Simply Panama

Panama Bank Secrecy Laws

Panama Expat — Mon, 05 Apr 2010 09:10:30 +0000

Today Panama has become the Switzerland of Latin America. There are 150 banks in Panama many of which have their name on a 40 story modern skyscraper. Panama is often touted as having the best banking secrecy laws in the world. This author believes this to be true and we will address the bank secrecy laws of Panama in depth.

The first important point to look at is the existence of any tax treaties that Panama may be in with any other countries. This is an easy topic since Panama has no tax treaties with any other countries. Tax treaties can be privacy invasive for a banking client. Under some treaties the bank must collect a certain percentage of taxes from interest income paid to the clients and this money is turned over to the client’s home country. Other treaties call for an exchange of information so if a requesting country wanted to gather certain facts about a bank account or if a certain constituent of theirs had a bank account the bank would be obligated to provide the information. The European Union Withholding Tax Treaty is a very relevant treaty.

The next type of treaty one must look at is called the Mutual Legal Assistance Treaty, or MLAT. This treaty allows countries to request information from other countries in the treaty. The general way this type of treaty operates is through diplomatic channels. Panama is in such treaties. The requesting country must have a criminal case on file in the national courts of their country. They would then cite this case already in their criminal courts when the request for information is made. The requesting country would a need to show that the requested information about the Panama bank account is absolutely required to successfully prosecute the case and that the requesting country has no other way to obtain such evidence. Then the request is considered by Panama. Panama may ask for more information. Panama could deny the request on whatever grounds they wish to use. Panama could also decide to conduct their own investigation because they feel that some Panama laws may have been broken and delay the MLAT request until after they have concluded their investigation which may be some years. The statue of limitations could expire before Panama completed their investigation. This is not to say that Panama is in the habit of thwarting requests for information but Panama does have a right to investigate crimes that took place in their jurisdiction. As a result of these investigations they could confiscate assets and prosecute individuals under their own laws.

For the MLAT to take effect the violation in question must be a crime in both the requesting country and the country the information is requested from. Various MLAT treaties have all sorts of details and exceptions and should be read individually if you are seriously interested in a particular treaty. Panama not only has no tax treaties with any other nation but all income tax related offenses in Panama are civil offenses only, not criminal offenses. So tax matters are not a crime in Panama. Thus Panama does not participate in requests for information in tax offenses. Panama does cooperate in certain areas freely. If one acts fraudulently while in the capacity of a fiduciary in a financial relationship Panama will cooperate. Panama also cooperates in cases of narcotics trafficking, money laundering, terrorism and child pornography.

The Panama Bank Secrecy laws are contained in a number of different legal statues. We will go through some of the relevant ones:

The Panama National Banking Commission was formed by Cabinet Decree 238 of July 2, 1970.

Article 74 of Decree 238 deals with protecting the privacy of Panama bank clients. It states that the Commission is prevented from conducting or requesting investigations concerning the banking affairs of any bank clients. Any data obtained by the Commission in the course of its normal regulatory functions may not be revealed to any person or authority, except if subpoenaed in accordance with the legal provisions in force (Panama Court Order required). If a violation of this occurred Article 101 of this Cabinet Decree contains provisions for the dealing of such a violation.

Article 101 of Cabinet Decree 238 states that:

“Any person who furnishes information in violation of this Cabinet Decree, or who violates any of the prohibitions established in it, for which no specific punishment is provided for, shall be subject to a monetary fine as determined by the Banking Commission, without prejudice to applicable criminal and civil liabilities.” This is fairly strong language.

Article 65 of Cabinet Decree 238 deals with how the National Banking Commission may gain access to documents relating to the bank’s operation, not individual records of banking clients. The Banking Commission needs to regulate the banks financially and thus inspect their books but this is mandated to be done on a collective basis, thus the books for the bank as a whole are inspected not the records for an individual account holder at the bank. The Banking Commission may not examine or inspect any type of individual deposit accounts, nor the securities held in custody by the bank for clients, nor the safe deposit boxes belonging to clients and their contents, nor the documents associated with receiving credit from the bank, unless there is a Panama Court Order in place that specifically authorizes such inspection or examination according to Article 89 of the Panama Commercial Code.

Panama statues specify that bank secrecy may be lifted by a Panamanian court through Article 89 of the Commercial Code. This is not a commonly invoked procedure but is possible concerning serious criminal activities.

