Yesterday we discussed the Cheapest Countries in the World and talked about how important it is to look at a lot more than just the cost of living when it comes to finding a nice place to live.
It's no surprise that some of the most dangerous and poorest countries hit the top of the 'cheapest list' but what is interesting and important to note is that if you scroll down the list just a little you ca find some real gems. Places where the cost of living is very low but also where culture, safety and standards of living are high.
From our cheapest countries list the first one to pop off the page is Paraguay. Paraguay makes the Top 10 Cheapest Places to Live list but it also makes some other lists too. This past year Bolivia, Panama, and Paraguay posted the largest economic improvement according to the 2010-2011 Global Competitiveness Index from the World Economic Forum. Reforms have helped these and other Latin and South American countries weather the global crisis while stimulating their growing economies.
Other countries that make the list of cheapest but have also become favorite hot spots for retiring baby boomers include Uruguay, Ecuador, Nicaragua and Panama. In these countries you can live on a little and you can live very well! Take in leisure pursuits on breathtaking golf courses which have so few players you don't even need to reserve a T-time. Savour gourmet meals in a world class restaurants. After all it will cost you about the same amount you would pay for bottled water and a small appetizer in a in an LA, New York, or London restaurant. In these countries fresh is fresh! Fruits and vegetables you pay way too much for in specialty organic stores in America sell at local markets in these countries for just pennies.
As for the Cheapest Place to Live while maintaining a high Quality of Life - Ecuador wins the spot. It may not be the absolute cheapest place but it certainly closes in the upper ranks. Add in high placements on the Best Places to Retire hit list each year for the past five years running and you've got a winner!
Showing posts with label panama. Show all posts
Showing posts with label panama. Show all posts
Thursday, February 3, 2011
Tuesday, January 11, 2011
How To Make The Most Profitable Investments In Panama
Panama is no doubt one of the biggest success stories of Latin America. Fifty years ago this country on the Southern tip of Central America was dirt poor. Today it's classified as a high income country, in the same group as countries such as Argentina and Chile. In the following paragraphs we will take a quick look at the most profitable investments in Panama City.
An investment in real estate in this country can be very lucrative. As a result of increased foreign demand, the Real Estate market in Panama is in a better state than in most other countries in Latin America and even the world. This is mainly a result of increased international property investments after steps taken by the Panama Government to encourage foreign investment in this market sector.
Nowadays any foreigner can easily buy property anywhere in the country. You get full ownership and the transaction gets recorded at the deeds office. You can afterwards sell the property to whoever you want at a time of your choice. You are also free to send the profits back to your home country. The only applicable tax is a 2% transfer tax which is levied on this type of property sale.
New property investments - construction - in the country are under current law exempt from paying property taxes for up to two decades. If you need to import building materials to build a commercial or residential property, these imports are also exempt from import duties. The rental income you derive from the building will also be tax free for a specified period and under certain conditions.
You also have the option of investing in a business in Panama. The country is politically stable and offers higher returns on investments than in the majority of developed countries. You are free to invest or repatriate your profits, subject to certain conditions.
If you should decide to invest your money in a business in this beautiful country, you have the choice of investing in an existing business or starting a new one. A new business has the advantage that you can structure it to your own liking. An existing business, on the other hand, already has a customer base, so you can start making money immediately.
Commercial and industrial businesses and real estate are some of the most profitable investments in Panama. If you make sure you only deal with trustworthy partners, your investment will undoubtedly prove to be a highly profitable one. First, however, make sure you are aware of all legal requirements applicable to your case. In this regard a good investment lawyer on your team will be a great asset.
An investment in real estate in this country can be very lucrative. As a result of increased foreign demand, the Real Estate market in Panama is in a better state than in most other countries in Latin America and even the world. This is mainly a result of increased international property investments after steps taken by the Panama Government to encourage foreign investment in this market sector.
Nowadays any foreigner can easily buy property anywhere in the country. You get full ownership and the transaction gets recorded at the deeds office. You can afterwards sell the property to whoever you want at a time of your choice. You are also free to send the profits back to your home country. The only applicable tax is a 2% transfer tax which is levied on this type of property sale.
New property investments - construction - in the country are under current law exempt from paying property taxes for up to two decades. If you need to import building materials to build a commercial or residential property, these imports are also exempt from import duties. The rental income you derive from the building will also be tax free for a specified period and under certain conditions.
You also have the option of investing in a business in Panama. The country is politically stable and offers higher returns on investments than in the majority of developed countries. You are free to invest or repatriate your profits, subject to certain conditions.
If you should decide to invest your money in a business in this beautiful country, you have the choice of investing in an existing business or starting a new one. A new business has the advantage that you can structure it to your own liking. An existing business, on the other hand, already has a customer base, so you can start making money immediately.
Commercial and industrial businesses and real estate are some of the most profitable investments in Panama. If you make sure you only deal with trustworthy partners, your investment will undoubtedly prove to be a highly profitable one. First, however, make sure you are aware of all legal requirements applicable to your case. In this regard a good investment lawyer on your team will be a great asset.
About the Author:
Comprare casa estero is something to look into as is Tassazione immobili estero. Surely, you are interested in a good investment right now.
Tuesday, November 16, 2010
Panamas New Cinta Costera Coastal Beltway
Beautiful Panama, located at the southern most tip of Central America, has become a highly popular destination due to its economic stability and steady growth. The economic upswing has made available the necessary funding to improve the infrastructure of Panama City. This is needed to alleviate the congestion that plagues the city's Avenida Balboa.
