The world is facing a new era where investors must rethink the way they manage their portfolios, and Panama is in the minds of many. Let me tell you why!
Panama is the paradise of Central America, combining all the elements of tropical living and a lovely cosmopolitan feel; it is a country that you will fall in love at first sight. It is usually called the Miami of Central America, for the infrastructure of its impressive skyscrapers facing the ocean and the diversity of nationalities which has chosen it as their new home.
Many people are surprised when they visit Panama for the first time. In addition to being able to enjoy beautiful beaches, lush mountains, and postcard perfect islands at any time of the year, you can also find your niche, the budget, and the lifestyle that suits your dreams.
Panama is a service-based economy; no sector is above 20% of the total GDP, representing an excellent opportunity for traders.
Living in Panama is easy for many expatriates. Spanish is the native language, but English is widely spoken, and its economy is based on the U.S. dollar.
How is buying Property in Panama?
More than any other country in the region, Panama is welcoming to foreign buyers attracted by all the incentives that its law offers, like No Income Tax on Foreign earned income and its low property taxes.
Thanks to the facilities available and the international-standard health, Panama is a top spot for retirement. Its internationally-praised retired program offers ex-pats a wide variety of discounts and services.
For all these reasons, Panama’s Rental Market is each day more attractive for experienced investors who are looking to expand their portfolio.
Without a doubt, the presence of a large number of multinationals in the territory has turned Panama’s Real Estate Market into one of the most demanded in the region.
Is it difficult to get a Residency Visa in Panama?
Panama is a country that offers several residency programs. That’s probably one of the biggest reasons why every day, more foreign entrepreneurs are rushing to settle here.
For example, Panama’s golden visa program offers a residency visa to investors purchasing real estate valued at a minimum of $300,000. In return, the investor, spouse, and dependent children will be offered a residency visa and may eventually qualify for citizenship.
Another way to get a residency visa is if your country is considered a Friendly Nation. If you are one of the lucky ones to belong to any of these countries, you will qualify for the fast track residency program. These are some of the countries that apply to this option:
Argentina, Brazil, Canada, Chile, France, Germany, Greece, Israel, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Serbia, Singapore, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay, United Kingdom (Great Britain & Northern Ireland).
Even though Italy is not on the list, there is a special agreement between Panama and Italy, which lets Italian citizens move to Panama without acquiring a Friendly Nation Visa.
With the world crisis produced by the Covid_19, we have to accept that our reality has changed and look for better scenarios and Panama has everything!
As you can see, there are many reasons to buy property in Panama. If you want more information about Panama’s Investment Market, it will be my pleasure to help you.
Have a beautiful day!