When you are buying a vehicle in Panama you must be very careful to ensure that the seller is not a pensionado as they have probably bought the vehicle tax exempt due to the fact they are a properly registerd pensionado.
If you,the purchaser are not a pensionado the vehicle must be appraised by Panamanian Customs.The best and simpliest way to handle this is to hire a licenced Panamanian Customs broker who then has to have the vehicle appraised by Panamanian Customs,they fix a value to the vehicle then your broker will inform you of how much tax is now due and either the seller or the buyer must pay the tax before the title can be officially transferred to the buyers name.This process does not happen over night and in a good case will take at least a month to complete.Dont get caught in this mess as if you buy the vehicle before this is done and take possession you can not transfer the title.I know of one individual who has been trying for one year and still does not have title.
Be careful out there people
If you,the purchaser are not a pensionado the vehicle must be appraised by Panamanian Customs.The best and simpliest way to handle this is to hire a licenced Panamanian Customs broker who then has to have the vehicle appraised by Panamanian Customs,they fix a value to the vehicle then your broker will inform you of how much tax is now due and either the seller or the buyer must pay the tax before the title can be officially transferred to the buyers name.This process does not happen over night and in a good case will take at least a month to complete.Dont get caught in this mess as if you buy the vehicle before this is done and take possession you can not transfer the title.I know of one individual who has been trying for one year and still does not have title.
Be careful out there people
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