Panama Banking Law by Smythe Bradley
Panama Banking Law The Panama banking legal structure has some excellent features for an offshore banking jurisdiction and tax haven which Panama certainly is in addition to being a retirement haven. Our law firm will discuss some of these points of law to help a prospective investor better understand the workings of the Panama Banking System.
Panama Superintend of Banks This position was created when Panama revised its banking laws for the betterment of Panama as an offshore tax haven. The position is a judicial personage and was created to be independent of the other components of the Panama Government. The Superintend of Banks was enabled to have its own separate funds from the central government and is allowed to administer its own agent autonomously from the rest of the government. The Superintend of Banks is responsible to the Panama Constitution, Banking Laws and the General Comptroller of Panama. It is relatively free of interference by other parts of the Panama Government.
Panama Superintend of Banks Responsibilities They are as follows: Issuing the licenses to banks operating inside of Panama, regulating the banking sector of Panama which includes other non-bank regulated financial businesses, the right to do a bank reorganization, liquidation or in some way restrict, supervise or control the operation of a bank in distress, give approval to banks merging together or acquiring other banks in Panama, and in general controlling itself and the banks and other licensed entities under its supervision. Since the Americans left on 12/31/1999 there has been one bank failure in Panama and the troubles would have begun before 2000.
Panama Banking Licenses The following describes the different types of banking licenses available in Panama.
Panama General Banking License This license requires a $10,000,000 paid in capital (think cash deposit with the Government of Panama) and is a full banking license enabling to bank to have both onshore and offshore clients.
Panama International Banking License This license requires a $3,000,000 cash deposit with the government of Panama. This license could be referred to as an offshore banking license and only enables the bank to conduct its activities with offshore entities although the bank itself is in Panama. It can not do business with Panama Corporation, Panama Foundations and Panama residents or citizens.
Panama Foreign Representation License This is a license enabling a foreign bank to operate in Panama. They must have the permission of the banking authorities from their home country. This has a $10,000,000 paid in capital requirement which may not need to be kept inside of Panama.
Panama Bank Legal Prohibitions Licensed Panama banks can not do any of the following:
* Panama Banks may only make payments or dividends through shares after having complied with any and all requirements for minimum capital and have reserve levels met for amortized or delayed expense accounting entries. * Panama Banks can not loan to any one entity be that a judicial or natural personage, any line of credit greater than 5% of the total deposits and capital of the bank. * Panama Banks can not lend in an unsecured way and loans or lines of credit exceeding 15% of their capital. Or exceeding 25% of their capital in regards to secured loans, to any of the banks directors, or to a judicial entity where one of the directors is an officer of the lending bank or a director of the lending bank. The same applies to banks managers, officers, employees and their spouses with the exception being secured real estate loans for a personal residence.About the Author
Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues.
SOURCE: panama-travel-bureau.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Panama IBC by Smythe Bradley
Panama IBC Introduction A Panama IBC is an International Business Corporation incorporated in Panama. Most of the 400,000 corporations in Panama are of the anonymous bearer share type and are eligible to conduct business around the world as well as inside of the Republic of Panama.
Panama IBC Limitations To be accurate Panama does not have IBC entities in the strict definition of the term. An offshore IBC is not allowed to do business in the country where it was formed. It can not engage in commercial activities in that jurisdiction. It can not have a bank account in that country. It can not own real estate in that country. It can not have a stock brokerage account in that country. In Panama we generally form a bearer share corporation for our clients. This bearer share corporation can have a Panama bank account, a Panama stock brokerage account, own real estate in Panama or anywhere else, do business in Panama and so forth. The IBC format is a very limited type of corporate structure and Panama only offers a better more flexible corporation.
Panama IBC Bearer Shares Sometimes an offshore IBC can issue bearer shares and sometimes not. It depends on the jurisdiction being used for the corporate formation. If bearer shares are being issued one must pay attention as to whether or not the shares can be issued in blank as they can be so issued in Panama. One must also determine if the shares can be held anywhere in the world or if they must be kept with the registered agent in the country where the IBC was formed. Panama allows the shares to be kept anywhere in the world. One needs to consider what reportage requirements there are for the sale of the corporation and the transferring of the shares. Panama has no such requirements. Whether or not any ownership records are in the public domain is another important question to consider when evaluating a jurisdiction for privacy and asset protection. Panama does not put any ownership records pertaining to any Panama Corporation or Panama Foundation in the public domain in fact the Panama Government never collects any ownership records on the Panama corporations. It is possible to have a Panama Foundation own the shares of the Panama Corporation thus removing one from being in the position of being the owner. Panama Foundations by definition do not have owners and have no share certificates.
Panama IBC Taxation Panama corporations only pay a fixed annual tax of $300 per year if their income is offshore derived. Panama also has no capital gains tax, no inheritance tax and no tax on bank interest income. The lack of taxes applies to the Panama Corporation and to private individuals.
