Street Level Asset Management

House sale in Saboga, Panama

2018-07-14T16:55:00.001-07:00

3 Bedroom / 2 Full Bath / Half Bath

Furnished

Price:$ 900 000

Living Space: 200 sq meters

3 bedroom home in El Encanto development of Saboga Island in Perlas Islands archipelago, 1.5 hrs sailing from Panama City.

El Encanto literally meaning 'the Enchanted Bay', this exclusive collection of Luxury two and three Bedroom residences occupies a superb position along the spectacular coastline of the Saboga paradise resort.

Set on Isla Saboga's meandering western coastline and surrounded by magnificent indigenous rainforest, El Encanto Bay is ideally placed to catch the island's stunning pacific sunsets.

During the season, humpback whales feed immediately off the fronting pristine white-sand beach which is also an important sea turtle nesting site, providing a remarkable opportunity to interact with nature and observe the island's truly awesome marine life.

For more information: Whatsapp +507 66173321 or email.

Apartment in residential zone of Panama City with easy access

2017-07-03T01:00:00.000-07:00

7400 - San Francisco, Panama City - The Location

San Francisco is truly the best area to live in Panama City. It is a peaceful area, surrounded by beautiful houses of impressive architecture, an inimitable exclusive and residential zone, close to the ocean but in the center of the city, which allows you to enjoy an incredible view of the ocean or of the city. Everything you need you will find close by: restaurants, schools, supermarkets, video rental stores, pharmacies and just a few streets away, one of the biggest shopping malls of Central America boasting stores selling international brands, at terrific prices, movie theaters and more. San Francisco is also one of the most accessible zones of the city, so it will only take a few minutes to arrive at your destination.

Maintenance fee includes: Maintenance of common areas, 24/7 security, broadband internet, gas.

7400 - San Francisco, Panama City - Key Features

? Prime Panama City Location? Close to airport, Panama Canal and Bay of Panama (Pacific Ocean) etc.? Family-owned developer with 35 years experience? 20 year exoneration from property tax? Prices from just $270,000 based upon current availability? Anticipated rental yield of 7-8%? 15% capital gains tax rate? 70-80% borrowing available

LA EXPERIENCIA QUE BUSCABAS PARA VIVIR A TU ESTILO! UBICACION: San Francisco es realmente el mejor lugar para vivir en la Ciudad de Panamá un área tranquila rodeada de hermosas residencias con una impresionante arquitectura una zona exclusiva y residencial por excelencia muy cerca del mar pero en el centro de la ciudad lo que le permite disfrutar de una vista increíble al mar o a la ciudad. Con todo lo que usted necesita cerca del área encontrará: restaurantes escuelas supermercados video clubes farmacias y a pocas calles centros comerciales cines y más.

EL PROYECTO: Con un estilo fresco moderno y relajado 7400 San Francisco encuentras las imponentes East Tower y West Tower. Estarás cautivado por su impresionante fachada con un estilo totalmente original ambas con elegantes lobbies entradas individuales desde sus múltiples vías de acceso y un diseño arquitectónico vanguardista que te hará sentir la experiencia 7400 desde el primer instante.

AMENIDADES: 7400 San Francisco te permitirá disfrutar a diario sin que te cueste más y sin salir de tu entorno 2400mts2. de amenidades como media cancha de basketball cancha de raquetball y áreas verdes para practicar deportes al aire libre.para relajarte cada día te espera un delicioso spa con sauna duchas completas y para ejercitarte un moderno gimnasio completamente equipadoun lujo que tienes con solo tomar la decisión inteligente de vivir en 7400 San Francisco. Cada torre cuenta con su propia área de esparcimiento para chicos y grandes con piscina área de juegos para ni&ntildeos terraza techada terraza abierta y una completa área social con salón de fiestas con cocina área para barbacoa terrazas ba&ntildeos y más para que celebres con toda comodidad y sorprendas a tus invitados.

LOS APARTAMENTOS: WEST TOWER con apartamentos de 153m es ideal para tu estilo de vida porque cada elemento en tu apartamento ha sido seleccionado pensando en que sea único e individual para que cada rincón tenga su propia personalidad y a la vez puedas adaptarlo a tu gusto. Acabados modernos y de buen gusto materiales importados de España de excelente calidad y que siguen las últimas tendencias en decoración: una hermosa cocina con sobre de granito y modulares estilo italiano elegantes baños con sobres de mármol modernos y lustrosos pisos de porcelanato de 60cms azulejos importados ventanas de piso a techo detalles que hemos incorporado para tí porque son parte del concepto 7400 San Francisco.

For more information Whatsapp +50762172003

AMCHAM Panama hosts its 4th Real Estate Forum on Panama City Urban Zoning

2013-10-14T10:07:00.002-07:00

At least once each year the AMCHAM Panama Real Estate Committee holds its Forum which addresses timely issues within the sector and offers information and solutions to attendees

The American Chamber of Commerce and Industry of Panama is pleased to announce the Fourth Annual Real Estate Forum to be held on October 16, 2013 from 11:30 am – 3:00 pm at the Miramar Inter-Continental Hotel. The forum “Urban Zoning: The Metro and the Streets. Where do I park?” will focus on urban planning in Panama City and how the new Metro and road infrastructure projects affect real estate in Panama City. The speakers include Henry Kardonski, General Manager , London and Regional Panama; Juan Manuel Vasquez, Director of Municipal Works and Construction , Panama City Mayor's Office ; Roberto Roy, Executive Secretary, Panama Metro Authority; and Jaime Ford, Minister of Public Works of the Republic of Panama.

Pamela Oakes, Chair of the AMCHAM Panama Real Estate Committee and event planner, said “we are very pleased to bring together these speakers whose projects affect our daily lives and will have a profound effect on real estate. Panama is undertaking major infrastructure projects such as building the country’s first metro system and redesigning the city’s roads and highways. Proper planning is required to ensure that upon their conclusion the traffic in Panama City improves and commuters will have better options.”

AMCHAM Panama’s Real Estate Committee has created and adopted an industry Code of Ethics to which all member real estate service providers must adhere in order to be part of an exclusive referral network. The Committee has become a good source of business for real estate service providers who have sworn to abide by AMCHAM’s Real Estate Committee’s Code of Ethics.

One of the Committee’s primary goals is to disseminate accurate information to the public about the Real Estate industry, so that investors may meet the challenges and avoid many of the problems involved in purchasing real estate and relocating to Panama. At least once each year the Committee holds its Real Estate Forum with the valuable support of corporate sponsors, which addresses timely issues within the sector and offers information and solutions to attendees.

About The American Chamber of Commerce & Industry of Panama (AmCham Panama)

Founded in 1979, AMCHAM Panama http://www.panamcham.com is a non-profit, non-political, independent, voluntary association supported primarily by its members. Much of the organization's work is accomplished through the efforts of volunteer member committees which collaborate to help AMCHAM promote free enterprise in Panama. AmCham Panama has over 450 active members, from small local companies to major multinational companies based in the United States.

For additional information contact Maria Florencia Suarez +507 301-3881, email realestate @panamcham.com or go to http://www.panamcham.com/en/events/view/730

Panama: Real estate on solid foundations

2013-08-12T09:00:00.000-07:00

Panama: Real estate on solid foundations

Latin America | 7 Aug 2013

The real estate market in Panama is edging towards maturity, buoyed by the booming economy, a major national spend on infrastructure and ample liquidity in the financial system.

Initial estimates from the national statistics agency (Instituto Nacional de Estadística y Censo) suggest the sector expanded by 9% year-on-year in the first quarter of 2013, having notched up average growth of 7.8% in 2012 and 9% in 2011.

Panama City, home to nearly a third of the population, has been the centre of real estate activity over the past decade, with high-end residential, retail and commercial development combining to produce strong growth. New shopping malls and residential complexes have reshaped the skyline, alongside several hotels, evidence of the evolving tourism sector.

The city’s market for office space has been supported by strong macroeconomic growth and new business-friendly legislation, including the setting up of an incentive regime for multinational companies using Panama as a base for regional operations.

