Yes! Foreign buyers from various countries, like the United States, Canada, England, Venezuela, Colombia, Brazil, Russia, and EU countries (like France, Germany, Spain, Italy, and the Netherlands), are buying property in Panama.

Panama’s constitution protects the rights of foreigners, giving them the same property ownership rights that it gives its citizens. Property ownership is an inherent right under Panama’s constitution. Panama real estate includes title deeds that are recorded in a Public Registry, just like in the U.S. and Canada. As a result of these protections, Panama real estate investment by foreigners has been rising every year since 2005.

Panama is a prosperous country that boasts continued stability and growth. It is the most advanced nation in the region, the hub of the Americas, and it has been one of the fastest growing economies worldwide. The service sector accounts for most of its Gross Domestic Product (GDP) and the Panama Canal is essential to global trade and accounts for almost 10%-40% of the country’s GDP. The license and registry of the Panama flag to merchant ships is another source of economic activity. In fact, almost a quarter of the global transport fleet flies the Panamanian flag!

A large logistics and storage services sector, as well as modern banking and insurance industries are also important components to Panama’s successful economy. The main agricultural cash crops for the country include bananas, shrimp, sugar, coffee, and clothing, although this sector accounts for less than 10% of GDP today.

The tourist industry accounts for about 9% of the GDP and Panama is making a concerted effort to draw attention to her natural offerings, as well as her financial benefits.

Geographic importance, natural beauty and modern infrastructure and industry all help maintain a stabilized economy and create a number of good investment opportunities in Panama. Increasing numbers of foreigners looking for inexpensive vacations and affordable retirement destinations are visiting and moving to Panama, and many are investing in Panama real estate.

Unlike other places, Panama doesn’t have four seasons. It has a wet or “winter” season and a dry “summer” season. Even during the wet season, Panama is very sunny. Often mornings are sunny, with an hour or two of rain in the late afternoon.

The Pacific Coast of Panama receives 50 to 70 inches of rain a year, while Caribbean and mountain regions get 100+ inches.

Panama is not within the famous hurricane zone, so no need to worry about this type of storm. Due to trade winds early every year, two coasts, and a string of mountains along the Continental Divide, Panama has many micro climates that can have drastically different weather from one neighborhood, or micro climate, to the next.

Panama is never too extreme or unmanageable, particularly on the Pacific Coast.

Panama is an expat friendly country and makes it easy for foreigners from many countries to get a visa. The process is inexpensive and you can obtain permanent residency in just a few months.

The reason you are moving to Panama will help determine the type of visa you should get because there are several options. There are many websites detailing these options. And after five years as a resident, you and your family may apply for citizenship.

Panama does not allow dual citizenship, so you would need to renounce your current citizenship to become a full Panamanian citizen.

Panama’s policy of jus soli – or “right of the soil” – means that children you give birth to while in Panama will obtain Panama citizenship at birth.

Some banks will lend to foreign buyers, though it’s challenging for foreigners to obtain mortgages and the approval process is typically cumbersome and lengthy, often taking two to three months. In addition, loan-to-value ratios will generally be lower and interest rates higher.

For example, the loan-to-value ratio will be about 60-70% for those with a solid Panama banking history, 50% without. Panama has what’s called the FECI, which is essentially a premium on interest rates for non-resident investors or even residents who are purchasing a second home.

As a result, more than 80% of real estate transactions involving foreign buyers are all cash transactions. If you are considering a mortgage, it’s worth shopping around and talking to several banks or, even better, look for projects that offer private financing. Blue Marlin is one of these projects and can be flexible with terms for qualified buyers.

>>>>>>>>>>>> Two alternatives to standard bank mortgages are: 1) owner financing, and 2) loans originated in your country of residency that utilize your existing home as collateral. 

Yes, and we can help! For investors and part-time owners, we will offer property management services if you would like to rent out your unit when you are not there. We can do everything from welcoming your guests or tenants, to coordinating maintenance, repairs and cleaning, or just checking in on your unit and providing photos or video if you haven’t been there for awhile. Let your investment earn money for you by using it for short or long-term rentals.

The original plan was to break ground on Blue Marlin in May 2020, but as a result of COVID-19, that timeline has been pushed until the end of the wet season (approximately December 2020). This means there is still time to take advantage of pre-construction prices and incentives!