Expat Exchange
Free MembershipSign In

List a Property    My Properties    Buying & Renting Advice

Overseas Property Advice

Tips for Buying Propery in Puerto Armuelles, Panama

By ChiriquiDebbie

An expat and real estate associate with Keller Williams Realty Panama offers tremendous insight into the process of buying property in Panama. She focuses on the beach town of Puerto Armuelles, Panama.

Tips-for-Buying-Propery-in-Puerto-Armuelles,-Panama

Popular Areas in Puerto Armuelles, Panama for Expats

Other than the capital of Panama City, the most popular expat areas of Panama start along the "Gold Coast", on the Pacific side of the country, which includes Coronado and Gorgona. Other popular beach locations are Pedasi, Las Lajas, and Puerto Armuelles. On the Caribbean side of the country, the most popular expat area is the archipelago of Bocas del Toro. For folks who enjoy a cooler climate, the mountain towns of Boquete, Volcan, El Valle, and Santa Fe top the list.

Searching for a Property in Puerto Armuelles, Panama

Keller Williams Realty Panama is one of the best countrywide real estate companies in Panama and they are aactive listing on the MLS, called ACOBIR in Panama. Debbie Fishell is an active Keller Williams associate who works primarily in the Chiriqui province . There is a good site on the up and coming area of Puerto Armuelles called visitPuertoArmuelles.com, which has a classified section with some for sale by owner properties.

What Your Budget Will Buy You in Puerto Armuelles, Panama

In the beach town of Puerto Armuelles, previously under the radar, there is a tremendous amount of new infrastructure and business happening and expats are taking notice. Beachfront lots can still be purchased in the $20 - 30,000 range and nice Chiquita plantation homes (2 - 4 bedrooms) are available for $100-150,000. "Local style" homes can be found for $50,000 or less, but usually need to be remodeled to bring them up to north American standards. These are homes within 2 - 3 blocks of the sandy beaches, where there is fishing, surf, and swimming.

Before You Buy a Property in Puerto Armuelles, Panama

When purchasing property anywhere in Panama, it is best to use a knowledgeable real estate company and/or attorney to walk you through the process. If you work with an expat in Panama, make sure they are working here legally! Ask to see their work permit. If you work with an illegal (even if they are from your hometown!), you will have no recourse if something goes wrong.

Also, understand the difference between the two types of property ownership in Panama, TITLED and R.O.P. (Right of Possession).

Legal Assistance

It is always advisable & necessary to use a competent real estate attorney in Panama. There are not really escrow companies here and lawyers are the only ones who can do a thorough background check on a property and/or corporation for you.

In Panama City, I recommend Mayra Lamboglia de Ruzzi

In Chiriqui I use Anita Fidelina

Costs Involved in Buying a Property

Attorney fees to handle a real estate transaction are usually around $400 and are split between buyer and seller, if only one attorney is used. The seller pays 5% for real estate transfer fees and taxes. Filing fees are generally around $200, including notary services. If the buyer or seller does not speak/read Spanish fluently (all legal documents in Panama are in Spanish), then a translation can cost between $25 and $200, depending on whether it is a spoken or written translation.

Foreign Property Ownership

Foreigners have the same property rights as Panamanians, with one exception. Foreigners are not allowed to own property in their own name within 10 kilometers of the border of Costa Rica. Of course, there are still legal ways to have your dream beach house! ROP properties are not included in this rule, since they are not technically "owned" and Titled properties can be held in a Panamanian Corporation or Foundation that is set up properly for this. Another reason to hire a competent attorney.