Vacancy rates for Class A office projects dropped to 7% from 12% in the second half of 2012, with the average monthly lease rate edging up from $23.30 per sq metre to $24.41, according to a study conducted by CB Richard Ellis (CBRE). New construction of Class A office space eased to pre-2009 levels in the same period, however, suggesting demand could now be levelling off.

CBRE’s study found Panama City’s residential market to be relatively stable. New unit construction eased, in keeping with a rising 76% absorption rate and falling sale prices for Class A real estate. The gross absorption rate across the wider market stood at 77%, with a total of 3346 units reserved from 4330 under construction.

However, there are signs that the retail market in Panama City could be edging towards occupancy saturation. Monthly lease rates fell from $41.31 per sq metre to $40.16 in the second half of last year, while vacancy levels in shopping centres rose from 6.1% to 9.1%. An additional 97,325 sq metres of new retail space was under construction as of late 2012.

Despite its overall impressive growth levels, Panama’s real estate market faces a number of challenges. The country ranked 75 out of 97 nations in the 2012 Global Real Estate Transparency Rankings, behind Mexico (43), Argentina (58) and Costa Rica (70). Jones Lang LaSalle, which publishes the list, described Panama’s transparency level as “low”, adding that a lack of both sophisticated investment vehicles and general market fundamentals were instrumental in determining the country’s position.

Panama also faces a major national housing shortage. The most recent estimates from the Ministry of Housing (Ministerio de Vivienda y Ordenamiento Territorial, MIV), published in 2010, put the shortfall at 136,665 units, against total national supply of 896,050.

The MIV launched a series of social housing programmes in 2010 as part of a target to reduce the shortfall to 30% and increase supply by 4.6%. Once completed, the five-year programme, backed by a $576m investment package, is expected to have benefitted an estimated 344,000 Panamanians. With $268.8m still to be spent, work is expected to accelerate during the second half of 2013 and through 2014.

The real estate sector is expected to continue maturing, with both the private and public sector helping to drive it forward. The government took a small, but significant step forward in May 2012, when it amended its regulations to create a new tax and financial framework covering the purchase and sale of real estate property. The legal changes paved the way for the introduction of key incentives aimed at supporting the housing market, including more favourable interest rates for first-time buyers and tax exemptions for residential home improvements. Ongoing support from the government, together with sustained growth in the private sector, will set the real estate market on course for further expansion in the medium to long term.

For full text see http://www.oxfordbus inessgroup.com/

More information is available in http://www.oxfordbusinessgroup.com/product/report/report-panama-2013

Retiring Way, Way South of the Border in Panama

2013-07-29T08:00:00.000-07:00

REAL ESTATE

July 25, 2013, 7:21 p.m. ET

Retiring Way, Way South of the Border

Americans are starting to head into Central America for retirement, lured by luxury real estate and eased residency requirements.

By KATY MCLAUGHLIN

When Steven and Robin Fine started searching for a place in Latin America to spend their early retirement, they looked at spots in Mexico and Costa Rica, both popular destinations for American retirees. On a trip two years ago, they decided to stop by Panama, too.

"We thought we would like Panama the least," Mr. Fine, 51 years old, a former communications executive said, "but we liked it the best."

The combination of luxury apartment buildings, good restaurants and modern hospitals drew the couple to Panama City, where 1½ years ago they spent $1.1 million, plus about $250,000 on renovations, on a 48th-floor penthouse with a view of the Pacific. It is now their full-time home.

The Central American nations of Panama, Belize and Nicaragua are increasingly competing with Costa Rica and Mexico for North American retirees and second-home buyers. New luxury developments, outfitted with spas, restaurants, marinas and golf courses, are on the rise. Builders say they are using more high-end materials and adding upscale amenities designed to appeal to affluent American buyers.

Bobby Pereira for The Wall Street Journal

Steven and Robin Fine renovated a $1.1 million, 48th-floor penthouse in Panama City.

These countries offer packages of residency and breaks on taxes and fees that imitate Costa Rica's pensionado program, which was introduced in 1971 and helped set the groundwork for a boom in retiree emigration from North America. Nicaragua added such a law in 2009, offering foreigners with retirement incomes tax breaks on everything from cars to construction materials. Last year, Panama, which has a long-established retiree program, created a path to citizenship for retirement residents and introduced a new residency program for people under retirement age that has lowered requirements for investment in property, business and other ventures.
Despite their inroads with American retirees, these countries still don't attract the same numbers as more established destinations, such as Mexico and Costa Rica. In 2011, more than 50,000 Americans collected Social Security in Mexico and more than 5,000 in Costa Rica. But Mexico's well-publicized drug war and escalating violence are starting to push Americans to look at new places for retirement. Central America, however, has its own problems with crime.
The U.S. Department of State labeled the crime rate in Nicaragua "critical" and the murder rate in Belize "extremely high," though concentrated in Belize City and not in tourist areas. In Costa Rica, petty crime such as theft and "smash and grab" muggings have increased in the past couple of years, along with home invasions. In Panama, murders and gun violence have decreased in recent years, but reported rape and theft have increased.
"Panama remains relatively safe when compared with other Central American countries, yet crime rates are higher than one would encounter in most of the United States," says the State Department's 2013 report.
...

For the full text, see http://online.wsj.com/article/SB10001424127887324879504578599770182918926.html

May 15 - Presentation on Isla Saboga Resort project in Pearl Islands

2013-05-06T19:53:00.000-07:00

Event: '"Isla Saboga Resort Project In The Pearl Islands"'

Real Estate Committee

Comité de Bienes Raíces

Date: Wednesday, May 15, 2013 - 8:00 am

Duration: 1 Hour

To confirm attendance: go to http://www.panamcham.com/en/events/view/653/date/2013-05-15

Luxury Contadora Beach Front Villa with Direct Access to Beach

2012-12-27T08:44:00.000-08:00

Luxury Contadora Beach Front Villa with Direct Access to Beach

Contadora Vacation Rental by Owner Accommodations: Villa, 4 Bedrooms, 3.5 Baths (Sleeps 10)

Recently remodeled beach front villa featuring stunning architectural design and modern furnishings. Sleeps up to 10 people.

There are 4 fully air-conditioned bedrooms (including 1 suite) and 3 1/2 bathrooms.

The upstairs master bedroom suite has a king size bed, two adjacent twin beds, and a large bathroom with double sinks, large bath tub and separate shower. There is sectional sofa and 42 inch flat screen TV. The suite has its own private terrace with unobstructed panoramic views of the beach, ocean and nearby islands.

There are 3 bedrooms on the first floor. One bedroom faces the ocean, has a queen size bed and a private bathroom with a shower. The other two bedrooms have full size beds, face the garden and share a bathroom with a shower.

The large living and dining rooms faces the beach and have unobstructed views to the beach, ocean and nearby islands. The large sliding doors allow a cool seabreeze to enter. There is a white sofa set and comfortable chairs that seat up to 10 people. The double height ceiling and ceiling fans makes dining a pleasure at the table for 10 people.

The modern kitchen features full size stove, refrigerator, microwave and dishwasher. There is a breakfast bar that seats 2 people.

The TV room has a 32 inch flat screen TV, DVD player, sofa and is fully air-conditioned.

The first floor terrace faces the has unobstructed views to the beach, ocean and nearby islands. There is a table with seating for 8 people, 2 chaise loungers with umbrella, and a large round canopy-covered chaise chair. Papaya trees and verenera plants are adjacent to the terrace.

The infinity pool is next to the terrance and overlooks the ocean. It features a bench to sit on and enjoy your amazing views or you can float away on one of the floating chaise loungers.

The stairs take you directly down to the beach. There is a small private patio just before you step on to the beach which is perfect for leaving you gear and coolers.

There is a caretaker on-site to help make your vacation a dream come true. Private tours can be arranged at an additional charge. Internet is available for an additional fee. A 6-seater Club Car is available for $100 a day.