The Cinta Costera Coastal Beltway is a project that was designed to alleviate traffic congestion in Panama Bay by bypassing the city. At present, the Avenida Balboa is used daily by over 72,000 vehicles, causing major delays. In addition to the new Coastal Beltway the city will also have a car park area built to reduce parking congestion that covers twenty five hectares of land.
Due for completion in the month of April 2009, the cost of the Cinta Costera project is estimated at a total of $189 million. The contract work is shared between two companies, the first is the Constructora Norberto Oldebrecht. They will work jointly with another construction company, called the Constructora Urbana SA. The latter will ensure the proper maintenance to the entire project for five years after construction is completed.
Boris Aguilar and Alberto Arosemena are the two architects who work for Alliance Pro City, the company responsible for the design of this extensive infrastructure improvement project. Dredgers had to be used to pump sand directly from the submerged seabed and to use it to at the landfill site. Roughly thirty hectares of land will be reclaimed in the area known as Panama Bay to make the completion of the project possible.
A four lane highway will be built that extends to 2.6 kilometres in length, with each lane measuring 3.5 metres wide. The end product will be a stretch of road measuring 7 kilometres in length with three interchanges at regular intervals along the route to ensure the smooth flow of traffic. Two elevated viaducts, a bike path, pedestrian access and a breakwater will be part of the structure.
The twenty five hectare car park that is being built will also house an ampitheatre. Due to the new construction, the Avenida Balboa will be adjacent to the new Coastal Belt roadway, running parallel to it, eventually feeding into it. The existing six lanes will become ten lanes to further help with traffic congestion. Six of the lanes will run from Punta Paitilla to San Felipe, with four lanes going the other way.
The current bridge that runs from the Avenida Balboa to the Avenida third de Noviembre will be altered to include an entrance and exit to the new Coastal Beltway. Another access point will be made further along in the direction of the city and closer to Casco Viejo. Another exchange will be created at the bridge near the Matasnillo River via the Israel route.
There will be multiple improvements made to the overall infrastructure while the new highway project is under construction. Along with the building of the Cinta Costera, the sewerage systems and the drainage systems will be upgraded in the entire Panama Bay area. The clean up and improvement project will make a vast overall difference to the area.
The Cinta Costera Coastal Beltway is a project that was designed to alleviate traffic congestion in Panama Bay by bypassing the city. At present, the Avenida Balboa is used daily by over 72,000 vehicles, causing major delays. In addition to the new Coastal Beltway the city will also have a car park area built to reduce parking congestion that covers twenty five hectares of land.
Due for completion in the month of April 2009, the cost of the Cinta Costera project is estimated at a total of $189 million. The contract work is shared between two companies, the first is the Constructora Norberto Oldebrecht. They will work jointly with another construction company, called the Constructora Urbana SA. The latter will ensure the proper maintenance to the entire project for five years after construction is completed.
Boris Aguilar and Alberto Arosemena are the two architects who work for Alliance Pro City, the company responsible for the design of this extensive infrastructure improvement project. Dredgers had to be used to pump sand directly from the submerged seabed and to use it to at the landfill site. Roughly thirty hectares of land will be reclaimed in the area known as Panama Bay to make the completion of the project possible.
A four lane highway will be built that extends to 2.6 kilometres in length, with each lane measuring 3.5 metres wide. The end product will be a stretch of road measuring 7 kilometres in length with three interchanges at regular intervals along the route to ensure the smooth flow of traffic. Two elevated viaducts, a bike path, pedestrian access and a breakwater will be part of the structure.
The twenty five hectare car park that is being built will also house an ampitheatre. Due to the new construction, the Avenida Balboa will be adjacent to the new Coastal Belt roadway, running parallel to it, eventually feeding into it. The existing six lanes will become ten lanes to further help with traffic congestion. Six of the lanes will run from Punta Paitilla to San Felipe, with four lanes going the other way.
The current bridge that runs from the Avenida Balboa to the Avenida third de Noviembre will be altered to include an entrance and exit to the new Coastal Beltway. Another access point will be made further along in the direction of the city and closer to Casco Viejo. Another exchange will be created at the bridge near the Matasnillo River via the Israel route.
There will be multiple improvements made to the overall infrastructure while the new highway project is under construction. Along with the building of the Cinta Costera, the sewerage systems and the drainage systems will be upgraded in the entire Panama Bay area. The clean up and improvement project will make a vast overall difference to the area.
About the Author:
Find complete information and details on how you can find a beautiful Panama real estate fast and easy! When you are looking for unique and distinctive property, Boquete Panama will give you spectacular views and wonderful homes.
Friday, October 29, 2010
National Parks In Panama Have Immense Variety
Tourists are often drawn to Panamabecause it offers travelers variety and adventure. Panama is surrounded by rainforests. Its forests boast thousands of plant and bird species, and an array of other animals. There are also numerous national parks in Panama.
The first national park to have boundaries in two countries is the Amistad, which is situated in Panama but also in Costa Rica. A tourist visiting Amistad can easily find accommodation and modes of travel, among other services. They are also invited to fish in a local river called Teribe.
The Bastimentos is a collection of islands that constitute a marine park. It is unique in that protection is provided not only to the wildlife and beaches but also to the coral reef found off its coast, deep beneath blue waters.
The Baru Volcano is contained within the Baru preservation. The volcano is visited by numerous tourists who drive to its top with the hopes of seeing wildlife along the way. The volcano also boasts scenic views.
The Barro Colorado Monument is a smaller park and is made up of a mix of peninsulas and an island. Travelers can enjoy a guided day tour which culminates with a viewing of the Giant Tree.
