Panama Forum

Chris7
Joined 2016
Posts: 1

7 years ago

Flat owners wanted for cooperation

7 years ago

Dear Panama residents and expats,

I am very new to this forum, but would like to make you aware of a mutual beneficial opportunity which came to my mind. Please write me if you find it interesting. This applies to any home owners, renters and real estate agents

I am a young German entrepreneur in the process of getting Permanent Residence in Panama. While I like Panama a lot and know it from previous stays, I can’t imagine settle down at the current stage of my life anywhere in the world. I need and want to travel a lot for work and pleasure the next years. Panama residence laws allow me to have a tax-favourable residence without spending much time there.

Due to the nature of my business, I am in dire need of utility bills for verification purposes. Currently, I have no residence at all, which gets a bit challenging. I thus want to have a full-year adress in Panama, even if it is not needed at all for Permanent Residence.

So I basically just need to rent a little, cheap apartment for all year which I would do anyway. Even better it would be for me, if I can keep costs low or even make profit of it.

Thus I am thinking to rent an apartment on my name and pay full utilities for it. Then we have 3 options if you are the owner.

1. You sublet the place for me, but I will pay full utilities. We would meet an agreement to forward any mail arriving (this would be very little).

2. I pay full rent and utilities and am allowed to sublet the place myself and/or use it as vacation rental. I would also stay there myself when wanted.

3. My preferred solution: we will cooperate to make the flat occupied most time. I will pay full rent and utilites. You and I look for renters. You or a reliable person manages/cleans the property. After covering full rent and utilites, we will share the rental income 50/50. I will pay full costs when not renting out. I will be there any time I choose as well (then paying, of course, myself).

Basically, this will work with any kind of property you want to rent out. Even if you want to sell and consider renting out in the meantime, we could speak about it. You have to know, that I have a large travel/emigration-website in the German market and also offer residence programm in Panama myself, so there is a good chance for a steady influx of clients paying premium prices.

For my purposes, a cost-efficient 1-room studio apartment would be fully sufficient. Further amenities (like swimming pool,…) or bigger homes I would consider, if the rental costs mirror the opportunities for renting it out as a vacation rental.

My number 1 location would be Bocas del Toro, followed by Boquete and the Pacific Beach towns. We can also speak about Panama City. I just want a place attractive enough to spend time there myself, so with a fair selection of bars, restaurants and decent internet. I like small towns, even if they are touristy. Important would be a pleasant location easily reachable by public transport and in walk distance to markets, restaurants, ...-.I know Bocas and Boquete, while I would need a look at the Pacific beaches first probably.

From the timeline, I would start as quickly as possible for you. Next time I come to Panama will be for 2 weeks after Christmas. If we can arrange rental and utilities for me already for the December month, this would accelerate some things for me in January. I basically would pay full rent/utilities that december month without being there (maybe let the lights on all time to have a utility bill). If my personal attendance is needed, we would start in January.

I am happy to discuss this with everyone. I speak decent Spanish, so you may forward it to only Spanish-speakers as well. Naturally, I would do a background check of you and you are welcome to do one with me.

This is a legal opportunity (my Panamanian lawyer confirmed this) and would help me with my lifestyle a lot, while it may benefit you with finding a reliable long-term renter and/or make money in cooperation with me. So please just write me, we can arrange a call then.

Regards,
Christoph

Kovalenko & Vera Attorneys at Law in Panama

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