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CONTACT
INFORMATION
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Ronald
Reagan & International Trade Center, 1300 Pennsylvania Avenue, NW,
Suite G-0003, Washington, DC 20004
Contact: Juan Sosa OR Margaret de Sosa
Tel: (301) 986-8802
Fax: (301) 986-8803
e-mail
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Real
Estate in Panama
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REAL
ESTATE
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Mystique Point
Punta Pacifica
Panama City
Republic of Panama
CONDO
for
$190,000
S O L
D
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VISAS
Pensionado Visa
A
retiree (Pensionado) visa can be obtained if a
person has
an income of US$500.00 per month and US$100.00
additional for each dependant. It is issued to those
who receive a monthly income from retirement sources
such as Social Security, Government or Private
Companies.
The
Private Income
Retiree Visa
Requires
an income of US$750.00 per month
earned from a CD deposited at the National Bank of
Panama. At current rates, the deposit could be
around US$200,000 (keep in mind this amount may fluctuate). The deposit should be renewed every 5
years to maintain the status.
The
Person of Means Visa
This
classification has three options:
1. Purchasing a property of US$200,000
2. Having a CD deposited in a Panamanian bank for 2
years in the amount of US$200,000 (Does not need to
be renewed)
3. A combination of the two options above,
purchasing a property of US$80,000 AND having a CD
deposit of US$120,000.
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RETIREE
BENEFITS
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Panama
has an attractive retiree law (Pensionado) that provides among others:
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Import tax exemption on household goods and/or cars. Other taxes apply
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No property tax for 20 years on many new properties
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No income tax on incomes earned outside Panama
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The following discounts can be found in the Law No. 6 from June 16, 1987:
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Discounts on prescription drugs and health care services, i.e., 20% in
general, specialist and surgical doctor fees, 15% in hospital and private
clinic bills, 15% dental services, 15% optometry services and 10% in
prescription drugs.
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Discounts on airfares 25%, restaurants 25%, fast food chains 15%, movies,
theatres and others 50%, public transport (air, ground, sea) 30%, lodging
30%
to 50%, technical and professional services 20%, closing costs for
personal loans 50%, interest rate for
personal loans 15%, mortgage interest
rate 1%, utility bills 25% (certain restrictions apply)
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Tax exemption to import a car for private use every 2 years
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Tax exemption to import household goods up to $10,000.00
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Discount on the expenses or closing commissions on personal and commercial
loans
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Personal and commercial loans will be exempt from taxes stipulated by the
Special Interest Compensation Fund
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Discount on the
maximum interest rate on personal and commercial loans
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No tax on home furnishings if it is the
retired person's only property
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Insurance companies that include health policies for retired people, will
pass these discounts on to their policy holders.
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PHOTOS
Mystic
Point
SOLD |
Mystic Point Tower 200
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Social Area
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Lounge & Dining 
Master Bathroom
Kitchen
Sample Ocean View |
Mystic Point Towers
100 & 200
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REGIONS
IN WHICH
TO INVEST
Panama
has different
regions of interest. They are described as follows:
CITY
LIVING
Panama City
A thriving metropolis of a
million people with modern skyscrapers & colonial time residential
areas offers an extremely active life
Outskirts
of Panama City
There
are several developments outside of Panama City that
offer modern living, country
and leisure
living
BEACH
LIVING
Pacific Coast
West of Panama City
Forty-five
minutes west of Panama City there is an area of
about forty-five miles with several beach front
developments, some of them with golf courses.
Coast of Chiriqui
In
the western part of the country bordering Costa
Rica, has miles of beaches by the Pacific Ocean that
are now being developed.
Coast
of Colón
New areas are being developed by the
coast of the Province of Colón on the Caribbean
sea.
ISLAND
LIVING
Archipelago
of Las Perlas
Panama
has archipelagos of islands in the Pacific close to
Panama –Pearl Islands where two of the
“Survivors” series have been filmed. On these
islands are the developments of Contdora, Isla
Saboga,
Isla Viveros and others.
Bocas
del Toro
Located on the Caribbean sea, bordering Costa Rica,
there is an archipelago that has become very popular for
developers and for people who like living by
the
sea.
Island
of Taboga
Thirty
minutes from the City of Panama Taboga is a
historical island home of fishermen villages which
offers a special local flavor.
HIGHLANDS
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MOUNTAIN LIVING
Town
of Boquete
This
quaint town, three thousand feet above sea level in
the western province of Chiriquí, is famous for its
coffee and now for the more than thirty developments
that have made it one of the most attractive places
to retire
in the world.
El
Valle de Antón
A
beautiful valley an hour and forty-five minutes from
Panama City and two thousand feet above sea level is
one of the most popular vacation spots for
Panamanians and is an increasingly attractive area
for retirees.
