The untapped Latin American Diamond market is now making a challenge on the diamond markets of Dubai, China and India with Panama leading the way, this market is slowly rising with diamond dealers looking on. Good news is, a new project is bringing Bourse to Panama. According to the promoter, it will be the first of many in central and South America.
The president of the Panama diamond exchange, Erez Akerman thinks the opportunities in the region are tremendous. There will be around 50 stories in the new building housing 350 offices.The building that is specifically designed for the diamond exchange will also house an educational center, gemological labs along with diamond, jewelry and precious metal businesses.
The building will be located right next to the main casino and hotel to make for accessibility and convenience for the people using the Bourse. With construction into its 6 month, the project will be ready for business in 2 years.
To find out more on the Panama Diamond Exchange To find out more on the Panama Diamond Exchange click here
Panama Diamond Exchange
The town of Casco Antiguo is actually the ‘Casco Viejo’ of the Panama City. In 1673, the unique Panama City was ruined by a bandit called Henry Morgan and then was re-established by the authorities. After the re-construction, the town of Casco Viejo became a very prosperous place and remained that way for a span of around 300 years.
A lot of people think that after automobiles were launched, the area was abandoned. The result of this was that it became very difficult for people to live there and move from there to the city centre as it was out of limits for Panamians. The phase of revival began when it got the status of UNESCO World Heritage Site in 1998 and the Panama Canal was given the honor in 1999. That is the time when a lot of businessmen, the government and a lot of other organizations began working to regenerate Casco Viejo Real Estate. As a result, the city became a dream place to live.
Various architectures like French, Spanish and American colonial, art nouveau and neoclassical were urbanized in the peninsula of Casco Viejo in the time period of 300 years of its glory. This is actually the reason why the look of the city is influenced by the Early American and French architecture and simultaneously is called as the ‘colonial city’. One of the architectural styles that developed between 16th and 18th century was the special homes which had a courtyard in them. This particular style later became a trade mark of the area. While giving the World Heritage rank, UNESCO said that this place has a special class that is not present in any other colonial city of Latin America. The only exclusion is New Orleans whose architecture standard is much lower.
The diverse combination of various architectural techniques has a link with the ancient role of Panama as world cross roads and every technique is like a symbol of the business across the oceans which took place through the Isthmus. The people of this place are an image of the local cultures. The city has been revitalized to great extents by the public and private divisions and places like museums, embassies, the Presidential Palace, ministries, restaurants etc have been re-established.
The current government is very much enthusiastic about the property market of the town and plans to do anything possible to make the city a good living place. Therefore, the real estate in Casco Viejo is surely a great option from the point of investment.
SECTION 1: BUYING TITLED PANAMA REAL ESTATE.
Q: Is it safe for foreigners to buy Panama Real Estate?
A: Yes, it is absolutely safe. Panama is a foreign investors’ heaven. The state laws protect and encourage foreign investments particularly in real estate sector. Constitution of the Republic of Panama safeguards private property. Thousands of foreign nationals carry out their real estate transactions everyday without any problem.
Q: Is it legal for foreigners to buy Panama Real Estate?
A: Yes, it is totally legal. Foreigners can own titled properties personally. However, for more convenience in asset protection and tax waivers, it is recommended that foreigners hold properties in the name of a Panamanian Corporation. In case of possession rights properties this is obligatory. In such case of holding properties in the name of the corporation the foreign investor becomes a shareholder of the corporation. However, a foreigner may also delegate the status of shareholder to a Panamanian private interest foundation or trust.
Q: Is it safe to buy a Panamanian corporation’s shares which hold title to property in Panama?
A: With a proper title search and a meticulous due diligence done on the corporation that holds the property – yes it is generally safe. You need to hire a qualified attorney to carry out the due diligence and incorporate proper clauses in the Buy/Sell Contract of Shares. These clauses must include: 1) Guarantee to the buyer by the corporation of being free from all debts and liabilities (less those mentioned in the contract) and indemnification of the buyer from such liabilities. 2) Responsibility of the seller in case of any liability resulting from previous actions. 3) Guarantee by the corporation that purchase is 100% for both the shares and properties mentioned and described in the contract. This means that the buyer is owner of corporation’s share and the corporation is the owner of the titled property. Provided above clauses are inserted in the contract papers, Panamanian Laws would continue to safeguard buying of shares by a foreigner.