Campana is known for its exciting wild animals, such as monkeys, pigs and a mix of birds. It is also home to a variety of reptiles including the Golden Frog. This frog, which is endangered, is considered a local treasure.
The Canas Wildlife Refuge has many differing turtle species. These turtles are known to entertain tourists when they come out at night. The refuge is also known for its hiking and water sports.
The main water supply for the Panama Canal is from the rivers of the Chagres National Park. The Chagres permits rafting in at least some of its rivers and has lakes where visitors engage in all kinds of water sports. It is also enjoyed by campers and bird watchers.
Coiba is further from bigger towns than other parks, and as a result has fewer accommodations. Despite this it still witnesses a fair share of yearly travelers who seek out its beaches, where reportedly turtles make their nests. In addition, in its ocean waters swim Marlins.
Darien is not only home to rainforest animals but also to indigenous tribes. Travelers can explore the jungles where it is not uncommon to meet indigenous people. Some visitors have even watched tribal dancing.
Iguana is known for the vast size of its iguana population. However, that is not all. There are other animals that live in Iguana, such as turtles. It is also famous as one of the places migrating whales stop at.
This has been a taste of what Panama offers in terms of national parks. They are all filled with an assortment of flora and fauna, and each with its own special offerings. Just to further illustrate the extent of diversity awaiting a potential visitor, there is even a park found just minutes from the downtown area of the capital city
The first national park to have boundaries in two countries is the Amistad, which is situated in Panama but also in Costa Rica. A tourist visiting Amistad can easily find accommodation and modes of travel, among other services. They are also invited to fish in a local river called Teribe.
The Bastimentos is a collection of islands that constitute a marine park. It is unique in that protection is provided not only to the wildlife and beaches but also to the coral reef found off its coast, deep beneath blue waters.
The Baru Volcano is contained within the Baru preservation. The volcano is visited by numerous tourists who drive to its top with the hopes of seeing wildlife along the way. The volcano also boasts scenic views.
The Barro Colorado Monument is a smaller park and is made up of a mix of peninsulas and an island. Travelers can enjoy a guided day tour which culminates with a viewing of the Giant Tree.
Campana is known for its exciting wild animals, such as monkeys, pigs and a mix of birds. It is also home to a variety of reptiles including the Golden Frog. This frog, which is endangered, is considered a local treasure.
The Canas Wildlife Refuge has many differing turtle species. These turtles are known to entertain tourists when they come out at night. The refuge is also known for its hiking and water sports.
The main water supply for the Panama Canal is from the rivers of the Chagres National Park. The Chagres permits rafting in at least some of its rivers and has lakes where visitors engage in all kinds of water sports. It is also enjoyed by campers and bird watchers.
Coiba is further from bigger towns than other parks, and as a result has fewer accommodations. Despite this it still witnesses a fair share of yearly travelers who seek out its beaches, where reportedly turtles make their nests. In addition, in its ocean waters swim Marlins.
Darien is not only home to rainforest animals but also to indigenous tribes. Travelers can explore the jungles where it is not uncommon to meet indigenous people. Some visitors have even watched tribal dancing.
Iguana is known for the vast size of its iguana population. However, that is not all. There are other animals that live in Iguana, such as turtles. It is also famous as one of the places migrating whales stop at.
This has been a taste of what Panama offers in terms of national parks. They are all filled with an assortment of flora and fauna, and each with its own special offerings. Just to further illustrate the extent of diversity awaiting a potential visitor, there is even a park found just minutes from the downtown area of the capital city
About the Author:
When searching for a home in Panama, you might want to take a peak at panama condos. We have a great list of real estate in Panama that you will be happy with.
Saturday, September 11, 2010
Las Tablas Panama For Peace And Quiet
If you like the idea of vacationing somewhere quiet yet heavenly, visit Panama. There is no good reason the general tourist public has ignored towns like Las Tablas on the Azuero Peninsula, but they have. Make the most of quiet beaches and inexpensive touring while you still can. The hotel chains will be here before long.
Visitors will notice an old-fashioned atmosphere about the place. Locals travel by horseback in many instances, wearing traditional hand-embroidered clothes which local artisans make. The Los Santos Province culture is largely agrarian and the town acts as a business centre Nuario Mountain is close as well.
Other towns to try include Chitre and Los Santos. They demonstrate a more intense mix of urbanity and old-fashioned influences, with more cars for example. A short flight takes you to Pedasi for fishing tours.
The sea is focal to Panama tourism. Wind surfing and fishing are just two popular sports. Catch amberjack, grouper, yellow fin tuna and more. Naturalists know Isla Cana for its turtle population and the chance to see some hatching during a well-timed visit. Take a boat trip to Isla Iguana to go snorkeling, diving or bird-watching. Book a nature tour or organize one for yourself.
Las Tablas hosts a spring carnival. If you come at the wrong time for their event, there could be another one happening in the region soon. Though colorful and fun, these are also busy times when hotel rooms are scarce and more expensive than otherwise. Other cultural attractions include ornate cathedrals featuring stained glass windows. Also stop by Museo Herrera for a glimpse of pre-Colombian artifacts.
Panama City is a few hours away by car, but visitors do not need a huge city centre to find life. Las Tablas features all of the amenities visitors of every age could need. There are supermarkets, gaming, bars and discos, plus places to plug in your computer for internet connection charged at an hourly rate. Considered a safe country, hospitals are close. This should reassure even the most worried parent.
