potentially forecasts a positive future for investment in Panama when it comes to considering purchasing real estate in Panama. Panama is investing in its infrastructure and the expansion of the Panama Canal. This is all positive news because Panama is stable politically and, where there is political stability, there is growth and prosperity.

"Panama may sell as much as $500 million of bonds to finance construction of a subway and other infrastructure projects, Finance Minister Alberto Vallarino said. “We have enough money for the budget now,” Vallarino said in an interview today in Panama City. “But if the timing is right, we will take advantage of it.”

Panama is preparing to return to overseas credit markets after Standard & Poor’s boosted the outlook on its BB+ credit rating to positive on Nov. 9, putting the Central American country on the cusp of investment grade. The ratings company said faster economic growth, boosted by the $5.25 billion expansion of the Panama Canal, and tax increases are helping keep the budget deficit in check. Panama last sold bonds in international markets in March, when it issued $323 million in a reopening of 7.25 percent securities due in 2015. Latin American governments and companies are selling debt abroad as the global economic recovery fuels demand for the securities. Panama is rated Ba1 by Moody’s Investors Service and BB+ by Standard & Poor’s. Both ratings are one level below investment grade. Vallarino said that he expects Panama to win an investment grade rating next year after President Ricardo Martinelli, in power since July, pushes through additional tax reforms to offset budget deficits. Economic Outlook - The economy will probably expand 3 percent in 2009, before reaching as high as 5 percent growth in 2010, Vallarino said. Credit-default swaps, contracts investors use to protect against non-payment, show Panama trading as investment grade. The cost of protecting Panama’s debt against default for five years is 1.37 percentage points, according to data compiled by CMA Datavision. By comparison, it costs 1.41 points to protect securities issued by South Africa and 1.49 points to protect bonds sold by Greece, countries that S&P rates at least three levels above Panama. A basis point equals $1,000 on a swap protecting $10 million of debt against default. Credit-default swaps, conceived to protect bondholders against default, pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. Panama filed a form with the U.S. Securities and Exchange Commission yesterday saying it may sell up to $2.5 billion of bonds and warrants overseas."

News source

Los Faros de Panama Project Halted

The following is a Panama real estate news story from La Prensa newspaper entitled "Los Faros de Panama" Project Paralyzed in Punta Pacifica." World wide real estate developments were effected by the economic downturn and Panama, too, did not escape the slow down or halting of projects either. Los Faros de Panama, a real estate property complex of three towers with the highest being 84 floors, featuring luxury apartments was to be completed in 2010.

"The scene is revealing. The ambitious real estate project "Los Faros de Panama" (The Lighthouses of Panama), valued at more than $600 million dollars what was to be built in Punta Pacifica, is paralyzed. On the site the only thing there is a large concrete foundation with weeds growing. The project, promoted by Grupo Mall, was supposed to include apartments, a "condo-hotel ', casino, hotel, gym, offices and a shopping mall.

Apparently the project was hit by the international financial crisis and poor sales. La Prensa attempted to obtain a comment from the representatives of the project but they did not return our calls. (Editor's Comment: This was going to be a huge, ambitious project that would have dominated the skyline of Panama City in the area of Punta Pacifica. It was probably too large and too ambitious. No word on what the future holds for this project, the lot where it was going to be built, or the fate of the money invested in this project. I don't know if they were taking preconstruction contracts on the apartments, but they probably were, and is so then there are people out there holding paper with an uncertain future. The biggest and most ambitious projects got hit the hardest by the economic downturn.)"

News source La Prensa

Business Owners Foot Pensionado Discount Bill in Panama

If you thought that the government of Panama refunds business owners for the discounts to foreigners living in Panama with pensionado status, think again. It is actually the business owners that are giving the discount with no reimbursement from the Panamanian government, which is rather unfortunate and affects the income of the individual business owners. Pensionado status is given to retirees who immigrate to Panama and open up businesses or buy Panama real estate. It is a government program to encourage investment and pensioners to consider Panama as their future home. Read further this story from Business Panama.com.

"Panamanians and foreigners who have pensionado status in Panama are entitled to numerous discounts on everything from entertainment to medications. This visa option has lured thousands of retirees to Panama from countries around the world. This program is great for those taking advantage of the discounts, but it’s not such an ideal situation for those giving the discounts.