Q: Are there any government taxes or fees for transferring property titles from the sellers name to the buyer’s name?
A: Yes there are. There is a 2% property title transfer tax charged by the Panamanian Government on the basis of registered value or the value established in the deed of sale. Besides there are usually few other charges by the Notary Public or Public Registry Office limited to $200 – $300. These are basically for registering a buy/sell contract.
Q: Who normally pays for the property title transfer tax in Panama, the buyer or the seller?
A: As a usual practice the seller pays the Title Transfer tax. However, this may also be paid by the buyer if this is agreed upon by him through negotiations between him and seller for specific advantages.
Q: Who normally pays for the closing costs on Panama real estate transactions, the buyer or the seller?
A: Both. Buyer and seller pay their own closing costs. Usually buyer pays his/her closing costs in terms of payment for drafting a bye/sell contract, title search, due diligence and escrow services. On the other hand, the seller pays his/her attorney to review the contract. This however, is also flexible as it depends on the negotiations between the buyer and seller. Both can come into an agreement as to who would pay the closing costs in what proportions.
Q: What are the average closing costs for Panama Real Estate transactions?
A: It varies with types of transactions. In case of a title transfer from seller’s own name to a Panamanian Corporation by the buyer (a highly recommended option), the closing costs would include:
· Legal property transaction fee of $1200 (Title search, buy/sell contract, closing and property title transfer service).
· Title Transfer fees amounting $200-$300 for the Public Registry office.
· Escrow services charge from 0.5 – 1% of the variable transaction amount.
· Incorporation fee to setup the Panamanian Corporation amounting usually $1000.
However, if the property is already owned by a Panamanian Corporation, and the buyer is purchasing the corporation’s shares, the transaction is relatively simpler. This is because there is no registration of title transfers hence no title transfer tax and no public registry title transfer fees. In such case, the closing costs would include:
· Legal property transaction fee of $800 (Title search, purchase of shares contract, and closing
· Change of directors/resident agent of the corporation amounting approximately $350
· Escrow services charge from 0.5 – 1% of the variable transaction amount.
Q: How long does it normally take to register a property title transfer in the Public Registry of Panama?
A: It takes very short time. Generally, depending on the transaction volume at the Public Registry, it takes one to three weeks. However, with extra expediting charges, this time can be shortened to an unbelievable two business days!
Q: How long does it normally take, from start to finish, to purchase Real Estate in Panama?
A: In an average it takes about six weeks. This time, however, depends on number of factors arising from the negotiations between the buyer and the seller. This then depends on the attorneys at the Public Registry Offices. To give you an idea about the time frame of purchasing a real estate in Panama, it is essential that you are aware of the entire transaction procedure which is as follows:
· Agreement of buyer and seller on price and terms. The terms of negotiations affect the time frame.
· Seller provides us (our firm) all the documents related to due diligence on the titled property which enables us to do the title investigation. Here seller affects the time frame.
· Attorneys carry out the initial title search and draft the Promise to Buy/Sell Contract. It takes about a day if all information are provided both by buyer and seller.
· Buyer and seller both review the Promise to Buy/Sell Contract and agree mutually to sign the contract. Time frame thus is affected both by buyer and seller.
· Buyer makes the down payment and legal fees to escrow services. Time taken in this step depends on method of payment.
· Buyer and seller both sign the Promise to Buy/Sell Contract and the seller is paid the down payment amount from the escrow.
· Conclusion of final title search by approximately five days.
· Buyer makes the final payment to escrow time frame of which depends on the payment method.
· Drafting of final buy/sell contract by the attorneys by about a day.
· Final closing with signing the final buy/sell contract by about a day.
· Registry of Contract at the Public Registry Office for the beginning of transfer procedure. It may take any time between two to thirty days depending on the volume of work at the Office.