Finding a hotel is not hard, but they are often small affairs with just a few rooms. This being said, they are also comfortable and inexpensive. Pasada Del Mar provides beachfront bed and breakfast accommodation ten miles from town and just five rooms. Rooms at Hotel La Luna, also on Playa Uverito, provide air conditioning (critical during the hot weather for those unaccustomed) TV, pool and internet. Staff will happily give tourism advice.
City hotels are another option. They situate visitors close to all modern conveniences, including shops with internet access charged per hour. Night life with music and gaming is also available. Do your souvenir shopping, eat local food or check out a place that serves a familiar and comforting dish: pizza.
Visitors will notice an old-fashioned atmosphere about the place. Locals travel by horseback in many instances, wearing traditional hand-embroidered clothes which local artisans make. The Los Santos Province culture is largely agrarian and the town acts as a business centre Nuario Mountain is close as well.
Other towns to try include Chitre and Los Santos. They demonstrate a more intense mix of urbanity and old-fashioned influences, with more cars for example. A short flight takes you to Pedasi for fishing tours.
The sea is focal to Panama tourism. Wind surfing and fishing are just two popular sports. Catch amberjack, grouper, yellow fin tuna and more. Naturalists know Isla Cana for its turtle population and the chance to see some hatching during a well-timed visit. Take a boat trip to Isla Iguana to go snorkeling, diving or bird-watching. Book a nature tour or organize one for yourself.
Las Tablas hosts a spring carnival. If you come at the wrong time for their event, there could be another one happening in the region soon. Though colorful and fun, these are also busy times when hotel rooms are scarce and more expensive than otherwise. Other cultural attractions include ornate cathedrals featuring stained glass windows. Also stop by Museo Herrera for a glimpse of pre-Colombian artifacts.
Panama City is a few hours away by car, but visitors do not need a huge city centre to find life. Las Tablas features all of the amenities visitors of every age could need. There are supermarkets, gaming, bars and discos, plus places to plug in your computer for internet connection charged at an hourly rate. Considered a safe country, hospitals are close. This should reassure even the most worried parent.
Finding a hotel is not hard, but they are often small affairs with just a few rooms. This being said, they are also comfortable and inexpensive. Pasada Del Mar provides beachfront bed and breakfast accommodation ten miles from town and just five rooms. Rooms at Hotel La Luna, also on Playa Uverito, provide air conditioning (critical during the hot weather for those unaccustomed) TV, pool and internet. Staff will happily give tourism advice.
City hotels are another option. They situate visitors close to all modern conveniences, including shops with internet access charged per hour. Night life with music and gaming is also available. Do your souvenir shopping, eat local food or check out a place that serves a familiar and comforting dish: pizza.
About the Author:
Las Tablas is an smart choice of a second home. You can take your pick of the best listings in Panama when you visit the Las Tablas real estate website on the Internet.
Friday, September 10, 2010
Learn The Stunning Scenery And Wildlife With Panama Tourist Attractions
When you are looking for a vacation destination that offers the extremes in beauty, friendliness and adventure, then considering Panama tourist attractions and the country itself will be an important step in your planning. This country has fabulous weather, beautiful scenery, and the people are hospital and friendly.
The world class restaurants, clubs, and dancing that are located throughout Panama City are a great way to spend an exciting holiday for people who enjoy the metropolitan fun and excitement of the city. There are fabulous shopping opportunities and fantastic theatre and museums.
The Parque Metropolitano will treat you to several hundred acres of beautiful park land surrounding the ruins of a historic Spanish town. There are stunning wildlife from both South and Central American to be seen while you are hiking, backpacking or horseback riding through the countryside. Spending the day hiking through the countryside is a great experience and will give a photographer many opportunities to get photos of wildlife, flora and fauna that is not seen in other parts of the world.
If you enjoy fishing and hiking through the mountains and along the crystal clear mountain streams, then a visit to Boquete National Park will be a must. Take a guided tour through the mountain side or hide to one of the beautiful springs that are a great way to end a hike.
For a holiday at the ocean staying at one of the beautiful beachside resorts at Bocas del Toro will be an exciting vacation to remember. There is fabulous ocean and beach activities including snorkeling, scuba diving, boating, and fishing. Or, you might want to spend your days languishing on the beautiful beach.
One of the many oceanside national parks is Bastimentos National Park. This is one of the few parks in the world where a person can enjoy both the beautiful white sand and a swim with the docile manatee. The manatee are often referred to as the mermaid of the ocean because it is thought that they saved drowning sailors after shipwrecks. This beautiful, gentle creatures give added memories to the person who wants to spend the day enjoying swimming and snorkeling.
Another wonderful place to spend time will be the Soberania Park. You can step into the historic past of Panama and walk along the same road that was build when the Spanish first arrived in Panama. The Las Cruces trail was used to carry goods to Panama City and gives hikers an opportunity to see the beautiful interior of the country and parts of the Panama Canal.
One of the most attractive things about visiting Panama is the people. When visiting this fabulous country, you will find that the friendly and warm people are always available to help you if you need to find an event, attraction, restaurant or location. The warmth and hospitality that you will find is unlike any found in the world and will make you want to return to the country often.
About the Author:
Find more information about Panama! If you are planning a vacation soon, booking your Panama rentals early will assure that you are close to the activities and events!
Friday, August 27, 2010
How To Buy Real Estate In Panama
Requesting a title search is the first step in buying panama real estate. It's is not mandatory but it is highly recommended to ensure that the property you want has clear title, and is free of any liens or liabilities. The cost for the title search is usually comprised in the legal fees between 1 and 3 percent of the total price of the property. It's worth to mention that these fees may vary depending on the attorney.