Pets Not Allowed - Non Smoking Only Bedrooms

Beachfront : Magnificent 4 bedroom villa on Playa Cacique with direct beach access. Part of the Pearl Islands archipeligo, Contadora is an exclusive island retreat just 30 miles from Panama City. Villa Montecielo

Recently known for the CBS television series 'Survivor: Pearl Islands', Contadora is an island of private homes for Panama's wealthy families. There are 11 white sand beaches on Contadora with clear, turquoise water. You can snorkel around the beaches and also at the nearby islands. There is a scuba-diving outfit on Contadora and many excellent locations for scuba diving. Don't forget to pack your underwater camera for all of the incredible underwater sealife you will encounter! Contadora's turquoise colored waters are home to hundreds of species of fish, including tuna, sea bass & wahoo, making it a highly desirable fishing location. During the two whale breeding seasons, marvel at how the humpback whales seem to know you are watching them. The dolphins swim up to your boat as if to say hello. Bird lovers will delight at the 100+ species of birds that call the Pearl Islands their home including pelicans, hummingbirds and the blue-footed boobie.

Note: Until confirmed, rates are subject to change without notice. Public services are subject to availability as provided in the island by local utility companies.

For online availability calendar and reservations go to http://www.homeaway.com/vacation-rental/p997812 Reservations are made only through homeaway and not by phone.

Property Investing in Panama

2011-02-06T13:33:00.000-08:00

View a database of carefully selected investment property in Panama

SUMMARY : Panama City is one of the world's least expensive first-world cities. It is also among the most modern and prosperous cities in Latin America with over 3 million people. The city's array of tall skyscrapers is reminiscent of Miami. It boasts incredible shopping where almost any product from the U.S. may be easily found. During the past several years Panama has been consistently rated in the top ten for the best retirement locations worldwide. A welcoming community, safe environment, low crime statistics, excellent incentives for retirees, together with the natural beauty and ethnic diversity that is Panama, all appeal to the increasing number of baby boomers from North America and Europe who are looking for a different option for retirement.

Currency: (USD) Dollar

US Dollar: A global benchmark currency. Little or no exchange rate parity fluctuation against Middle East currencies. The cost of living is significantly lower than that of Western Europe.

Economic climate: The trend towards an open economy and possible trade pacts with such nations as the U.S. and Mexico are conducive to investment in Panama. There are also no government expropriation or interference as in many Latin American countries. A business-oriented government encourages foreign investment. A government that realizes the value of private business to a developing country backs all investment. In 1946 Panama's business-oriented mentality led to the creation of the Colon Duty Free Zone, considered to be the second largest free trade center in the world, after Hong Kong. In addition, the Panamanian government offers foreigners who invest in Panama many attractive incentives such as legal residency and tax privileges.

Capital Gains tax: Since the enactment of Law 8 of 1956, successive legislation has been passed offering tax benefits to developers. It has been widely accepted that, as a result of these incentives purchasers of real property have also benefitted. This tax is applicable if there is a capital gain. This tax is also regulated by Article 701 and applied at a flat 10% rate, whether a corporation or an individual is acting as a seller, on the gain resulting from the price of the sale minus the price of the acquisition by seller, as well as registration, notary and real estate agent expenses. If there is no capital gain on the transfer of a property, the 2% transfer tax, is also paid in advance for the sale, levied on the difference between the price of the sale or an appraised value increased at a 5% yearly rate (whichever is higher) and the price of acquisition by the seller.

Popular investment areas: Panama City has become a cosmopolitan modern metropolis - there are many raise buildings overlooking the ocean and the Bay of Panama. Exclusive residential areas like Marbella, Paitilla, Coco del Mar, Punta Pacifica and San Francisco offer a good range of apartments and condominiums for sale. Suburban residential areas in the former Canal Zone like Amador Heights, Balboa, Albrook and Clayton offer large and attractive single-family homes and condominiums. Casco Viejo -- the oldest city on the Pacific Coast of the Americas -- has become a desirable place for real estate investment, encouraged by the Panamanian government Casco Viejo investment incentives for the restoration of the historic Casco Viejo district. Outside Panama City, there are beautiful real estate properties located in popular destinations including, Chiriqui, El Valle, and Altos de Maria. Known mostly for their cooler climates, incredible flora and quiet peaceful atmosphere, real estate in the highlands of Panama are ideal for those interested in retiring abroad. Bocas del Toro is another popular destination for Panama real estate. Most known for its crystal clear waters, rich Antillean culture, unique over-the-water architecture and laidback tropical atmosphere. In recent times, Bocas del Toro has become a booming center for European and American Expats, as well as an impressive number of tourists. Several of these destinations are also considered Tourism Development Zones, where additional tax benefits are granted to investors in hotel projects. Real Estate Values in Panama and primarily in these Pacific Coast Beach areas has been appreciating very steadily, and as interest and growth increases so to do the real estate values.

Price ranges: The Panamanian government incentives for the restoration of the historic Casco Viejo district encourage investment here, this area reminiscent of New Orleans or SoHo years ago abounds with shells of graceful buildings that are crying out for renovation. Outside of Panama City excellent real estate properties are available for developers and individuals. The more remote the location the more reasonable the cost but be aware that you may be far from utilities or roads. The real estate in Bocas del Toro offers beautiful Caribbean beach property. Here palm-fringed golden sands surround the islands and turquoise waters where the rain forest meets the ocean. Here families shop by boat, enjoy water sports and the natural beauty of this wonderful location - better yet it is still affordable.

Budgetary guide: Prices per square meter in Panama vary according to the location (city, mountain, beach). In the city, you may find prices starting 1000$ per square meter in a new condominium. In the mountain, the price may drop down to 20$...yes this is not typo however in those cases you might want to research the access possibilities to this property. Many areas in the mountains have no road of access and local transportation might not be available. In the beach, prices depend on the zone. An hour away from the capital prices start at 600$ per square meter depending on the quality of the beach and neighborhood.

Service Fees: Fees charged by the Public Notary and the Public Registry which total in the range of $200 to $300 for registering a buy/sell contract for the sale of real estate in Panama.The closing costs vary depending on the particular transaction. For example, if the property is held in the sellers personal name, and the buyer is transferring the property title to a Panamanian corporation (most recommended), then the closing costs would include; (1) the legal property transaction fee of US$1200 (includes; title search, buy/sell contract, closing, & property title transfer service), (2) public registry title transfer fees of approx. US$2.50 per every US$1,000 of the sales price and if applicable - the mortgage amount, (3) escrow fees from 0.5% to 1% of the transaction amount (vary depending on amount of transaction), and (4) incorporation fee of US$1000 to setup the Panama corporation. However, if the property is held by a Panama corporation already, and the buyer is purchasing the shares of the corporation, then the transaction is relatively simple because there is no registration of title transfer, meaning that there is no title transfer tax, and no public registry title transfer fees. In this case, the closing costs would include; (1) the legal property transaction fee (includes; title search, review of tax liabilities, purchase of shares contract, and closing for US$800), (2) change of directors / resident agent of the corporation (approx. $350), and (3) escrow fees from 0.5% to 1% of the transaction amount (vary depending on amount of transaction).The notary and public registry costs total up to approximately $200 to $300 depending on the particular transaction. Title transfer taxes are by law paid by the seller. Escrow fees (if an escrow company is used), are normally paid by the buyer, and range from one half of one percent (0.5%) up to one percent (1%) of the transaction.

Mortgages: Between 60% - 70% of the purchase price or appraised market value, whichever is the lesser. Interest Rate from 5.5% to 6.5%, plus FECI tax of 1% per year.

For more information go to:
www.slampanama.com
www.pensionadovisa.com
www.strategicpointconsulting.com

Nov 17, 2010 'Panama Week' planned in Washington, D.C.

2010-11-07T19:22:00.000-08:00

'Panama Week' planned in Washington, D.C.

The new version of "Panama Week" will take place starting Nov. 17 in Washington, D.C.

Félix Carles, president of the U.S.-Panama Business Council, said the motto of this year's event is "Panama, changing world trade."

One of the objectives of the event is to promote the ratification of the free trade agreement between the two countries that is still waiting to be discussed by the U.S. Senate.

It will also emphasize the role of the country as a maritime center, the progress of the Panama Canal expansion and the modernization of Tocumen International Airport.

