Reason to Buy in Panama

Discussion in 'Panama Property' started by gsinker, May 5, 2008.

  1. gsinker

    gsinker New Member

    Reason to purchase property in Panama.

    Many people will have heard of Panama and heard of the boom in Panama, but how many people really understand why we are having a property and immigration boom down here in Panama, Read On

    Since 2006 the average price was $1780 to 2008 the average price is $2890 pre m2
    giving a 25% increase in price per year.

    Rental demand continues to increase.
    Hotels have an 80% occupancy levels and room fees have nearly doubled in the past few years.

    Shortage of private rental accommodation, the majority of new home owners are happy to rent there units out on a monthly basis, the need for apartments to be rented on a short term basis is very high. Short term rental yields are between 10% - 15%

    Ideal place for buyers in Europe with a weak dollar against the British Pound and the Euro. The Panamanian Balboa is tied at $1 to 1 Balboa so the European buyer can take advantage of the weak dollar in Panama.

    The Expansion of the canal. The new canal expansion program is underway. This will allow more ships to travel through the locks brining more money into the country in the form of toll fees.

    More cruise ships coming to Panama
    . One of the reasons for this is due to the tough immigration rules in the US that deter Latin American Travelers to board cruise ships that operate out of the USA. By expanding the ports in Panama more people can enjoy the Cruise season and more money will flow into Panama.

    Free Trade Zone is the second largest in the world and more and more traders are setting up shop in the free trade Zone. This in turn brings more tourists. Tourists visiting Panama in 2007 spent more than $1.1 billion dollars in the country, representing a 23% increase over the level of tourist activity for 2006

    Security, Panama is very aware how negative press can effect tourism, so there are plenty of Police on the streets not just driving round in cars there is also the tourist Police in Panama City.

    Latin America views Panama as Europe used to view Spain, I nice climate, good shops and a stable economy.

    Stable Government that sees the growth its country can achieve and is dedicated in seeing this continue.

    Great for retirees.

    Panama is one of the best places in the world for retirees today, combining a low cost of living, near-perfect weather and one of the world's best discount programs for retirees, with up to 50% off everything from public transport to movies, mortgage rates, doctor's visits, electricity, restaurants and airfares.

    When you compare Panama with its neighbors, you'll see that it has more amenities than traditional retirement spots such as Mexico and Costa Rica, with lower costs and crime rates. In Panama, you'll encounter less red tape and less interference from local authorities.

    And there are other incentives for foreigners to spend time here, invest here … or retire here. For example:

    Newcomers who buy or build a new house won't owe any property taxes for 20 years.

    Residents pay no taxes on foreign-earned income.

    Tourism investments have 20-year exemptions from import duties, fees for construction materials and equipment, and income, real estate and other taxes.

    The U.S. dollar is legal tender in Panama, which insulates its economy from global shocks. During the Asian monetary crisis of 1998, Panama became one of the healthiest economies in Latin America.

    Panama's pensionado program

    Once you become a resident "pensioner" of Panama under the Tourist Pensionado Visa, you are eligible for the most appealing program of benefits for retirees available anywhere in the world right now.

    Now, you may be thinking: "Pensioner? Retiree? That leaves me out."

    Not necessarily. The rules for becoming a "pensioner" and qualifying for this visa program in Panama are probably not what you'd expect.

    In fact, anyone over the age of 18 may apply and can qualify as a pensionado in Panama. All you need is a guaranteed pension income of $500 per month ($600 for a couple). It must be a pension from a government agency (e.g. Social Security, disability, armed forces, etc.) or a defined-benefit pension from a private company. Sorry, but an immediate, fixed annuity doesn't qualify.

    As a qualified pensioner in Panama, you would be entitled to:

    * 50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events, etc.)

    * 30% off bus, boat, and train fares

    * 25% off airline tickets

    * 50% off hotel stays Monday through Thursday, 30% off Friday through Sunday

    * 25% off restaurant meals

    * 15% off at fast-food restaurants

    * 15% off hospital bills (if no insurance applies)

    * 10% off prescription medicines

    * 20% off doctors' consultations

    * 15% off dental and eye exams

    * 20% off professional and technical services

    * 50% off closing costs for home loans and more


    Why wouldn't you buy in Panama?

    For more information on buying property in Panama
    contact Geoff at [email protected]
     
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