Panama
The Republic of Panama is composed of 29,000 square miles of rough, heavily vegetated jungles, cosmopolitan Panama City and numerous beach resorts on the Pacific and Caribbean coastline and islands. The population of Panama is roughly 3 million (a quarter of whom live in Panama City) and, though Spanish is the most prevalent language, English is widely-spoken, particularly in Panama City. The US dollar is also fairly widely accepted, though the official currency is the Balboa. There are no local taxes on foreign-made income and no property taxes (until a sale of the property transpires). Further there is a 20-year moratorium on transfer taxes for new homes. Due to the existence of the Panama Canal, Panama has become a vibrant banking and import/export economy. As a result, higher literacy, better social services and infrastructure, lower crime rates and the like are found in Panama when contrasted with most Central American countries. The costs of living also are lower than in most places around the world, e.g., $2 taxi rides all over town are common and a $10 lobster dinner or a $30 hotel room in areas outside of Panama City are not unusual. Retiree visas are not difficult to obtain and allow investors to reside in Panama indefinitely. Travel visas are readily obtainable and visitation from most countries requires only a valid passport.
Recently, developments have been added at a prolific rate, both in Panama City - more of a haven for expatriates who desire some nightlife and culture - and along both coasts, particularly in the Bocas del Toro, Azuero Peninsula, Boquete area (especially among retirees) and many coastal islands. Real estate "tours" are frequently offered by various brokerages around various areas of Panama for nominal or low fees, which are usually refunded if any purchases are made. The burgeoning real estate industry has enjoyed explosive growth, over the last 5 years in particular, as Panama's under the radar status has vanished. Pre-construction projects are available throughout Panama, from 70+ story condominium apartments in Panama City to beachfront resorts along both the Pacific and Caribbean coasts.
Copyright 2010