The Panama Tourism Authority will also discuss its master plan at the event, which is aimed at increasing the number of visitors to the country.
http://mensual.prensa.com/mensual/contenido/2010/09/30/hoy/english/news_4891.asp

PANAMA WEEK 2010
Panama: Changing Global Commerce
Venue: Washington Hilton Hotel, 1919 Connecticut Ave., NW, Washington, D.C

For registrations and sponsorship opportunities contact UNITED STATES-PANAMA BUSINESS COUNCIL (USPA)
5353 Memorial Drive #2041, Houston, Texas 77007
Tel. (713) 426-0554 / Fax. (713) 426-0375 / E-mail: Panamerica @msn.con http://uspanama.webs.com/pwsponsorlevels.htm

November 1, 2010

Dear Friends of Panama and the United States

The U.S.-Panama Business Council (USPA) was created in 1994 with the mission of strengthening relations between the United States and Panama, and promoting business opportunities between the two countries. During its sixteen years of existence the Council has organized hundreds of programs and events which have greatly contributed to enhancing relations between the two countries.

Every year the Council organizes a comprehensive program in Washington D.C. entitled Panama Week. This year Panama Week will be held on November 18-19 in the Nation's Capital, coordinated by both the U.S. and Panama USPA associations. We anticipate a strong attendance this year, and several high profiled speakers that will address the numerous business opportunities offered by Panama.

Panama's excellent economic climate has produced positive news over the past five years with annual growth close to double digits. Even in 2009, when the world was impacted by a financial crisis, Panama still registered economic growth. The Panama Canal is undertaking an ambitious expansion, unemployment has decreased dramatically, the country attained investment grade and recently a $13 Billion investment plan was announced for the next five years.

An updated program is enclosed and periodic updates will be published in USPA USA website http://uspanama.webs.com/pwprogram.htm Several Ministers from Panama will be attending the program including Minister of Commerce and Industry H.E. Roberto Henriquez, Minister of Tourism H.E. Salomón Shamah, Minister of Energy H.E. Juan Urriola and Deputy Administrator of the Panama Canal Authority Jose Barrios Ng. The traditional black tie Gala Friendship Awards Dinner will be held on the evening of Thursday, November 18th and H.E. Jaime Alemán, Ambassador of Panama to the United States, will be the Keynote Speaker.

We avail of the opportunity to thank sponsors for their generous support. Please review the website for additional information. Should you have any questions you may contact Amb. Juan B. Sosa at (713) 426-0554. We look forward to see you in Panama Week 2010.

Best regards,

Amb. Juan B. Sosa President, USPA (USA)
Amb. Roberto Alfaro President, USPA (Panama)

House in Albrook residential area for sale

2010-10-22T10:38:00.001-07:00

An area where the "good life" awaits you is Albrook. Formally an air force base for the US military, this part of Panama City is now a tranquil, well landscaped sector with gorgeous homes about everywhere you look. There is plenty to do for fun & relaxation here and is truly considered to be one of the best places to live in Panama, especially if you want to live in or around Panama City.

So with all that being said, this duplex listing in the gated community of "Villas Firenze" is certainly high on our list. You'll have the comfort of 24 hour manned security to go along with all the benefits of living in this little haven of Panama City. And its good to note here that even though you feel quite isolated from the hustle bustle of the metro area you're actually only 10 - 15 minutes away from just about anything you would need to do in the city.

The duplex has a spacious living-dining room area, comfortable size kitchen, study, laundry, and storage room.

Two-level house in Albrook with:
* Two complete bathroom (first floor)
* One Visitor Bathroom in the ground floor.
* Main Bedroom with walk in closet
* Two Covered Parking spaces.
* Three air conditioner units, appliances, five fans, and all light fixtures.

Gated community, 24 hours security, social area with swimming pool, and play area for children.

Benefits: Near a School, Near Traffic, Maids Quarters, 24 hour Security, Air Conditioner, Social Area

Price $275,000.00 negotiable
Bedrooms 3
Bathrooms 2
Square Meters 161.38 (1730 sq feet)
Lot Size 219.48 (2362 sq feet)
Balcony or Terrace Yes
Swimming pool Yes
Parking 2

Key Investment Points:
- Minutes from downtown Panama City
- High resale value and demand due to low density of single-home units
- Investor-friendly landholding corporation regime and 15-year property tax regime
- 10 minute drive from commuter airport and Panama's largest shopping mall
- Recent construction
- Bank financing up to 70% possible for qualifying purchasers

Consult with your real estate agent or attorney-at-law. Prices, expected rental income and layout as provided by seller and subject to changes.

What foreign investors should know when buying property in the US

2010-07-18T21:32:00.000-07:00

Property managers with foreign investor clients (what you should know).
By Mullin, Kevin J.
Publication: Journal of Property Management
Date: Wednesday, July 1 1998

Unless a tax treaty exists between the U.S. and a specific country, foreign owners, including estates, corporations, nonresident aliens, and partnerships, pay a flat 30 percent withholding tax on the rents produced by their U.S. real estate investments. This tax applies unless foreigners' investments are connected with a U.S. trade or business or the foreign owner has made an election with the Internal Revenue Service to be taxed on a net basis. (Having rental income taxed on a net basis after deductions for costs or operations, maintenance, and carrying charges usually results in a lower overall tax for the foreign owner.) On the other hand, U.S. citizens and residents, both individuals and corporations, are not subject to this withholding tax.

This 30-percent withholding tax is calculated on the gross amount of the rents generated by the property without allowable deductions for interest, depreciation, repairs, management and association fees, insurance, real estate taxes, or other expenses of owning and operating the property.

Managers as Agents

Since the IRS has no jurisdiction to collect this tax against a person residing in a foreign jurisdiction, the law generally designates the U.S. person who has the last contact with the money before it leaves the U.S. as a "withholding agent." The withholding agent is charged with the responsibility for paying over the 30-percent withholding directly to the IRS. Failure to do so can result in the withholding agent being personally liable for payment of the tax, plus interest and penalties.

For rental real estate, the withholding agent is typically the property management company that collects the rent from the tenants, pays the expenses of owning and operating the property, and remits the balance to the owner. Unfortunately, the property management company is often blissfully ignorant of the implications and potential for liability that the designation of withholding agent brings under law.

Avoiding the Withholding Tax: Foreign Owners

Because of this potential tax liability, the property manager needs to know with certainty whether its foreign client is subject to the withholding tax or whether the client is exempt from withholding. For the foreign investor, there are two ways to qualify for an exemption from the withholding tax and, instead, pay its fair share of income tax on a net basis after deductions.

Trade or Business. The first way a foreign person can achieve exemption from the withholding tax and be taxed on a net basis is to qualify its real estate operations as being "engaged in a U.S. trade or business." Unfortunately, there is no hard and fast rule for determining when a foreign investor's real estate operations rise to the level of a U.S. trade or business. Instead, the legal test is based on the nature and extent of the foreign investor's activities in the U.S., which leaves the foreign investor looking to various court cases for guidance.

Resolution of one's status as not being engaged in a U.S. trade or business (and thus, subject to withholding taxes) under these cases can be fairly determined if the foreign person's activities are very limited, such as owning one rental property leased on a triple-net basis. Moreover, it is fairly dear from the court cases that a foreign investor will be considered to be engaged in a U.S. trade or business if the foreign investor's activities are considerable, regular, and continuous with regard to his or her properties. For example, owning several properties and being involved directly (or through an agent) in lease negotiations, maintenance and repairs, collection of rents, payment of operating expenses, and performing record keeping, would almost certainly qualify a foreign owner for this classification. However, should a foreign investor's activities fall within these two extremes, it may be difficult to gauge the character of the investment, which leaves the foreign owner and the property manager to guess.

Net Election. Having to guess how a court will decide on the question of being engaged in a U.S. trade or business can be a hazardous way to operate real estate for both the foreign owner and the property manager. By way of relief, the Internal Revenue Code does allow a foreign corporation or nonresident alien individual to make an affirmative election to be taxed as being engaged in a U.S. trade or business, which takes the uncertainty out of the process. To qualify for the election, the foreign corporation or nonresident alien individual must derive revenue from the U.S. investment. Because the foreign person will not otherwise be able to qualify for the election, investments in nonproductive properties, such as raw land, should be leased to generate some revenue, even if the use is merely interim or temporary. In the case of a nonresident alien individual, the real estate investment must be held for the production of income.