· Receipt of the deed from the Public Registry Office by the attorneys, drafting of official English translations and preparation final documents to the buyer. This takes normally five working days.
Q: What are the normal legal fees for property transactions?
A: Various legal fees normally involved in a property transaction are:
· Public Registry and Notary Public charges totaling about $200-$300 as per type of transaction.
· Title transfer taxes – normally paid by the seller.
· Escrow services charge (if used) amounting 0.5-1% depending on the transaction and are usually paid by the buyer.
Q: Are escrow companies normally used in Panama for Real Estate transactions?
A: In Panama escrow services are still is in nascent stage. But with more foreigners investing in real estate sector who are familiar with escrow services, it is becoming a standard these days in real estate transactions. The term “escrow” is becoming increasingly popular in Panamanian realtors.
Q: Do purchase contracts for Panama real estate transactions need to be in Spanish, in order for them to be legally enforceable in Panama?
A: Not at all. Panamanian Laws do not require a buy/sell contract to be in Spanish in order to make the contract legally enforceable. In case of a dispute arising from the transaction though, the Court of the Republic will normally order for a translated copy (in Spanish). The translation is made by a licensed official translator. To simplify the process from the very beginning, we prepare the original buy/sell contract in Spanish and provide our clients an official translated version in English.
Q: What is normally accepted as a down payment for purchasing Real Estate in Panama?
A: Normally sellers demand a down payment amounting 10% upon signing the Promise to Buy/Sell Contract. It is paid as a “good faith” by the buyer to the seller and bears a mark of his/her seriousness about buying the property. In many cases this normal amount may differ and may be as much as 50% depending on the transaction and terms of negotiations. In some other cases, seller may as well demand only 5% or less as a down payment.
Q: If I am a US citizen, can I use my IRA or 401K money to buy property in Panama?
A: Yes you can. Like Pensco and many others, there are financial companies in the USA, who offer retirement account services that ultimately facilitate movement of your IRA or 401K funds into self-directed retirement accounts. This allows you to invest your funds in property anywhere in the world. Contact us if you need to find and know about such financial companies in the USA.
Q: Is it legal to buy options on Real Estate in Panama?
A: Yes, although an uncommon practice, it is legal to buy options on property in Panama. So you may not expect your seller to understand the concept of options on real estate.
Q: Are options available on Real Estate in Panama?
A: Yes, you can buy options on property in Panama. Please remember that most sellers in Panama do not understand the concept of options on property. It is therefore necessary to educate the seller about the concept in order to convince them to offer you an option to purchase their property.
Q: Do sellers offer owner financing or leases with purchase options in Panama?
A: Yes. Although most sellers simply offer a selling, some sellers offer leases with purchase option too. Please note that in order to give such options a legal cover, lease or rental contracts are to be registered at the Ministry of Housing (locally called MIVI or Ministerio de Vivienda) of Republic of Panama.
Q: Is it legal to block public access to the beach if I own beach front Real Estate?
A: No, if there is absence of any public access within 1000 meters of your property. In such absence, you must allow public access, according to the law since the laws in Panama accords public access to all beaches, oceans, lakes and rivers in Panama.
Q: What is the liability for real estate investors that “flip” (buy & immediately sell) properties?
A: Real estate investors have limited liabilities in Panama. The main liability for real estate investors is capital gains taxes. This is avoided by some people by involving a Panamanian corporation. Provided you comply with the promises according to the terms of the buy/sell contract, buying/selling property in Panama is virtually free of any liability.
SECTION 2: TAX RELATED QUESTIONS FOR REAL ESTATE IN PANAMA.
Q: Are there property taxes in Panama, if so, how much?
A: Yes there are. Property taxes are only levied on properties that have a registered value of $20,000 or more (registered value is the value stated on the public deed registered at the Public Registry Office). The maximum annual property tax is 2.1% of the registered value of the land. As per Law # 36 of 1995 Property tax is exempted for land value below $20,000. Property tax is also levied on the declared value of the building improvements on the land. However, Panamanian laws offer tax exemption for building improvements for up to 20 years. This incentive was put into action by the Panamanian government to promote new construction – a matter that regulates large portion of Panama’s overall GDP. Again for Possession Rights properties, there are no property taxes as the actual owner of such property is the Panamanian government itself.