Panama IBC Formation Times A Panama corporation can be formed in 2-3 working days from the time our law firm has received the funds and required documents. One does not have to come to Panama to form a Panama corporation or Panama IBC.
Panama IBC Nominees Panama corporations can use nominee directors who do not know the owners of the corporation. The nominees are trusted by our law firm. One must have at least two nominees. Nominees can also be judicial persons like other corporations.
Panama IBC Real Estate Ownership A Panama IBC can be used to hold real estate anonymously anywhere in the world. Through the use of bearer shares the Panama Corporation is anonymous in that no ownership records appear in any public registry or database and the government does not even have any records showing who owns the corporation.
Panama IBC Banking A Panama IBC can have one or more bank accounts in Panama bank accounts or banks in other countries. The bank accounts would be in the name of the Panama IBC. One need not come to Panama to have a bank account for their Panama IBC or even a personal Panama bank account.
Panama IBC Stock Brokerage Accounts A Panama IBC can have stock brokerage accounts in Panama or in other countries around the world.About the Author
Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues.
SOURCE: panama-travel-bureau.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Real Estate Opportunities in Panama by Smythe Bradley
Panama is fast becoming the prime target for international real estate investment. The natural beauty of the serene beaches and towering mountains provide the ideal background for great architectural ambitions. Construction projects of massive dimensions are already in progress, and according to experts, there will be a tremendous boom in panama real estate within the next few years.
The reason why Panama is attracting so many real estate investors is because of the vision of one man. Donald Trump discovered the potential for real estate in Panama about three years ago when he visited the country to witness the Miss Universe pageant held there. He was at once captivated by the beautiful surroundings and purposed himself to develop the land into a major tourist destination with the most up-to-date facilities. A 65-story hotel cum condominium complex is being planned for construction in a trendy neighborhood in Panama City. When this complex is completed in the year 2009, it will also include a world-class casino and marina.
The far-sightedness of Donald Trump also convinced other real estate investors that Panama is indeed a place of true potential. As a result, many new developments are taking place, including a 100 plus-story Ice Tower which will stand as South America?s tallest building and the ninth tallest in the world by the date of its completion. In the next few years, when all the major projects are completed, Panama City will be a world-class city of breathtaking architecture and most advanced facilities. It will surely be a far cry from its humble days as a remote town of little renown.
In fact, Panama is a place with all the right conditions for economical development. The low crime rate and political stability make the country a safe place for vacationing or living. There is also no threat from natural disasters which is quite uncommon for a South American country. However, the major attraction of Panama is truly the low cost of living. Everything from food to housing to medical services is very inexpensive. The prices of products are low because Panama is a free trade zone and the center of distribution in South America.
Panama is destined to be a major tourist or retirement destination for Americans. Its proximity to the United States makes it a most convenient location for travel, with frequent airlines to the major cities. Panama City is also the point of transition for airlines traveling to and from countries in South America. The locals there are also able to speak English considerably well. At present, much is being done in the United States to promote Panama as an ideal travel location for the Americans and retirees are also encouraged to make it their second home.
Ever since it became evident that Panama will be a real estate interest of great potential, investors and brokers are rushing to get their share of the big pie. Investing in real estate in Panama is no longer considered a risk worth taking; it is only the smart thing to do.About the Author
Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues.
SOURCE: panama-travel-bureau.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Panama, a Central American retirement and financial treasure that brings the best of both worlds, an ecological sanctuary with thousands of virgin properties and a great number of reasons to invest.
The Republic of Panama has become one of the Hot Spots to retire and invest in the world. Here in Panama you can find the perfect balance between tranquility and a metropolitan area!
Unlike many places of the world, Panama has an incredible overall stability and geographical position. Economic climates in other countries like the United States are currently worrisome. News have exposed that the US debt limit has increased four times in the actual government and has gone up to $8.9 trillion. In the other hand, the trade deficit is at a record of $68.5 billion.
People in the US are getting affected by events like these.The danger for US citizens is that their savings may lose buying power in their country. People who retired in the 80?s and 90?s did not expect a $3.00 gallon for gas. Now, are you saving too much for retirement?
Forget about the idea that you need millions to retire comfortably, as some would have you believe?What if you could bail out of your job years earlier than you thought? Or spend thousands of dollars more in retirement than you’d planned? What if you’re actually saving too much for retirement in your country, instead of not enough? Here in Panama, the opportunity to diversify your assets and investing for a low cost in a Panamanian property or Panamanian development is currently available!