Articles 168 and 170 of the Panamanian Criminal Code contain two sections which enables criminal prosecution for violation the privacy of Panama banking clients:

Article 168. Any person that is in legitimate possession of correspondence, records or documents which are not intended for public knowledge and notwithstanding discloses said correspondence, records or document without proper authorization, even in the event that they were addressed to him, shall be subject to prosecution, whenever such disclosure might inflict damage.

Article 170. Any person that in the course of his occupation, employment, profession or activity obtains knowledge of confidential information that in the event of being made public could inflict damages, and such person discloses that information without the consent of the concerned party; or in the case that disclosure of such information were not necessary to safeguard a higher interest, shall be punishable by imprisonment of 10 months to 2 years or a comparable fine, and the inability to practice his occupation, employment, profession or activity for not more than 2 years. One can readily discern that this would cover Panama Stock Brokers, and Panama Banks including all the employees and officers. This could also be construed to cover Directors of Panama Anonymous Bearer Share Corporations and Council Members of Anonymous Panama Private Interest Foundations.

Panama has done away with numbered bank accounts as have the rest of the offshore tax haven jurisdictions. This is due to pressure from FATF, the Financial Action Task Force. FATF is a private entity that unofficially dictates anti-money laundering statues to the banks worldwide. Numbered accounts are no longer allowed.

Panama through the use of anonymous Bearer Share Corporations accomplishes practically the same privacy as the old numbered bank account. The banks around the world including those in Panama must know who their customers are. This usually means getting identity documents such as passports, driver’s licenses, national identity cards, and letters of reference from banks and businesses. The Panama Bearer Share Corporation is anonymous in that there is no reporting or recording of any stock ownership records in any registry or database thus it is impossible to determine who the natural persons are behind the corporate veil. This means when international wire transfers are sent only the name of the anonymous corporation appears in the wire, the true owner of the account is not revealed for the world to see same as it was when numbered bank accounts were allowed. With regards to writing checks the same applies assuming the signatory signs the check in a hard to read manner. To provide for more privacy Panama only allows an attorney to form a corporation or foundation. This cloaks the formation of the corporation with Panama attorney client privilege further protecting the owners of the corporation or foundation with an additional layer of privacy. In most tax haven jurisdictions the formation of a corporation handled by a corporate agent which does not provide privileged communication to protect the identity of the person owning the corporation.

One can readily see why Panama has become the new Switzerland of Latin America.

For more information, please visit:

http://www.panamalaw.org

email at: panamalegal@hush.com

Offshore Panama Bank Accounts – Open in 5 Day

Panama Expat — Sat, 06 Mar 2010 09:43:36 +0000

You can obtain a Panama Bank Account without having to come to Panama!

Panama Banks – Panama banks do open bank accounts for foreigners. Panama asides from being the number one retirement haven in the world is also the world’s foremost tax haven. Offshore bank accounts in Panama are the most coveted in the world today. All the banks we use have online banking including the ability to send international wire transfers, check balances, history and other information. You can get an ATM Debit card that is good worldwide for ATM withdrawals and it works for some Point of Sale Purchases. We work with several different banks and savings and loans in Panama. We do not discuss names of banks until after a person becomes a paid client, and all the required documents have been provided, please do not ask. Same applies to sending out bank forms, signature cards, etc. We have a list of banks that we have a working relationship with where we are able to have accounts opened without the need for the parties to come to Panama. Some of these banks are large multi-national conglomerates with assets in the 100 Billion Dollar Range and others are small Panama only Banks that offers a more personal touch and banks with everything in between. We have never had a customer leave us because we could not get them an account with a bank or savings and loan they felt was not suitable. We can normally have an account opened within 5 working days of the receipt of our fee and the required documents, some times faster.

The Process – Making a trip to Panama is not necessary. Panama Banks never accept cash to open an account. Some customers wish to come to Panama to meet the bank, etc. This is fine but we will NOT introduce a person to any bank until after they are a paid up client and we have done our due diligence having their reference letters, passport copy etc. The banks rely on the law firm to do the required due diligence in the area of know your customer which is the same as required by the banks. The banks in Panama have no shortage of customers since a Panama Bank Account is the most coveted in the world right now. The banks do not wish to have potential customers contacting them directly before the law firm has completed their due diligence. The banks are not fond of foreigners calling on the phone about opening up an account. If you are coming to Panama which again is not necessary, we suggest you do the formation of the corporation or foundation before you come and we can get the bank account approved by the new account committee before you arrive so basically you just meet the bank manager, sign the forms and signature cards and then are free to depart and your account should be functional the next day. We can assist with corporate rates on a hotel; get you an English speaking driver with a car, etc. You can have a checking account or a savings account. Time locked deposits for higher interest rates are available. Minimum deposits tend to run between $500 and $2000. Some banks will provide an ATM card with the account immediately. Some banks will issue direct from the bank a Visa card that is a secured debit card. It is good for ATM machines, internet purchases etc. The bank will generally require a security deposit which goes into a special interest bearing account. If your Visa card had a $10,000 credit line they would probably request a security deposit of $12,500. At the end of the billing cycle the money to pay your card balance down to zero would be deducted from your regular account. If a need arose you could ask the bank to clear the balance before the end of the billing cycle freeing up your credit for travel. There is the option of a third party ATM card that has numbers only, no account name at all on the card. There is also the option of having a third party MasterCard or Visa debit card (not credit card) for an extra fee. The Visa or MasterCard debit card also can function as an ATM card.