The Promise to Buy/Sell Agreement which translates to Promesa de Compra y Venta in Spanish is the next formal step to close on a property as well as a down payment required to be paid to the seller, which most of the times will be 10% of the property price but may vary from sale to sale.
There are different stipulations that can be agreed by the Buyer and Seller as part of the Buy Sell Agreement. For example, the amount of time it will take the seller or buyer to close on the property.
This agreement creates a legal document between both parties stating that the Seller promises to sell the property and the Buyer promises to buy the property. In case one of the parties back out of the transaction, they could face certain consequences.
The agreement usually stipulates that if the seller decided to cancel the transaction they would need to return the down payment in addition to an equal amount. For example, if you made a down payment of 10% the seller would be required by law to return 10% plus another 10% as penalty.
It is very important to point out that the down payment is a very important step in the process of buying panama real estate. If a down payment isn't made, the seller has no legal obligation to hold a property before the actual close is made and may take a better deal if it comes along or not sell the property at all. Although the word escrow is not a used term in Panama, you can find various attorneys that will provide you with this service. This is the equivalent of holding money in escrow to allow you to secure the property before paying the seller.
In other words, if the seller received 0 down on a property and a better deal came along before the close takes place, by law they would be required to return the down payment of 0 plus an equal amount of 0, which totals 0.
Once the Promise to Buy and Sell Agreement is signed, and initial down payment made, the Seller must comply with a few obligations necessary to complete the transfer of the property from the seller to the buyer. These obligations include:
1. 2% payment of the transfer tax, assessed according to the negotiated sales price.
2. Paying the capital gains which is 3% of the negotiated sales price.
3. Obtain certificates and paz y salvos of good standing including:
* Paz y Salvo for Property Taxes
* Paz y Salvo from IDAAN (water bill) Instituto de Acueductos y Alcantarillados Nacionales
* If the property to be sold is part of a building or community that requires a maintenance fee, a letter of good standing needs to be provided confirming that all these fees are up to date
Depending on the stipulations outlined in the Promise to Buy Sell Contract and the complexity of the real estate transaction, transferring the property usually takes around 30 days in Panama.
Once all the requirements for transfer are met, the Promise to Buy Sell agreement is elevated to a Buy Sell Contract, signed and then inscribed in the Panama public registry. The new deed is generally approved and released from the public registry within a period of 10 business days.
The Promise to Buy/Sell Agreement which translates to Promesa de Compra y Venta in Spanish is the next formal step to close on a property as well as a down payment required to be paid to the seller, which most of the times will be 10% of the property price but may vary from sale to sale.
There are different stipulations that can be agreed by the Buyer and Seller as part of the Buy Sell Agreement. For example, the amount of time it will take the seller or buyer to close on the property.
This agreement creates a legal document between both parties stating that the Seller promises to sell the property and the Buyer promises to buy the property. In case one of the parties back out of the transaction, they could face certain consequences.
The agreement usually stipulates that if the seller decided to cancel the transaction they would need to return the down payment in addition to an equal amount. For example, if you made a down payment of 10% the seller would be required by law to return 10% plus another 10% as penalty.
It is very important to point out that the down payment is a very important step in the process of buying panama real estate. If a down payment isn't made, the seller has no legal obligation to hold a property before the actual close is made and may take a better deal if it comes along or not sell the property at all. Although the word escrow is not a used term in Panama, you can find various attorneys that will provide you with this service. This is the equivalent of holding money in escrow to allow you to secure the property before paying the seller.
In other words, if the seller received 0 down on a property and a better deal came along before the close takes place, by law they would be required to return the down payment of 0 plus an equal amount of 0, which totals 0.
Once the Promise to Buy and Sell Agreement is signed, and initial down payment made, the Seller must comply with a few obligations necessary to complete the transfer of the property from the seller to the buyer. These obligations include:
1. 2% payment of the transfer tax, assessed according to the negotiated sales price.
2. Paying the capital gains which is 3% of the negotiated sales price.
3. Obtain certificates and paz y salvos of good standing including:
* Paz y Salvo for Property Taxes
* Paz y Salvo from IDAAN (water bill) Instituto de Acueductos y Alcantarillados Nacionales
* If the property to be sold is part of a building or community that requires a maintenance fee, a letter of good standing needs to be provided confirming that all these fees are up to date
Depending on the stipulations outlined in the Promise to Buy Sell Contract and the complexity of the real estate transaction, transferring the property usually takes around 30 days in Panama.
Once all the requirements for transfer are met, the Promise to Buy Sell agreement is elevated to a Buy Sell Contract, signed and then inscribed in the Panama public registry. The new deed is generally approved and released from the public registry within a period of 10 business days.
About the Author:
Learn more about panama. Stop by Lucia Haines's site where you can find out general information and popular locations such as boquete panama to retire.
Editors Note - There's a lot more to discover about Panama and one thing I know for certain is that their system for titling land makes it very, very safe for foreigners to hold property there. That's why I believe Panama is the Best Place to Invest in Real Estate today.
Wednesday, April 14, 2010
Cheapest Places to Retire to
ShelterOffshore.com recently asked the question, 'Where are the Cheapest Places to retire?' It's a big world ut there and when thinking exclusively about being cheap you're likely to end up in Africa somewhere. But, Shelter Offshore has done a great job of balancing quality of life with affordable living to uncover the best and cheapest places to retire to.
Panama!