Panama Advantages:- Full time domestic services- Panama has Low crime rate- Panama has a great variety of attractions all in close proximity.- Panama is safe.-Low cost of property and development-Panama is safe from natural disasters.-Easy access to Panamanian Visa (More Information on Visas Click Here)-A politically stable country, safe from terrorist threats.-US Dollar is Panama?s legal currency.-Tropical climate in Panama is a great location for adventure.-Panama has a wide selection of beaches and island venues and activities.-Incredibly low overall cost of living.-English is a language of common usage.-Strong bank secrecy laws.-Renowned banking center with over 70 private banks.-Live in a tax friendly country where foreign earned income, capital gains, and interest Income is non-taxable.-Live in a country where business can be operated without heavy restrictions, regulations, or taxes that hinder its growth.-Live in a country which provides a 1st class assets protection structure.-Affordable homes in the city, mountain or beach.-Live in a tax friendly country.
BENEFITS FOR RETIRED AND PESIONED IN PANAMAThe Republic of Panama offers a variety of benefits within its laws for retired and pensioned citizens of the Third and Fourth Ages and by which is created and regulates the stamp tax named Peace and Social Security. It states that Panamanian or foreign residing in Panamanian territory fifty-seven (57) years old or older, if they are female; or sixty-two (62) years old or older, if they are male; and all retired and pensioned by any gender, will receive benefits such as:
- 50% discount over recreational fees and entertainment fees such as: movie theaters, theater, events, sports events and any public event.- 25% discount on airfare tickets- 25% discount on the value of any individual meal at any restaurant- 15% discount on fase food stablishments (Nacional or Internacional)- Discount on regular hotels, motels and pensions.- 15% discount on medical services- 10% discount on prescrited medications.- 20% discount on medical appointments- 25% discount on electric consumption- 25% discount on telephone consumption.- 20% discount on prosthesis as well as al assistance equipment and accessories.- Personal loans y commercial loans will be fee of taxes stipulated be the Especial Interest Compensation Fund (FECI, in Spanish)- Discount on percent points over interest rates on mortgage loans for primary residencies.- Freezing of property taxes, as long as the residence is under the elder name and is its primary residence. – The exemption in the payment of the appraisal rate of the property, as long as it is the only one and constitutes the primary residence.- Discount on Airport taxes.- Among others.For more information on property listings and investments in the Republic of Panama please contact info@panamahotproperties.comFidel PonceA native panamanian real estate broker / tour operator who currently experiences the Central American Dream..
SOURCE: panama-travel-bureau.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Panama Real Estate Opportunities: Something For Everyone By: Brittney Foster
Are you an individual who is looking for a relaxing place to retire? If not, are you just someone who wants to relocate to a beautiful and relaxing place of the world? If so, have you discovered Panama yet? If you haven’t, what are you waiting for? After a close examination, you will find that Panama not only has everything that you want, but also everything that you need.
When it comes to relocating, no matter where you wish to relocate to, you need to find a place to live. When relocating, most individuals choose to buy, instead of rent. If you are serious about relocating to Panama, you are advised to thoroughly examine the real estate market and everything that it has to offer. With this examination, you will likely find that just about any type of home or property can be purchased in Panama. Essentially, this means that whatever you are looking for, there is a good chance that you will be able to find it.
When it comes to Panama real estate for sale, you will find that one of the most popular types of real estate listings includes listing for condos. In Panama, especially in larger cities, such as Panama City, you will find a number of condominiums. These condominiums allow you to purchase a living space inside of them. This living space can be as small as a few rooms, or as large as a few floors, the choice is yours to make. As previously mentioned Panama condos are popular in larger cities. If you are planning on working in Panama or enjoying many of the popular vacation destination hotspots, you will enjoy the central location of many Panama condos.
In addition to Panama condos, you will also find traditional homes. These homes are not to be confused with vacation rentals, which are completely different things. Panama homes are similar to homes located anywhere else in the world; they are homes in which someone tends to reside in all year long. With the popularity of Panama retirement, the sale of these homes has skyrocketed in recent years. In fact, Panama retirement is rapidly increasing in popularity, so much that new home construction projects have started to develop.
Panama land is also just as popular as condos or homes. In fact, Panama properties are often considered “hot sellers.” The land available for sale in Panama tends to vary. There is land that is available for sale in country areas, as well as popular vacation destinations. Despite the difference in locations, Panama is a beautiful place to live; therefore, no matter where your Panama land is located, there is a good chance that you will have an absolutely remarkable view.
Although, as previously mentioned, a large number of individuals travel to Panama after they have retired, a large number of other individuals are just looking for new opportunities in beautiful places of the world. If this is the case, you may not only be looking to find a home, condo, or land, but you may also be looking for commercial opportunities. In Panama, you will find a large number of these opportunities. At any given time, you should be able to find numerous Panama real estate listings that include commercial buildings or commercials spaces. As Panama continues to increase in popularity, as a place to live, as well as a place to vacation, you will find that many businesses have an unlimited amount of potential to succeed in this area.
Once you have decided that you would enjoy a move to Panama, and you know which type of Panama property you would like to purchase, you will need to make another decision. That decision involves the purchase of that property. Your first thought may be to contact a local Panama real estate agent. While this is ideal, you have another alternative. If you have never been to Panama before, you are advised against relying solely on the recommendations of others, including real estate agents. Instead, you will want to see and feel Panama for yourself. You can easily do this with Panama Real Estate, also commonly known as New World Real Estate.