5 Best Places to Buy Real Estate in Puerto Armuelles, Panama

The 5 best places to buy property in Panama include: 1. San Carlos and the other beaches along the Gold Coast heading west, which are not yet as developed as Coronado so they are more affordable. Property that is 30 minutes or more past the popular Coronado Beach are just as beautiful and will be about 1/3 to 1/2 the price for a similar condo or home. 2. Chame is another up and coming beach are where there are new developments starting to pop up. A new beachfront home is in the $200,000 range and condos run about $150,000 with an ocean view. 3. Santa Fe is in the mountains above the large central city of Santiago, with all amenities. The climate is cooler and more rural. Small farms and modern homes can be purchased for about $150,000. A new road being constructed from the Pacific to Caribbean coasts of Panama will bring growth to the area! 4. Volcan is another cool mountain town that many people describe as "Boquete 10 years ago". Homes in Volcan are 1/2 to 1/2 the cost that you will find in the Most popular mountain town of Boquete. The town has a rural feel and more expats are moving here, bringing better restaurants, activities, and interest to the area. A cute little home can be purchased for about $100,000 or less. 5. Puerto Armuelles is the last undiscovered beach area on the Pacific Coast of Panama. Once the site of a booming banana industry (in the 30's -90's), the town is just starting to experience a resurgence and tremendous growth is already being seen in the new infrastructural projects around town. Investment-wise, there are ground floor opportunities here and room for new businesses to profit. Beachfront lots and "Pananian-style" property can still be found for under $50,000!

Moving to Panama Soon?

AGS Worldwide Movers can move you to and from anywhere in the world. Presently the AGS Group has over 141 locations in more than 95 countries and has one of the largest networks in the international removals industry. We relocate 85,000 families every year. Free moving quote!

Moving to Panama Soon?

AGS Worldwide Movers can move you to and from anywhere in the world. Presently the AGS Group has over 141 locations in more than 95 countries and has one of the largest networks in the international removals industry. We relocate 85,000 families every year. Free moving quote!

Steps in Buying Property in Puerto Armuelles, Panama

Basic Procedure for Purchasing Titled Real Estate in Panama

NOTE: All legal documents in Panama must be in Spanish. Your attorney should be able to provide an English translation for you. If you have a document in English, it will have to be translated to Spanish to be valid in a Panamanian court or for any legal purposes.

After you have found a property you like and negotiated the price and terms of the sale with the seller, here are the basic steps of the purchase:

• Step 1: Confirm the title. Prospective buyers should always have an attorney confirm title first. Request two original documents from the current owner – the Escritura, or deed, with a description of the property and the legal owner listed and the Certificado de Registro Público from the Public Registry, which will show any liens or encumbrances on the property. If these documents are not available, ask the seller for a property finca number (property identification number). With this information, your lawyer will be able to search for the title at the Public Registry.

• Step 2: Enter into a Promise to Buy-Sell Agreement. Once you have verified title, the next step is to sign a Compraventa, Promise to Buy-Sell Agreement. The buyer will place an earnest deposit, usually about 10% of the purchase price, and set a date for the transfer of title. During this time, you will arrange any financing needed and perform your due diligence. Make sure you add any contingencies that need to be addressed in this document and release you from your obligation to buy if they are not resolved. Unless it is spelled out specifically in advance, there is a penalty if either party backs out. You will also need a survey map. Hiring a surveyor is usually about $200-400, depending on the size of the property.

• Step 3: Transfer the title. Once the Promise to Buy-Sell Agreement is completed, your lawyer will draft the final purchase and sale contract and the new deed. All parties will then need to go to a notary public to sign the deed. Your attorney will file the deed at the Public Registry to be formally registered. When registration is complete, usually in a few weeks, you will be given a new Escritura and a copy is filed with the Catastro (tax office).

• Step 4: Transfer the funds. The safest way to pay the balance of the purchase price is by placing the funds in a local Panamanian bank and issuing an irrevocable letter of payment. Your lawyer will assist you in obtaining this document. When the bank is presented with the new Escritura, transferring ownership to the buyer, it will release the funds to the seller.

Allianz Care International Health InsuranceInternational Health Insurance

Get a quote for health insurance from our partner, Allianz Care.
Get a Quote

Allianz Care International Health InsuranceInternational Health Insurance

Get a quote for health insurance from our partner, Allianz Care.
Get a Quote


 

Puerto Armuelles, PanamaGuide to Living in Puerto Armuelles, Panama
Puerto Armuelles, Panama: Cost of Living, Healthcare and What to Know About Living in Puerto Armuelles

Panama Forum Panama Forum
Join our Panama forum to meet other people living in Puerto Armuelles, Panama.

Contribute to Panama Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Puerto Armuelles.

Healthcare in PanamaHealthcare in Panama

Expats have differing opinions about healthcare in Panama. Many advice against public hospitals and healthcare, but some recount good experiences. This article covers public vs private healthcare, cost of healthcare, obtaining prescription medications and much more.

