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Found 6 results

  1. Panama has always positioned itself as an attractive destination for expats, businessmen, retirees and foreign investors. Forty percent of real estate assets in Panama above USD$140,000 are purchased by foreigners. Despite the pandemic we can see that the Panamanian real estate market is going through a boom by international buyers. Work from Anywhere Both commercial and residential real estate market trends are changing due to COVID-19. Before the pandemic, digital nomads were a phenomenon of the digital revolution. Traveling and seeing the world with a flexible job working online was a unique way of life for a small group of freelancers, innovative entrepreneurs or highly digitized specialists. But in 2020 an emerging trend became a mass movement. Large, traditional companies that previously demanded a work culture from their employees where the team must be physically "present" in one place, suddenly felt compelled to jump into the 21st century, and all within a few days. Home Office - The New Normal But the home office lifestyle has not only created new fashion trends, sudden shortage of office supplies such as home printers, change of laws, and strange and sometimes even comical situations due to the use of new means of communication such as Zoom, Google Meet, Skype among others, for team and client meetings. People are waking up to new possibilities: Why do I live in an apartment whose rent eats up most of my income, if work can be done after a morning run on a Caribbean beach, while saving a lot of money living in a warm place? Because of the COVID-19 crisis, millions of people are starting to work from anywhere. Even big hotel chains are remodeling their rooms in order to convert them into small, temporary, beach-side home offices for holidaying remote workers. Something for Everyone The type of real estate available in Panama is very varied. The isthmus of Panama boasts mountains and beaches, and allows you to wake up in the Caribbean and have lunch overlooking the Pacific. Although Panama City is a dynamic and modern city, much of inland Panama remains quiet and remote. This geographical diversity converts Panama into an interesting market for buyers who prefer the city, as well as those who do not. In recent months we can observe two trends of real estate buyers in Panama, the purchase of unique spaces located in the interior of the country and the investment in centrally located apartments in Panama City with the aim to put them up for rent and thus create an additional source of income in the long term. Foreign Real Estate Investment in Panama Alberto Grajales, commercial director of encuentra24, a digital portal specialized in classified ads, indicates that 250,000 visitors are registered monthly in the English version of the portal, of which the vast majority are looking for information about real estate properties in Panama. Unlike other tourist destinations, foreigners and nationals can buy almost any type of property in Panama. It is also possible to own and sell property titles in your own name (although it is not recommended) or through corporations or foundations, even without being a resident, only with tourist status. Panama has a fully dollarized economy, with the US dollar being the legal currency in the country, which allows diversification out of the Euro zone. And the current exchange rate between the dollar and the euro favors European investors even more. New demand and opportunities arise from changing lifestyle circumstances due to the new way of remote working, global economy and financial and personal priorities.
  2. When investing in a real estate in Panama, it is necessary to consider several factors and numbers in order to analyze if the purchase you want to make is profitable. This is why it is important to foreign investors to understand how the tax system works in Panama and what types of taxes must be paid when investing in real estate. There are three types of property taxes in Panama, which I will explain in detail below. First of all, Panama does not have what is known in Germany as “Grunderwerbsteuer" (real estate purchase tax). That is to say, the fiscal code in Panama does not contain a tax that must be paid for the acquisition of a plot or lot of land. When buying a property it is the seller who must pay the transfer taxes. Nevertheless it is customary that the buyer pays the registration fees of the Public Registry and the notary fees. What transfer taxes must be paid when selling a property? At the time of selling a property, the Panamanian government charges the seller the following taxes: 2% transfer tax calculated based on the cadastral (registered) value "or" the capital gains value (calculated by the system) "or" the selling price. The highest of these values is the one the government chooses as the calculation basis for charging the tax. And then 3% on the cadastral (registered) value "or" the selling price (whichever is higher) as capital gains tax. There are properties that pay annual taxes, others do not, some have exonerations, what does all this mean? In the past all properties whose value exceeded $30,000 were obligated to pay a progressive percentage of taxes on the cadastral value of the property (annually). However, there were different options to request an exoneration on these annual taxes for a maximum period of 20 years. This no longer exists today. But still the tax office respects the exemptions already granted, and for this reason you will see different offers in the real estate market with valid exemptions. Currently there is a new law where properties whose value is less than $120,000 do not pay taxes in Panama, as long as it is your primary residence. For properties with a cadastral value of $120,001 up to $250,000 the annual property tax rate is only 0.5%. Properties from $250,001 and above pay a rate of 0.7% (seven tenths of 1 percent). Now, if we are talking about horizontal property, that is to say, I have an apartment, what taxes do I pay? First of all, there are fixed expenses for the apartment that are calculated based on the registered square meters of construction, and from this measure the monthly maintenance fees that must be paid to the building’s administration is calculated. The maintenance fees must be paid on a monthly basis (you can also pay in advance if you wish) and never stop. The last reform of the law in 2020, made it very clear that for no reason it will be possible to stop paying the common maintenance fees since with these expenses the building exists and is maintained, that is to say as if it were a child's alimony. There is also a real estate tax that is divided in two, i.e. the tax on the apartment and then on the coefficient of participation of the land on which the building was constructed. It is important to mention that the payment of the (annual) property taxes is not included in the payment of the monthly maintenance fees. It is the responsibility of each co-owner to comply and pay their tax obligations for their apartment with the Panama tax office. What is a NIT? In order to have this information of how much you owe and if you are up to date in your tax obligations, it is advisable to process a user and password (called NIT) to have direct access to the electronic platform of the Panamanian tax office called "e-tax". This way you can check your current account statement, pay the corresponding taxes by credit card and even request a certificate of good standing, all of this can be done online. The NIT is also mandatory when selling your property in order to process the payment of transfer taxes and to obtain the documents requested by the notary for the closing of the sale. What if I sell the shares of my company ("share deal") instead of the title of my property ("asset deal")? Years ago the Panamanian government has regulated the sale of corporate shares in order to avoid the evasion of the transfer tax when selling a property. Now there is also a tax that must be paid if you have a corporation and this corporation owns a property and you sell the shares of your corporation (as a package). As the owner of the shares the seller pays a tax of 5% of the sales value, but the payment must be made on his behalf, by the buyer and both will have the legal responsibility before the Panamanian tax office. In the past the sale of corporate shares was a very popular strategy used to optimize the transfer taxes when selling a property, however each case is unique and individual and requires prior analysis by the lawyer. We will talk about this topic in the next blog, stay tuned!
