5 THINGS YOU SHOULD KNOW before buying property in Panama

[@christophertaylor3150]

I know of people who have successfully purchased property the ways you are describing here. I currently own a home in Panama City, Panama. (I lived in Panama for 12 years and speak Spanish very well.) However, I tried to buy a piece of land a few years ago that was handled by a person who claimed to be an attorney. I actually got the deed just like I have on my house. However, I found out later that the signature was forged and received threats that I would be accused of trying to steal the land from the rightful heir to the property. I also had a friend who was taken for a very large sum of money by a non-panamanian living in Panama who dealt with real estate in spite of a panamanian attorney telling him everything looked in order. Be very careful when it comes to real estate in Latin America in general including Panama.

[@PrimeSolutionsTaxLegal]

Thanks for sharing your experience! Due diligence is key 👍

[@daveuygur]

Thank You for explaining. Very clear & professional.

[@PrimeSolutionsTaxLegal]

Glad it was helpful!

[@mbtv6442]

Great information! Thanks 😊.

[@PrimeSolutionsTaxLegal]

Always welcome!

[@AdamGordon1977]

Thanks for sharing. I was considering a few options for retirement.

[@PrimeSolutionsTaxLegal]

Our pleasure! Great 👍

[@petehart5622]

Thank you Glenda, this is very helpful!

[@PrimeSolutionsTaxLegal]

You are welcome! My name is Giovanna though 😀👌

[@mrjeff9169]

Great content! How would an out of country owner deal with Non payment of Rent? What are the rules for when tenants can be dispossessed? Thanks!!

[@PrimeSolutionsTaxLegal]

Hi Hula! In the event of breach of contract including non payment of rent, the landlord can start an eviction proceeding before our civil courts. Enforcement of the decision is carried out by our Minor Courts of Justice we call Jueces de Paz, in the jurisdiction where tenant lives.

[@terryparish7133]

You are totally assume look forward to getting with you in January!

[@PrimeSolutionsTaxLegal]

Gracias Terry! I look forward to meeting you too in January 👏👏👏🇵🇦🇵🇦🇵🇦🥳🥳🥳

[@bestboqueterealestate8898]

Thank you for a very interesting and informative video.

[@PrimeSolutionsTaxLegal]

Thanks for the good words!

[@Beyondthebreakers]

Thanks, that is helpful. I want to buy a property for investment, lets say I put it into corporation. Pros: shielded from liability, no taxes if I decide to sell for a higher price. Cons: I have to pay more taxes because and have to pay corporation fees annually (how much) and higher a accountant to do taxes. All those expenses may completely eliminate my profit from the property though... I am also interested what programs are currently available for permanent residency through investment and how much I should invest? Thanks.

[@PrimeSolutionsTaxLegal]

Hello 👋 you can apply with the Friendly Nations Visa (200k) or the Solvency visa by investment on property (300k). Hope this helps!

[@Beyondthebreakers]

@@PrimeSolutionsTaxLegal great, thanks!

[@ChrisLan200]

You will never sell it and flipping for profit the market in Panama is so over inflated you will loose

[@ChrisLan200]

You will never sell it and flipping for profit the market in Panama is so over inflated you will loose

[@PrimeSolutionsTaxLegal]

Welcome 🙏🏽

[@rolandlab]

Very helpful!

[@PrimeSolutionsTaxLegal]

Glad it was helpful!

[@terryparish7133]

Great info

[@PrimeSolutionsTaxLegal]

Thanks!

[@taurus1379]

Good information Jiovanna! How many years Panama banks give their loans for after you put 30% down payment for a house? Thanks

[@PrimeSolutionsTaxLegal]

Depends on your age, but around 20 years

[@PrimeSolutionsTaxLegal]

Thanks!!

[@lizgonzalez1255]

Hi I have a question if my parent is a Panamanian citizen and then I become a resident under him. How can I purchase or what are the steps.

[@PrimeSolutionsTaxLegal]

Hello Liz! There is a process to request citizenship by birth from your parents. Contact me please to send you the information ℹ️

[@lizgonzalez1255]

​@@PrimeSolutionsTaxLegalHi I am very interested and would like to contact you? What is the best method to reach you?

[@lizgonzalez1255]

​@@giovannabernalHi I sent you and email I can do zoom as well, which ever you prefer

[@giovannabernal]

@@lizgonzalez1255 ok great!

[@mikenatera1018]

thank you so much for your advise and information is very interesting. iam double Federal retired here in the U.S.A how difficult will it be to finance a mortgage and wich bank is EXPAT friendly and you recomend.

[@PrimeSolutionsTaxLegal]

You are most welcome Mike! You can apply at Banco General or Scotiabank, I understand they will finance a mortgage until you are 80 years old. Downpayment is of 30% and retirees don’t pay FECI which is a 1% additional on second homes or not residents.