New Real Estate is not only known as a real estate company, but they are also, in a way, known as a travel agency. With New World Real Estate, the focus is not just placed on properties, but on Panama as a whole. With guided real estate and investment tours, you can not only experience Panama and everything that it has to offer, but you can also mix a little bit of pleasure with it. One of the most common reasons why Panama is such an amazing place to live is because of its beauty. For that reason, it is only fair that you get to experience that beauty at all times, even when shopping for your next real estate purchase.
Article Source: http://www.articlerich.com
Find detailed information on panama real estate on our website. Panama properties are becoming the hot commodity in the real estate market today. Own your piece of paradise!
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics, VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
This is a brief discourse designed to help you avoid some pitfalls that many before you have encountered:
Panama is a wonderful place especially to the expat or would be expat. It is easy to become taken with the country and start thinking emotionally instead of like a calculating business person – Don’t Do this. Getting excited about how great this place is and how happy you will be living here is fine but think hard when buying property.
Consider the future investment potential of the property. Be careful about considering a piece of property when the buy decision is based on future variables like a road to be build some day. What if it never gets built?
If you are retired and able to live a couple of hours from a major hospital fine, but if this is not such a good idea rethink this carefully and try to stay closer to a major city.
Panama is full of vacant land, loads of it. What Panama does not have loads of is Panama City property with an unobstructed water view where there is no possibilty of something being built to obstruct your water view. The same principle applies in other areas. Be careful try to get a unique property in some regards so it will hold it’s value well compared to other properties.
Rural areas sometimes have little to no infrastructure. Often a 20 minute or longer drive is required to get groceries. Find out if the cell phones work there, if there is hi-speed internet, can you get cable or satellite TV, where is health care and at what level, if there are dirt roads ask about rainy season. Think things through. If you like to enjoy dining out, seeing movies, malls, etc ask yourself if you are comfortable with the drive times for such things.
Many people build their own house here. Before you do make sure you understand all that is going to happen. Talk to builders asking them about doors, windows, screens, locks on doors, closets, toilets, light fixtures and everything else you can think of taking nothing for granted – nothing, and get it all in writing. Find out who your builder is and what his reputation is. What happens if your builder runs over his time estimate by a few months and you have already sold your home and are basically forced to rent and wait. Remember you are a foreigner in a strange land and can easily be taken advantage of if you are not careful. Yes of course using a lawyer helps. My opinion is to use a large law firm, not a one or two man shop. I believe (my opinion only) that a large law firm will be concerned a lot about the reputation of the firm and for this reason try to make sure you have a good outcome as best as they as lawyers can assure. I personally am uncomfortable using a small one or two lawyer office. First of all they tend to be jack of all trades lawyers, where a large law firm will have one or two real estate specialists which is what you want. If you are a retiree it is most unlikely that you will ever be using that lawyer again and the developer was probably born and raised in the country and you are a foreigner (think Gringo) and the lawyer may consider it offensive to grind a favorable contract out of the developer for a Gringo who is never going to give him any more business, in other words you may get far from the lawyers best. Is this always the case – no. Are all one man lawyer offices bad – no. My advice is stay with the larger law firms. We can refer you to a law firm we use. The advantage here is they want our referrals to keep coming so you sort of have collective bargaining power in a stretched out sense of the term .
Off topic but important- when using a lawyer for immigration visas the same arguments apply. Think large firm with an immigration specialist. Again ask for a referral to the law firm we use. Make sure the real estate person you use is licensed. There are a bunch of unlicensed ones running around – avoid them, no good reason to use them.
There is no multiple listing service in Panama like there is back home. Why???
Consider as a buyer hiring your own licensed real estate broker to represent you as a buyer. This person should not cost you anything in that the seller pays the 5% commission. If the property is listed with another real estate broker then the two brokers will simply split the commissions. This is an accepted fact of life to them that they will readily accept when confronted with the circumstances. You can always have a lawyer in on the deal as well to go over a contract. The broker listed on our web pages will be happy to represent you. Usually a buyers broker can grind the seller down for you better than you could – remember he or she is a local person not a foreigner. So my take on it is the buyers broker is free to you, you should get a better deal and save time in looking and negotiations. I should point out that the broker that has the listing has an obligation to the seller which is not you. The broker you retain to represent you has an obligation to you. As an additional thought consider using the broker on our web page to bargain with your contractor for improvements to the property or if you are building a home the whole project. Get a quote yourself and offer to pay him a percentage of what he can save you!!!! Need furniture try using the broker he is going to know where to get what you want at a price you probably won’t get and this can result in a major savings. Our broker gets involved in furniture more often than you may think.
Watch your title work carefully in the rural areas – use a lawyer to protect you.
Financing a house is fairly easy in Panama. Figure on 15% to 20% down. Show income statements fom home, tax returns, etc.