To make the election, the foreign owner merely files a statement with his or her federal tax return that identifies that an election is being made along with a schedule of all the taxpayer's U.S. real properties, their locations, and a description of the improvements on the properties. This election is effective for all qualifying U.S. properties for all subsequent years and can only be revoked with the consent of the IRS.

The foreign investor who makes such an election also needs to file a Form 4224 annually with its property manager, which notifies the property manager
that the foreign owner is exempt from withholding tax for that tax year.

Avoiding Withholding Tax: Property Managers

That the foreign investor can elect to be taxed on a net basis is fine, but how is the property management company to know whether its principal is a foreign owner and whether the foreign client has made such an election to be taxed on a net basis, thus relieving the property manager of the withholding tax obligation? Guessing incorrectly whether one is a withholding agent or whether someone is a foreign owner or relying on a false verbal representation will not relieve a withholding agent from its obligations under the law. The best ways to avoid potential liability are:

* Assume that the property manager is a withholding agent in all cases until the IRS certification forms described below are received proving differently; and,

* Use the IRS certification forms with every client as part of the application process to systematize the approach to this issue. Completion of these forms will provide a "safe harbor" for the property manager even if it should later be determined that the owner falsified the forms and that withholding taxes should have been paid.

Property managers should become familiar with the following IRS certification forms, which need to be received from the client prior to any rental income from the property being realized. The best time to obtain such forms is at the time of management contract signing and thereafter as required.

Statement and Form 1078 (U.S. citizens and residents). U.S. citizens and residents should provide a statement in duplicate to the property manager that they are not foreign persons but citizens or residents of the U.S. No particular form is necessary for this statement, but it needs to be in writing and should be signed by the person making the statement. If the client is a person who is a resident alien of the U.S., the client can complete such a statement or can use Form 1078. No withholding is necessary from clients who complete either the statement or Form 1078, but the property manager is required to transmit the duplicate copy of the statement or Form 1078 to the IRS upon receipt.

W-8 and Form 4224 (foreign persons). Nonresident aliens and other foreign persons should complete and deliver to the property manager Form W-8, which certifies that the person is a foreign person. Completion of Form W-8 will trigger a withholding obligation on the property manager unless the foreign person also delivers a completed Form 4224. Form 4224 certifies that the income received by the property manager is exempt from withholding because it will be taxed on a net basis. Form 4224 must be filed with the withholding agent for each taxable year by the owner of the income and before payment of the income to which it applies. Failure to obtain a Form 4224 from a foreign person who claims exemption from withholding may result in denial of the exemption.

New Certification. Effective January 1, 1999, a new, simpler regime for certification will be implemented. These regulations will combine several existing forms used in connection with withholding including Form 4224 into a single, expanded Form W-8. While the new regulations should make it easier for property managers and their clients to comply, the basic system of withholding on income from real property is not being changed and must still be followed.

Other Issues for Foreigners

When acquiring U.S. real estate, there are good reasons why a foreign person should not take title to U.S. property in his or her own name, but rather should consider using an offshore-U.S. corporate structure. For example, a nonresident alien who takes title to the U.S. real estate in his or her individual name is exposed to the imposition of U.S. estate taxes, which can run as high as 55 percent on the fair market value of the property (determined as of the date of death) with very limited deductions. By comparison, U.S. estate taxes can dwarf the income tax consideration.

For foreign corporations that acquire income-producing U.S. real estate directly, a surtax, the 30-percent branch-profits tax, is imposed on top of the regular U.S. corporate income taxes. Accordingly, foreign corporations and nonresident alien individuals who currently own property in their own names should carefully consider restructuring their real estate investments into an offshore-U.S. corporate structure with the U.S. subsidiary owning the real estate directly. In this way, owners can avoid not only withholding taxes, but also U.S. estate and branch-profits taxes.

In spite of these issues, foreign persons often do take title to U.S. real estate in their own names. Thus, property managers should take precautions and seek competent professional advice so that their foreign clients' problems do not become their own.

This article is for general informational purposes only and no action should be taken or withheld based on the information supplied herein. This material is presented with the understanding that the author and the publisher do not render any legal, accounting, or other professional service. In no event will they be liable for any direct, indirect or consequential damages resulting from the use of this material.

Kevin J. Mullin, J.D., C.P.A., has been practicing law for over 15 years with a focus on advising foreign investors on their U.S. real estate investments and international business and tax planning. Mr. Mullin has offices in Denver, Colo., and Washington, D.C. www.intl-taxlaw.com . He also maintains representative offices in Latin America and the Middle East to support his professional and client relationships globally.

http://www.allbusiness.com/personal-finance/individual-taxes/690576-1.html

Condo for sale in banking area

2010-06-08T16:42:00.000-07:00

Apartment for sale in Marbella/Campo Alegre, 2 blocks from Paitilla Hospital, World Trade Center and Balboa Avenue.

3 bedrooms, 3 bathrooms, maid's quarters, 9th floor, enclosed balcony with Solar-gray windows, terrace with French-style doors, backup electricity generator, water reserve tank, 2-car indoor parking. 173m2 1862 sq ft at $245,500 . Call at +507 270-0864, +507 6617-3321.

Apartamento para Venta a $245,500 en Marbella/Campo Alegre, 173m2 / 1862 pies cuadrados, 3 rec, 2 baños, cuarto y baño de empleada, 9no piso, terraza con vidrios Solar-gray y puertas francesas, planta eléctrica, reserva de agua, 2 estacionamientos bajo techo. Llamar al +507 270-0864, +507 6617-3321

Professionals make relocation easier on your pet

2010-04-25T08:50:00.000-07:00

Pet Relocation: Moving to a new country is complicated enough without having to worry about how to bring your pet. SLAM Panama offers superior pet relocation service, whether your pet will be moving to or leaving Panama. We work with Panama's top veterinarians to ensure that your pet receives the quality of care you entrust SLAM Panama to provide. Your pet will be met at the airport by a member of the SLAM Panama team and escorted through the airport to a private car, which will deliver the pet either to the owner or to a five-star pet hotel to await its owner. Depending on the age of the pet, SLAM Panama, in consultation with our veterinarians, may recommend additional preventative care upon arrival in Panama.

For older pets and those with serious conditions, it is recommended that the pet be rehydrated. It is also recommended that owners bring at least one week's supply of food in the event that the usual brand is not available in Panama. Pet food brands readily available in Panama include Science Diet, Eukanuba, Iams and Purina.

Bringing Pets to Panama:
You will need to provide the following:
1. Health certificate authenticated by a Panamanian Consulate within 10 days of travel
2. Rabies and current vaccinations certificate authenticated by a Panamanian Consulate within 10 days of travel

Shipping Pets Out of Panama:

The following requirements must be met before the pet will be allowed to leave:
1. Current vaccinations and deworming
2. Health certificate signed by an authorized Panamanian veterinarian

Government regulations are subject to changes. Regulations by airline carriers and countries of departure are subject to changes and must be verified before deciding to relocate with a pet.

More information is available in

http://www.slampanama.com/Pet_Relocation.html
Ministry of Health http://www.minsa.gob.pa/
Requirements for pet importation http://mypanamalawyer.blogspot.com/search/label/pet

Anthony Bourdain's Guide to Panama

2010-01-18T20:59:00.000-08:00

Tony travels to Panama, which is rumored to have originated from an Amerindian word meaning "an abundance of fish." One of Tony's stops includes the Mercado de Mariscos, a swank new fish market to sample the national go-to dish: ceviche.