Documents Required – A notarized copy of the picture page of the Passport, letter of reference from a recognized bank, and a letter of reference from an attorney, accountant or company you do business with on their letterhead. Any bank in the modern world using the international wire system will require at least this much documentation from a foreigner opening up a bank account in their jurisdiction.

Stock Trading – The savings account can also be directly tied to a stock trading account. This allows one to trade online around the world. There is a $50,000 minimum to open such an account. The clearing agent is top drawer. We can also arrange for you to have a separate brokerage account in Panama with minimums as low as $20,000. USA passport holders can not have a personal stock trading account corporate or foundation only.

Type of Account – Offshore bank accounts in Panama can be opened for a corporation or a foundation. Accounts can be opened for personal, corporate or for a foundation. USA passport holders can not open personal bank accounts unless they actually reside in Panama and can document this. We always suggest the offshore bank account in Panama be opened using a Panama corporate structure. This way when wires are sent or received it can not be seen that you are the person(s) behind the corporation. When you use an anonymous Panama Bearer Share Company the ownership of the company is not recorded in any registry or public record database so no snooping entity can determine who is actually receiving the funds, and this makes for very private personal banking. Recently there was a scandal in the media where it came out that the USA was monitoring SWIFT wire transactions for some years. Monitoring a wire transaction to an anonymous corporation is fairly meaningless since nothing is known about the ownership of the corporation. If the sending entity was also an anonymous corporation that would be a good working definition of a dead end both ways. We always advise against personal offshore bank accounts in Panama for these reasons in addition to the fact that a corporate or foundation bank account greatly enhances asset protection but will work on personal accounts at the client’s request. We can not get personal bank accounts for USA residents/citizens. As an additional option one can open an offshore Panama bank account using a Panama Foundation which is also anonymous.

Bank Account Signatory Verification You or your designated signatory(s) will be the only person(s) with access to your offshore Panama bank account. What we do is have the bank opened up as a zero balance account; no money is in the account. Before you load the account with any funds we will show you how to securely contact the bank by phone and verify that no one else can sign on the account or otherwise access the bank account. After the account is funded online banking information will then be emailed to you directly and you reset the password securely online immediately upon receipt. ATM card will be sent by courier directly to you.

Number of Bank Accounts – You can open up more than one Panama offshore bank account in different banks using different corporations or same corporation or a corporation and a foundation. Sending funds from one corporation or foundation to another for payroll, purchases or other reasons can easily be accomplished using the ACH system in Panama which 30 large banks use. This is not a wire transfer and the data is covered by Panama Bank Secrecy laws and only entities covered by these laws have the data. It takes one to two days for the ACH transfer to be completed and the cost is about $1.00 per transaction.

Panama Bank Secrecy – Panama has strict banking secrecy laws better than any jurisdiction we know of. Panama has no tax treaty with any other country. This is not the case with tax havens like Switzerland, Belize etc. who do get into tax treaties with numerous countries. Tax treaties are the legal basis for government fishing expeditions. Fishing expeditions do not happen in Panama. If a bank employee or officer violates the bank secrecy laws they can go to prison, get fined and of course you can sue the daylights out of the offending bank. The bank secrecy laws are statutory in Panama. A question that frequently comes up is if a Panama Bank that is operating under the name of a chain of large international banks is able to maintain true Panama Bank Secrecy. Let us say the Bank is called Bank Two (no such bank in Panama) and Bank Two operates in Europe and North America with 68 bank branches in different countries. The Bank Two banks in other countries can not go into their computers and see account holder information about Panama Bank Accounts. This would violate Panama Bank Secrecy, expose the bank officers to criminal prosecution and enable you to sue the bank and its responsible parties for millions of dollars of damages. In spite of this some people prefer a bank that operates only inside of Panama and we can accommodate this sort of request.

