Buying Property
All property in Panama City and the majority of beachfront lots along the Pacific Coastline are fully 'Titled'. It is always advisable to check with the realtor if the property has Title and is registered with the government as 'Titled'. If property is listed as 'Rights of Possession', then it is often possible to gain Title once you have purchased it. Titling of land on islands which is 'Rights of Possession' is usually not possible. The Right of Possession certification is an official document that certifies that the person has the right of use and possesses the land, describing the location, area (size) of the land, and describing the names of the neighbors to further identify the location. A survey should accompany the Possession Rights Certification to correspond with the definitions of the area, borders, etc. The Right of Possession can be sold or transferred to third parties. However, the transaction is not registered at the Public Registry, rather it is processed through the respective government authority that issued the Possession Rights Certification.
Renting Property
When renting a property in Panama City be sure to read the contract and be aware of your responsibilities. In the majority of long term lease agreements gas and water will be included in the monthly rent. You will be expected to take over the responsibility for the electricity and the telephone. This of course depends upon whether you are renting long term or short term. Long term is usually a minimum of 12 months, short term usually includes all the amenities and is anything from 1 week to 6 months.
Banking, Finance and Mortgages in Panama
Panama is one of the most secure international offshore centers in the world. The Panama Stock Exchange is one of the fastest-growing in the region. In the financial industry, diverse investment opportunities exist in banking, investment capital financing, insurance and re-insurance. Many banks have special investment and loan opportunities specifically designed for foreign investors.
Panama's banking system has effectively achieved international standards of privacy, modern legislation, and standards of professionalism. Banking in Panama is easy, private and secure.
Scotiabank in Panama (The bank of Nova Scotia) are offering mortgages and loans to ex-pats from all foreign countries for the purchase of houses, condo's and even land and construction at the beach and in the mountains. On new property for use as a full time home they will lend up to 75% of the asking price or actual value whichever is the lower. The bank will offer the loan over 25 years depending on the age of the client, to a max. age of 75.
If you wish to lend on a property for use as a vacation/summer home, the bank will lend up to 70% for a period of up to 15 years. Current interest rates vary between 5.75% and 6.75% depending on the loan. For more information contact Dinorah Young Su or Kathia Garcia by email in English or Spanish at dinorah.young@scotiabank.com
Banco General are also offering mortgages to ex-pats usually with a discount rate (currently 6.5% variable). They require 30% downpayment and the balance can be taken over a maximum of 30 years to the age of 75. As with all banks in Panama, the mortgage has to be secured with a life insurance policy, which must be issued by a Panamanian Insurance Company. Banco General have an excellent level of customer service and usually give a provisional decision on granting the loan within a few days.
HiFX Currency Exchange
The months of June and July have shown significant fluctuation with the Great British Pound against the US Dollar. The exchange rates have fluctuated from 1.9650 to 2.0650 in just over a 1 month period. If you’re thinking of exchanging Pounds Sterling for U.S. Dollars this could be an opportune time, particularly with deflated housing prices in many Dollar based economies. This has been due to a number of events, including the Bank of England’s interest rate decision on June 7th and the minutes from the meeting released on the 20th. Leading up to the decision on June 7th the pound strengthened to a high near 1.9940 as some traders positioned themselves to profit from an anticipated interest rate hike by the Bank of England. When the news broke that interest rates would remain on hold at 5.50% the pound weakened and the exchange rate to drop sharply to 1.9600. After this drop we saw a continual rally all the way up to 2.0650 which was due to a negative US dollar consensus.
The volatility in the exchange rate can have both a positive and negative effect. For example in a one month period from mid June to mid July, there has been over a 4% fluctuation, this could potentially have meant a significant saving on your dream property or put that same property out of reach. HIFX Inc can help protect you against this risk. For more information please contact Joshua Hritz at HIFX Inc. +1 (415).678.2770 Joshua.Hritz@HiFX.com visit www.hifx.com/personal.aspx
Medical Services
In a foreign country we all have to be prepared for the unexpected. Unfortunately this can mean medical problems and dental problems.
We can recommend all the services offered on this page, which have been used by our staff or associates.
For all types of Insurance in Panama we recommend Kevin Bradley at Ducruet Insurance, telephone 322.1605.
| Ear, Nose & Throat specialist | Dentist (certified in USA) | Dentist |
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Dr. Francisco Tejeria |
Dr. Xiamara Arjona Opp. Trescalini Obarrio Phone: (507) 264 6923 Cellphone: (507) 6617 8903 Fax: (507) 264 5017 |
Dr. Ernesto Calvo Calle 53 Obarrio Phone: (507) 263 8861 Cellphone: (507) 6613 6930 Fax: (507) 223 0741 |
| Sports Injury Specialist | ||
| Dr. Ford San Fernando Sur Via Espania Panama Phone: (507) 261 7275 Fax: (507) 261 4089 |
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