More behind-the-scene clips at
http://www.travelchannel.com/TV_Shows/Anthony_Bourdain/Episode_Panama_ Panama

Google Map meant to point to the eateries featured in the show (each point is off like 1 mile Northeast)

http://www.travelchannel.com/TV_Shows/Anthony_Bourdain/Episodes_Travel_Guides/ci.Episode_Panama.map

Youtube videos

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Retirement: Why Panama Is the New Florida

2009-07-16T18:07:00.000-07:00

Murdock and Johnson on the beach near their home in San Carlos Jeffrey Salter/Redux

Michelle Conlin

Prospective retirees: Panama wants you. The pitch? A plane ride just 21/2 hours from Miami enables the newly poor to swap a wretched retirement in the U.S. for one befitting a royal in the balmy Central American nation. Cash out! Emigrate! Feel rich! Panama—the new Florida.
Spin aside, Panama is increasingly popular among retirement-age types looking to hedge against—or skip out on—the recession. The Migration Policy Institute, a Washington-based think tank that studies the movement of people around the world, says the chief factors prodding professional-class Americans to flock to Panama include its First World health care available at Third World prices and the country's pensioner program, which offers some of the deepest retiree discounts in Latin America. Seniors get up to half off on nearly everything, including movies, motels, doctors' visits, plane tickets, professional services, and electric bills. Expats also pay no tax in Panama on foreign income. Nor are they required to pay property tax for the first 20 years.
The fact that a luxe beachfront manse can be had for the same price as a dump in Daytona doesn't hurt, either. "We would have been looking at $3 million in Miami," says Jon Nickel of his 3,000-square-foot oceanfront penthouse in Panama City. Nickel and his wife, Gretchen, bought the place in late 2007 for $250,000, right after Nickel retired from his corporate law job in Portland, Ore., and sold the family's mortgage-free home for $800,000.
The skinny isthmus—nearly all coastline, with a mountain range slicing through the middle—boasts some of the best weather and lowest crime rates in Latin America. Other draws include guilt-free conspicuous consumption, with laughably low prices—by gringo standards—on splurges such as a day of beauty ($10) and a maid ($15 a day).

...

That's not to say life there suits everyone. Things in Panama movereallyslowly. A repairman who says he will be right over might show up days later. Water and electricity service can be spotty. In Panama City, drivers treat stop signs as a mild suggestion. "It takes a little bit of balls to retire here," says Matt Landau, a New Jersey native who is the founder of Panama City-based online portal The Panama Report. "This is not for type As. It's not your turnkey Florida retirement."
Still, boomers who have recently relocated to Panama say they feel as if they have figured out a successful geographic arbitrage. When Stephen Johnson and Linda Murdock were living in Aromas, Calif., they used to moan half-jokingly about how they'd have to retire to Barstow—the armpit of the Mojave Desert, with summers in excess of 100 degrees and winters that can dip below freezing.
Stephen, 63, retired as an executive of the Salinas Valley Solid Waste Authority in June 2008. His wife, Linda, 57, owned a dog-food business.

The pair had watched several friends retire on depleted cash cushions. Many weren't fully eligible for Medicare and wound up spending 50% of their income on health care. The couple's retirement agita was worsened by the fact that they got a late start building equity. "We bought our first house when I was 40 and Steve was 46," says Linda. "We knew we would never have our house paid for by retirement."
Over late-night pinot noir on their patio, they started talking about moving to a developing nation to stretch their money further. They had discovered Panama on a trip there in 2004 and saw it as a bargain-basement paradise. The low cost of living appealed to Steve, whose pension amounted to 40% of his pre-retirement income of $150,000. The surf-perfect weather lured Linda, who took up the sport on her 50th birthday.
CRACKS IN PARADISE
Johnson and Murdock are now known as the gringos who live in the house with the red door. They bought their newly remodeled 1890 hacienda near the beach in San Carlos for $100,000 cash. They moved in last year and rented out their California ranch house. The rent covers the carrying costs on that house.
But Panama isn't only about the beach. The Boquete region in the mountains—Panama's answer to Boulder, Colo.—boasts loads of U.S.-style gated retirement compounds. The big draws of the area are tennis and golf. For those who are more interested in urban amenities, Panama City, which is by the sea, is sprouting yoga studios, bohemian boutiques, health-food stores, and artsy coffee houses.
Still, there are tradeoffs in this seemingly easy life. "Paradise is just a place you visit," says Johnson. "If you live here, you begin to see the cracks." Those include the three months it took them to get their driver's licenses—a process that involved blood tests, a hearing exam, and lines that make a U.S. Motor Vehicles Dept. seem like a fast-food joint.
But Johnson and Murdock have no major complaints, and Panama is certainly better than the Mojave. Murdock surfs—every single day—and says Johnson looks 20 years younger since retiring. They both love the way their dog can run on the beach without a leash and the fact that their doctors, many of them schooled in the U.S., happily give out their cell-phone numbers and actually answer when called. And their social life is far more active than it was in Aromas. They go out with new friends, a blend of expats and natives, almost daily, often for evenings of fish tacos and endless margaritas—for $20. "We have more time," says Johnson. "And apparently we have more money."

Conlin is the editor of the Working Life Dept. at BusinessWeek.
Full text at businessweek.com ...

Advantages to Investing in Real Estate in Panama

2009-04-28T18:34:00.000-07:00

Foreigners will find that Panama has special regulations which favor investments in real estate. Unlike other tourist destinations, foreigners and nationals can:

Buy almost all kinds of property (except for the rainforest 5km way from the border)
Own property through shares in corporations, private foundations and trusts
Open bank accounts in US dollars free from exchange conversion loss, as well as in euros and other hard currencies
Live without having to file Panama tax returns as long as they are not making an income from their Panama property or their activities inside Panama
5 to 20 year property tax holidays, depending on the date of construction of improvements.Foreigners have the added advantage of bilateral investment treaties with the U.S., France, United Kingdom and most European countries which further ensure protection of their investments in Panama.

Just as with any investment, proper due diligence is necessary before paying for any property - even before that first downpayment. A savvy buyer must verify that the seller is the true owner of the property for sale and that no restrictions or liens forbid its sale. The first payment must be accompanied by a written agreement describing the property and executed by a seller property authorized to do so under local law. Appropriate counsel can assist in avoiding unnecessary delays in the transfer of title.

European, Canadian, US and citizens of several Asian countries can stay in Panama with tourist visas for up to 90 days. Full residency is granted to foreigners:

Investing US$160,000 in a Panama non-retail business and effectively employing 5 Panamanians,
Holding a US$300,000 CD time deposit (plazo fijo) account in a Panama bank for at least 3 years or in the National Bank yielding US$2000.00 monthly for 5 years,
Buying a house in Panama mortgage-free for US$300,000 and/or a mixture of the house paid for and time deposit for at least 3 years totalling US$300,000,
Investing at least US$60,000 to buy at least 10 hectares of rainforest for reforestation
Earning a pension from a social security or any foreign government pension authority above US$1,000.00 monthly as Pensioner ("Pensionado").

Other residence categories exist that are applicable to foreigners sponsored by local employers or educational institutions as part of a foreign worker quota of no more than 10% per company or who marry a Panamanian spouse. Residents for 5 years can apply for naturalization as Panama citizens and have a Panama passport.

Information is valid as of 9/2/2008 and is subject to changes. More information is available from Alvaro Aguilar aaguilar@ nysbar.com Tel. +507 340-6444 / 6638-8707

LOMBARDI AGUILAR & GARCIA - Aquilino de la Guardia St. Ocean Business Plaza, 12th Floor, Panama City, Panama
Tel: +507 340-6444 - Fax: +507 340-6446 - P.O.Box 0831-1110 - http://www.laglex.com

Lombardi Aguilar Group is a civil law partnership registered in Panama with registered number SC-25029 and its members are regulated by the Panama Bar Association

This information is not meant to provide any legal advice. Foreigners are always subject to the laws of their countries of citizenship or residency and should seek appropiate additional counsel in their countries. This information is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under tax regulations or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

Article Source: http://EzineArticles.com/?expert=Alvaro_Aguilar_Alfu
http://www.hg.org/article.asp?id=6259

Ocean views at unbeatable prices

2009-01-17T07:28:00.000-08:00

Key Investment Points:

- Minutes from downtown Panama City
- High resale value and demand due to low density of single-home units
- Investor-friendly landholding corporation regime and 15-year property tax regime
- 15 minute drive from commuter airport and Panama's largest shopping mall
- New construction
- Financing up to 70% possible

Two Bedrooms 61m² to 67m² €50,966 to €60,000
Three Bedrooms 87m² to 87m² €70,000 to €80,000
EXPECTED RENTAL INCOME UP TO: 9.00%
Consult with your real estate agent.