For more information, please visit:

http://www.panamalaw.org

email at: panamalegal@hush.com

Invest in Panama Real Estate and Retire

Panama Expat — Sun, 28 Feb 2010 15:05:58 +0000

Like so many other port cities Panama is one of the fore runners as far as business goes for Realtors. The real estate business is booming in panama today and will continue to do so in the near future. The land happens to be fertile naturally and many other ventures can be indulged in panama as a profitable secondary venture. The wind here in Panama is not all that harsh as compared to the other port cities. So real estate business is really picking up with the entrepreneurs in panama. This sort of an investment could easily be considered as a lifetime investment; as natural calamities are minimal in Panama. In short both can be proud the realtor as well as the owner. Owning real estate in Panama is no mean feat.

Investing in Panama

Real Estates can be hard to choose from, especially in a country like Panama. So one’s concept needs to be very clear from the on start. Nonetheless, this would do much to save time and money, if one wants to dwell in Panama. And both of them happen to be of utmost importance, as far as investment in real estate goes. If you happen to see the map of America; you would notice the advantage that Panama has over other port cities. So investing in real estate in Panama is worth the while. You can build your real estate in Panama in the manner of a castle and be a fleet owner as well. Though, on most occasions colossal sums are involved, however they prove to be worth the while in a fraction of years in Panama.

One can be certain that he/she would not have to cry over spilt milk, if one invests in real estate in Panama. People flock from around the globe just to visit Panama; however you could make it your abode and do swell there. For a few million dollars, you could be a proud owner of luxurious real estate in Panama. The rags to riches story, especially to the realtors is no miracle here. As for the owners of real estates; its all the more better, as their investment multiplies considerably overnight. At times it is overheard that it is better to invest in real estate in Panama; rather than invest in gold. There is some truth in this statement; as there can be no smoke without fire. On the other hand there are so many happy dwellers around. Real Estate investment is the in thing in Panama as of now. Not only you, but your future generations would reap the benefits if you happen to invest in real estate now in Panama.

Buying Property in Panama

Owning a real estate in Panama is second to none around the globe. This holds well in both Ambience and value. The scenic beauty of Panama is incomparable. It is doubtful that you’ll miss your hometown once you happen to be a proud owner of real estate in Panama. Just a few weeks back a gentleman named Gerald; bought a real estate in Panama for $ 1, 34,005 in one of the prime locations and has been offered more than four times its price. So be none the wise and invest in real estate in Panama. On the other hand if you happen to be penny wise and pound foolish; then go your own way and regret later.

Being a realtor and owning a real estate is no mean feat. This happens to be the case more so if the place happens to be Panama. Panamanians as it is have an edge over others and if you happen to be a real estate owner in Panama; you’ll be on cloud nine.

Panama City real estate owners are a breed in themselves and would make you stand apart from the others from a respectable distance. You wouldn’t have to blow your trumpet; people would just flock around you. One does not have to be a celebrity to be the owner of a real estate structure in Panama. Further Hollywood; is in close terms with Panama. This nearness to Hollywood attracts further attractions. Real Estate developers and owners; both stand an attractive opportunity in Panama. As further attractions orchids of many kinds flourish in panama. One who has sampled the peaches of Panama is not likely to forget them apart from the real estates of course. So what do you say—want to go to Panama? The real estate in Panama is worth investing in. On the whole real estate bargaining in Panama is something to ponder on and it’s worth the while. Being the owner of a real estate speaks volumes.

The Development of Transport Sector of Panama

Panama Expat — Fri, 19 Feb 2010 13:47:31 +0000

Every year the Panama government invests a large sum of money towards the betterment of its transport sector. The transport sector of Panama employs the maximum amount of workers in the service industry of the economy. Panama has road ways, reaching to almost all parts of the country and beyond, and well maintained international air transport facilities. Having two sides of Panama open to the sea leaves Panama with the advantage of having a good water transport system. The railways are the only method of transportation that is restricted to just within the country. When it comes to the transport sector of Panama, it has to be said that Panama has the most famous and most efficient shortcut for water oriented vehicles – the Panama Canal. It stretches just 50 miles to connect the Caribbean Sea and the North Atlantic Ocean. It also attracts thousands of visitors every year to Panama.

