Question 1

Can foreigners buy property in Panama?

Accepted Answer

Yes, foreigners can purchase Titled or Right of Possession (ROP) properties in Panama. Thanks to Panama Law 54, foreign investors enjoy the same rights as Panamanian citizens, including the ability to repatriate profits. Whether you're looking for a retirement home, an investment property, or a business opportunity, Panama welcomes you with open arms.

Question 2

What steps are involved in buying or selling property in Panama?

Accepted Answer

The first step in purchasing a property is to submit an offer on the property of your choice. This offer, known as the 'Offer to Purchase a Property Agreement,' is a crucial document. It outlines all the terms and conditions governing the property purchase and eventually forms part of the 'Promise to Purchase/Sell Agreement.'

Our Real Estate agency, along with our attorney, will prepare this document and send it to the Seller for their signature....

Question 3

Who will guide me through the property purchase and relocation to Bocas del Toro?

Accepted Answer

Caribbean Properties for Sale is your trusted real estate agency in the Bocas del Toro Archipelago. With over 20 years of experience in Central America, our multilingual team (English, Spanish, and French) offers expert guidance to buyers and sellers, handling every detail of the transaction and assisting with relocation.

Remy began his real estate career in Costa Rica in the 1990s, where he founded .....

Carlos is an experienced attorney specializing in real estate, corporate law, and property transactions.....

Emilie began her real estate career in Costa Rica in 2007 and now serves clients in Bocas del Toro with dedication and.....

Hilda, originally from Costa Rica’s southern Pacific, has been an essential part of our team from the start. With strong.....

Question 4

Understanding Property Rights in Panama: Title Deeds and ROP Explained

Accepted Answer

Titled Properties:

Most Bocas's property buyers prefer to ensure that a property holds a title registered in the National Registry of Panama to secure their purchase.

During the process of selling or purchasing a titled property, the deed transfer is signed before a notary, and the title is duly registered in the public registry under the buyer's name....

Question 5

How long can I keep a Right of Possession (ROP) property in Panama?

Accepted Answer

In Panama, the Right of Possession (ROP) allows you to live on government-owned land and make improvements like planting or building. Once legally acquired, you can enjoy your ROP property indefinitely, provided you meet the required conditions. It's a unique opportunity to create your dream space in this tropical paradise.

Question 6

What is the process to obtain legal Title for a Rights of Possession (ROP) property in Panama?

Accepted Answer

Panama has a unique law called "Rights of Possession" (ROP) that allows people to possess government-owned land in order to make improvements upon it.

Recent legislation in Panama now allows owners of Rights of Possession (ROP) to convert it into titled property by obtaining a deed, which can then be recorded with the Public Registry....

Question 7

What makes Caribbean Properties for Sale unique compared to other real estate agencies?

Accepted Answer

We began as a family-owned real estate business in Costa Rica in 2004 and expanded to Panama. Our commitment to integrity and expertise sets us apart. With over 20 years of experience, we've successfully represented buyers and sellers in numerous transactions. We are dedicated to helping our clients find the perfect property and providing sellers with the most accurate and current market knowledge.

Question 8

Are yearly property taxes required on my new property?

Accepted Answer

Properties with Rights of Possession (ROP) are not required to pay annual taxes, unlike titled properties. On the other hand, titled properties are subject to a yearly property tax based on the purchase price indicated on the "Deeds Transfer Contract" registered in the Panama national registry.

The payment of property taxes for titled properties will be generated after the "Deeds Transfer Contract" is registered. It may take a few months before the tax payment is due....

Question 9

How much are the legal costs when buying property in Panama?

Accepted Answer

Legal fees for buying a property in Panama vary depending on the type of property and the attorney's firm you choose.

Legal fees for property purchases/sales are typically 3 to 10% of the property's sale price. They are usually divided equally (50%) between the buyer and seller unless otherwise specified in the "Promise to Purchase/Sale Agreement." The seller covers the real estate....

Question 10

Why is a real estate attorney important when buying property?

Accepted Answer

We highly recommend that a lawyer assist you with your real estate transaction in Panama. Once you have chosen your property, they will take care of all the necessary paperwork, including a title search at the National Property Registry or a search for legal documents at the regional registration office for properties under a Right of Property (ROP) registration.

They will also ensure that taxes are in order and guide you through all the steps involved in buying/closing. Most realtors have one or more lawyers they work closely with and can refer you to them, making the process much easier for you.

Choosing the right professional is crucial in any field, and real estate is no exception. A lawyer's expertise can make....

Question 11

What is the process for registering property ownership in Panama?

Accepted Answer

Not all properties in Panama have a registered property title in the National Registry. Panama allows people to possess government-owned land to make improvements upon it. It is called "Rights of Possession" (ROP). An ROP property can be "sold" (transferred) to third parties, including foreigners. These properties are not recorded at the Public Registry as titled property deeds are.

The "Right of Position" property certificate is registered at the regional justice department (Corregidor), where....

Question 12

How do Maritime Water Concessions work in Panama?

Accepted Answer

Maritime water concessions in Panama are legal permits that allow individuals or companies to use coastal and marine areas for specific purposes, such as building docks, marinas, or other waterfront structures. These concessions ensure that development is environmentally responsible and aligns with national interests.

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