Monday, May 29, 2023

Why Panama is one of the destinations to invest in real estate

Panama is a country that invites investment. its economy with constant growth, privileged position The huge potential in various sectors such as tourism and easy access to markets in Central America, the Caribbean and the northern part of South America, make it one of the preferred locations to acquire real estate. The strong devaluation of the Colombian peso in recent years has resulted in a loss of purchasing power for many; While the US dollar, despite having one of the highest inflation rates in its history, remains an important currency for the world economy.

Colombians are the second largest investors in the Panamanian market after the Americans. incentives offered by the country to businessmen, pensioners or those interested in residency; Cost and quality of life, Law 41 which gives tax incentives to companies looking to establish themselves in the country and Panama’s Foreign Investment Law, which encourages and guarantees national and foreign investment, are some of the aspects that make it an attractive destination. make a destination.

To invest in real estate, the country offers two options: Invest simply or process an investor visa, which allows you to live and work freely in Panama. For this, the minimum investment amount is $300,000 dollars and it can be a fully ready property or with a promise of sale contract.

“The person may request a mortgage loan as a foreigner or resident; For this, if you do not already have an account, then it is necessary to open an account. The bank requires a minimum of $500 for natural persons and $1,000 for legal persons. After this is done, you can access financing; If you are a foreign person, they can lend you up to 50% of the value of the property with interest rates effective at 5 or 6% per annum; You can get up to 70% financing if you are a resident of Panama ”, explains Gabriela Viñas González, commercial executive at A&P Alianzas y Proyectos, a Colombian company with extensive experience in the commercialization and management of property administration.

The documents required to use this credit are a bank reference letter, proof that you have the necessary resources for the purchase and a resume indicating the person’s current profession. However, it is very important to keep the following factors in mind in order to choose an option that offers good profitability and has high valuations:

1. The first step in making a profitable investment in the real estate sector is the location, valuation of the property, taxes to be paid and the lease price to be charged.

2. It is important to be clear about the type of property you are going to invest in and the time frame required for the same. There are different types of real estate such as commercial and residential, places where owners can rent for short or long periods.

3. The expenses arising out of the property should be taken into account and ascertained whether these are compatible with the monthly financial plan or not.

4. The age of the property is also a point that needs to be appraised, as the valuation will depend on how old it is.

“An important factor for investors is the ease of obtaining an investor or retiree visa in Panama. The retiree visa has great benefits and is considered one of the best globally, as it does not require an investment amount; individual should only certify that they have a pension of at least $1,000 dollars per month. Another important feature of this country’s location is the low incidence of natural calamities, which makes it an ideal place to invest in real estate, but also to live.Gabriella Venus ends.

It is clear that Panama’s real estate market remains one of the most desired destinations for investors, as the market offers great opportunities in real estate with competitive prices and greater potential for appreciation due to the special characteristics of this country. This trend is expected to increase in the coming years.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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