OK lets take a case
A married couple (foreigners now resident) buys a condo in Panama City. Less then 200K (lets say)
They are to put it in her name only.
Would they be better in the final deed to put it under joint name ? Under a foundation name ?
Since the 0.5% tax applies only over 120K, then it doesn't mean much in any case.
In Panama even if married you have to go through the process of succession over court if the registered owner passes away. A probate process in fact (homologación / certificación) so the title transmission is duly reflected in the public registry.
Then the only issue really is between the costs of establishing/maintain the foundation compared to the cost of probate at a later date... right ?
Or are we missing something ?
Any one of you here ever dig into that question ?
Thx
A married couple (foreigners now resident) buys a condo in Panama City. Less then 200K (lets say)
They are to put it in her name only.
Would they be better in the final deed to put it under joint name ? Under a foundation name ?
Since the 0.5% tax applies only over 120K, then it doesn't mean much in any case.
In Panama even if married you have to go through the process of succession over court if the registered owner passes away. A probate process in fact (homologación / certificación) so the title transmission is duly reflected in the public registry.
Then the only issue really is between the costs of establishing/maintain the foundation compared to the cost of probate at a later date... right ?
Or are we missing something ?
Any one of you here ever dig into that question ?
Thx
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