Real Estate
Panama's strategic location in the center of the Americas, between North and South America, means that its real estate market spans the entire Western Hemisphere. Its status as an international air connectivity center also allows it to connect non-stop with more than 80 of the most important cities in the world.
Absolutely. Buying properties in Panama is very safe. There are over a dozen laws in Panama established specifically to protect foreign investments, not to mention that private property in Panama is protected by the constitution of the Republic of Panama. Thousands of foreigners or expatriates own property in Panama, and at Business Panama Real Estate we process real estate transactions in Panama for foreigners every week without any problems.
Under the Constitution of Panama, foreigners are allowed to own real estate in Panama directly or through a legal entity. The only limitation is established in article 291 of the National Constitution, which establishes that foreign persons or legal entities owned by foreign capital cannot acquire properties located within 10 kilometers of national borders.
Yes, it is legal for foreigners to own property titled in Panama in their personal name, although we typically recommend that clients keep all property in the name of a Panamanian corporation or foundation for asset protection and tax reasons.
Panama offers residential mortgage financing terms for both locals and foreigners. Typical loan-to-value ratios range from 50% to 70%, amortized over 25 years, and mortgage interest rates are competitive.
Immigration
There are several immigration programs for foreign investors who can apply for Panamanian residency, depending on the nationality of the person and the amount of their investment in real estate. For any immigration application, you should rely on an experienced immigration attorney who can be provided by Business Panama Real Estate.
- Pensionado Program: This popular program offers attractive benefits such as discounts on utilities, medical care, and even car imports. To qualify, you only need a minimum monthly income of $1,000 and proof of your pension or reliable source of income.
- Friendly Countries Visa: If you are not yet retired, but come from a qualified country, this visa allows you to reside in Panama and invest in local businesses or real estate.
- Qualified Investor: This is the best program to obtain immediate permanent residency.
- Immigration Attorney: Consulting a Panamanian immigration attorney is highly recommended. They can guide you through the visa application process, ensuring you meet all requirements. Business Panama Real Estate has lawyers on the team to help you.
If you are interested in other programs, Panama offers a Reforestation Visa where you invest in reforestation as the main requirement for permanent residence or an Economically Self-Sufficient Person which is similar to Friendly Countries. All listed programs are fully explained in a special section of this website.
To ensure a smooth transition, here are some key things to consider:
- Pensionado Program: This popular program offers attractive benefits such as discounts on utilities, medical care, and even car imports. To qualify, you only need a minimum monthly income of $1,000 and proof of your pension or reliable source of income.
- Immigration Attorney: Consulting a Panamanian immigration attorney is highly recommended. They can guide you through the visa application process, ensuring you meet all the requirements. Business Panama Real Estate has in-house lawyers to help you.
Cost of living
- Budget: Panama City offers a comfortable lifestyle for less compared to many other major cities. Consider rent (around $600-$1,000 for a one-bedroom apartment), food ($200-$350 a month), and restaurant options (from cheap street vendors to upscale restaurants).
- Health Care: Panama has a modern health care system with public and private options. Although healthcare costs are generally lower than in North America, consider health insurance for added peace of mind.
Lifestyle and Culture
- Climate: Get ready for a tropical paradise! Panama City has a warm and humid climate throughout the year with a rainy season (May to November).
- Language: Spanish is the primary language, although English is widely spoken in tourist areas and expatriate communities. Learning basic Spanish helps a lot in integrating and navigating daily life.
- Culture: Immerse yourself in Panama's rich culture, from vibrant festivals and traditional music to delicious cuisine and friendly locals. Embrace the "Pura Vida" approach to life and enjoy a slower pace.
Additional considerations
- Community: Panama City has a thriving expat community, offering social connections and support. Consider researching expat groups or neighborhoods with a high concentration of expats.
- Activities and Interests: Whether you want outdoor adventures, explore historical sites, or enjoy the arts scene, Panama City offers a wealth of activities. Research options that align with your passions.