Panama has a total of 11,643 kilometers of roadway stretching throughout the country of which 4,028 kilometers are paved. Panama has a convincingly good road system. Buses are an available mean of transport in most big cities, although they can be very slow at times. Although the taxi cabs don’t follow meters and the fares fluctuate, they are relatively cheap. Especially for tourists visiting for a long specific period of time, cars are available for hire. The largest highways are the Trans-Isthman highway, that links the Panama City and Colon, and the Pan-American Highway that links Costa Rica to Yaviza in the Darien Province, which is the only international highway in Panama.

Panama’s transport sector includes a total of 355 kilometers of railway. There are currently no international linkages between Panama’s railway system. But recently the Panama Canal Railway Co. (PCRC) has invested around $25 million to expand and modernize Panama’s rail transport system.

The maritime transport sector of Panama has flourished after the rights of the Panama Canal had been handed back to Panama on31st December 1999. The 3 ports of Panama, of which the main port is Panama (Balboa), have been privatized. Panama has a total of 5,764 (1000 GRT or over) ships operating within its shores and internationally. And the work on the Panama Canal’s widening has been planned. A total of more than $5 billion are being spent to allow Post-Panamax ships to cross it. After the year 2001 the Panama Canal as increased its cargo volume as well as its income. There are a number of cruise ships that take you around the shores of Panama and through the Panama Canal but the more luxurious ones do not fit the Canal yet. But after the very expensive expansion of the canal the most luxurious cruises will be available through the Panama Canal.

The air transport sector of Panama was the fastest growing sector of Panama last year. The no. of passengers arriving and departing has crossed 2 million. Panama has a total of 116 airports of which 54 are paved. The national airline of Panama is Compania Panamena de Aviacion and other international airlines make regular flights to Panama as well making it quite easy for foreigners to visit Panama.

The transport sector of Panama is increasingly developing every year. The government has been undertaking modernization projects to make it easier for tourist to go around the country and experience its beauties. After all a foreign place needs to have a good transport sector and communication for the foreigners to feel comfortable and enjoy their stay.

Kerala – Perfect Eco Tourism Abode

Panama Expat — Mon, 11 Jan 2010 04:27:32 +0000

Kerala is the perfect eco-tourism destination with all its greenery and natural beauty. Eco tourism is defined as ecologically sensitive tourism in harmony with nature. In the process making the tourists aware of the protective, productive and regulatory functions of the forests. For tourists, being on an eco tourism holiday means making an effort not to disturb the integrity and sensitivity of the ecosystem. People visit eco tourism destinations for studying the natural and cultural history of the environment and in turn creating and making a stage for economic activities to conserve of natural resources beneficial to local inhabitants.

Therefore, to put it in a few words, eco tourism means environmentally conscious tourism. It involves understanding the ecology of a destination. Eco tourism is mainly nature based, where awareness about the natural resources is an important part and ecosystem has to be maintained besides benefiting the local people. All these conditions should be met to call any tour a successful eco tourism endeavor.

Beaches, backwaters, hill stations, wildlife sanctuaries and culture including festivals mainly comprise the eco tourism products. The main issue is to improve the environmental settings. Kerala has a bounty of all eco tourism products. The Western Ghats, on which Kerala is located, is blessed with a tropical forest ecosystem providing a natural advantage for development of its section of tourism. Enhancement in quality and diversification of tourism is a must to further develop eco tourism in Kerala.

Tourism that is too vigorous disturbs the natural habitat of an area to an irreversible extent. So to prevent this, there must be a well-planned strategy and proper programs. Though tourism cannot be averted and neglected, as this is a major economic activity for locals also, eco tourism is a good way to let make people aware of their surroundings and conscious towards their region’s ecology.

Kerala has many places that can be put under eco tourism category. It has 12 wildlife sanctuaries and 2 national parks, creating a base for planning eco tourism activities. There is large scope for eco tourism activities in Kerala like mountaineering, trekking, bird watching and more. Many water bodies formed within the forest due to construction of hydel projects provide ample space for recreational activities. Moreover, Kerala is well connected and has a long coastline. The forest staff is also well trained for conserving wildlife and ecological balance. Major eco tourism avenues in Kerala are Neyyar Wildlife Sanctuary, Peppara Wildlife Sanctuary, Shenduruny Wildlife Sanctuary, Periyar Tiger Reserve, Idukki Wildlife Sanctuary, Eravikulam National Park, Chinnar Wildlife Sanctuary, Thattekkad Bird Sanctuary, Chimmini Wildlife Sanctuary, and many more.