Yes, you know I've been singing the praise of Panama for year snow and Shelter Offshore thinks it's a pretty cool place to live too. Here's what they say about Panama, "You can live like a millionaire on a millionaire’s salary or you can enjoy a comfortable, modest and decent standard of living on a modest amount of money in Panama."
Again, blowing my own horn here, like I've said - get away from the flashy condos in Panama City and stay away from the American marketed 'Gated Communities' especially the few that offer grand and expensive to maintain Golf Courses. Take a short drive into the 'interior', and that doesn't have to mean far away from the ocean, and you will find Panama Property is much cheaper and so is the cost of day to day living. One thing the article does say that I have to disagree with is, "learn how to haggle and shop like the locals". I've always found that most Panamanians don't like to haggle. When you eat with the locals you get charged the same low price they pay. Again, stay away from the Gringo hang outs and you'll pay local prices.
Here's a quick list of other places they mention as Cheap Places to Live Abroad in Retirement:
Belize
Turkey
The Philippines
and Argentina
The article concludes by reminding us that 'Cheap' is a relative term - relative to you, your budget, your savings, your expectations. With TV and the Internet we are now all coming to realize that 'third world' may just be a term to keep us put. There are numerous country on this planet that are civilized, clean, interesting, comfortable and cheap. If you're ready to retire it can be especially so as more and more nations develop incentive programs to entice you and your retirement nest egg to join them. All the more reason to consider investigating places to live abroad.
Panama!
Yes, you know I've been singing the praise of Panama for year snow and Shelter Offshore thinks it's a pretty cool place to live too. Here's what they say about Panama, "You can live like a millionaire on a millionaire’s salary or you can enjoy a comfortable, modest and decent standard of living on a modest amount of money in Panama."
Again, blowing my own horn here, like I've said - get away from the flashy condos in Panama City and stay away from the American marketed 'Gated Communities' especially the few that offer grand and expensive to maintain Golf Courses. Take a short drive into the 'interior', and that doesn't have to mean far away from the ocean, and you will find Panama Property is much cheaper and so is the cost of day to day living. One thing the article does say that I have to disagree with is, "learn how to haggle and shop like the locals". I've always found that most Panamanians don't like to haggle. When you eat with the locals you get charged the same low price they pay. Again, stay away from the Gringo hang outs and you'll pay local prices.
Here's a quick list of other places they mention as Cheap Places to Live Abroad in Retirement:
Belize
Turkey
The Philippines
and Argentina
The article concludes by reminding us that 'Cheap' is a relative term - relative to you, your budget, your savings, your expectations. With TV and the Internet we are now all coming to realize that 'third world' may just be a term to keep us put. There are numerous country on this planet that are civilized, clean, interesting, comfortable and cheap. If you're ready to retire it can be especially so as more and more nations develop incentive programs to entice you and your retirement nest egg to join them. All the more reason to consider investigating places to live abroad.
Monday, July 27, 2009
Auto Shipping Helps Canal Recovery Says Panama Canal CEO
By Andrea Jaramillo and Eric Sabo
July 23 (Bloomberg) -- The Panama Canal Authority has begun to see “signs of recovery” in shipping traffic, including from freighters transporting cars, said Alberto Aleman, the authority’s chief executive officer.
Aleman said he expects traffic in the fiscal year ending in September to total about 295 million tons, up from a previous range he had given of about 290 million to 295 million tons. Traffic in the 95-year-old canal totaled 310 million tons in 2008. Revenue this year will be “similar” to last year’s record $2 billion, Aleman said.
“Amid the crisis, amid the recession, this is good,” Aleman, who’s run the canal since 1996, said in a telephone interview from Panama City. Car shipments have “declined as was to be expected given the problems that we’ve seen in the automobile industry worldwide but we’ve seen signs of recovery in this segment.”
U.S. auto sales have run at an annual rate of fewer than 10 million vehicles for each month this year, after averaging 16.8 million from 2000 through 2007. Domestic sales through June slid 33 percent for Ford Motor Co. in Dearborn, Michigan and 40 percent at Detroit-based General Motors Co., which emerged from a U.S.-backed bankruptcy reorganization this year.
The Panama Canal, which connects the Pacific Ocean with the Caribbean Sea, is undergoing a $5.25 billion expansion project through 2014 to handle larger vessels. The authority has secured $2.3 billion in funding from loans from overseas banks and plans to fund the rest with cash it generates from shipping fees, said Aleman.
‘Very Flat’
Shipping traffic through the canal between October and June dropped 3 percent compared with the year-earlier period, according to Aleman. Total transits from April to June fell 6.4 percent compared with a year ago, the authority said in a statement today.
Aleman predicted traffic will “stabilize” in 2010 near this year’s levels.
“I see a very flat year, a year very similar to this year,” Aleman said. “Maybe a little bit higher, but we’re being conservative in our analysis.”
The authority in June temporarily cut reservation fees for larger vessels and eased penalties for ships that arrive late in a bid to lure more shipping companies amid the recession. Aleman said he’ll review the measures at the end of September, the original deadline, before deciding whether to extend them.
Reduced Traffic
A May increase in what the canal charges for tolls helped compensate for lower income this year from reduced traffic and the temporary drop in fees, according to Aleman. He predicts income from tolls, which accounts for about 70 percent of the authority’s total revenue, will rise 9 percent this fiscal year to about $1.44 billion.
The Panama Canal Authority will transfer some $740 million in revenue this year to the Panamanian government, up from $700 million last year, said Aleman.