Under Panamanian law those in possession of a pensionado visa are eligible for a 50% discount on movies and sporting events, 30% off transportation and 25% off restaurant meals. This includes Panamanians and foreigners alike, and businesses are obligated by law to honor these discounts.

Many Panamanians are trying to survive on a meagre pension, and in comparison, foreigners have much larger disposable incomes. The main downside to these discounts is that it’s the business owners – not the government – that are responsible for taking the loss from those discounts.

If you receive 25% off your meal, the government does not compensate the restaurant owner. The 25% comes out of their profits. For many restaurateurs this can have a pretty big impact on their bottom line. Since this is a government incentive, it would only make sense that the government is responsible for covering the difference. Unfortunately, that is not the case.

Is it fair for the small business owner to have to cover the cost of these discounts, or should the government reimburse them? Since the government is not helping to offset this expense, should foreigners be able to take advantage of these discounts or should they be available only to Panamanians? What is your opinion?"

Source: Business Panama

Are People Fed Up with Panama?

Are people who once immigrated to Panama with high hopes now leaving? This article by Matt, of the Panama Report, investigates this issue further. He asks if "Panama Pioneers" are leaving for Greener Pastures? Are people really fed up with Panama? Is retirement in Panama no longer the dream it once was?

On Friday, September 25th, the same day that Panama’s newly elected President Ricardo Martinelli threw out the ceremonial first pitch at a Yankees-Red Sox thriller in the Bronx, the fifth citizen of Panama died from dengue fever, a tropical hemorrhagic disease spread by infected mosquitoes in the developing world. Also on that day, the seizure of a 200-kilo cocaine raid was announced in one of Panama’s most famous beach regions, a gang shootout in the capital’s UNESCO historic district left an accidental tourist in the ICU, and a straying cow mauled in a highway co llision was eagerly dissected by locals desperate for food. The newsreel might come off as startling were it not for the fact that none of these incidents are particularly unusual to Panama nowadays save the ceremonial first pitch.

Before Yankee’s Stadium, a more serious President Martinelli concluded his speech at the United Nations Headquarters declaring to world leaders that Panama is officially open for business. Martinelli’s words of assurance read like a laundry list of success-spawning agents: “the Dubai of the Americas,” he forecasted. “Friendly and flexible immigration and labor laws…a spirit of service and open doors…the ideal place to invest, establish companies and to live.”

To foreigners who know Panama only by its Canal, the speech came off as decisively utopian. But to those on the inside those who have experienced the country first hand for several years, many of the President’s words fell on frustrated ears. Beyond its growing pains are the less publicized obstacles of life in Panama as a foreigner: ironically many of the very aspects the President has touted now for some time.

Jim Forrester is a middle-aged Florida retiree who, after several investments in Costa Rica, chose the interior hills of Panama for their great climate and immaculate views. The region’s renowned fishing didn’t hurt either for Forrester who set the world record for striped marlin at 226.5 pounds in Costa Rica. “I felt safe coming here,” Forrester said. “It was just a great alternative to retirement in the United States.”

One might be tempted to call Forrester the model foreign investor were he not, after three successive years, prepared to leave Panama for good. “Banking and immigration,” he says, “are the two biggest factors. The amount of hoops you need to jump through can be painful. We’re still waiting on our investor visa.


Read further here

Services of the US Consulate for US Citizens in Panama

The following is an article posted on the Panama News site on services that the US Consulate will do and not do for American citizens living in Panama. It is best to be informed before you take the leap to Panama, which can be very rewarding.

"What the Moving to Panama is not, after all, the same as moving to Kansas

So, if you are a US citizen and you run into some legal trouble in Panama, will the American Embassy go to bat for you? When Americans are treated unfairly or are subject to discrimination, Kellee Farmer of the US Consulate's American Citizens Services Unit explained, "it's a concern in the US-Panamanian relationship," but "we won't get involved in your individual dispute," be it civil or criminal.

If you are arrested you have a right to see a consular officer, and, except maybe if you are being held in some remote boondocks lock-up, Panamanian authorities are pretty good about allowing someone from the consulate to visit within 48 hours. She or he will help you contact your family or someone else close to you, or if you ask will refrain from informing family members or anyone else. They can provide a list of Panamanian lawyers who haven't been busted for ethical violations. They can periodically bring you vitamin pills and reading material. But they can't get you out of jail, act as your lawyer or legal interpreter, or mediate the community dispute that may have led to your incarceration.