Between the Rainforest and the City

2009-01-11T07:18:00.000-08:00

Single home from € 963,000. Camino de Cruces, Friendship Road, close to El Dorado and new US Embassy. 2 levels, 3 bedrooms, 3 bathrooms, maid r/b, large backyard with pool, surrounded by vegetation. In gated community with 24hr guard. Sold only with furniture.

Land: 1,022.44 sq m / 11005.452 ft². Santa Monica model home 397.27 sq m / 4276 ft. Built in 2005.

Call +507 270-0864 or +507 6617-3321.

Features: Roofed Parking, Maids Quarters, 24 hour Security, Laundry, Storage, Garden or Park, Kids Park, Air Conditioner, Patio, Central Air Conditioner, Corner Property, Roofed Garage, Living room & Dinning room
Appliances: Refrigerator, Microwave, Stove, Dishwasher, Instant Hot Water Dispenser, Washer, Dryer
More pictures downloadable here
Google Earth coordinates 9.011289648163606,-79.54334242864977

Plans Lower Level

Backyard and pool

Living room and furniture

Panama Economy Stays Strong - Bucking World Trends

2008-10-19T18:50:00.000-07:00

Panama Economy Stays Strong - Bucking World Trends

Date: 2008-09-18

Panama's economy will continue to grow, say analysts, resisting the global downturn led by US economic woes.

"The strong economic performance of the last few years continues, despite the deteriorating global environment," said International Monetary Fund (IMF) officials last week in a public statement.

"Panama was one of the fastest growing economies in the world in 2007 with real growth rising to 11.2 percent, following an average growth rate of nearly 8 percent in 2004-06 ... Growth in 2008-09 is projected to slow somewhat, to about 8 percent, with the Canal expansion and related investment activities partially offsetting the effects of higher oil prices and the slowdown in the U.S. and the global economy."

The IMF has also upped predictions for Panama's economic growth to 8.3 per cent for this year, up from a more modest estimate of 7.7 per cent in April's World Economic Outlook report.

"Despite a deteriorating external environment, economic prospects are favorable," concluded IMF board directors, "thanks to the Canal expansion project and associated investment, as well as improvements in competitiveness reflected in expanding export services such as tourism, communications, and transportation."

IMF directors commented that Panama's financial sector has not been negatively affected by the global financial turmoil, noting the 'remarkable turnaround' in the non-financial public sector as well; these factors, combined with the strong economic growth, contributed to Panama's improved credit rating from Standard and Poors earlier this year, earning the country a BB+ (stable).

Analysts at Deloitte Touche Tohmatsu, a global auditor, also estimate an increase of 8.5 to 9 per cent growth for Panama in 2008, in their Economic Perspectives 2008 report, "marking the sixth consecutive year of strong growth".

According to the latest report by Indesa, a Panamanian advisory and financial services firm, the economy is expected to grow 8.4 per cent in 2008 and nearly 10 per cent in 2009, putting Panama at the forefront of economic growth in Latin America , along with Uruguay and Peru, which posted first quarter growth results of 11 and 9.2 per cent respectively.

Panama's 2007 gross domestic product (GDP) topped $19.7 billion in 2007, and is projected to surpass $24 billion this year.

The driving sectors in Panama are construction, mining, financial services, transport and telecomnunications, and hospitality. Last year, both construction and mining grew by 19.6 per cent apiece according to Indesa, offsetting smaller gains in the manufacturing and agricultural sectors.

In fact, it is Panama's service-based economy that has allowed it to weather rising oil prices, as well as its proximity to the US, where economic uncertainty has travelers opting for nearby leisure destinations. Panama is emerging as a significant business and tourism destination in the region for travelers from both North and South America, with the Tocumen airport acting as a regional hub between the continent's major cities.

In a report issued by the Panamanian government, authorities estimate the tertiary or service sector accounted for nearly three-quarters of the country's GDP in 2006.

"In the past three years (2004, 2005, and 2006), the tertiary sector has developed significantly, with growth rates of 6.8 per cent, 9.4 per cent, and 9.3 per cent," indicated the Panama Trade Policy Review to the World Trade Organization. "Mention should be made of the Colon Free Zone and of the hotel and restaurant subsector, which grew by more than 10 per cent. Other components of the sector also trended upwards significantly, such as financial intermediation, wholesale and retail commerce, and real estate.

"The high percentage of GDP that this sector represents and has represented in the past, shows that Panama is a service-oriented economy. In 2006 the sector accounted for 74 per cent of GDP."

The external sector has also been a strong economic driver, with the export of goods averaging five per cent annual growth between 1997 and 2006, reaching more than $1 billion USD. By 2006, the net export of goods and services represented one third of Panama GDP.

Despite the fact this year's numbers are down from 2007, which saw record growth levels of about 11 per cent, the overall positive trend is in stark contrast to regional predictions. The Economist estimates the mid-term trend for Latin America to average out at 3.9 per cent in 2012, while the IMF predicts a much better performance for Panama.

"The medium-term outlook is promising, supported by the canal expansion and other large construction projects," noted the IMF's board of directors last year in a public statement. "For 2007-10, staff projects average annual real GDP growth of about 6.5 per cent, [and] inflation of 2.25 -2.75 per cent."

IMF officials commended Panamanian authorities on governmental spending 'restraint' and improved tax collection in reducing public debt and creating a sound basis for economic growth. Declining unemployment, plummeting from 13.6 per cent in 2003 to 7.3 in 2007, was also cited, as was the positive impact of the Panama Canal expansion, expected to be completed in 2013 at a cost of some $5.5 billion.

"The project is expected to boost GDP growth and job creation, both directly and by stimulating related industries," noted IMF officials.

The Latin Business Chronicle has also placed Panama at the top of its Latin Business Index, thanks to $1.8 billion in direct foreign investment (DFI) in 2007. Panama beat out Chile, which saw more than $14 billion in DFI in 2007, taking the top spot for the higher proportion of investment to its GDP.

Inflation, which has typically been very low for Panama thanks to a currency pegged to the US dollar, has risen in step with the recent devaluation of the US dollar. While 2007 saw an increase over the previous year, going from 2.5 per cent to 4.2 cent, Panama's inflation remained well below all other Latin American countries, which averaged 7.75 per cent. However, inflation reached nearly nine per cent in May of 2008, which the IMF largely attributes to rising food and fuel costs

Pamela Oakes from SLAM to speak about “Managing Your Second Home in Panama” at AIREEC

2008-08-20T05:28:00.000-07:00

Street Level Asset Management (SLAM) Panama Managing Director, Pamela Oakes, will speak at the American International Real Estate Expo & Conference (AIREEC) - "The Business of Global Second Homes and Resorts" - in Los Angeles

LOS ANGELES--Street Level Asset Management (SLAM) Panama Managing Director, Pamela Oakes, will speak at the American International Real Estate Expo & Conference (AIREEC) on Sunday, Sept. 7, 2008, at 10:30 a.m. PDT. The conference will be held Sept. 5-7, 2008 at the Los Angeles Convention Center in Los Angeles, CA.

Ms Oakes will speak about “Managing Your Second Home in Panama”. She will explain the different options available to investors seeking to purchase and finance a second home in Panama and will provide recommendations for families who will move to Panama part of the year. Slides of the presentation may be downloaded from the company blog propertymanagementinpanama.blogspot.com Additional information on Panama will be available from Sept. 5 for participants at booth E09 of the Central America section of the AIREEC exhibition.

AIREEC http://www.aireec.com/ is a continuation of its ground-breaking maiden event in Manila, Philippines in December 2007. This year's theme is "The Business of Global Second Homes and Resorts" which responds to the tsunami of aging baby boomers entering their retirement years and the emerging "new rich" market from developing countries. Over 60 world renowned speakers, experts and leaders will talk about trends, updates, solutions, choices and options on the emerging "fad" of global 2nd homeownership and 10,000 attendees are expected from over 30 countries around the world.