Volcán
/ Cerro Punta
Also
in Chiriquí by the base of an extinct volcano, this
area has
temperatures similar to those of Boquete and is
beginning to experience real estate developments.
SEMI
RURAL /
COUNTRY LIVING
Central
Provinces
Traditional area in the center of
Panama. Agriculturally oriented has lands and some
high lands. Relatively quiet and rich in folklore.
Real estate developments catering to foreigners are
beginning to spring out in the region
of Azuero.
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REASONS
TO INVEST AND ADVANTAGES OF LIVING IN PANAMA
Panama
has become one of the premier countries in the world for second
homes and retirement. With a close historical relationship
with the United States, political stability, dollar currency, an
economic system friendly to investments and with easy access, Panama
has proven to be ideal for a growing community of investors and
retirees who appreciate the advantages that Panama offers to
the international community.
The
reasons for Panama becoming so popular to the international
community are several. Some of them are:
Location
Panama is easy to access being less than 3
hours from Miami via direct flight, 4 hours from Houston, 4
hours from Atlanta, and 5 hours from New York. There are three
American Airline and two COPA flights daily from Miami; one
Delta Air Line flight from Atlanta; one Continental Airlines
flight from Houston; one COPA flight from Orlando; One COPA
flight from Los Angeles, and two flights from New York, one COPA
and one Continental Airlines. There are also direct flights from
Europe and
Latin America.
Currency
Panama´s
currency is the U.S. Dollar. This has been instrumental for the
country having no devaluations, low
interest
rates and affordable
cost of living.
Full
Title to Property
Panama
has no restrictions on foreign property ownership and foreign
investors are treated as locals. The Registry is reliable and
recently the service of title insurance is being offered by
leading U.S. companies.
Climate
The climate is Spring-like
year round with temperatures typically hot in the lowlands
(between 21°C and 32°C/70°F and 90°F) and cool in the
mountains (between 10-18°C/60-70°F). Panama’s location has
kept her free of hurricanes.
Infrastructure
Panama
City has a U.S. or European-like infrastructure with modern
interstate highways, glass high-rises, new suburban housing
tracts, world class shopping malls, five star hotels and
restaurants to enjoy.
Geography
There
is a wide selection of real estate options ranging from the
coolness of the mountains, to beachfront, islands, and country
living. Panama City is a thriving metropolitan city with a
selection of historical-colonial settings and modern
cosmopolitan
areas. The variety of topography lends to any taste.
Social
Opportunities
Thousands
of international residents from the U.S., Asia, Europe and Latin
America live in a country that has social and political
stability.
English is widely spoken and understood.
Culture
Panama is a mixture of U.S., European, Latin American and
Caribbean cultures. It has a fair representation of Americans,
Latins, Spaniards, Italians,
Greeks,
Jews, Hindus, Chinese, French, Germans, British and Caribbeans
among others. This melting pot is reflected in ethnic cuisine
restaurants, churches, schools, art, language and others.
Cost
of Living
Prime
beachfront property can be obtained at prices 50% or less lower
than in comparable U.S. locations, and one can build at a fraction of
the cost of a U.S. home. The
average monthly cost of living, domestic and professional
services, food and many other products and services are
considerable lower
than
in many countries including United States. A live-in maid can be
hired for less than US$200.00 a month. Medical assistance can be
received as low as US$10.00. Apartments in Panama City can be
found to rent starting at US$350.00 a month. Attractive apartments with
amazing views can be found for rent less than US$1000.00
a month.
Economy
Panama
has a strong International Banking Center which has
made possible the existence of a financial system with credit
available at competitive rates. The
economy is based primarily on a well-developed service sector
which includes the Panama Canal, the Colon Free Trade Zone,
insurance companies, container ports, flagship registry and
tourism.
Environment
The perfect combination for the retiree
who is seeking all the mod-cons of a major city but just a
few
hours away from amazing nature, highlands, mountains, beaches
and islands. A good place to retire and remain active.
System
of Government
Constitutional
Republic with democratic elections every 5 years.
The current President is Martin Torrijos.
Political parties have alternated power in the last four
elections.
Health
Panama´s
hospitals are on a par with U.S. or European facilities, at a
fraction of the cost.
Modern and reliable private
medical services are available (for instance an associate to
Johns Hopkins Hospital has just been inaugurated). According to
current legislation covering health matters, the country offers
health care facilities to all nationals and foreign visitors, independent of any reciprocal agreement with a
particular country. International travelers are, however,
advised to take out medical insurance.
Safety
& Risk
Panama
is considered safer than most countries in the region and areas in the United States. Natural disasters,
earthquakes, floods, hurricanes, etc are not common in Panama.
Panama, like any other country or city in the world does have
places easily identified where visitors are not encouraged to
go.
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