Thursday, January 3, 2008

Panama Real Estate Property Tax Exemptions are Back

Great News from the Government of Panama! Just before Christmas the following article appeared in La Prensa -

La prensa – december 22, 2007

BRIEFS. Real estate

Property Tax exoneration extended

The Consejo de Gabinete has approved an extension of the 20-year property tax exemption for apartments and houses, according to minister of Housing Balbina Herrera.

The measure applies to projects whose building permits are issued before Dec. 31, 2009. Herrera explained that the measure extends the property tax exemption that expired in August.

Iván Carlucci, president of the Asociación de Corredores de Bienes Raíces (Acobir), said that "this change is healthy, and it is a sign that the sector will continue to grow dynamically."

Carlucci said that the waiver, which will benefit all types of buyers, gives Panama a competitive edge over other countries in marketing real estate projects.

Read more about the changes and Panama Real Estate Opportunities at the Learn About Panama Blog.

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