So are you going to buy Hectare Negro, that farm where you want to spend the rest of your days? You do that at your own risk, without the assistance of the US government. "Talk to an attorney before you buy," Farmer urged.

More commonly, the Citizens Services Unit notarizes documents ($30 per document, an extra $20 for each extra signature on a single document), with notary services valid for either Panama, the USA or both.

There are a lot of US documents that the consulate will authenticate, and which the Panamanian government generally accepts but is not obligated to do so. For a $30 notary charge, they will "authenticate" but not "validate" a US driver's license. If you are applying for Panamanian residency under a pensionado status, the consulate can't certify the retirement benefits you have coming but they can notarize an affidavit about these, which Migracion usually accepts.

Birth, death and marriage records from the USA are handled through the states rather than the consulate. Criminal records checks from the United States are handled through state or local authorities there, or from the FBI, but not through the embassy or consulate."

Read the rest of the story here

Real Estate in Panama City

This is an informative article from BusinessPanama.com concerns the market at the current time. The article mentions different neighbourhoods of Panama City and what these offer the real estate purchaser. Panama City offers a modern infrastructure, the rainforest nearby, nightlife and entertainment, great shopping and parks with great views of the Pacific Ocean (the bay) and the skyline of this city.

"Panama City currently has an undervalued real estate market; however as has happened in countries like Costa Rica, Mexico and Ireland, prices have been rising as more people discover the advantages Panama has to offer. As a potential real estate investor, there are several areas to consider where you will find maximum growth opportunities.

Panama City with almost one million inhabitants is a "first world" urban center in the throes of a major building boom. The skyline of Panama City, with its projected 250 high-rise office and condominium towers, is starting to resemble downtown Manhattan or Singapore. High class restaurants, first class hotels and fast food outlets, are here for all tastes and pockets. Entertainment is varied, the latest movies, concerts featuring foreign and local performers of all genres, every kind of sporting event – baseball is arguably the most popular sport and a number of Panamanian players are found in US major league clubs. Mention Mariano Rivera and the New York Yankees and you will make friends immediately! Shopping options range from local markets to multi million dollar super malls and luxury goods. The Amador Causeway has a number of great restaurants, yacht clubs and a duty free shop, it is also a great place to bicycle, jog or walk with sea breezes and a great view of the stunning Bridge of the Americas. Panama City even has a rain forest within its city limits.

There are many residential districts in and around Panama City. Beautiful condos with fantastic ocean views are available in price ranges to suit all pockets. Many have the use of a pool, spa, gym and children's play areas. The most beautiful condominium towers like “Megapolis” and “Yacht Club” will be built in the Balboa avenue right on the ocean. Beneath the Balboa avenue, you find a high class condominium area called Marbella overlooking Panama bay, near movies, restaurants and shopping. Bordering Marbella is a residential and commercial district called Obarrio with trendy restaurants, clothing shops and high end boutiques. This is a favored embassy area. Adjacent to Marbella is a luxury residential district called Punta Paitilla. This is an extremely dense area of high rise condos even by NYC or Singapore standards. Punta Pacifica, next door to Paitilla, is a brand new area where ultra luxury condominiums are sprouting from the ground with average units in the 1000 to 4000 square foot range. This is where ultra modern buildings such as the Dupont Towers and OceanAire."

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Canadian Writer Says Panama is a good buy

A news article at laestrella.com released a story written by a writer from Canada announce that Latin America is a good place to purchase real estate in Panama. Prices will rise when the recession is over. Canada, a country which was not as effected by the current recession and is currently in recovery mode already showing light at the end of the tunnel, announces that Panama is a good place to purchase real estate. It was announced in the Canadian press that the recession is over in Canada. One of the reasons for this is the strength of Canadian banks which were never effected as much as American banks at the beginning of the world wide recession.

"Now is a good time to buy property in Latin American countries such as Panama says a real estate writer in Canada.

Writing in the Vancouver Sun, Tom Kelly, a US-based author of two books on buying real estate in the region, said that Panama "is a bargain right now," although he added that "it costs money to get there".

Mr Kelly was aiming his remarks at Canadian buyers on the basis that the country has been hit less hard by the recession than the US.

However, in comments that may be relevant to UK buyers as well, he suggested that the best time to get bargains is while the US is in the doldrums, as prices in Latin America will rise when it recovers and more people from the country are able to buy overseas.