Living in Panama
The cost of living in Panama is significantly lower than in most other cosmopolitan global cities that are important to high-end buyers and investors. Recent statistics indicate that a person can live comfortably on US$2,500 a month.
Panama offers several housing options, including apartments, townhouses, and single-family homes. You can rent or buy properties depending on your budget and preferences. It is advisable to work with a real estate agent who can help you find suitable properties in your preferred neighborhoods.
Panama offers different areas to consider, from bustling Panama City to quiet beach areas like Coronado, Buenaventura and Venao. Factors to consider when choosing a place to live include proximity to schools, hospitals, shopping and entertainment, safety and accessibility. It is advisable to visit areas in advance if possible or consult with locals or expats.
Diversity of Locations: Expats in Panama have a variety of locations to choose from, each offering unique experiences. In Panama City, expat homes are typically located in areas such as Bella Vista, Costa del Este, El Cangrejo, Punta Pacifica, Punta Paitilla, San Francisco and Santa María, known for their modern amenities and cosmopolitan lifestyle. Additionally, expat communities thrive in other areas such as Coronado, Pedasi, and Boquete, each with their own appeal.
International Standards in All Locations: Whether in Panama City, Coronado, Pedasi or Boquete, expat homes and apartments in Panama meet international standards, offering modern amenities, quality construction and diverse housing options. This ensures a comfortable and luxurious living experience for expats moving to Panama, regardless of their chosen location.
Expat Communities and Events: Joining expat communities and attending events organized for expats can be a great way to meet people with similar interests. Platforms like InterNations, Meetup, and local expat forums often host social gatherings, networking events, and cultural activities where you can meet expats and locals alike.
Language Exchanges: Participating in language exchanges can help you meet new people while improving your language skills. Panama City has several language exchange groups where expats and locals come together to practice different languages, share experiences and make friends.
Professional Networking: Attend networking events, seminars and workshops related to your profession or interests. These events provide opportunities to connect with professionals, entrepreneurs and industry experts in Panama City. Websites like Eventbrite often list upcoming networking events in the city.
Exploring Cultural and Social Events: Attend cultural festivals, art exhibitions, concerts and other social events in Panama City. These events don't just expose you to the culture.
Panama City offers a unique combination of modern convenience, rich history and astonishing natural beauty. Here's a balanced look at what expats tend to love (and may take a while to adjust to) about life in this vibrant city:
Tastes:
- Affordable lifestyle: Compared to many major cities, Panama City has a significantly lower cost of living. This translates into comfortable living without breaking the bank, allowing you to explore the city and enjoy leisure activities.
- Cosmopolitan touch: Panama City is a dynamic metropolis with a thriving business scene, world-class restaurants and bustling nightlife. Art galleries, museums and historical sites satisfy cultural enthusiasts.
- Outdoor Paradise: Panama City is a gateway to adventure. Hike through lush rainforests, relax on pristine beaches, or sail the turquoise waters of the Caribbean. The Panama Canal adds another layer of wonder!
- Welcoming culture: Panamanians are known for their warmth and friendly spirit. The large, established expat community fosters a sense of belonging, making integration easier.
- Slower pace: Although Panama City has a vibrant energy, life here generally revolves around a slower pace compared to some large metropolises. This allows more time to relax, connect with loved ones, and savor the moment.
Dislikes:
- Traffic problems: As in any major city, traffic congestion can be a problem during rush hours. Public transportation is improving, but having a car can be beneficial.
- Language barrier: Spanish is the primary language. Although English is spoken in tourist areas, learning basic Spanish improves your daily life and fosters deeper connections with locals.
- Rainy season: Panama City experiences a rainy season (May to November) with high humidity. If you're not a fan of humid weather, this may take some getting used to.
- Bureaucracy: Be prepared for some bureaucratic processes, especially when dealing with government agencies. Patience is key!
Remember, these "disagreements" are more about adapting to a different way of life. Panama City offers a unique charm and a slower pace that many find incredibly appealing.
