Today’s Financial News posted an article entitled “Three Top Real Estate Profit Plays for 2009….Among the picks? Panama, of course!Ronan McMahon, a self-proclaimed active real estate investor that contributes to the International Living newsletter, looks for international real estate opportunities around the globe. According to McMahon, amid the worldwide global recession, there are still real estate deals to be had. McMahon lists Fortaleza, Brazil at the #1 post, Panama City, Panama at #2 and Costa Rica’s Southern Zone as #3 for making money off of your real estate investment. The Make Money Pick #2, Panama, has been on the radar for the past few years, but as the housing market has fallen, Panama remains fairly solid.Demand for apartment rentals in Panama is up with some rentals going for up to $500 per night. McMahon claims that “well-managed and presented rentals are running at higher than 80% occupancy” and that “rental rates and occupancy have continued to skyrocket”. New condos and land have had prices slashed, now presenting a fantastic market for real estate investors. Click here to read the article.Interested in real estate investment deals in Panama? Visit panama-land-for-sale.com to see the unbelievable Panamanian real estate deals offered. Listings include condos, businesses and land deals in Panama!
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 estateFor 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.Looking to move to Panama? We have incredibly economical land and residential deals. Visit panama-land-for-sale.com to learn more about our properties for sale in Panama….
Carnaval is set to begin in Panama from Thursday, February 21st to Tuesday, February 24th.Carnaval, like Mardi Gras in the U.S., includes parades, parties and heavy drinking. The festival is celebrated in virtually every small town, many of which will double to quadruple in size. One of the most famous Carnaval towns is Las Tablas, which will have roughly 100,000 people inflate the city of 10,000.Carnaval begins with a party on Friday night. The queens of Carnaval are crowned and participate in a parade. It is a formal celebration that concludes with a fireworks show. After, there are parties at local bars until 5am. On Saturday morning, the “mojadera” begins at 10am. Water tankers called ‘cuelcos’ are parked on the streets and spray down the partiers with water. In the afternoon, there is another parade with the queens of Carnaval. In the early evening, around 5pm, the square is closed off for cleaning while partiers recharge. In the evenings, Carnaval-goers hit up the bars and squares once again and await the midnight parade of Carnaval queens. This is repeated until Tuesday.Panama City prepares for Carnaval for the entire year, including planning for parade routes, floats, and municipal preparation. The festival is good for commerce. Interested in real estate or land in Panama? Visit panama-land-for-sale.com to see the incredible investment deals available in Panama. We have residential, land and commercial listings!
The second-largest lobbying firm in New York is opening a new company in Panama….
Patricia Lynch, a NY-based lobbyist, has partnered with the Sosas, a Panamanian family, to open Lynch Sosa & Associates. Partner Juan Sosa is the former Panamanian ambassador to the U.S. His son will also be joining the business.
Lynch’s office chose Panama due to the strong growth that continues to take place in Panama. Her office claims:
“It’s like a place that’s got the best of the Caribbean and Latin America, while also having a lot of American connections. It’s a great place to do business”, adding that their clientele consists of “a combination of Panamanian folks wanting to explore New York markets, and the second part is New York and American firms wanting to have a Latin American presence”.
This marks founder Patricia Lynch’s first overseas venture. The firm will be located in Panama City. The office has been planned for the last year. Advantages of maintaining a Panamanian office include that it is in the same time zone as New York, uses the dollar as its primary currency, uses English commonly, and has labor costs, real estate prices and taxes that are much lower than in other countries.
Are you interested in Panama from a business or residential perspective? Check out panama-land-for-sale.com to see properties for sale in Panama. Visit panama-land-for-sale.com to see residential, land and business listings for sale in Panama.
Despite the global recession, experts continue to have a positive outlook on the real estate market in Panama and its future in 2009. The international website, Property Abroad, has reported that “Panama’s property market is proving to be one of the world’s most resilient to the global downturn”. The company’s director of overseas property claims, “Panama's economy stayed strong throughout 2008 and it is widely expected to stay the same for 2009”.It is predicted that development will continue, with projects like the new Trump and Nikki Beach developments in the works. For those unfamiliar with Panamanian real estate, The Panama Report makes the suggestions that those entering the market realize the type of property they desire and view the property as an “end-use” property. The argument claims that “unobstructed ocean views are always sought after properties”. Use our site to view the Panamanian properties we have for sale, including mountain, river, and ocean view properties. We have properties located in Panama City and near Colon and Portobelo. Visit panama-land-for-sale.com for more information.
Hotelsmag.com has just profiled Panama City in an article called “Panama: Hotel Hot Spot” and claims that Panama City is “the new business hub of the Americas” due to its positioning between North and South Americas. Many are claiming that Panama will compete with Costa Rica in terms of development as local developers have stated that they are not slowing down on development projects. There are currently 19 different hotel projects in development for over 4000 rooms, including Nikki Beach, Renaissance, Westin and Le Meridien projects.In Panama, banking and hospitality industries have remained solid and there are also tax incentives to encourage hotel and tourism development. It was recently announced that the port of Colon will also now be a home port for Royal Caribbean cruise line. The tourism council of Panama is looking to attract the European market in the next few years, as over 200,000 visited the country in 2008. For full details on Panama’s growth, click here to read the entire Hotelsmag.com article.Are you looking to invest in Panama? Visit our site as a resource. Panama-land-for-sale.com features many properties for sale near Panama City and Colon!
Are you thinking of moving to Panama?Last week, the Panama Report’s Matt Landau published “5 Fun and Simple Panama Business Ideas”. Landau relocated from the U.S. to Panama several years ago and noticed that like many other developing areas, Panama’s economy is reliant on trade, banking and real estate. However, he believes the following industries would be profitable as well….1. Bars in Casco Viejo that cater to a less affluent audience.2. Water taxis that operate from Casco Viejo across the Bay of Panama.3. A lingerie store.4. A good Thai restaurant or other ethnic restaurant.5. Historical tours of Panama catering to tourists.Click here to read the reasoning behind these picks…..Are you interested in moving or investing in Panama? Visit panama-land-for-sale.com as a guide to all things about Panama….Check out our incredible land deals and our properties for sale in Panama!
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