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 54^th 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.

BUYING GUIDE

       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.