Earlier this month, founder of US developer Amble Resorts Ben Loomis remarked that the "growth and stability" of Panama makes it attractive for investors. He also noted the country’s strength is due in large part to the canal."

Source:

U.S. Developers Find Haven from Recession in Panama Project

The following is a press release regarding Amble Resorts' new Panama resort project on the Isla Palenque, Panama. Property development in Panama is rising, with many investment companies developing eco-friendly, sustainable resorts and communities.

"During a sluggish economy here in America, real estate developers are finding a growing number of intriguing opportunities overseas. With the Wall Street Journal recently reporting a rise in unemployment in all but two states last month -- and with economists predicting it to increase even further -- the sliding economy continues to severely cripple domestic real estate development.

"The reality of what's going on is that there is no private development going on in the U.S.," says Randy Johnson, AIA, Principal of 4240 Architecture Inc., an award-winning national design firm contracted by Amble Resorts for their new Panama resort project, The Resort at Isla Palenque. "At the same time however there are exciting prospects overseas."

Properties in Panama are emerging to present those prospects to American developers. Panama enjoys one of the fastest-growing and best-managed economies in Latin America. The expansion of the Panama Canal, combined with a blossoming free trade agreement with the United States, is expected to continue to boost economic expansion and real estate development.

Founder and President of Amble Resorts, Ben Loomis, has been well-aware of the growing economy in Panama compared to the slowing economy here at home. That's why in 2007 he selected a Panama real estate project for his newest venture: The Resort at Isla Palenque. The resort will be comprised of an ecologically and culturally sensitive hotel and string of environmentally sustainable vacation homes. Amble will break ground on the eco resort project in early 2010. Loomis said of Amble, "Although the economic climate is not the only reason we chose to build our property in Panama, we were definitely attracted to the growth and stability there."

And Amble Resorts is far from alone in this sentiment. American companies are flocking to Panamanian development projects in droves. Several top-tier U.S. firms have joined forces with Amble on this new eco-tourism-focused Panama resort project. In addition to 4240 Architecture, East Bay Group, Design Workshop, and RCLCO are also among the distinguished firms teaming with Amble to take advantage of Panama real estate.

"In the last couple of years, domestic projects have fallen off dramatically," says Rick Reikenis, P.E., Principal for East Bay Group, a renowned engineering firm. "We are very excited about the possibilities in Panama and our current projects there."

Read more here at the source of this article:

Consider Panama for International Real Estate Investment

If you are seeking international investments and you can to invest for the long term, Panama is a country that is both a high risk/ high returns investment in the long term. Panama’s economy is accelerating and it, is a great place as far as holiday destinations go and it is currently considered a stable investment environment. It’s proximity to North America is also another benefit for the North American investor.

There are several things to consider when it comes to overseas property investment. An investor must consider several factors when deciding on their goals from property investment, the length of time they are willing to wait for returns from the investment, especially when they are considering international investment.

There are several different types of real estate investors. There is the person who is looking for a vacation property where they can spend their vacations and then perhaps rent out the house when they are not there. This type of property is purchased and mortgage payments are assisted by the rental income. The property to be bought must be suitable for the person that buys and also in a destination that they want to spend their vacation and there must also be a strong rental market in the location.

Another type of investors are the long and short term investors. Short term real estate investors are looking for properties that will increase in value quickly. The location must be ideal and there will be many buyers down the road in a couple of years.

Panama does not seem to have shared the same experience as the rest of the world during the current recession. The International Monetary Fund (IMF) has predicted that their economy will increase by 3% this year. This growth is a result of Panama’s service sector, tourism, the banking industry and the Panama Canal expansion project. Because of Panama’s position geographically as a “bridge” between North and South America and the Panama Canal which is the only waterway between two oceans, the country is strategically placed for trade. Many companies can visualize the benefit to setting up offices in Panama. By the time the Panama Canal project is completed in 2014, the Panamanian economy is expected to gain increased momentum.

For Americans, Panama has become a retirement destination in the same way that Spain once was for people from the U.K. It is predicted that Panama real estate property will grow to two to fives times in value in the next five to 15 years. Not bad news for those considering investing in Panama.

A Conflicting View of Panama Real Estate

A report prepared by the Panama Report created to reflect on the current situation of the real estate market in Panama is an attempt to document real estate statistics in Panama. The following is an article from nuwireinvestor.com on the reasons for this document and its necessity in Panama.

