Ralph Smith of FedSmith.com penned an article this week entitled “Are you Part of the Retirement Tsunami? Where Will You Retire?”. Smith points out that many U.S. retirees will be unable to afford the lifestyle that they had once envisioned. Many retirees are looking outside of the U.S., particularly to Panama, for a variety of reasons, including:- Mild weather
- Low taxes (no property taxes for 20 years)
- Affordable cost of living
- Affordable medical costs at world-renown hospitals like Johns Hopkins
- Affordable property
- Discounts on a variety of different goods and services
- English is widely spoken
Many have questioned the standard of living in Panama. The costs of living are lower and the country moves at a slower pace than that of the United States. Foreigners looking to retire or relocate to Panama should spend a few weeks in Panama before committing to living and should employ an attorney prior to property transactions. Interested in investment opportunities or land in Panama? Visit Panama-Land-for-Sale.com to see property listings and real estate for sale in Panama City and outer-lying areas. Click here for more information.
A new article by an owner with Panama Real Estate Sol Realty published an article this week, claiming that “Buying Real Estate in Panama Is a Smart Decision”.Advantages like international trade and financial growth are cited as having made Panama an international real estate destination. The Top 5 List for Investment in Panama – as determined by Panama Real Estate Sol Realty:1.) Current Low Real Estate Prices.2.) Low Cost-of-Living.3.) Familiar Language – English & Spanish are prominent.4.) Great Benefits for Retirees.5.) Favorable Climate.Interested in moving or retiring to Panama? Visit Panama-Land-for-Sale.com to view properties and land for sale in Panama City, Panama and near Portobelo! Click here for more information on businesses and properties for sale in Panama.
Last weekend, U.S. President Barrack Obama, Panamanian President, Martin Torrijos, and Colombian President, Alvaro Uribe, attended the Summit of the Americas in Trinidad and Tobago. Among the topics at the summit were free trade deals with Panama and Colombia. Currently, free-trade deals (FTAs) between the countries have been stalled in Congress. The U.S. Trade Representative, Ron Kirk, a former Dallas mayor, has stated that the U.S. is “working in good faith” to finalize these deals, and claimed that the weekend was “a very productive summit for the U.S.”. The summit also addressed NAFTA, the North American Free Trade Agreement, as Obama has blamed loss of jobs on the current NAFTA agreement between the U.S., Canada and Mexico. The U.S. is “seeking opportunities to strengthen” its trade relationships with other countries, including long-term Free Trade Agreements with both Panama and Colombia.The proposed FTA with Panama is of particular importance, as the Panamanian presidential election will take place in May. Trade Rep Kirk claims that the election “may provide a window to move more forcefully”. Panamanian officials want the FTA approved before the new president comes into office.A delegate from Panama will visit Washington D.C. this week to resolve disputes over the US-Panama trade deal. Among the issues to be addressed are labor laws and tax laws. The U.S. will address concerns including internationally recognized worker rights and discussions about Panama as a tax haven. An FTA with the U.S. would further enhance the growth and development in Panama. Interested in investing, moving to, or retiring in Panama? Visit Panama-Land-for-Sale.com for more information about our properties, land, condos, and businesses for sale in Panama, Boquete, and Portobelo. Click here for more information.
The New York Times recently reported about the advantageous pricing in Panama…A One-bedroom, deluxe apartment in Casco Viejo – the Old Town section that is also a UNESCO World Heritage site – offers fully renovated condos with historic features as low as $450,000. Beachfront houses can go for less than $1 million, and “comfortable” apartments range from $175,000 to $400,000. Panamanian prices have softened somewhat, but have not crumbled like in other international cities. Panamanian banks will typically lend to foreign buyers putting at least 30% down. The area has become popular with retirees and foreign buyers from Europe, Canada, Colombia, Venezuela and Latin America. Buying real estate is easy in Panama, as costs are only legal fees from $1,500 to $2,000, a transfer tax of 2% of the purchase price and real estate commissions of about 5%. Sellers pay capital gains taxes of 10% of profits on the property. Many set up corporations to buy property, as it only costs about $1,000 and corporations have better tax advantages for the selling of property. There are generally about $115 a month in fees for condo fees, and no property taxes until 2035 because of government encouragement for growth and development. Interested in property in Panama? Visit Panama-Land-for-Sale.com to see properties and businesses for sale in Panama City and outlying areas. Click here for more information about moving or retiring to Panama….