Panama City offers a vibrant and diverse social scene, catering to a variety of interests and lifestyles. Here's what you can expect:
- Expat Community: Panama City has a thriving expat community, offering a great way to connect with people from all over the world. Social events, meetups and online forums allow you to build friendships and find support.
- Local Immersion: Panamanians are known for their warmth and hospitality. Take the opportunity to learn Spanish, participate in local activities and integrate into the scene
local social. Join community events, attend cultural festivals, or strike up conversations with friendly locals.
- Activities and interests: Whether you're a food lover, outdoor enthusiast, or culture buff, Panama City has something for everyone. Join clubs, attend sporting events, explore art galleries, or participate in outdoor activities with like-minded people.
- Nightlife: Panama City offers a bustling nightlife scene, from trendy rooftop bars to lively salsa clubs. Enjoy live music at local bars, sip a craft beer at a brewery, or dance the night away at a nightclub.
- Slower pace: Although Panama City has a vibrant energy, life generally revolves around a slower pace compared to some large metropolises. This allows more time to socialize with friends and family, enjoy quiet meals, and savor the moment.
Here are some resources to get started with your social life in Panama City:
- Expat Groups: Look for Facebook groups or online forums specifically for expats in Panama City.
- Meetup: Explore Meetup groups related to your interests, from language exchange to hiking clubs.
- Local Events: Check websites and social media calendars for upcoming events, festivals and cultural activities.
Ultimately, the type of social life you experience in Panama City depends on your own initiative and interests. The city offers a welcoming atmosphere and a variety of options for connecting with others, so get out there and embrace the “Pura Vida” lifestyle!
Education
Schools in Panama City offer a variety of educational options, catering to both local families and expats. Here are some key points about schools in Panama City.
International Schools in Panama City:
– Metropolitan School of Panama (MET): IB curriculum emphasizes global citizenship. – Balboa Academy: American curriculum, focuses on critical thinking.
– International School of Panama (ISP): American curriculum, emphasizes rigor and diversity.
– King's College Panama: British curriculum, emphasizes excellence.
– Panama Pacifico International School (PPIS): American curriculum with a global perspective, focuses on innovation.
✓ Quality of Education: Many international schools in Panama City maintain high academic standards and offer a wide range of subjects and extracurricular activities. They focus on holistic development, including academics, sports, arts, and character-building initiatives.
✓ Multicultural Environment: International schools in Panama City attract students from diverse backgrounds, creating a multicultural and inclusive learning environment. This exposure to different cultures, languages, and perspectives can enrich students' educational experiences and promote global awareness.
✓ Facilities and Resources: International schools in Panama City typically have modern facilities, including well-equipped classrooms, libraries, science laboratories, sports facilities, and technological resources. They prioritize providing a conducive learning environment with access to educational resources and technology.
✓ Qualified Teaching Staff: International schools typically employ qualified and experienced teachers who are trained to teach international curricula and adapt to the needs of diverse student populations. Many teachers at these schools are native English speakers or are fluent in English.
✓ Extracurricular Activities: International schools in Panama City offer a wide range of extracurricular activities such as sports, music, arts, theater, community service and leadership programs. These activities complement academic learning and help students develop diverse skills and interests.
✓ Admission Process: The admission process for international schools can vary, but generally involves submitting an application, transcripts, letters of recommendation, and sometimes entrance exams or interviews. Some schools also have specific requirements for expat students, such as language proficiency assessments.
Cost: International schools in Panama City can vary in terms of tuition rates, depending on the school's reputation, facilities, curriculum, and grade levels. Tuition rates are typically higher than local schools, but often include additional services and extracurricular activities.
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Our Company
BusinessPanama Real Estate is part of Business Panama Group, a well-established group of professionals and allied partners with 25 years of experience, promoting and facilitating business, investment, real estate, immigration and tourism in Panama.
About Us
Contact
Plaza 2000 Tower, 10th Floor, 50th Street. Panama City.
Telephone: (+507) 223 – 6788
Toll Free (US & CAN): 1(888) 880 – 8947
