Panama Development Offers 5 Reasons to Buy Real Estate

It has been predicted by economist Nicolas Ardito Barletta that while Panama’s growth is down slightly this year, falling from 8% to 5%, it is expected to see further growth as the Canal expansion continues.

Panama continues to experience a business and tourism boom that caters to an international tourism and business community. ShelterOffShore.com has given “5 Good Reasons to Buy Property in Panama”. Describing the 5 Reasons as “sound and solid reasons why property in this stunning Central American nation is a good bet for long-term investors, holiday home seekers or even retirees”.

Here are the 5 Reasons -

1) Tourism is Increasing in Panama.
An economical destination that received a 12% increase each year since 04. The country continues to spend to promote tourism.

2) Desirability of Panama and its Property Product.
Because Panama is both a beach city and a metropolis, there are many aspects that are desirable to different kinds of people.

3) Property in Panama Can be Competitively Priced.
There is significant development and current property on the market. Asking prices are across the board and bargains are to be had.

4) Long-term Potential for Profit.
Due to the Panama Canal expansion, local government and businesses are stable. Long-term rewards can be achieved.

5) Lifestyle
The cost of living is much cheaper in Panama than in the U.S. or Europe, allowing a better quality of life.

Click here for the entire article.

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Advantages of Panama Real Estate - Banking

The site LoopHoling.com published an article this week about banking in Panama. As a summary, the site explains the following points of banking in Panama.

• There are 150 banks in Panama.
• The types of banking that exist are:
• Banks that can only do business with entities not in Panama
• Banks that can only do business with entities in Panama
• Banks that can do business with those offshore as well as within Panama
• Savings and Loans institutions which invest 70% of long term deposits in Panama real estate

For those not living in Panama, obtaining a Panamanian bank account can be difficult. However for those that own or rent a home in Panama, the process is easier.

Banks will need cell phone number, regular house phone number, mailing address, reason for being in Panama (i.e., retired, moved), bank reference from home country accounting for your banking history and standing, local references, passport and driver’s license, explanation of your source of funds in Panama, and a reference from a lawyer or accountant from your home country.

Checks from the USA take 3-4 weeks to clear and Panamanian checks can only be written within the country. Panama’s stringent bank secrecy laws allow only national governments holding a criminal case on file in the court system is able to collect from Panamanian accounts (the Mutual legal Assistance Treaty), but it is still a timely process. There is no other accepted party that is able to take money from a Panamanian account holder. Read this interesting article in its entirety here.

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