Panama Real Estate Investing

Panama Expat — Sun, 03 Jan 2010 12:06:33 +0000

The time to invest in Panama real Estate is now. Panama Real Estate is experiencing and unprecented boom and there are many foreigners. The real reason this Central American Country is attracting tourist is that panama real estate is at such a bargain compared to the US beachfront or mountain properties it provides the perfect opportunity for investment for retirement living. Panama beaches boast untouched pristine sand and gently curling waves. Panama is also one of the best, if not the best, residency deals in the world today.

Offshore

It is debatable if Mexico is cheaper than Panama but they do tax offshore income in Mexico so it is probably more expensive for this reason alone and the crime situation makes it hazardous. Costa Rica is not really cheaper and has a serious crime problem plus there are no longer benefits for Expats and you would have to pay income tax on your offshore income like retirement, social security etc in Costa Rica. Unless you open a business that does business in Panama within the local economy or take a job in Panama you can plan on your income being tax exempt as offshore income.

Investment

The real estate investment in Panama is increasing because of the natural beauty of ocean view property in Panama. Don’t let your real estate agent tell you where to buychances are, they’ll be pushing you into the investment where they get the biggest or fastest commission check. As more and more people discover the Azuero Peninsula Panama investment in this area continues to increase. Everyday more and more people are making an investment in Real Estate in the Azuero Peninsula of Panama. The Azuero Peninsula Panama should be on the list for all those seeking excellent investment opportunities and a tranquil, beautiful living environment. The coming year is looking good for recent investments in Panama’s real estate and tourism industries. Here are a few reasons why Panama real estate is a boom in investments: Panama has a stable government and an economy growing greater with time.

Panama Beach Property

The beach is ideal for swimming, snorkeling, and just relaxing. Real Estate Values in Panama and primarily in these Pacific Coast Beach areas has been appreciating very steadily, and as interest and growth increases so to do the real estate values. Real Estate in the Azuero Peninsula have unimaginable views, access to unspoiled beaches, and all for very affordable prices. This Azuero Peninsula Ocean View Real Estate is only a distance to many excellent beaches.

The arrival of Nikki Beach may attract a new crowd to Panama. However, the concept of Nikki Beach is quite distinct from these other groups. Nikki Beach is focused towards an exclusive market: People over 30 with purchasing power that want to have a good time in an exotic, unique environment. Nikki Beach is exclusive property of Michael Penrod and his family, though at some of their clubs and hotels they do maintain strategic alliances with local investors. Regarding waterfront property, by law all beaches are public hence all beach-front properties must provided a right of way, starting from the highest tide line to the property line.

Living

Panama has one of the lowest costs of living in all of Central and South America. When thinking of the best places to retire, it is important to understand that Panama has a very low cost of living combined with amazing beaches and scenery that propels Panama to the number one spot to consider for those wishing to retire abroad. There are numerous benefits to living the Expatriate lifestyle. Town Living – There are nice neighborhoods that offer convenience and proximity to shopping and restaurants.

Legal

Factor in obscure Panamanian laws, crafty scam artists, andthe newcomer’s relative inexperience to Panamanian culture, and thefirst-time investor is faced with a troublesome and confusing puzzle. A lot of legal problems arise with use rights and this includes litigation. Once your attorney has confirmed the property title is legal and free of liens or other restrictions, the final closing is scheduled and the buyer/seller signs the final Buy/Sell Contract. The law does not require a Buy/Sell Contract to be in Spanish to be legally enforceable.

Retirement

There is something for every taste in retirement living in panama real estate. A welcoming community, safe environment, low crime statistics, excellent incentives for retirees, together with the natural beauty and ethnic diversity that is Panama, all appeal to the increasing number of baby boomers from North America and Europe who are looking for a different option for retirement. During the past several years Panama has been consistently rated in the top ten for the best retirement locations worldwide. With a little homework and due diligence, you will find that Panama has all the criteria for a solid investment or retirement destination.

Impacts of the Panama Canal

The Panama Canal is also about to undergo an expansion. Now Panama a country of 3 million people has an annual income of one billion dollars from the Panama Canal revenue. The Canal expansion, another major boost to the economy, is expected to bring tens of thousands of new jobs along with long-term incremental revenue for the country. With the expansion of the Panama Canal there are a lot of high paid executive coming through for a short time. Panama is a hot tourist destination for many reasons, least of which is the Panama Canal, though it’s certainly still a popular visitors site. If the project of building the extra canal goes through it is expected to result in an apartment shortage due to extra workers being sent here by their companies which of course means you could buy an investment unit furnish it and rent it out for big bucks for many years while the new canal is being built, not kidding about this.

