Panama is a part of the Latin American region and lies on the isthmus which links the Northern and the Southern American continent.
GENERAL MARKET INFORMATION
The main sources of Panama economy are the Panama Canal banking, Colon Free Trade Zone, container ports, flagship registry, and other businesses.
The freedom score of the Panama economy is 67, making it the 54th freest economy.
Around hundred and thirty-four international companies have their headquarters stationed in Panama.
Panama has a total foreign investment of USD 5.8 billion.
In 2014, the number of individuals below poverty line reduced by 10%.
In 2017, the GDP of the Panama country is 6183.82 crores in USD.
The national currency of Panama is the Balboa. However other than Balboa, the US dollar is also used as a legalized currency.
Domestic violence is the biggest legal problem in Panama. Theft too is quite frequent in the rural and provincial regions.
TAXES AND COSTS FOR PROPERTY
Both the urban and rural properties are levied with property taxes.
The tax levied depends on two factors- the market value of the concerned property and the costs of improvements as issued but the Land Commission.
The rate for the property taxes is progressive in nature.
The maximum tax rate in Panama is 2.10% on the market value of the property.
No restrictions are imposed on the foreigners for buying the property.
A foreigner can purchase any property in two different ways- either by purchasing a titled property or by purchasing a ‘possession right’.
All the titled property records are monitored with the help of the Public Registry Office.
A Promise to Purchase Agreement ensures the security of the titled property till it is mutated into the name of the buyer.
For the possession righted properties, the person will have only the possession but the ownership won’t be transferred permanently.
TENANTS AND LANDLORDS
The duration of the lease contract doesn’t have any restriction.
The Panamanian Judicial Branch and the Housing Commission of the Ministry of Housing are the legislative bodies in Panama.
The property rules abide by the Civil Code of 1917.
Population In Panama
GDP In Panama
Average Monthly Net Salary
Home Ownership Rate
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Rent per sq m Today
Rental Yield Today
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