There are multiple reasons why someone would want to buy a house in Panama from abroad:
- Panama is a country with a strong economy and political stability.
- Its privileged geographic location has provided it with a good climate and tropical beauty.
- Besides being a significant financial and service center, thanks to the Panama Canal, which connects the Atlantic and Pacific oceans.
So today, we will explain everything about acquiring property in this country.
Is it possible to buy a house in Panama from abroad?
Buying a house in Panama from another country is a real possibility, as long as the established legal and fiscal requirements are met. In this sense, it is essential to have the appropriate advice to carry out a successful transaction.
An option to facilitate this process is to consult with a trusted lawyer or real estate agent in Panama, who have experience in the purchase of properties by foreigners. They can provide guidance on the legal requirements, costs, and obligations associated with the purchase.
Additionally, there are specialized companies in international real estate investments that offer advice and support to those interested in acquiring a house in Panama from abroad. These companies can help find properties that fit the buyer’s needs and budget (you can contact us for advice on this matter).
To buy a house in Panama from another country, one can use online platforms or hire a local real estate agent in the target country. Agents can represent the buyer and assist in finding properties that suit their needs and budget.
If the intention is to rent the acquired property, it is recommended to hire a local property management company to handle aspects such as rental management, maintenance, and repairs. This will facilitate the task of managing the property from a distance.
How to carry out a secure purchase?
Investing in the Panamanian real estate market can be a lucrative opportunity, but it also involves certain risks and challenges. If you are considering buying a property in Panama from abroad, it is essential to take certain aspects into account to ensure a successful investment:
Firstly, it is crucial to thoroughly research the Panamanian real estate market. Consider economic and legal factors such as market trends, the country’s economic stability, and regulations regarding foreign property ownership. This will help you make informed decisions and avoid unpleasant surprises in the future.
Before taking any steps, we advise you to consult with a lawyer or real estate agent experienced in foreign transactions in Panama. They can provide personalized advice and ensure that you comply with all legal and tax requirements to complete the purchase.
Once you have found the property that interests you, it’s time to make a written purchase offer. This step is crucial to formalize your interest and negotiate the transaction’s conditions with the seller. Remember that the purchase-sale contract must be drafted by a lawyer to ensure its validity and security.
Opportunities in the Panamanian real estate market
Foreigners who wish to invest in real estate in Panama have a great opportunity, as they have practically the same rights as Panamanians to own property titles. This means that foreigners can acquire properties in the country with the same security and legal protection as local citizens.
Furthermore, one of the advantages of investing in real estate in Panama is the possibility of obtaining permanent residence through this investment. Those who invest US$300,000 in real estate can opt for the Golden Visa, which grants them property ownership and permanent residency immediately.
Before making an investment, it is essential to know about the best housing projects in Panama and carefully evaluate their characteristics and location. Panama offers a wide variety of property options, from houses in the city to beach houses on both coasts of the country.
Speaking of beaches, the coasts of Panama are dotted with beautiful beaches that attract foreigners from all over the world. This feature makes beach properties one of the most profitable real estate investments in Panama, as many expatriates and locals choose to have a beach house as a second residence.
For those foreigners wishing to acquire property in Panama, it is important to be familiar with and meet the requirements to obtain bank financing. Banks in Panama offer financing options for foreign buyers, but it is necessary to submit the required documentation and meet certain criteria, whether as an employee or as a self-employed individual.
Remember that if you desire professional guidance throughout the process of buying a house in Panama from abroad, you can contact us, and we will help you acquire the house of your dreams.