Property Ownership in Panama

The Panamanian economy is based on the U.S. dollar and the country has high banking standards making mortgages for property in Panama possible and in fact reasonably priced and safe. To this add the incentives offered to retirees and you can see why many people wish to live and retire in Panama.

The process to purchase begins with a real estate agent. There are many companies to choose from and agents can be locals or foreigners so if finding an American agent to help in the process makes you feel more secure there are many to choose from.

1 Titled properties

Your agent will help you in your search for the right property. Once this property has been identified the remainder of the process should be conducted by a real estate attorney. Your attorney can help with the initial contract and deposit. The process of purchasing is somewhat similar to the U.S. and starts with a title search conducted by your attorney. Due diligence is highly advised by both you and your attorney. Once this process has been completed your attorney will arrange for the final sale while you arrange for payment. If using a mortgage to secure the property this process should be researched ahead of time and started once the property has been identified; if you are paying cash, the money will need to be wired into Panama. Wiring is a simple process. The money to purchase should be wired to the attorney. Once the money has been received the property will be registered in the new owners name and the seller will receive his funds.

2 Possession Rights Properties

Many properties in Panama are titled properties but some properties may be Possession Rights properties and does not allow the purchaser title only the right to possess the property. This is often the case for beach front properties and island properties. Many advise against acquiring this type of property. A good attorney will advise you on all the ramifications associated with this type of property.