  3. The process of buying real estate overseas can be complicated, time-consuming, and stressful. But it should not be like this. Read our guide below on the biggest mistakes buyers make and how you can avoid them: Mistake #1: Location is Everything Almost everything can be fixed, but the location, the location, the location cannot be fixed. Buy location, NOT price. When investing in real estate overseas remember to do your due diligence and pay attention to the small details that can turn your dream home into the home of your worst nightmare. Before buying try to get information from different local sources in order to be sure that the location you chose is really the right one for you. Besides common factors such as traffic connection, security, neighborhood, distance to the nearest hospital, and infrastructures such as supermarkets, shops, and restaurants, it is important to verify the connection to basic public services. That is water, telephone, internet, electricity, and garbage collection. Which are the available providers and how reliable are their services? Are there any (regular) interruptions or connectivity problems with one of the basic services in the sector? Does the availability of one of these services vary according to the season (rainy season/dry season)? Speaking of seasons, although Panama is a tropical country without seasons, there are sub-climates in different areas of the country. Depending on the location and time of the year there are regions that are more humid than others, in certain areas, there is a constant strong wind during the dry season, others where heavy rain falls during certain months of the year, while there are zones suffer from drought during the dry season. Mistake #2: Not thinking about selling the house someday Buyers often forget that they will most likely sell their home at some point. Personal circumstances can change, and eventually, you have to sell. The purchase of a home should be structured well from the beginning to avoid headaches and bad surprises in the future: What will be the taxes to pay when you sell your home? Which legal figure is the most convenient to acquire a property? If something happens to me, what is the quickest and least expensive way to transfer the house to my heirs? Mistake #3: Falling blindly in love with a house Just as in love relationships there are properties that are "problematic". Some details are cosmetic and can be solved in one way or another, but there are real estate options that can be called an "uncontrollable risk". Whether it's a lawsuit, a conflict of interest, or some kind of encumbrance. Unless you like to play Russian roulette, don't get distracted by the "flashy" details of a house. Mistake #4: Trying to buy without a lawyer Last but not least, one of the biggest mistakes we can observe in our legal practice is when buyers try to buy without an attorney. There are too many factors that cannot be calculated and making a mistake is somehow inevitable. Lack of experience combined with the desire to save “some pennies" can have serious consequences. The Laws and the legal basis in Panama are not the same as in other countries. You should not sign contracts or legal documents that were not reviewed by a trustworthy lawyer. If you have doubts about a transaction, seek advice from an experienced lawyer who will not only protect your interests during the purchase transaction, but also your wallet by avoiding problems in the future.
  4. AllAboutBoquete.com - https://allaboutboquete.com - https://facebook.com/allaboutboquete - has launched! AllAboutBoquete.com features free business listings, classified ads and community events calendar. It is time to get Boquete wired and online. Let's move business forward. List your company, ad or event today. Shortcuts: Home & directory page: https://allaboutboquete.com Classified ads: https://www.allaboutboquete.com/Classified/ Community events calendar: https://www.allaboutboquete.com/Events/ Add your company listing: https://www.allaboutboquete.com/Directory/ListingEdit.aspx Add a classified ad: https://www.allaboutboquete.com/Classified/ListingEdit.aspx Add an event: https://www.allaboutboquete.com/Events/ListingEdit.aspx
  5. Due to recent high volume turnover of our stock...we need more stuff!...I am not complaing mind you but the shop is looking a bit empty..which is a good thing ...so if you are looking to sell your pre-loved ( or new) furniture, garden decor ,ironwork, antiques...well anything interesting really and the bigger the better, bring it over Thursdays or Fridays between 10.am and 3.00pm. The Zapadora has a large following both locally and in Panama City, David, Coronado and our clients include some of the most well known families of Panama. We celebrated 10 years in operation recently and want to thank everyone...birthday celebrations details to follow shortly. Check us out at www.thezapadora.com or our facebook page - The Zapadora Gran Bazaar or email dianneheidke@yahoo.com
  6. Advertise your personal items and the stuff you're wanting to buy or trade in this Group.
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