Allianz Care International Health InsuranceInternational Health Insurance

Get a quote for health insurance from our partner, Allianz Care.
Get a Quote

Allianz Care International Health InsuranceInternational Health Insurance

Get a quote for health insurance from our partner, Allianz Care.
Get a Quote

Healthcare-in-PanamaHealthcare in Panama

Expats have differing opinions about healthcare in Panama. Many advice against public hospitals and healthcare, but some recount good experiences. This article covers public vs private healthcare, cost of healthcare, obtaining prescription medications and much more.

Cost-of-Living-in-Panama-City,-PanamaCost of Living in Panama City, Panama

Should you move to Panama City for a lower cost of living? The answer may surprise you.

Best-Places-to-Live-in-Panama-City,-PanamaBest Places to Live in Panama City, Panama

Learn which neighborhoods rank as the best places to live in Panama City according to expats. Plus, learn which two neighborhoods may not fit the bill despite one of them being one of the most popular tourist destinations in Panama City.

International-Schools-in-Panama-CityInternational Schools in Panama City

If you're moving to Panama City with school-aged children, living near your children's school will make life easier. There are schools in central Panama City, Clayton and elsewhere. Below you'll find information about the most popular schools for expats in Panama City.

Allianz Care International Health InsuranceInternational Health Insurance

Get a quote for health insurance from our partner, Allianz Care.
Get a Quote

Allianz Care International Health InsuranceInternational Health Insurance

Get a quote for health insurance from our partner, Allianz Care.
Get a Quote

Panama GuidePanama Guide
Learn what members have to say about living in Panama.

Panama Forum Panama Forum
Talk with other digital nomads and expats in Panama on our Panama forum - meet people, get advice and help others.

Panama Index Panama Index
An index of all of our site's Panama information.

Contribute to Panama Network Contribute
Help others in Panama by answering questions about the challenges and adventures of living in Panama.

Expat Healthcare Advice in PanamaHealthcare & Health Insurance in Panama

Expats in Panama offer advice about healthcare, hospital visits, emergency rooms visits, finding a doctor and buying health insurance in Panama.

Expat Talk about Healthcare Advice in PanamaMembers Talk about Healthcare & Health Insurance in Panama

Expats in Panama offer advice about healthcare in Panama.

Best Places to Live in Panama Best Places to Live in Panama

Panama is a great place to live or retire with easy residency laws, warm people and lots of expats. Whether you want to live by the beach in Bocas del Toro or need to live in Panama City for work and schools, there are many places to explore.

Real Estate in PanamaReal Estate in Panama

Real estate listings in popular cities and towns in Panama.

Guide to Real Estate in PanamaGuide to Real Estate in Panama

Advice for people renting and buying real estate in Panama.

Pros Cons of Living in PanamaPros & Cons of Living in Panama

Take off your rose-colored glasses and learn what digital nomads & expats have to say about the biggest challenges and the greatest rewards of living in Panama.

Cost of Living in PanamaCost of Living in Panama

Expats in Panama enjoy a relatively low cost of living. However, it's important to do your research to make sure you'll actually enjoy those saving while creating a high quality of life as an expat in Panama.

Cost-of-Living-in-PanamaCost of Living in Panama

Expats in Panama enjoy a relatively low cost of living. However, it's important to do your research to make sure you'll actually enjoy those saving while creating a high quality of life as an expat in Panama.

Tips-for-Expats-in-PanamaTips for Expats in Panama

Expats in Panama face unique challenges in managing their finances while living there, and that always starts with settling on the right expat financial services. Here are some basic tips from expats.living in Panama - their insights are based on their actual experiences managing their finances while living there.

International-Schools-in-PanamaInternational Schools in Panama

Expats with children who explore the possibility of moving to Panama first and foremost want to know what educational options are available there. Here is a great start on exploring the options in Panama City... and beyond.

Pros-and-Cons-of-Living-in-PanamaPros and Cons of Living in Panama

Expats in Panama talks about the pros and cons of living in Panama. Topics include the lower cost of living, bureaucracy, friendly people. Expats in Panama seem to agree that you'll have to come down and explore the country to find out if it's the right place for you!

Copyright 1997-2022 Burlingame Interactive, Inc.

Privacy Policy Legal