Q: Are there property title transfer taxes in Panama?
A: Yes there are. Government of Panama charges 2% of the value registered in the deed every time a title transfer takes place. This is the reason why most investors make use of a Panamanian corporation in real estate transactions. The corporations own the property and the seller simply sells his/her shares only. Since no transfer of titles takes place the 2% title transfer tax need not to be paid.
Q: Are there capital gains taxes on the purchase and sale of real property in Panama?
A: Yes. Panamanian laws charge a 30% capital gains tax on the purchase and sale of real property in Panama. This capital gains tax is obligatory upon the transfer of the title at the Public Registry.
Q: Is there a way to minimize capital gains taxes on property sales in Panama?
A: Yes there is. In fact, most people apply a common strategy – holding property in the name of a Panamanian Corporation. Instead of title transfers between buyer/seller’s own names the shares of the corporation are sold as a whole to the buyer. Since corporations shares are “bearer shares” and they are not registered, there is no record of the sale. On completion of selling of shares in this method the new owner simply changes the board of directors/officers to take control over the corporation.
Q: Is there self-employment tax for real estate investors in Panama?
A: No. There is no “self-employment” tax for real estate investors in Panama. However, local real estate investors pay their normal income tax where declarations are made about their income from real estate business. These can also be avoided through certain structuring techniques through use of Panamanian corporations and private interest foundations.
Q: What would happen if I were to perish (die), and I have real estate in my personal name in Panama? Are there inheritance taxes in Panama, whereby the Panamanian government would keep a certain percentage of my beneficiaries’ inheritance?
A: Yes. If you own assets in your personal name, you could lose as much as half of your properties to the Panamanian government when you die. For this, we recommend our clients to hold their properties under Panamanian corporations and use a Panama Private Interest Foundation to hold the shares of each corporation. This enables them to distribute their assets to their beneficiaries, avoiding all inheritance taxes, probate, and legal delays. All assets would be distributed to your beneficiaries exactly as they were left, exactly as per your wishes (according to your letter of wishes), with no deductions whatsoever.
Q: Are tax lien certificates available in Panama?
A: Unfortunately we have no information about tax lien certificates in Panama at this moment. We are however, doing our research in this area.
Q: If I am a US citizen, can I apply a 1031 exchange to buying property in Panama, thus deferring my US capital gains taxes?
A: This concerns US tax laws and tax attorneys or US CPA. We can put forward a response to the issue by LandAmerica Lawyers tax attorneys who said, “Assuming the case that a client is looking to relinquish a U.S. Property and purchase a replacement property in Panama, then the 1031 Exchange would fail, because foreign property is not considered to be “Like-Kind” to U.S. property under the IRS code. However, if the client is relinquishing foreign property, then an exchange into the Panama property might be possible. Of course, a tax-deferred exchange would only make sense in that situation if the client would be subject to U.S. Capital Gains tax liability for the relinquished property transfer because only U.S. taxes be deferred using Section 1031.”
SECTION 3: FINANCING & INSURANCE IN PANAMA.
Q: Are financing sources readily available for foreigners (non-Panamanians) to get mortgages on property in Panama?
A: Yes there are plenty. Many banks in Panama offer financing to foreigners to purchase property in Panama. Some examples are: HSBC Bank, Scotia Bank, BAC International Bank, Banco Cuzcatlan (Panabank), Banistmo, Banco General, Bank Boston, BBVA Bank, Banco Continental, Credicorp Bank, Multi-credit Bank, Banco Nacional de Panama etc. However, unless the loan is collateralized by some other liquid asset such as a bank deposit, most banks have the following limitations for financing to foreigners:
· The property must be titled through the Public Registry of Panama
· The property must be located in approved regions, normally in urbanized regions or on approved development projects in rural areas
· The property must have improvements, such as a house, building, etc. with value
· The bank will only finance up to 70% of the purchase price
· The purchase price must not be more than the appraised value (the value appraised by a renowned and licensed appraisal company).