Somewhat off topic but financing a car is fairly easy as well, figure maybe 30% down.
Closing Thought: There is a ton of new construction going up and a lot of available of land to build on, and there are a lot of people moving into Panama, so pick your property carefully. Look for unique features and attributes to assure your property will retain it’s value relative to other properties. Go slow and be deliberate in your decision making don’t jump into purchases.
SOURCE: panama-travel-bureau.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics, VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
If you found this page and are reading this I assume you are from one of the following countries: USA, Canada, UK, Northern Europe, or Australia. I further assume you are thinking of investing in Panama and/or living here. In this introduction I am unashamedly trying to give you a cold harsh blast of reality shock! This article is mostly written from an American perspective but a lot of it is applicable to other countries as well.
State of the Union – Your Home Country What you see in your own country (if you are reading this page it should apply to you) is not encouraging economically. The economy basically is receding and has been getting worse for a while. Inflation has been destroying your purchasing power. Unemployment is at a dangerously high level. Health care has been diminishing in quality for the last 25 years and the costs have been rising steadily the last 10-15 years at an alarming rate. Prescription drug costs are becoming staggering and insurance coverage is dropping, by the way prescription drug costs in Panama are about one third of the USA price. Hospitals are closing all over the USA in record numbers. Taxes are at an incredibly high rate while government benefits are at an all time low. America and many other countries have wobbly economies with massive debt loads. As of November 2005 the State of Vermont has taken official steps to secede from the Union, no kidding do a Google search for Vermont secession. I understand Hawaii and Alaska are right behind.
Now let’s look at rising interest rates. Imagine what those variable rate mortgages will look like in a few months! What about all those mortgages in excess of three hundred thousand dollars – what are these people going to do? Sell, no way the new buyers will never qualify because the interest rates have pushed up the payments so much. So they hang on and suffer. Okay now let’s look at rising gas prices. In the cold areas home heating oil costs are going to be $300-$400 per month higher this year (2005-2006 winter) than last year and they were high last year. So now the mortgage payment is up and so is the home heating cost. Now let’s add in the rising gas prices. Take a family where there are two commuters going an hour each way to work in their SUV’s. This is a common scenario in many parts of the USA. These people are spending an extra $400 – $600 a month on gas combined, and this gets added into the rising mortgage rates, the rising home heating oil costs, the rising health care costs. Wait it gets worse. When the food and hard goods manufacturers bill the supermarkets, stores etc. for food and goods they are adding in a fuel surcharge which gets added into the price you pay which means your cost of living is inflating again every time you buy anything in a store. Let’s look at credit cards. Lots of people are maxed out on their credit cards. If they read the terms of agreement with their credit card companies they will see that if their credit scores get adversely affected or they are late in payments the favorable low interest rates they got will go to the marginal credit interest rates (think 18%+). The real bad news is that when the credit card companies run their credit reports and see that they are maxed out on their cards that reduces their credit scores and thus the high rates will kick in. Have you noticed that America recently changed in Bankruptcy laws making it very difficult for a person to use the protection of the Bankruptcy Courts anymore, this is not a coincidence.
More and more jobs in America are moving overseas. Levi Straus no longer makes any products in the USA. Yikes!! Do the big corporations know something we don’t? More and more jobs in America are moving overseas. Levi Straus no longer makes any products in the USA. Yikes!! Do the big corporations know something we don’t? Loss of jobs means that in turn more jobs will be lost since purchasing power diminishes when one is unemployed. What will happen when people can not afford the extra gas costs for their SUV’s. If they go to sell their SUV’s they’ll find the resale value is thousands of dollars below what they owe due to declining used car prices on gas hogs. So selling is not an option for the average cash strapped family. Have you ever heard of an employer increasing wages due to rising energy costs, me neither. This winter you will see families walking around inside the house wearing down vests in America. People are already making fewer trips to the supermarket to save on gas. Carpooling is about to make a big comeback. In any event do you see rising housing prices in the USA as a likely outcome? I don’t. I can find no reasons to make me think housing prices will rise in America for many years. Do you see declining housing prices as a likely outcome – I do. Hurricane season has now become a six to seven month event. Those that can move out of hurricane zones will do so and I expect they will be selling cheap and thus buying into lower price areas. Hurricane insurance costs will be skyrocketing after this season as well and the banks will take that into account decreasing the amount of mortgage a person can qualify for even further. Those in the cold zones will be suffering from those big heating bills this winter and this can only serve to drive down housing prices. The banks will take the rising energy costs into account when qualifying people making it harder to quality for the same value house one could qualify for two years ago and without the cooperation of the banks real estate prices decline. Rest assured the banks are quite scared about now.
