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When making a trip from your country of origin to Panama, each traveler or family traveling together has a limit of cash that they can take with them which is $9,999.99. If you travel with cash exceeding $10,000, and you do not duly declare it at Customs, the total amount of money can be taken away. This modality is called "Commission of a Customs Fraud Crime" or even smuggling. The reason is mainly that by not declaring the "extra" amount of money, the customs authorities assume that the intention is to harm the tax interests of the country or even to use that money for illegal purposes.
The real estate market in Panama (as in the world) is changing. In our practice, we can observe an increase in the purchases and sales of properties in the country for this year. Below we would like to inform future buyers and sellers about legal changes regarding ESCROW services in Panama. What is an ESCROW? An ESCROW is a custody service, where a neutral third party offers (through a binding legal contract) to hold funds or assets until the other parties fulfill certain duties and obligations. Upon completion of the transaction, the ESCROW agent releases the funds according to the
This was an offshoot of the posting about Qualifications of Lawyers in Panama. This is a completely anonymous survey, I'm essentially just testing the system to see if anyone uses it....or cares!