Q: What documentations are normally required for foreigners (non-Panamanians) to obtain financing on property in Panama?
A: Banks that finance real estate loans/mortgages to foreigners usually require following documents:
· Complete (all pages) photocopy of passport.
· Photocopy of another ID (usually photo ID) like drivers license
· Two original financial reference letters
· Two original commercial, professional, or personal reference letters
· Photocopy of utility bill showing physical address
· CV (Curriculum Vitae – may be personal education/work resume)
· Financial statements of last two years.
· Personal income tax returns of last two years.
· Photocopy of property documentation (registered title deed and registered survey)
· Original recent certificate of title deed from the Public Registry
· Appraisal on the property by an approved appraisal company.
Q: What are the bank/financing company’s interest rates for financing property in Panama?
A: The interest rates are generally similar to those offered in the USA. The rates actually depend on a number of factors, including:
· Type of property (personal residence, commercial property, investment property, etc.)
· Age of construction (new construction, old construction)
· Loan Term (short term, long term, etc.)
· Applicants age and status (retired, etc.)
· Additional collaterals offered to the bank as guarantee on the loan.
Q: Are there any special financing deals available in Panama, for retirees?
A: Yes there are many. Provided you are of a certain age and obtain a Pensioned Visa (A type of resident visa for foreigners who establish that they receive a pension of at least $500/month) in Panama, you qualify for special discounts for mortgage interest rates.
Q: Are there any special financing deals available in Panama, for first time buyers?
A: Yes. There is a law called the “preferential interest law”, which offers special low interest rates, under the following conditions:
· The buyer must be a first time buyer
· The property being purchased must be newly constructed
· The unit must be for residential purposes
· The amount being financed must be in the range of $25,000 – $62,500, after the down payment
· The financing cannot be more than 95% of the appraised value
· The property must be titled
· The loan must not exceed a 15 year term.
This is regulated under Law No. 50 (October 27, 1999), which partially amended Law No. 28 (June 20, 1995) and Cabinet Decree No. 44 (1990). They outline the benefits to the lending institutions as follows:
· 4% discount (also a tax credit to the financial institution) off the maximum fixed interest rate, which is established by the Superintendent of Banks, will be awarded if the loan value is for more than $25,000.00 but less than $62,500.00
· 5% discount (also a tax credit to the financial institution) off the maximum fixed interest rate, will be applicable if the loan is for less than $25,000.00.
Q: How much do property appraisals cost in Panama?
A: They vary with the type and location of the property. Normal range of property appraisal costs is between $150 up to $1000. For example, a simple 3 bedroom home in Panama City would probably cost around $100 to $150, however, a 300 acre farm located in Panama, with 2 homes, barn, horses, cattle, and other property improvements could cost $1000 for an appraisal. This is because the latter involve more complex appraisal and may incur additional transportation costs and working hours.
Q: How much do home inspections costs in Panama?
A: Depending on the particular property, home inspections in Panama can range between $50 and $300.
Q: Is title insurance available for property in Panama?
A: Yes they are very much available. Title insurance is offered by many renowned international title insurance companies on almost all types of titled property in Panama. Contact us for details.
Q: Is title insurance required for financing property in Panama?
A: No. For property financing, title insurance is not generally required. But fire insurance is always required for buying property with construction improvements (house, commercial building, etc.).
Q: What does title insurance cost in Panama?
A: It depends on the insurance company and the property for title insurance itself. Usually, title insurance costs around 1% of the value of the property, with a minimum of around $1000 insurance premium. This is a one time payment with most insurance companies.
SECTION 4: DEVELOPING REAL ESTATE IN PANAMA.
Q: Is it possible for foreigners to enter in the real estate development business in Panama?
A: Absolutely. Panama is a real estate heaven for foreign investors. There are plenty of Government incentives that promote real estate development in Panama especially by foreigners.
Q: If I buy a large plot of land, what are the procedures to get residential lot development permits with the Panamanian government?
