Important Rules to Understand When Buying Luxury Apartments in Panama

1. Important Rules to Understand When Buying Luxury Apartments in Panama Panama is a premier destination for many tourists. It’s not hard to fall in love with this tropical country, and it’s easy to see why it’s a popular retirement location for expats. Are you interested in making the move, too? Then it’s time to think about buying a luxury apartment in Panama! Why is Panama a top choice for many foreigners? There are many reasons why expats choose to move to Panama. The country accepts US dollars at a rate of 1 USD to 1 Panamanian balboa, making everything much easier. In addition, Panama has a rich international community. The locals are very open to foreign visitors and residents. And of course, there’s always plenty to do; from sailing and surfing to attending jazz festivals, so you will never get bored. Another great thing about Panama is that the real estate market is relatively affordable. Foreigners can enjoy the same property rights as the locals. You can purchase luxurious apartments for significantly less than the price you would pay in countries like the United States. What Should you know aboutluxury apartments in Panama? Interested in buying a home here? There are some rules to take note of. Here is a quick overview of what you should know before buying aluxury apartment in Panama: 1.Procedure The process of buying a luxury apartment in Panama is simple. First, you need to find a property that suits your needs. It’s best to work with trusted realtors who can explain the local market thoroughly, guiding you about each potential property’s pros and cons. Next, you’ll need a qualified attorney in Panama who can help you understand the local regulations and gather the necessary documents. An attorney will also manage the title search and prepare the sales contract. Finally, all that’s left is to finalize the contract with your seller and pay for the property. 2.Limitations Although there are no restrictions on foreign property ownership in Panama, there is one exception. According to Article 121 of the Panamanian Tax Code, foreign persons cannot purchase property located less than 10 km from the frontiers and the islands under the jurisdiction of Panama.

2. 3.Taxes and fees Note that the Panamanian government takes in a 2% transfer tax for properties. In addition, you might encounter closing costs depending on your transaction, including:    A $1200 legal property transaction fee $250-$350 public registry title transfer fee 0.5% - %1 of the transaction fee set aside in an escrow Make sure to inform yourself of Panama’s property rules and regulations before finalizing your transaction!