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
Showing posts with label retirement in Panama. Show all posts
Showing posts with label retirement in Panama. Show all posts
Friday, October 16, 2009
Friday, June 12, 2009
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:
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.
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.
Subscribe to:
Posts (Atom)