A: The steps involved are:
· Topographical survey of the property by a licensed topographer/engineer.
· Employ a Panamanian licensed architect to design the master plan
· Hire a Panamanian engineer to prepare the construction drawings.
· Hire and task a Panamanian licensed environmental engineer to prepare an environmental impact study.
· Submission of the project and approval by the ANAM (Autoridad Nacional del Ambiente, an equivalent of the Environmental Enforcement Agency in the USA.
· Submission of the project to the municipal engineer to get the construction permits.
Depending on the project, there may be additional steps necessary for getting the final permit.
Q: What is the time frame and cost to obtain permits for developing residential lots in Panama?
A: The time frame and is mainly dependent on the size of the project and the location or region you are developing in. Some projects may take years to obtain permits and cost more than $50,000 while others can take as less as three months and cost only a few thousand dollars. Generally it takes more time to get a permit from ANAM. Other permits which are mostly given from the municipality are normally quicker to get.
Q: What are the costs for surveying property in Panama?
A: At present surveyors charge around $200 per lot or per hectare for regular linear surveys (outlining the perimeter, size and borders of the property). Topographical surveyors charge from $150 – $500 per hectare, depending on the location, condition of the property, and the specifics needed (for example, if you want special information included, such as identifying specific species of trees, depth of rivers, etc.). It is very much important to hire a surveyor who is reliable and will provide accurate data, as well as computerized surveys.
Q: What do environmental impact studies cost in Panama?
A: Environmental impact studies could be done with a price range as little as $750 to as high as $75,000, depending on the size of the project, impact on the environment. This also depends on the environmental engineer/engineering company you hire for the job. For large developments with high environmental impact, we recommend hiring a top quality environmental engineering firm to handle the environmental impact study. This will increase the chances of your project being approved even under harshest conditions. For smaller, non-impacting projects, an individual environmental engineer may be enough to carry out the study and get your project approved. it is very important to hire qualified engineers/company to prepare your environmental impact study. In case your project is rejected by ANAM, you may have to wait up to two years to re-present the project for approval.
Panama is the hotspot for investment in Latin America
Big World Villas is the new high end real estate project in Santa Catalina, Panama. It is the first such development in the area and offers investors a relaxed lifestyle surrounded by pristine coastline, untouched rain forest and endless opportunities for outdoor adventure.. The project will be made up from several multi-villa buildings, the views from these apartments is of the out laying islands such as Isla Catalina, Isla Coiba, Isla Gobernadora, Isla Cebaco and the beautiful Verguas coastline.
Big World Villas the first major residential project in the region but not the last.
Santa Catalina is located 300km from Panama City, it is a beautiful town that is the access point to Coiba National Park, a UNESCO World Heritage Site. Along with the breath taking scenery you will find one of the best surfing breaks in Central America here. This truly is a World Class fishing destination also. The scuba diving, fishing, jet skiing and boating are world class in this location.
The Big World Villas project offers high end luxury condo living with all the services and amenities you expect form a high end resort. Some of the amenities you will find hare are infinity pool with swim up bar, tree top cocktail bar, massage and yoga, gym, spa, movie house and more. Karen Carrier the award winning chef from NYC has created the menu for the restaurant and open air cocktail bar.
Big World Villas has joined forces with the Panamanian domestic airline Aeroperlas to offer direct flights to and from Santa Catalina and Panama City. This new route will commence in March 2009 for as little as $50 each way.
Big World Villas are happy to have teamed up with Lost Coast Excursions, suppliers of adventure, fishing and driving tours in Panama. Whether a dash of angling takes your fancy, perhaps a go at topping one of the 170 world fishing records already proudly achieved in Panama, or if jungle tours, whale watching and white water rafting suit your palette, Lost Coast Excursions offers an array of eclectic once-in-a-lifetime experiences, and brings to Big World Villas an unparalleled client list to ensure high rates of occupancy and ROI.
Scheduled for completion in 2010, the sales process for Big World Villas is already well under way.