Panamaexpertos.com Call us — 561-210-5832
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
All properties at least a 80% LTV All properties owner occupied residential – condos, single family, and townhouses. Owners are typically retired Americans with assets, retirement income and good credit. Properties are generally new, sometimes pre-owned but in excellent condition. No fixer uppers. Digital pics, appraisals, inspection reports available. You the lender need to service the loan yourself or we can introduce you to an accountant to do it for you. Generally the buyer will agree to pay you by auto debit directly into your Panama Bank account each month from their Panama bank account. You can also receive a check. You can use a Bearer Share Panama Corporation to operate your mortgage venture keeping the payments in Panama in a Panama Bank Account. Panama Corporations and bank accounts are available for modest amounts – inquire. This is an excellent offshore investment opportunity with good yield, excellent security in a booming real estate market. Panama is the #1 Retirement Spot. All properties have clear title – No Bocos del Toros loans. Loans are available from $50,000 to $600,000. Low Risk – 80% LTV and 20% property appreciation rates. Fast closing – 10 to 14 days Rates for 5 year fixed are 7 1/8% gross, adjustables can be negotiated. There are some borrower points.
Panamaexpertos.com Call us — 561-210-5832
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
Panama Information Purchasing Property February 2006 Courtesy of the Panamanian Embassey INTRODUCTION AND SUMMARY. The following is general information on purchasing real estate in Panama. It is not to be construed as legal advice. The different categories of land make it imperative to engage professionals for more detailed information. Real estate laws on the mainland can be quite different than those on islands, coastal areas, and areas near national borders. Before handing over any money, make sure you consult with a professional and do a proper due diligence investigation over the property to ensure you aren’t buying a big problem! It is important to understand the rules and process your property transaction correctly. Panama has three different types of property; Titled Property Titled property is not unlike “fee-simple” titles in the USA. The Panamanian Public Registry has jurisdiction over the registration of titled properties throughout the country. Titled property is verifiable through the Public Registry system and is guaranteed by the constitution of the Republic of Panama. Titled property can also be mortgaged. The bank will register a lien against the title as collateral on the loan. Titled properties are subject to annual property taxes when the registered value is over US$30,000 unless the buyer has obtained an exemption for the construction of a new dwelling. This is a pro-rated tax exoneration based on the value of the dwelling. Buying titled property normally requires the following procedure: 1. Promise to Purchase Contract: A small down payment is made at the signing of the promise to purchase contract. The down payment secures the property and establishes time for the title search and to coordinate payment arrangements for the closing. Registering this contract at the Public Registry ensures the property cannot be sold to another party during the escrow period. 2. Title Search: A proper title search includes: a) verification that the seller in fact has title to the property and it is free and clear of encumbrances, liens, or other issues that could affect the free disposition or transfer of the title; b) a review of the official survey map, and a professional surveyor to physically verify the map points on the property (to avoid future boundary conflicts); c) verification of utility debts (water and sewage d) verification of payment of property taxes and/or of the tax exemption. 3. Buy-Sell Contract: This contract is registered at the Public Registry and the final balance is paid to the seller, or an escrow agent. Payment is made when the title is transferred to the buyers’ name. Payment can be issued by a bank, contingent on receiving from the seller proper title to the property. The buyer can open a bank account (or get a mortgage) and then formally request that the bank issue payment as soon as it is presented with the registered public deed transferring title to the buyer. Real estate agents normally get paid only when the sale closes. 4. Title Transfer: The buyer officially owns the property when the title is transferred to the buyers’ name. The transfer occurs when the buy-sell contract is signed by each party and registered at the Public Registry. If the title is in the name of a corporation, there is no transfer of title, only a transfer of shares of the corporation. The buyer can keep the same officers in the corporation or appoint new members. Buyers of corporate titled properties through the purchase of the corporation itself, should ensure the annual corporation tax (Tasa Unica) is up to date. A change of corporate officers cannot be officially recorded at the Public Registry if the tasa Unica is in arrears. Possession Rights Property Possession Rights Property is not unlike “squatters rights” common in North America many years ago. This property is government owned but is “occupied” or “used” by a Panamanian individual (or Panamanian organization) for some time. Possession rights are generally certified by either municipal mayors, sheriffs, or other government organizations such as the Agricultural Reform Department (Reforma Agraria). Possession rights do not incur property taxes, although registered improvements on possession rights property may incur taxes at a municipal and/or national level. Most Possession Rights properties can become titled through a procedure of purchasing the land from the government, however, the law prohibits titling of possession rights properties in some areas such as certain coastal areas, national parks, or islands. In these cases, as an alternative, the “possessor” of the property can apply for an administrative concession over the land to guarantee the pacific use of it. Acquiring possession rights over a property normally requires the following procedure: 1. Promise to Purchase Contract: A small down payment is made at the signing of the promise to purchase contract to secure the property, establish time for the title search and to coordinate payment arrangements for the closing. Contracts related to the purchase of Rights of Possession cannot be registered at the Public Registry, but can be authenticated by a public notary. 