"Investors seeking a coherent set of statistics regarding the Panama City, Panama real estate market may find themselves stymied by the 2009 Panama Real Estate Report. The annual report, which is produced by The Panama Report website offers a conflicting set of conclusions as to where one of the major Central American markets is headed.

The report notes that Panama City’s lack of a Multiple Listing System complicates the process of gathering data. “They like it this way,” Costa Rica and Panama real estate professional Casey Halloran says in the report. “There is power in hoarding information and if it were free to everyone, some would stand to lose power.”

To circumvent the lack of an MLS, The Panama Report was produced with the assistance of Reveal Real Estate, a market research firm which specializes in Central American real estate data.

“While it’s been projected now for over a year that Panama’s market is due to bust, there still exists, as of May of 2009, a dimension of incongruity between buyers and sellers: sellers want to sell high, buyers want to buy low, and no one really knows an appropriate price,” the report reads. “Unlike more developed markets where a sense of reality and facts preside, we believe Panama’s disparity between buyers and sellers to be attributed to one main liability and that is the inability to obtain real comparative selling data. In other words, buyers and sellers aren’t on the same page because…well, there’s no same page to be on.”

Sales Down, Listing Prices Up

In one of the Panama City market’s most apparent contradictions, listing prices seem to have increased even in the face of fewer sales. As of May, the average price per square meter was $2,742.07, a 2.88 percent increase from $2,665.25 a year earlier.

“Some experts wager that these numbers represent the maximum peak in a curve that will soon begin its downward slope (as supply continues to increase and demand appears to be tapering off): if true, these would represent the most expensive prices Panama has ever and will ever (at least for a long time) experience,” the report reads. “Others believe that prices have increased due to the draw from Latin Americans who have difficulty entering more northern markets.”

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The Plaza Costa del Este Bailout Plan

In recent Panama Real Estate News, PR Web released the following story:

"On March 2009 International Realty Partners S.A. bailed out A2SN, a Panama Real Estate Developer, from the responsibility of developing the project called The Plaza Costa del Este, located in Costa del Este, Panama City, Republic of Panama. International Realty Partners S.A. along with Rodabi Group (a USA based International Real Estate Sales Group) were the exclusive sales and marketing team for this project.

May 3, 2009 -- On March 2009 International Realty Partners S.A Developer, from the responsibility of developing the project called The Plaza Costa del Este, located in Costa del Este, Panama City, Republic of Panama. International Realty Partners S.A. along with Rodabi Group (a USA based International Real Estate Sales Group) were the exclusive sales and marketing team for this project.

The Plaza Costa del Este Hotel & Residences

The Plaza Costa del Este would be located in Panama's hottest residential district overlooking the Pacific Ocean. Just minutes from downtown Panama and the Tocumen International Airport, residents will enjoy the tranquility and luxury of ultimate living, with access to all of Panama City's finest amenities and the tropical beauty beyond. The project (one of the few mixed-use buildings allowed in this area) will consist of 100 office condos, 153 furnished hotel/condo rooms (of which 50% have already been reserved in the USA) and 19 privately owned residences along with a 2 story Skybar, a pool overlooking the Costa Del Este.

This Hotel Operator is part of Octagon Group, a well known International Hotel Development and Operation Company, which has over 20 years experience in various countries around the world, specialized in High-end Hotels and Resorts (octagoncc.com)."

Read the rest of the story here.

Real Estate Rules for Retiring in Panama

Before you are ready to buy a home and enjoy your retirement in Panama, you should do some research and preparation about the rules for buying real estate in Panama.

One of the first things you should do before you buy is to find a good real estate agent. This agent must be a bonded, licensed member of the Panamanian Association of Real Estate Agents and Promoters. In addition to being licensed and bonded, they should also be a member of the ACOBIR (Panamanian Association of Real Estate Brokers and Developers) or UNACOBIN real estate unions. These associations monitor real estate brokers.

Not only must you use a real estate broker who is licensed and a member of one of the real estate unions, but you must find a good lawyer and establish a relationship with this lawyer. Although you don’t have to be able to speak Spanish to live here, it would be a good idea to learn to speak Spanish since you are intending on living in Panama anyway. Why not learn the language of the country you intend to live in? Not learning a foreign language in a country that speaks that language will always leave you on the outside of that culture, looking in.

As in many places, you must know the rules before you buy. It will be vital to know that in Panama, some real estate titles will prove ownership; others may be actually a long term licence. Once you have brought a property in Panama, you will receive ownership and proof of that ownership is a deed called “Titled Property” or “Propiedad Titulada”. By way of this document, it is the legal proof that you both control the property and possess ownership of the property.