Big World Villas can also be found at Knightsbridge Investment Group
Pedasi Panama Thee Hollywood Real Estate Secret of Panama
Pedasi Panama is a paradise for light tackle fishermen and for Yellowfin Tuna fishing. Look for Pedasi Panama to become a fishing hub in Thee future. It is similar to Costa Rica in Thee 80′s. What investors have done in Thee region is an example of controlled growThe development and a testimony to Thee preservation of natural beauty.
The famous French architect Gilles Saint-Gilles lives here, he picked Pedasi Panama as it reminded him of Tuscany in Thee wet season and Africa in Thee dry season. The Azueros project pays tribute to Thee talent if Mr Saint-Gille who has been creating architecture master pieces around Thee world for Thee last 40 years. His private homes and palaces are now stuff of legend, he also has created master pieces in NorThe America, Thee Middle East, Europe and Asia.
Real estate in Pedasi Panama has been undervalued and is now becoming some of Thee most upscale developments anywhere in Panama, wiThe homes on Thee Azueros project selling from $400,000 – $2,000,000.Raw land in Theis region sells for between $12 – $25 per meter squared ($1.12 – $2.50 per square foot) compare Theis to Parts of Costa Rica, like Thee Guanacaste region where land costs over $150 per meter squared ($14 per square foot). WiThein Thee last 2 years property prices have tripled. The price increases have a lot to do wiThe Thee uniqueness of Thee area and property developers becoming aware of Thee region.
Pedasi Panama is located at Thee SouTheern tip of Panama’s Azuero Peninsula. The Azuero Peninsula is often compared to Costa Rica’s most desirable region, Thee Guanacaste province, for its friendly locals, attractive weaTheer and strong Spanish colonial heritage.
There has been a buzz in Thee area for some time, Theis is partly due to Thee list if stars Theat have been reported to have invested here, people like Mel Gibson, Eddie Murphy, Bruce Willis and Mick Jagger. One of Thee draws to Thee area is Thee natural beauty and simplicity of life here. The prices are still reasonable in Theis area, Pedasi Panama is truly one of Thee last areas of investment opportunities left in Central America.
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The caribbean coast is one of the most beautiful parts of Panama, here you will find Bala Beach resort, located one hours drive from Panama City. People that are seeking serenity, value for money should take a look at this master planned comunity. with white sand beaches and crystal waters the mountains provide the backdrop for the breath taking views. Bala Beach Resort is only minutes away from the nearest hospital, supermarket and other desired amenities required for residential living.
On the first phase in Bala Beach Resort you will find many different types of apartments to choose from, studios – 3 bedroom condos are available .
You will find multiple swimming pools, restaurants and bars, beach chairs and towel services, a fully equipted gym, tennis and basketball and many more service available in the Bala Beach Resort.
Property management will be available at Bala Beach Resort with the delivery of the first units. The area expects high growth and a stong rental market on the units.Bala Beach Resort expects its investors will see a 20%-30% appreciation from now to completion.
Click here for more on Bala Beach Resort
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If you like sport fishing then Panama is said to be the best place in the world to do it . Many of the world fishing records have been set in Panama. The variety on number of fish that are caught in Panama is much greater than anywhere else on the Pacific coast. The best place to go fishing in this area is just off the coast of Santa Catalina Panama.
You can also catch black marlin here. Mountuosa and the Hannibal Bank are said to be the best places to catch Black Marlin in the northern hemisphere.
Both inshore and deep sea fishing are available at the Tuna Coast.
The fishing grounds located around Isla Coiba, Isla Cebacco and Punta Mariato are regarded as the best. But the best of the bunch is Isla Coiba.
If you want a good introduction to the area then you should go to Santa Catalina Panama. This is one place that can take you to any of the best fishing grounds and give an experience of a lifetime.
The entire region of Santa Catalina Panama is full of fish that can satisfy every taste and contribute to an excitement that is totally mesmerizing.
Big World Villas is located in Santa Catalina, it is the first major residential project in the area. Lost Coast Excursions have teamed up with Big World Villas, they are offering adventure tours, fishing and scuba diving and high end residential and resort living.
If you are interested in Panama real estate click here
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