The U.S. is the largest customer for the waterway, representing about 70 percent of traffic, almost a decade after it handed over the canal authority to Panama. China is the canal’s No. 2 user, the authority has said. The canal, which shortens the route for Asian goods destined for the U.S. East Coast, handles about 5 percent of the world’s seaborne freight.
To contact the reporters on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net; Eric Sabo in Panama City at esabo1@bloomberg.net.
Wednesday, July 15, 2009
U.S. Developers Find Haven from Recession in Panama Project
CHICAGO, July 14 /PRNewswire/ -- During a sluggish economy here in America, real estate developers are finding a growing number of intriguing opportunities overseas. With the Wall Street Journal recently reporting a rise in unemployment in all but two states last month -- and with economists predicting it to increase even further -- the sliding economy continues to severely cripple domestic real estate development.
"The reality of what's going on is that there is no private development going on in the U.S.," says Randy Johnson, AIA, Principal of 4240 Architecture Inc., an award-winning national design firm contracted by Amble Resorts for their new Panama resort project, The Resort at Isla Palenque. "At the same time however there are exciting prospects overseas."
Properties in Panama are emerging to present those prospects to American developers. Panama enjoys one of the fastest-growing and best-managed economies in Latin America. The expansion of the Panama Canal, combined with a blossoming free trade agreement with the United States, is expected to continue to boost economic expansion and real estate development.
Founder and President of Amble Resorts, Ben Loomis, has been well-aware of the growing economy in Panama compared to the slowing economy here at home. That's why in 2007 he selected a Panama real estate project for his newest venture: The Resort at Isla Palenque. The resort will be comprised of an ecologically and culturally sensitive hotel and string of environmentally sustainable vacation homes. Amble will break ground on the eco resort project in early 2010. Loomis said of Amble, "Although the economic climate is not the only reason we chose to build our property in Panama, we were definitely attracted to the growth and stability there."
And Amble Resorts is far from alone in this sentiment. American companies are flocking to Panamanian development projects in droves. Several top-tier U.S. firms have joined forces with Amble on this new eco-tourism-focused Panama resort project. In addition to 4240 Architecture, East Bay Group, Design Workshop, and RCLCO are also among the distinguished firms teaming with Amble to take advantage of Panama real estate.
"In the last couple of years, domestic projects have fallen off dramatically," says Rick Reikenis, P.E., Principal for East Bay Group, a renowned engineering firm. "We are very excited about the possibilities in Panama and our current projects there."
About Amble Resorts
Based in Chicago, Amble Resorts develops and owns distinctive upscale hotels and resorts focused on ecologically and culturally sensitive travel experiences. Their new Panama island resort project, The Resort at Isla Palenque, is designed to be a secluded and sustainable resort community with a unique boutique hotel, ingeniously designed residences, and sumptuous amenities. For more information about Amble Resorts or their new property, Isla Palenque, visit http://www.islapalenque.com.
Artist's rendition of The Resort at Isla Palenque provided by 4240 Architecture: http://www.ereleases.com/pr/2009-Isla-Palenque.jpg
Media contact: Frances Limoncelli, Marketing Manager, fml@amble.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
"The reality of what's going on is that there is no private development going on in the U.S.," says Randy Johnson, AIA, Principal of 4240 Architecture Inc., an award-winning national design firm contracted by Amble Resorts for their new Panama resort project, The Resort at Isla Palenque. "At the same time however there are exciting prospects overseas."
Properties in Panama are emerging to present those prospects to American developers. Panama enjoys one of the fastest-growing and best-managed economies in Latin America. The expansion of the Panama Canal, combined with a blossoming free trade agreement with the United States, is expected to continue to boost economic expansion and real estate development.
Founder and President of Amble Resorts, Ben Loomis, has been well-aware of the growing economy in Panama compared to the slowing economy here at home. That's why in 2007 he selected a Panama real estate project for his newest venture: The Resort at Isla Palenque. The resort will be comprised of an ecologically and culturally sensitive hotel and string of environmentally sustainable vacation homes. Amble will break ground on the eco resort project in early 2010. Loomis said of Amble, "Although the economic climate is not the only reason we chose to build our property in Panama, we were definitely attracted to the growth and stability there."
And Amble Resorts is far from alone in this sentiment. American companies are flocking to Panamanian development projects in droves. Several top-tier U.S. firms have joined forces with Amble on this new eco-tourism-focused Panama resort project. In addition to 4240 Architecture, East Bay Group, Design Workshop, and RCLCO are also among the distinguished firms teaming with Amble to take advantage of Panama real estate.
"In the last couple of years, domestic projects have fallen off dramatically," says Rick Reikenis, P.E., Principal for East Bay Group, a renowned engineering firm. "We are very excited about the possibilities in Panama and our current projects there."
About Amble Resorts
Based in Chicago, Amble Resorts develops and owns distinctive upscale hotels and resorts focused on ecologically and culturally sensitive travel experiences. Their new Panama island resort project, The Resort at Isla Palenque, is designed to be a secluded and sustainable resort community with a unique boutique hotel, ingeniously designed residences, and sumptuous amenities. For more information about Amble Resorts or their new property, Isla Palenque, visit http://www.islapalenque.com.
Artist's rendition of The Resort at Isla Palenque provided by 4240 Architecture: http://www.ereleases.com/pr/2009-Isla-Palenque.jpg
Media contact: Frances Limoncelli, Marketing Manager, fml@amble.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
Panama Advances at Gold Cup
Blas Perez scored his third goal of the Concacaf Gold Cup, and Luis Tejada added two in the second half to send Panama through to the quarterfinals with a 4-0 victory over 10-man Nicaragua in a game played in Glendale, Ariz.