A real estate deal in Panama which involves a “Derechos Posesorios” title, or “Rights of Possession” will result in you not owning what you think you are buying. The “Rights of Possession” deed allows you to use the land in ways that are specified in this deed but you will not actually “own” the land. It will be owned by a national or local government entity.
This is the reason that you should have both a good relationship with a Panamanian lawyer and a few good real estate brokers who are members of the Panamanian Association of Real Estate Agents and Promoters and either the associations of ACOBIR or UNACOBIN. It’s always best to have title insurance which is cheap, no how much you have to pay. As with any deal, it is always a “buyer beware” before you sign on any dotted line. It is best to be safe rather than sorry later.

Benefits of retiring in Panama include the fact that you will not have to pay taxes on income you earn outside of Panama. Also, you will be exempt from paying property taxes for up to 20 years if you purchase your home using the right guidance. This will help you save your retirement dollars by quite a lot.

The government of Panama encourages retirement in Panama by way of a variety of discounts for people retiring in Panama. They have a generous program of discounts, known as the “Pensionado Program” for seniors which include:

• 50% discount for regular ticket prices for entertainment such as movies, theaters, sporting events, etc.
• 50% discount for the price of mid-week hotel stays
• 50% discount for the cost of closing your home mortgage
• 30% discount for public transport costs
• 25% discount for domestic air tickets
• 25% restaurants’ discount
• 20% discount for professional and home repair fees
• 20% discount for Doctor’s care
• 5% discount for hospital bills if you are without medical insurance
• 15% discount for the cost of eye exams and dental fees
• 10% discount for prescription drugs

The reasons for these discounts is to encourage people to retire in Panama and it is always a method for the government to stimulate the economy of Panama by a variety of means. Smart move.

These are some of the basic rules of buying real estate when you want to purchase property and retire in Panama.

Are Panama Property prices going down?

It’s going to take a while for real estate prices in Panama to adjust to declining economic conditions world wide. Although the cost of living in Panama is still cheap if you know where to look for the bargains, in many places, especially in the resort areas and in Panama City, speculators and investors have driven up the prices of and living in Panama.

What follows is an article from Marijulia Pujol on the the possibility of prices for Panama real estate declining.

"Panama was attractive for foreigners because properties were cheap and cost of living was low but no longer. Real estate prices are decreasing for the first time since the boom according to the 2009 Panama Real Estate Report.

This trend is causing a great deal of distress among developers and speculators who are beginning to see their dreams of doubling their money disappear.

The report written by Martin Landau says that the main problem with real estate in Panama is that sellers want to sell high and buyers want to buy low and nobody really knows the right price of the properties.

At the beginning of the boom Panama was an attractive proposition, because real estate was cheap, but with the entrance of speculators and luxury projects the prices went skywards to first world levels.

Landau said that the projects that are suffering the most are the luxurious ones..."

Read the complete article here

Panama Real Estate

Why the sudden interest in Panama Real Estate you may suddenly ask yourself one day. You keep hearing about it in the news and the news is good, not the usual crash and burn stuff you read about other countries elsewhere.

Most people are looking at Panama for investment purposes, cheap property, inexpensive housing and a way of life. It could be the easy climate, a country that is tropical, free of the usual bad weather of other tropical countries, that is, without volcanoes, hurricanes, blizzards, tornadoes, winter storms, earthquakes, etc., ad infinitum.

Other benefits you may have heard of include affordable health care, phones, internet, delicious food, easy immigration, great beaches, and a varied landscape. Mountains, rainforests, sophiscated cities, quiet villages and great beaches. The list goes on and on. More importantly, sometimes the most beautiful countries are totally spoiled by unstable politics and crackpot dictators. Not so with Panama. Politically, Panama is stable and peaceful.

Panama’s economy is also more stable than the rest of the world. The major industries are tourism, real estate and banking. Nice to know. The infrastructure is modern and it is possible here to live tax free.

Electricity is expensive – that is one of the drawbacks. But the crime rate is pretty low. The people are warm and friendly. You will quickly lose your status of being "a stranger".

If you are considering moving to Panama and purchasing some real estate in Panama, you should know, there is a real estate boom in Panama. Housing, whether single family dwellings or condos or communities for retirement, Panama has it all.