2. Due Diligence: The due diligence procedures on possession rights property is more complex since there is no central database of information on possession rights properties. Buyers of possession rights should take extra care in their purchase. The following due diligence investigation can be done on possession rights property: a. Verification of Certification of Rights of Possession: A valid Certification of Rights of Possession is issued by a competent government authority, and contains the possessors’ name, correct description of the property in terms of location, size (area), limits, boundaries and neighbors (to the north, south, east, and west). b. Verification of Survey: A stamped, signed survey by a professional licensed surveyor or topographer, identifying the possessors’ name, location and reflecting the same information in accordance with the Certification of Rights of Possession is recommended. c. Inspection: An inspection will evaluate the physical occupation, no opposition by third persons, and good faith. A physical inspection to identify and mark the points of the property as well as confirmation of these points with the neighbors to ensure that there are no future boundary conflicts should be done by your surveyor. Also, the property should be maintained and fenced to clearly delineate the boundaries. d. Permitting Verification: If the buyers’ intentions are to build a certain type of structure or project on the possession rights property (for example, a marina, port, hotel, airstrip, etc.), it is necessary to verify any national or municipal regulations that may prohibit those activities in the area. 3. Buy-Sell Contract: The final balance is paid to the seller, or an escrow agent, once the possession rights certification is transferred or changed to the buyers’ name. Contracts relating with the purchase of Rights of Possession cannot be registered at the Public Registry, but can be authenticated by a public notary. 4. Possession Rights Certification Transfer: Possession rights for the property are officially transferred to the buyer when the Certification of Rights of Possession is transferred to the buyers’ name. Transfer to the buyer’s name occurs when the buy-sell contract is signed by each party. If the possession rights are in a corporations’ name, there is no transfer of certification, only a transfer of shares of the corporation. The buyer can keep the same officers in the corporation or appoint new members. Buyers of corporate possession rights properties through the purchase of the corporation itself, should ensure the annual corporation tax (Tasa Unica) is up to date. A change of corporate officers cannot be officially recorded at the Public Registry if the tasa Unica is in arrears. Concession Property Concession property is not unlike “land lease” arrangements, common in Mexico or Hawaii. Concession Property is government owned property, where the government has granted a concession to an individual or organization for a specific purpose, such as a real estate development, hotel, or marina. Concessions in Panama are generally granted for a maximum of 20 year (renewable) periods. Some concessions are granted for up to 40 years (renewable) in specially designated areas such as the Amador Causeway or where there are commercial and condominium developments currently being sold (Naos Harbor, for example). Concession Property is often located on islands, in special coastal or other protected areas where titles are not permitted by law. Real estate developments over concession property often offer investors time share or fractional ownership arrangements. Unlike Possession Rights property, Concession property is guaranteed by the government through a specific contractual agreement. CONTRACTS IN ENGLISH HOLD NO LEGAL WEIGHT IN PANAMA. Contracts signed are legally binding documents, and you should ensure that you have read and understood them completely before signing. All judicial processes in Panama are conducted in Spanish. For any real estate transaction in Panama, a contract written solely in English carries no legal weight, and is generally not recognized. All contracts for property must be in Spanish on a formal public deed, and signed before a public notary, in order to be legally enforceable and where applicable, be filed at the Public Registry. GET PROFESSIONAL HELP. Buying real estate in a foreign country should not be guesswork. As when purchasing real estate in the U.S., common sense should be the guiding factor. Again, engaging a reputable attorney and licensed real estate broker is recommended. While a good real estate agent can help you through the steps of buying, he cannot provide you with legal advice; an attorney does that. Even some Panama City-based real estate lawyers might not be fully familiar with such intricacies as land law in certain areas, e.g., Bocas del Toro. Panama’s Bar Association and Supreme Court advise that the Supreme Court issue a “Certificate of Good Standing” to lawyers. The Court receives complaints about lawyers and decides whether to sanction them. This certification may be requested via fax or mail from the Panamanian Supreme Court from: Lic. Carlos Cuestas, Secretario General de la Corte Suprema de Justicia Organo Judicial, Calle Culebra, Edificio 236 and 237, Ancon, Panama, Republic of Panama. Tel: (507) 262-8358, Fax: (507) 262-2505. Note that such a certification is still no guarantee. SOURCE: panama-travel-bureau.com If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment, when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
InterContinental Hotels Group (IHG) (LSE:IHG) (NYSE:IHG) (ADRs), the world’s largest hotel group by number of rooms, announces the grand opening of the InterContinental Playa Bonita Resort&Spa, the first luxury beach resort in Panama. The 300-room resort is the second InterContinental hotel and the third IHG property in Panama. Owned by Empresas Bern under a license agreement with InterContinental Hotels Group (Nachrichten), the resort is situated on 20 acres of lush rainforest and is located just 20 minutes outside Panama City near the western entrance of the Panama Canal. It is the third alliance between IHG and Empresas Bern, one of Panama’s most prosperous developers. Bern has had long-standing agreements with IHG; and his Miramar InterContinental Panama and the Crowne Plaza Panama properties are both located in Panama City. “This magnificent property is a marvelous complement to IHG’s resorts across the globe,” says Alvaro Diago, Area President of InterContinental Hotels Group Latin America. “Herman Bern’s vision, once again, surpasses everyone’s expectations. This resort is IHG’s first in Central America and is destined to be one of the region’s premier properties.”