[@hokim6480]

@@PrimeSolutionsTaxLegal How do I prove that I'm retired? I'm 60 years old (American citizen) and planning to retire in Panama, but I won't collect my social security checks until I hit 62. I will live off my savings.

[@PrimeSolutionsTaxLegal]

@@hokim6480 Hello Ho Kim, for the Pensionado visa you will need to show a pension letter from government or private (e.g. Social security statement) that shows that you are already receiving benefits. The type of pension benefit should be for life. You can apply when you are 62 but in the meantime if you can to move earlier you can apply to one of our temporary options. Hope that helps!!

[@sebastiandobai]

Hello. I'm European and plan to move with my Colombian wife to Panama. What sites are the best to check for property? For example I would like to have an apartment. 100k will be enaught for it? pls advice me because I only stop in Panama and yes, love this country I would like to live there. thx in advance

[@PrimeSolutionsTaxLegal]

Hello Sebastian! There are so many nice places and you can find property on 100k there many neighborhoods I recommend you to come to Panama for a visit and be familiar. Panama 🇵🇦 is a lovely country 🇵🇦♥️

[@ExplorerLink]

I’m interested in buying a property in Panama.

[@PrimeSolutionsTaxLegal]

We are at your disposal meetings.hubspot.com/giovanna-bernal

[@wendyreal247]

Very good information on what to know before buying in Panama

[@PrimeSolutionsTaxLegal]

Thank you Wendy!

[@scosal7100]

Hi, is it possible for expats with FNV permanent residency to work as a real estate agent and join ECOBIR? I've heard there are many professions from which expats are forbidden to work.

[@PrimeSolutionsTaxLegal]

Hello! You need to be permanent resident and show 5 years of permanent residency in order to apply to be a licensed realtor.

[@ImAubreyJackson]

Very helpful! I am so excited to work with you soon!

[@PrimeSolutionsTaxLegal]

Thanks Aubrey! We look forward to working with you too

[@williamm5538]

Medically retiring in 2023 and I will need to hire you then.

[@PrimeSolutionsTaxLegal]

We remain at your disposal.

[@SILVERSETFILMS]

Do pensionados get tax break on property taxes?

[@PrimeSolutionsTaxLegal]

Pensionados with primary residence in Panama get 120k exception on value of property. Saludos!

[@SILVERSETFILMS]

@@PrimeSolutionsTaxLegal Thanks! I'm inching toward you getting ready to start new case 😁!

[@PrimeSolutionsTaxLegal]

@@SILVERSETFILMS You are most welcome! I look forward to it!!

[@gregorywandersaround6178]

Are Airbnb rentals permitted?

[@PrimeSolutionsTaxLegal]

In some buildings in Panama City and in other provinces. Always ask if the building has a permit for Airbnb.

[@ourblazingworld]

If you finance through a bank you have to pay off by age 70 correct?

[@giovannabernal]

Some banks will accept you can pay off by the age of 80 as long as you endorse a local life insurance.

[@ourblazingworld]

@@giovannabernal thank you!!! That is a game changer for me!!!

[@giovannabernal]

@@ourblazingworld feel free to contact me if you need a referral

[@ourblazingworld]

@@giovannabernal thank you!

[@retrospect3-2-15]

* without going to probate you mean not probation! Kind regards

[@PrimeSolutionsTaxLegal]

Oh yes thanks that’s what I meant 👍

[@nothingness4884]

Is it easy to buy real estate with crypto in Panama?

[@PrimeSolutionsTaxLegal]

There are companies that facilitate the purchases in crypto currencies.

[@josedeleon9639]

Those downpayment percentages are killing me 😂

[@josedeleon9639]

Great video!

[@PrimeSolutionsTaxLegal]

@@josedeleon9639 thanks Jose!

[@jmm8193]

No to realtors in Panama. Delete it and show you real intentions!

[@PrimeSolutionsTaxLegal]

Realtors are helpful, specially if you are not familiar with our system saludos!

[@ericzhang5070]

how to contact you?

[@PrimeSolutionsTaxLegal]

Thank! Email 📧 [e-mail] or WhatsApp [phone]

[@taurus1379]

Hi Jiovanna, is there any way I can chat with you via WhatsApp?

[@PrimeSolutionsTaxLegal]

Of course! [phone] saludos 🖖

[@taurus1379]

@@PrimeSolutionsTaxLegal 👍I’ll call you tomorrow, thanks

[@PrimeSolutionsTaxLegal]

@@taurus1379 alright, talk soon!

[@bmcgrawth]

Can i get your email and contact.

[@PrimeSolutionsTaxLegal]

Yes, [e-mail] thanks for reaching