Ivanka Trump was interviewed this week, calling Panama the “Hottest Market” in the world. Ivanka, the executive vice-president of development and acquisitions at U.S.-based Trump Organization is helping to spearhead a new project on Isla Saboga.
In her interview with the Latin Business Chronicle, Trump had the following to say about Panama:- “ I have projects all over the world [and] have a unique sense of the global real estate climate and submarkets…with great conviction, [I can say that] Panama is one of the strongest, if not the strongest, real estate market. Our biggest problem is not having enough inventory. We only have a small percent of the building left”.
- “Given the global downturn, the fact that sales remain so robust is a testament to the product, the brand and Panama”.
- “It’s got a great government that really supports developers…I’m impressed with their forward thinking in bringing in new potential residents. I’m in New York and see an ‘escape to Panama’…I never saw that five years ago”.
- “Some of the tax incentives are incredibly luring to international [investors], especially as we in America are being taxed to the hilt”.
- “Panama is an exceptionally diverse and beautiful country, with an urban and well-established city in addition to gorgeous resort-type destinations.”
- “Panama is attracting [a] lot of baby boomers priced out of South Florida”.
- “We’ll be in Panama for many years after the Trump Ocean Club is ready.”
She claims that most of the buyers of Panamanian property are American, Canadian and Latin American. Interested in buying property or businesses in Panama? Visit panama-land-for-sale.com to see our Panamanian listings in and outside of Panama City! Use panama-land-for-sale.com as a resource for relocating or retiring to Panama!
The UK’s First Post ran an article recently about the advantages of Panamanian banking in a Post-Madoff age. Panama is one of the best international banking solutions because it allows for secure stashing of money in some of the safest banks in the world. There is a history of drug dealers and crooks using Panama to launder money, but the unsavory activity has since been cleaned up. Lately, due to the growth in Panama, Venezuelans and Colombians are flocking to Panamanian banks rather than U.S. banks due to the Patriot Act putting limitations on foreign citizens.Panama adopted Swiss banking laws in the 1970s in addition to the corporate laws of Delaware, the “friendliest business” state. There are over 80 registered banks in Panama that have grown from traffic and trade along the Panama Canal. There is little government regulation, but heavy supervision by owners that have applied stringent lending standards.Are you looking for land in Panama? Check out our land deals in Panama at panama-land-for-sale.com! Buy land in Panama--Our site is a resource for learning about retiring or moving to Panama!
ThinkPanama.com has reported that amid global recession and financial plague, Panama will persevere….Currently, Panama’s economy has not really been affected by the global recession. However, with more condos to be released onto the market, there will be a number of ‘distressed sellers’ in 2009. However, the site also claims that there will be another wave of buyers coming to Panama. Many expect young, international buyers as well as companies that will be coming to Panama to set up global operations. Many will be drawn to the nature and the tropical weather, others will be drawn to he fact that Panama City is an international city that is one of the most globalized countries in Latin America since the Panama Canal expansion. 2009 is expected to deliver 3-4% in economic growth…..Come experience real estate in Panama!!! Visit our site at panama-land-for-sale.com in order to view the properties we have for sale!! Use our site as a resource for information about retiring or moving to Panama!!
Homewatch CareGivers recently announced that they have plans to open a new, international office in Panama.Homewatch CareGivers is “one of the largest and most experienced international franchise providers of full-service, in-home care for people of all ages”. The new Panama City, Panama location is the sixth country of expansion by Homewatch CareGivers.The President of Homewatch CareGivers, Leann Reynolds, stated:“The caregiving issues facing families, the elderly and women with children and aging parents are universal. Panamanians face the same struggles and stresses their contemporaries experience worldwide. Helping families and providing the highest quality of companion, personal and comprehensive in-home care services is our mission.”Homewatch was founded in 1980 and has provided home care for seniors, children, veterans, and the chronically ill for over twenty-five years. The company has a network of 165 territories and over 100 franchise owners.This is more positive information for those that are looking to retire in Panama. Panama is a great area for retirees. Economically, Panama allows retirees more for their dollar. Visit our site at www.panama-land-for-sale.com to see our economical land deals.
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