At InterContinental Playa Bonita, luxury begins with its spacious guestrooms, which feature magnificent views of the ocean and a casual yet elegant West Indies-inspired decor. Every room is thoughtfully appointed and equipped with luxury bedding, rich wood furnishings, air conditioning, cable television and wireless Internet access. In addition, Playa Bonita’s prime locale, within a self-contained enclave along a one mile stretch of golden beach bordered by natural reserves, provides guests with a tranquil oceanfront resort that is isolated from the outside world; yet, it has convenient access to the rainforest, Panama Canal, Panama City, the historic colonial city of Casco Viejo and Amador Causeway for a truly lavish travel experience.
Designed with the well-seasoned traveler in mind, InterContinental Playa Bonita’s brilliant white Mediterranean-influenced architecture, coupled with sophisticated and imaginative style, surrounds guests with a refreshing sense of peace and relaxation. White day beds scatter the grounds overlooking the Pacific Ocean and hammocks hang between every palm tree lining the beach. A mist pool provides a quiet oasis for adults and Bonita Del Mar, the resort’s 10,000 sq ft holistic spa, is the ultimate escape to cool off from the Panama sun. Additionally, the resort boasts four free-form swimming pools, three restaurants, 12,500 feet of meeting space and a number of outdoor activities.
“Playa Bonita is truly a grand work of art,” continued Alvaro Diago. “Herman Bern set out to deliver the luxury product that this destination has been missing, and I’m proud to say that Playa Bonita is it.”
“This property brings together the best elements of both companies,” adds Bern. “We have always been proud of our involvement with IHG, as their brands lend unparalleled global recognition. There is unlimited potential when two companies like ours are working together to develop a property.”
For more information or to make a reservation, please call 1-800-327-0200 or visit http://www.intercontinental.com .
The InterContinental Playa Bonita participates in Priority Club Rewards, the world’s first and most global hotel loyalty program spanning more than 3,600 hotels in nearly 100 countries. Members earn their choice of points toward free hotel nights or merchandise, or earn frequent flyer miles with more than 40 domestic and international airline partners. Enrollment in Priority Club Rewards is free. Guests enroll online at http://www.priorityclub.com, by calling 1-888-211-9874 or at the front desk of any InterContinental Hotels& Resorts property.
InterContinental Hotels&Resorts continues to grow its presence in the Americas region. In 2005, the company’s flagship hotel, the InterContinental Buckhead, completed its first full year of operations. The InterContinental Merida in Mexico joined the portfolio in 2005 and was quickly followed by the opening of the InterContinental Kansas City at the Plaza in January 2006. This Spring, the InterContinental Harbor Court Baltimore will open. Currently under construction are the InterContinental Boston, scheduled to open in Fall 2006, the InterContinental San Francisco, scheduled to open in late 2007 and the InterContinental Sacramento scheduled to open in mid-2008. Plans are also underway for the new InterContinental Resort&Residences Orlando with construction expected to begin in late 2006 and the property expected to open in early 2009.
IHG has been serving Latin America for 60 years — with hotels situated in nearly every key market in Central and South America. IHG is one of the leading hotel companies in Central and South America.
Note to Editors:
InterContinental Hotels Group PLC of the United Kingdom (LON:IHG, NYSE:IHG (ADRs)) is the world’s largest hotel group by number of rooms. InterContinental Hotels Group owns, manages, leases or franchises, through various subsidiaries, over 3,600 hotels and 537,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental(R) Hotels&Resorts, Crowne Plaza(R) Hotels&Resorts, Holiday Inn(R) Hotels and Resorts, Holiday Inn Express(R), Staybridge Suites(R), Candlewood Suites(R) and Hotel Indigo(TM), and also manages the world’s largest hotel loyalty program, Priority Club(R) Rewards.
InterContinental Hotels Group offers information and online reservations for all its hotel brands at http://www.ichotelsgroup.com and information for the Priority Club Rewards program at http://www.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press Office at http://www.ihgplc.com/media
http://www.finanznachrichten.de/nachrichten-2006-03/artikel-6222810.asp
SOURCE: Don Winner @ Panama-guide.com
If you are interested in doing business in Panama or doing business with Panama you will want to make the right contacts, hire a competent, English speaking lawyer, and have someone on your side who knows local customs and politics. VIP Panama takes pride in connecting its clients to the right luxury living accommodations, the right business arrangements, and the most discrete entertainment when required.
Email us at The Panama Club
+507-836-6542 / 43 (Panama) | 1-(305)-503-9957 (USA)
