Your number 1 partner when buying property abroad
Emerging as one of Latin America´s best kept secrets, the Republic of Panama is one of the world´s most desirable destinations for expatriates. The southern most nation in Central America, Panama is a natural land bridge that links South and North America with a land area of approx 30,000 sqm, joining Columbia and Costa Rica with the Caribbean Ocean on the northern side of the country and the Pacific Ocean on the southern side.
With a diverse population of approximately 2.8 million, Spanish is the main language although English is widely spoken with many cultures living happily alongside each other and thriving in the diversity.
After many years of study, the expansion of the man made Panama Canal, was at the time, one of the world´s most difficult engineering projects, joining the Pacific and Atlantic oceans and providing a key worldwide shipping link. It has bought much wealth to the country and is still one of the most greatly travelled waterways in the world, currently handling over 12,000 ships per year.
The stunning landscapes and tropical weather produce average daytime temperatures of 29°C, with cooler pleasant temperatures in the evening.
TOP 10 REASONS TO INVEST IN PANAMA
Panama City is the country´s capital and is recognised worldwide as a major centre for commerce with key international banking and related financial activity. Sophisticated and modern, the skyline of high rise buildings with neon bright lights resembles Hong Kong, yet it is the only city in the world with a tropical rainforest within the city limits. Investors are attracted to Panama like a magnet with over 90 global and private banks locating key offices there. Microsoft is opening one of it´s biggest centres outside the USA and Unicef has moved its world headquarters lock stock and barrel with 6,000 staff. The possibilities for business are extensive, with foreign investors, bankers and traders flocking to cash in on the booming economy and first-class lifestyle whilst enjoying third world prices.
A law passed in 1998, guarantees all foreign investors equal rights to nationals, with regards to investments and business practices. With Panama ranking number one as the world's freest economy it is set to continue it´s long-standing policy of providing a foreign-investment environment that requires no special authorizations or permits. If you live in Panama, but earn your income outside the country, you will not be taxed, making it an attractive incentive to high wealth idividuals and retirees.
Famous for the Panama Canal, it´s history and achievements have brought vast wealth to Panama, and with further widening of the canal planned over the next 10 years, the new super tankers from China and the Far East will have quick shipping access to the East coast of America and Europe. The other key business area is the Colon Free Trade Zone, the second largest duty free zone in the world and receiving over 250,000 visitors per year.
Various parts of the country have been declared ‘Special Tourism Zones’ which offer benefits and tax breaks, in the fastest growing tourism marketplace in South America and the second largest banking sector in the world. Amongst the key tourism investments is the Trump Ocean Club International Hotel and Tower, which is part of Donald Trump’s $400-million project in Panama City. Inheritance tax has been scrapped and property purchases are tax free for 5 to 20 years depending upon location and the type of property.With a solid economy, Panama property investment offers profitable returns, with an annual capital appreciation of up to 20% and rental yields of approximately 8%. A consistently growing GDP at 8% is expected to increase further over the coming years as global trade in the Canal increases.
Excellent infrastructure, transportation and communication systems provide a thriving environment for the tourism and investment markets with the ultra modern Tocumen International Airport leading the way with state of the art telecommunications. International Airlines fly direct to Panama from North and South America, Spain, England, Russia, Taiwan and Israel as well as connection points in the US.
The U.S. dollar is the national currency, which enables free cash flow in and out of the country without the problems associated to currency exchange controls. This enables America to trade freely and securely and entices sterling and euro investors to Panama.
A low cost of living, tax exemptions and the most generous discounts in Latin America combine to establish Panama as the fourth best retirement location in the world. The government’s Pensionado Programme for foreign retirees provides many tax benefits, a high quality standard of living in a safe environment, inexpensive medical care in some of the best hospitals in the world, all in all the best retirement program in Latin America, with retirement property investment heavily boosted.
The country is politically sound and safe, with no army and extremely friendly and happy Panamanians.
The pleasant year round weather is spring-like in the mountains and tropical down on the wonderful beaches and hundreds of paradise islands, with no hurricanes and no earthquakes to worry about. Most of the coastline is undeveloped so you could be one of the first to enjoy a beachside residence and enjoys the spectacular marine parks and coral reefs.
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