Panama Real Estate is a great investment. Panama is currently one of the most considered and researched locations with many investors. Panama could be the new destination for this exclusive market of “jet setters. Panama’s modern amenities are similar to that of North America, making life a bit easier day to day. Panama has one of the lowest costs of living in all Central and South America. Panama real estate is hot right now…don’t wait to stake your claim.

Boquete, Panama; New, Second Version

Panama Expat — Thu, 17 Dec 2009 18:49:08 +0000

Photopresentation about Boquete in Panama and the activities on New Year’s Eve 2005. New = better slideshow. Data from the first version: – views: 28.410 – comments: 8 – favorited: 8 – video rating: 13 with average: 3 stars. Sites Linking to This Video: 1052 clicks from www.videoizlesene.net 39 clicks from vagalume.uol.com.br 7 clicks from www.orkut.com 4 clicks from www.orkut.com 4 clicks from www.xtremes.net

Panama’s Glorious Beaches

Panama Expat — Tue, 15 Dec 2009 10:36:58 +0000

Pearly white sand beaches. A glorious view of the ocean, mountains and forests. Perfect weather year-round. These and more are the perks that you will get to enjoy by investing in a Panama real estate property.

This Central American country is a crowd favorite among American retirees who want to spend the rest of their retirement years in a gorgeous tropical setting. So whether you’re planning to invest in a Panama property for your retirement, if you’re discovering your real estate property investment options or if even if you just want to have a long, well-deserved break, then you might as well spend it in one of the glorious beaches in Panama.

Planning to Invest in a Panama Real Estate Property? Here are the Basics

What makes the Panama real estate industry such a delight for beach bums is that the country itself is located along the coastlines of both the Caribbean Sea and the North Pacific Ocean. Bordered by Colombia and Costa Rica, it’s really no wonder why the real estate property scene in the country has experienced a boom in the last couple of decades.

If you’re a beach bum or if you just plain like the tropical, near-perfect weather that the country has to offer year-round, then you might as well invest in a Panama real estate property. While you’re at it, why not turn your very own Panama property beach getaway into a business of sorts?

All you need is a good business acumen, the interest to invest in the Panama real estate industry and basic management skills, and you’re all set!

A Look at the Panama Real Estate Scene & Its Many Gorgeous Beaches

Now, let’s take a look at the many sea-related attractions that you will get to enjoy – no matter which spot in Panama it is that you wish to visit.

- Bocas del Toro
One look at the shores of Bocas del Toro and you’re bound to feel a sense of déjà vu that you have seen the place somewhere. And you would have, because it’s where the popular reality television series “Survivor” was filmed.

A real estate property in Bocas del Toro is as prime a Panama property as you can get. This popular tourist attraction entices those who want to bask in the privacy of being in a glorious beach and lush rainforests as a setting.

- Chiriqui Province
If you’re looking for more than just an exotic beach getaway, then a Panama property in Chiriqui might just be it for you. Located in West Panama, the province lies on the border of Costa Rica. It’s the background to one of those idyllic retirement real estate properties which is a mishmash of adventures just waiting to happen.

Although investing in a Panama property is quite a ways from the city – Panama City is about six and a half hours away from the Chiriqui Province – it’s still the perfect beach-and-mountain getaway.

- Cocle Province
On the other hand, if you are looking for a beach front Panama property which is in close proximity to Panama City, then the Cocle Province is the perfect place for you. From here, the city is just over an hour away and it has a lot of tourist-friendly beaches amidst a beautiful mountain setting.

- Other Beautiful Beach Spots in Panama
If you’re a diving enthusiast, then a real estate property in the Coiba Island, near the Coiba Marine Park, is just the thing for you. There is already a good number of Panama property here which is owned by nature lovers. Coiba Island is said to be the best diving spot found along the Pacific Coast, from Columbia to Mexico.

The other real estate property options that you have which are near the glorious beaches in Panama include Boca Chica, Boquete, Casco Viejo, the Colon Province on the Caribbean, the Pacific Coast beaches near Panama City, the Pearl Islands and San Blas.

By: Laurie

Panama’s San Blas Islands- Paradise!

Panama Expat — Mon, 14 Dec 2009 09:38:20 +0000

Real estate in Panama may be quite attractive and exotic on its own, but you have to see the Islands that are found in the San Blas Archipelago on this side of the world. These islands dot the entire Caribbean coast in Panama starting from the Golfo de San Blas (which is a good real estate in Panama) and stretching to the border of Colombia. There are three hundred and seventy eight islands in the San Blas area and around forty nine of these are inhabited by Kuna Indians, a fiercely independent people. The San Blas islands are only twenty minutes away from most real estate in Panama by a plane ride.

