About Businesspanama

Currently Lives:

Panama, Panama, Panama

Citizen Of:

Panama

Dual Citizen Of:

Panama

HR/Relo
Professional:

Provider of Expat-Related Services & Products

Some Forum Posts:

Panama: Setting up a corporation in Panama:

FOREIGN BUSINESS IS A MOST IN PANAMANIAN INTERNAL ECONOMY Currently, the major trend is to welcome foreigners as retired residents or as major investors. This is the reason why the law in Panama has a lot of advantages for foreigners who select this destination to develop their business. For example, almost every important resort in the country, including Beach Area, is owned by or was conceived by a foreign entity, some in a joint venture with Panamanian companies. The country officially welcomes those from abroad. Indeed, legislation and policy make it possible, though not automatic to achieve the desired status. Do you want business in Panama? Contact me: http://www.businesspanama.net/ Elias Arosemena Mov +1 507.65036928 Phone +1 507.259.1766 elias.arosemena@lawyer.com - elias.arosemena@yahoo.com

Panama: Financing of Property:

OWNING A PROPERTY IN PANAMA Any foreigner can own a property in Panama, under the same laws as if you were a Panamanian citizen. You can do it under your personal name, or under an established corporation or foundation. For financing of the property, we use the same banking procedures as in the States, since we have the dollar as currency, you will get the same financing rates as you would in the United States. We will guide though all the process of acquiring the mortgage, from the time you buy until we deliver the property, the good news you may start do it even you still abroad. Do you want properties in Panama? Contact me: http://www.businesspanama.net/ Elias Arosemena Mov +1 507.65036928 Phone +1 507.259.1766 elias.arosemena@lawyer.com - elias.arosemena@yahoo.com

Panama: Residency requirements:

BUYING A PROPERTY Once both parties have agreed on the price and conditions, a binding Promise of Sale is prepared by an attorney and authenticated on front Public Notary of the Republic of Panama. This document will be signed by both parties and will have description of some items such as: property description and identification number, final price, terms of payment and term to sign the final SALE CONTRACT. It is common that at the time of signing the PROMISE OF SALE both parties agree the transfer or checking of a down payment. For used properties we don't advise the buyer to pay a large percentage of the price of sale at this time. In Panama is very safe to buy presale new developments. LEGAL STRUCTURE PROTECTS FOREIGN INVESTMENT Several Legal dispositions protect and provide incentive for foreign investment in Panama. To mention one, Law 132 of 2005 was approved to simplify the process of buying property in islands and to provide an incentive for tourism industry investment. This law also extends the period of time that concessions on this type of property are granted. SOME TIPS BUYING POSSESSION RIGHTS Many foreigners ask if there are legal restrictions for them on owning property in Panama. Foreigners can own titled property in Panama. In Panama “possession rights” are recognized by law, however these rights are reserved for Panamanian citizens. Nevertheless if you, as a foreigner, are interested in purchasing property that is under rights of possession, these rights should be hold in the name of a Panamanian Corporation “Sociedad Anonima” and you can be the shareholder. Do you want retierment to Panama? Contact me: http://www.businesspanama.net/ Elias Arosemena Mov +1 507.65036928 Phone +1 507.259.1766 elias.arosemena@lawyer.com - elias.arosemena@yahoo.com

Date Joined:

12/7/2010

Total Posts:

25

Posts/Day:

0.01