subject: Why Buying Real Estate in Panama is Easier by:Anupam Biswas [print this page] Panama, a small country situated in the Southern most part of the Central America has become one of the hot spots while you are considering real estate business. Proximity to the United States, rich heritage, unchartered landscapes and virgin beaches made Panama one of the favorite tourist destinations. Each year, millions of tourists across the world flock to this country to get a glimpse of its beauty and the number is increasing daily. Thus, Panama desperately needs many hotels, casinos, resorts and clubs.
According to a study by the International Monetary Fund (IMF), Panama will become the fastest growing economy in the Central American countries in 2009. Consequently, more office spaces and accommodation for the new employees will also be required.
Buying real estate in Panama is easier. First of all, the cost of all the things like site, building materials, labor charge are almost half the price that you can expect in the US. Unlike in other countries, buying real estate in Panama by the foreigners is defended by constitutional rights.
The most difficult task for a foreigner to buy real estate in any country is, by far, the actual information about the land. The government of Panama maintains a detailed record system of all its land. You will find the lands are divided into two categories - either the land will be titled property (that has a definite owner) and lands under government possession. As a foreigner, you need to remember that buying real estate in most of the islands or within 10 kilometers from the borders is forbidden by law. This rule is stated in the Panama law, article number 121. As a foreigner, your rights are always maintained in Panama, a separate article (Article 54) is mentioned in the government's rule.
Panama is not overburdened by the real estate developers like other Latin America countries (Brazil, Argentina). Therefore, one can expect less competition in every field - land, construction and labor. Moreover, the government agencies like environmental enforcement agency (ANAM), department of tourism (IPAT), public works department (MOP), fire department (Bomberos) will always help you to get the best deal of real estate that suits your need out of the thousands available offer.
Panama is having a strong political atmosphere. People fear buying real estate in a country where there is unstable government. You can easily take your decision to buy a suitable real estate in Panama.
You will be better poised if you want to buy real estate in Panama and paying is cash. There will be less paper works; real estate developers love the idea. Your transaction will be faster as there will be less formality.
Another important thing is getting loan. Government and private sector banks are always ready if you want to buy real estate in Panama. Only thing you should remember that you should have all the required papers.
Panama has the largest free trade zone of the western hemisphere - the Coln Free Trade Zone. It is very easy to establish your own company after acquiring the property.
There are several authentic websites offering much information regarding real estate in Panama. You will get detailed information according to location, type of the real estate, approximate price, risk involved and many more. You can take help of them.