A Trip Back in Time

Exploring the San Blas islands is a memorable adventure because once you set foot in it you will go twenty centuries back in time. The fierce Kuna Indians are the ones who govern this autonomous province and the national government hardly interferes with them. These people occupying this type of real estate in Panama have their own language, culture, customs and economic system. Their culture is very rich and they have their own wonderful legends, great music, exotic dances and distinctive dresses which have successfully avoided all influences of commercialism.

Tourists will love to explore this area, exploring the islands, going on fishing trips and learning more about its tourism. What’s more, there is a good amount of swimming and snorkeling to be done. Since the people are generally untouched or not influenced by others, their facilities are quite simple.

Go Exploring in San Blas Islands

The entire area of San Blas islands is dotted with reefs – with some of them being quite old by about several hundred years. The best time to go snorkeling and diving in this real estate in Panama would be between April and June. It is best to check out the islands of Kagantupu, Achtupu and also Coco Blanco. There are several flights each day to these islands from the city of Panama. If you want a bit of adventure and you have patience, you could even try catching a ride with one of the Kuna merchant ships which originate in Colon. These ships could drop you off in one of the islands which you can explore the whole day.

Cultural Significance

Real estate in Panama thanks to the San Blas islands is quite renowned because of their mola, or their arts and crafts. The women of Kuna are adept in making attractive rainbow fabric that have beautiful designs of jungle animals, birds and fish in the area, as well as geometric designs that might catch the attention of Picasso himself.

In terms of livelihood, they are still quite simple as the men make a living out of fishing from their canoes just as they had done during the time of Columbus’ arrival. Coconut palm tree running is still done and you should try a glass of this refreshing island drink. Indeed, the San Blas islands are one exotic destination well worth visiting.

Most Common Interesting Facts About Panama

Panama Expat — Sat, 12 Dec 2009 20:46:11 +0000

As Panama is mostly visited by tourists as a developing country and one that is involved in trade, tourism, real estate, commerce, and banking, it can be observed that there are many interesting facts about Panama that may range from infrastructure, economy, politics and its culture. The interesting facts about Panama leave a trademark of what Panama is all about. There are several points that can be marked but we can just limit it to the six most common among many observations on Panama.

First, the most common interesting fact about Panama is the Panama Canal. Aside from real estate, the Panama Canal is one of the popular things when you talk about Panama. The canal is the waterway which joins the Atlantic and Pacific oceans. It becomes interesting because of its complex engineering structure that makes it the most difficult and largest project ever undertaken Panama. Ships from the two oceans emerge in this canal making it a conduit of most international shipping. Travel time from the Pacific Ocean to the Caribbean Sea is only two hours when you pass by the Panama Canal.

The second common interesting fact about Panama is its currency. Panama uses the US Dollar for bills but the coins are called Balboa. Yet, the official national currency of Panama is the Balboa, which is pegged to the US Dollar.

When it comes to population, there are also interesting facts about Panama. Although it is the most industrialized country in Central America, Panama real estate is really affordable, and Panama has the lowest population in Central America. Its population is composed of 70% mestizo that comprises a mixture of Europeans and Native Americans. Panamanians speak mostly Spanish although most can relate to English.

Again, one of the common interesting facts about Panama is that the place Boquete is one of the best destinations for retirees per Modern Maturity magazine. In other popular magazine, the International Livings, Panama is the number one place in the world to retire. Basically, there are many real estate buyers and investors in Panama that are retirees. They enjoy the affordability and tax incentives in Panama for real estate.

Another interesting fact about Panama is that it has large number of banking and financing institutions. Because banking forms part of its main economic activity, Panama has several banking laws that protect business from foreigners. The total number of these banking laws is 40 and this includes banking privacy law and foreigner to local equality laws.

Finally, for miscellaneous observations, there are also interesting facts about Panama. Baseball is the most common sports in Panama together with boxing and soccer. If Hong Kong has the largest duty free zone, Panama has the second largest. Also, it has the second largest registrant for offshore companies second to Hong Kong.

Of course there are still many interesting facts about Panama in other aspects in the society that you can observe or read from books about Panama, but the most common are the above. You can readily pinpoint other interesting facts about Panama when they differ from the current place and culture from which you live or when the certain facts are unique only to Panama.