About Pamela Oakes
Pamela Oakes has more than a decade of property management and relocation experience in Panama. Prior to living in Panama, Pamela lived in the United States, Sweden, Argentina and Chile and has traveled extensively throughout the United States, Latin America and Europe. Pamela has a Bachelor's degree in Political Science and Spanish from Drew University of Madison, New Jersey and studied for a Master's degree in International Politics at American University in Washington, D.C. Pamela has delivered presentations at numerous international conferences on real estate investment, relocation and property management issues in Panama.

Pamela has been an active board member of several non-governmental organizations in Panama including the Friends of the Children's Hospital and the American Society of Panama. In 2005, she received the "Distinguished American Citizen Award" from the United States Ambassador in Panama, the Honorable Linda E. Watt.

About SLAM Panama
Street Level Asset Management (SLAM) Panama http://www.slampanama.com/ is a full-service property management and relocation company based in Panama, dedicated to management of properties for foreigners investing in Panama real estate. SLAM services complement the after-purchase needs of clients by ensuring the preservation of their real estate investments. Additionally, SLAM works along with the law firm of Lombardi Aguilar & Garcia http://www.laglex.com/ to assist in securing relocation and private client services for property owners moving to Panama.

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.If you cannot see the presentation, click the link below to watch "AIREEC Panama":http://web.splashcast.net/full_screen/?channel_code=UQSV8080KC&show_code=KYEI4741MN.

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The Great Panama City Land Rush

2008-08-14T08:47:00.000-07:00

Panama City land increases by more than 100%

Now you see it...

Now you don't ... Demolitions continue in the San Francisco neighborhood

during the Panama City real estate boom to give way to new condo buildings

Business weekly Capital Financiero of July 28 quotes the magazine Espacios which says that areas such as Bella Vista, Balboa Avenue, and San Francisco have seen their footage prices increase by more than 100% in only 3 years.
For example, for 2005 the square meter in Balboa Avenue was under $1,000 ($92/sq ft) but sales have been registered now for $5,000 ($464/sq ft).
While in the sector of Bella Vista the cost of square meter varied between $350 and $400, but currently have been sold at almost $1,000.
The magazine states that $300/square meter were paid for San Francisco several years ago but now they reach $700 to $800 ($74/sq ft), with some estimates running into $1000. In suburban Las Cumbres, where 50 years ago land could be bought for $7 / square meter, its price has risen to $40-$50 / square meter.
According to a report by real estate company CBRE, the square meter of condos in Marbella, Bella Vista and San Francisco South) rises to $1,847 ($171.65/sq ft), the oceanfront (Balboa Avenue, Paitilla and Punta Pacifica) is at $2,335 ($217/sq ft) and the central area (El Cangrejo, San Francisco North) is at $1,463 ($136/sq ft).
Single-family homes in the San Francisco and Bella Vista areas are being purchased by local speculators who later resell at a higher price to developers who rezone several plots of land for multiple-story condos. Demolition crews are sharing the streets with soil landscapers rushing to end their construction before the deadlines set by property tax holidays.

Panama savings bank sells off properties

2008-08-07T14:33:00.000-07:00

The Caja de Ahorros is a government savings and loan bank. This August 11, 2008, the bank will be holding an auction of properties mostly located in Panama City. Unlike another government-owned bank, most have potential for eventual rental to the local market or for developing tourism projects.

Among the properties being auctioned are:

135 m2 / 1454 ft2 Condo in Pelican Bay, 2nd floor, San Francisco section of Panama City, offered at US$112.262

49.1 m2 / 528 ft2 Condo in Plaza Madrid, 7th floor, San Francisco section of Panama City, offered at US$31,247

230.14 m2 / 2476 ft2 Single-family home in 72nd Street, San Francisco section of Panama City, offered at US$216,558 (!!)

Each property is sold "as is" to both foreign and local bidders alike. The last day to receive offers is August 11, 2008 at 9 AM.

For more information on how to bid for these properties, email properties @slampanama.com

Between Mountains and Beach

2008-08-03T08:37:00.000-07:00

Situated in the foothill of Campana Mountain, this community offers the best of both worlds with easy access to the beaches and mountains. This exclusive project offers breathtaking mountain views from its retreat holiday villas surrounded by mature mountain trees. This spectacularly located resort is a mere 1 hour from Panama City ensuring that it will be a preferred destination for locals and foreign investors alike, for years to come.

These fabulous villas offer all the luxury features in demand from investors at a substantially more affordable price than similar beach and gated communities in the surrounding area. Offering 3 beautifully designed villas, the Andes, Alpes and Everest, with spacious floor plans and meticulously maintained grounds, residents will enjoy VIP treatment at the fitness centre, swimming pools, ecological path, and Club House in the exclusive social area.

This resort area offers many local services including a supermarket, hospital clinics, veterinarians, and excellent restaurants. With Panama's best golf courses just minutes away, you will also find excellent sports facilities including water skiing, horseback riding, and numerous children's attractions. All of this within a relaxed beach and mountain environment just a short drive to the city.

Key Investment Points:
- Surrounded by high-end beach and mountain communities
- Near favourite ecotourism destinations and urban Panama City
- High resale value due to low density of single-home units
- Investor-friendly landholding corporation regime and 15-year property tax regime
- Just 1 hour from Panama City
- New construction

Two Bedrooms 192m² to 192m² €115,000 to €130,000
Three Bedrooms 211m² to 211m² €129,000 to €144,000
Four Bedrooms or More 278m² to 278m² €179,000 to €194,000
EXPECTED CAPITAL GROWTH UP TO: 10.00%

Consult with your real estate agent.

Ocean views at unbeatable prices

2008-07-05T17:23:00.000-07:00

Situated in the up and coming area of Parque Lefevre, this project offers investors excellent value in a great location. Parque Lefevre is located between San Francisco and Panama Viejo, site of the 16th century historic ruins of the old Panama City. Property values are rising in this neighbourhood but will most definitely continue to go up. Supermarkets, pharmacies, dry cleaners, even a top notch shopping mall are all just a quick 10 minute drive away.

The Prisma condominium will be 14 stories high and offers 3 apartment models ranging from 61 to 87 sqm. The building will have restricted access with 24/7 security. All apartments have balconies and enjoy a view over the Pacific Ocean or the City of Panama. The 61 sqm apartment model offers 2 bedrooms and 1 bathroom and the 67 sqm apartment model offers 2 bedrooms and 2 bathrooms. The 87 sqm apartment will offer 3 bedrooms and 2 bathrooms. All models have a living room, dining room, kitchen and laundry area. The social area boasts a swimming pool, events room, gym, children's playground and barbeque. All apartments come with one parking spot.

Key Investment Points:

- Minutes from downtown Panama City
- High resale value and demand due to low density of single-home units
- Investor-friendly landholding corporation regime and 15-year property tax regime
- 15 minute drive from commuter airport and Panama's largest shopping mall
- New construction
- Financing up to 70% possible

Two Bedrooms 61m² to 67m² 50,966 to 60,000
Three Bedrooms 87m² to 87m² 70,000 to 80,000

EXPECTED RENTAL INCOME UP TO: 9.00%

Consult with your real estate agent. Prices, expected rental income and layout are subject to changes.

Villa in Panama City - next to the rainforest

2008-07-04T10:40:00.000-07:00

Single home from € 963,000. Camino de Cruces, Friendship Road, close to El Dorado and new US Embassy. 2 levels, 406 sq.mt., 3 bedrooms, 3 bathrooms, maid r/b, large backyard with pool, surrounded by vegetation. In gated community with 24hr guard. Sold only with furniture.
Call +507 270-0864 or +507 6617-3321.

Features: Roofed Parking, Maids Quarters, 24 hour Security, Laundry, Storage, Garden or Park, Kids Park, Air Conditioner, Patio, Central Air Conditioner, Corner Property, Roofed Garage, Living room & Dinning room
Appliances: Refrigerator, Microwave, Stove, Dishwasher, Instant Hot Water Dispenser, Washer, Dryer
More pictures downloadable here
Google Earth coordinates 9.011289648163606,-79.54334242864977

Plans Lower Level

Backyard and pool

Living room and furniture