Every country has good and bad and certainly Panama is no exception. It has many good things but it also has bad and ugly.
I don't want to burst anyone's balloon especially for those that think they have found the ultimate paradise and insist in looking the other way.
But I have found this website that has information for the Panama investor on both the good and bad in Panama and translates the articles published in the local Panamanian press. It has articles on areas I touched recently on a comment to Panamaislandgirl relating to health, condos glut, dirty bay, dollar devaluation and Panama caving to OECD.
The website address is :
http://primapanama.blogs.com/_panama_residential_devel/2010/12/good-bad-and-ugly-for-2010.html
Copy and paste in your browser address window.
If you select the various links on all these subjects and others you may realize that not all is paradise and there are many things you need to be aware to make an educated decision based on reality at present and future.
Besides the areas I touched in before, there are other interesting topics that should be visited in the areas of rule of law, new US banking agreement, corruption score, Property purchase fraud and use of toxic pesticides.
I believe that the property sale fraud is a big one to look at for those buying property there because its directly linked to the corruption and bribes that starts at the notary and is linked all the way to the registry. I personally met someone who bought a property with all legal requirements, notarized and registered to have someone come and claim the property while he was to start building.
He is still in court and has been for two years and is giving up because he feels the judge has been bribed and the claimant is well connected in the Panamanian society where friendship and who you know is well and alive. So be careful and click on the link that talks about what you can do when screwed by a developer.
Hopefully this will help the future expats do their homework and go slow with as much protection you can get. Remember you are dealing in a foreign country with different laws and you are all alone against a well stablished system.
Good luck to all! One warning some of the links do not open.
I don't want to burst anyone's balloon especially for those that think they have found the ultimate paradise and insist in looking the other way.
But I have found this website that has information for the Panama investor on both the good and bad in Panama and translates the articles published in the local Panamanian press. It has articles on areas I touched recently on a comment to Panamaislandgirl relating to health, condos glut, dirty bay, dollar devaluation and Panama caving to OECD.
The website address is :
http://primapanama.blogs.com/_panama_residential_devel/2010/12/good-bad-and-ugly-for-2010.html
Copy and paste in your browser address window.
If you select the various links on all these subjects and others you may realize that not all is paradise and there are many things you need to be aware to make an educated decision based on reality at present and future.
Besides the areas I touched in before, there are other interesting topics that should be visited in the areas of rule of law, new US banking agreement, corruption score, Property purchase fraud and use of toxic pesticides.
I believe that the property sale fraud is a big one to look at for those buying property there because its directly linked to the corruption and bribes that starts at the notary and is linked all the way to the registry. I personally met someone who bought a property with all legal requirements, notarized and registered to have someone come and claim the property while he was to start building.
He is still in court and has been for two years and is giving up because he feels the judge has been bribed and the claimant is well connected in the Panamanian society where friendship and who you know is well and alive. So be careful and click on the link that talks about what you can do when screwed by a developer.
Hopefully this will help the future expats do their homework and go slow with as much protection you can get. Remember you are dealing in a foreign country with different laws and you are all alone against a well stablished system.
Good luck to all! One warning some of the links do not open.
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