Q: Is it safe for foreigners to buy property in Panama'
A: Without a doubt. The Panamanian economy is setup to encourage foreign investments. There are over a dozen laws in Panama established specifically for protecting foreign investments, not to mention that private property in Panama is protected by the constitution of the Republic of Panama. We handle real estate transactions for foreigners on a daily basis. At Ocean Legacy we keep everything ¨in house¨ensuring our clients are taken care of with speed and efficiency.
Q: Is it legal for foreigners to buy property in Panama'
A: Absolutely, it is legal for foreigners to own titled property in Panama in their personal names, although we normally recommend that clients hold all property in the name of a Panamanian corporation for asset protection and tax reasons. Ocean Legacy will setup the corporation for each individual client.
Q: Is it easy to travel to Panama'
A: Yes it is very easy. Currently several major airlines run flights into Panama City (Continental, American, Delta, Copa). There are also direct flights available from every major city in Central and South America.
Q: What type of communication services are available in Panama'
A: Panama offers the same quality services found in Europe, Canada, and the United States. Cable & Wireless offers service all over Panama. They offer high speed Internet, cellular phone service, and ADSL in-home phone/Internet capability. Direct TV provides satellite television service all over Panama. Communicating with friends and family is extremely easy in Panama.
Q: What about Health Care'
A: There are many health care facilities located throughout Panama, with the best being in Panama City. Hospital Punta Pacifica in Panama City is now affiliated with Johns Hopkins and provides excellent medical care.
Q: Is it affordable'
A: Panama offers all the major comforts of the United States but at a fraction of the price. For example, a full time house maid can be obtained for as little as $150 a month. Quality medical care is 30% to 40% cheaper than in the United States. The Panama Canal allows for massive amounts of goods to flow through Panama therefore there is an abundance of retail goods at discounted prices. Panamanian Law gives all retirees discounts of 15% to 50% on hotel fares, food at restaurants, airfare, movies and many other professional services.
Q: How do I open a personal bank account in Panama'
A: -Two bank reference letters. If you are having difficulty obtaining 2 then a letter from a lawyer or investment bank will be adequate.
-A signed bank contract. These documents will be put together by the bank and lawyers.
-Photocopies of valid Passport. All pages of the passport must be photocopied and submitted for all those who will be signing the documents.
-Initial deposit must be made. Most banks require a minimum deposit of $500(USD). This deposit can be made by certified check or wire transfer
Q: The land I want is not titled. Is it a huge risk to buy untitled land'
A: No it is not a risk as long as you follow the due diligence process. All those horror stories you hear about untitled land is because the buyer did not follow through with the property due diligence. At Ocean Legacy we have the property resurveyed, conduct extensive due diligence, and offer a 100% guarantee on every property we sell. Ocean Legacy and our legal team will assist in the process of obtaining titling thru the government organizations.