Gabriel Gomez also scored for Panama, which finished Group C play with 4 points and ensured it would advance, even if it finishes third in the group.
¶Gerardo Torrado and Miguel Sabah each scored, and Mexico beat Guadeloupe, 2-0, to win Group C in the Gold Cup without the suspended coach Javier Aguirre. Mexico will face Haiti in the quarterfinals on July 19 in Arlington, Tex. Guadeloupe, the second-place Group C finisher, will take on Costa Rica on July 19, also in Arlington. Mexico
¶Sky Blue F.C. moved into a tie for third place in Women’s Professional Soccer by beating the Boston Breakers, 2-0. Natasha Kai and Rosana scored goals. Skyblue (NYT)Monday, July 13, 2009
U.S.-Panama, Canada-Honduras in Gold Cup Quarterfinals
How cool! My two 'home' countries in the quarter finals.
With Mexico's 2-0 win over Guadeloupe and Panama's 4-0 rout of Nicaragua in yesterday's final Gold Cup first-round doubleheader at the University of Phoenix Stadium in Glendale, Ariz., the quarterfinal doubleheaders are set.
With Mexico's 2-0 win over Guadeloupe and Panama's 4-0 rout of Nicaragua in yesterday's final Gold Cup first-round doubleheader at the University of Phoenix Stadium in Glendale, Ariz., the quarterfinal doubleheaders are set.
At Lincoln Financial Field on Saturday night, the United States will meet Panama in the second game, following the Canada-Honduras opener.
But the crowd for those games should be significantly smaller than the one expected at Cowboys Stadium in Dallas the next day for the first sports event at that new 80,000-seat facility.
That's because Mexico will be playing a "home" game with Haiti, following the Costa Rica-Guadeloupe game.
Gerrado Torrado and Miguel Sabah scored Mexico's goals against Guadeloupe yesterday. Luis Tejeda had two goals and Blas Perez and Gabriel Gomez one each in Panama's win.
The U.S. had to rally on a goal by Stuart Holden in the third minute of added time to tie Haiti 2-2 Saturday night in Foxborough, Mass., to clinch first place in its first-round group. Holden also assisted on a first-half goal by Davy Arnaud.
Thursday, July 2, 2009
Ousted Honduran President Travels to Panama
| 01 July 2009 |
Deposed Honduran President Manuel Zelaya traveled Wednesday to Panama, after he delayed plans to return to his own country, where he faces the threat of arrest.
Mr. Zelaya is to attend the inauguration of incoming Panamanian President Ricardo Martinelli.
 |
| Ousted Honduran president Manuel Zelaya speaks during a news conference after a meeting of the OAS in Washington, 01 Jul 2009 |
Mr. Zelaya was planning to return to Honduras Thursday, but postponed the trip to coincide with the OAS deadline.
Authorities in the interim Honduran government, led by Roberto Micheletti, have vowed to arrest Mr. Zelaya.
Soldiers forcibly expelled Mr. Zelaya from Honduras Sunday, the day he had planned to hold a referendum on reforming the country's constitution. Critics said he wanted to alter the constitution so he could run for another term - a charge he denies.
Mr. Zelaya says when he returns to Honduras, he will be accompanied by the presidents of Argentina and Ecuador, as well as the heads of the OAS and the U.N. General Assembly.
The interim government's attorney general, Luis Alberto Rubi, says Mr. Zelaya is accused of 18 offenses, including treason and abuse of power. Foreign Minister Enrique Ortez told CNN en Espanol that he would also be charged with drug trafficking.
In an address to the U.N. General Assembly Tuesday, Mr. Zelaya called his ouster undemocratic and illegal. He said he intends to finish his term, which ends next January.
There have been protests this week in the Honduran capital Tegucigalpa both for and against the coup. The city is under a night-time curfew.
The United States has joined other countries and the United Nations in condemning the coup, and calling for the Honduran president to be restored to power.
Spain announced it is withdrawing its ambassador from the Central American country in protest, adding to a list of countries that have recalled their envoys. Also, the United States announced it is suspending joint military activities with Honduras.
Interim President Roberto Micheletti, appointed to the post by parliament, says the only way Mr. Zelaya will return to power is by force.
Some information for this report was provided by AFP, AP and Reuters.
Latin American Construction Might Be Down, But It's Not Out
Note: Latin American Construction Might Be Down, But It's Not Out," at 2:17 GMT June 29 and repeated at 11:36 GMT June 30, misstated the market to which Levy-Yeyati was referring, in the 13th paragraph. Levy-Yeyati intended to refer to Panama, not Brazil. The correct version follows:
By Joan R. Magee
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Not too long ago, real-estate development in Latin America was hot, foreign money was flowing in, and local companies were going public as the construction industry boomed.
The global credit crisis put the brakes on that euphoria, as seen in plummeting commercial and residential expansion, though not all countries in the region have been hit the same way.
One barometer of construction and development is cement output, which is set to decrease 4.1% this year in South America from the previous year. It will fall another 1.4% in 2010, according to a Portland Cement Association report released earlier this month.
The association predicted a 1.7% global decrease in cement consumption for 2009, with growth in China and India masking declines in both developed and developing markets.
Mexico, close to the U.S. both geographically and economically, is one of the worst-hit in the aftermath of the U.S. housing implosion. The country's growth decelerated to 1.3% in 2008 from 3.2% in 2007, and the economy is expected to contract by close to 6% this year.
Mexican Finance Minister Agustin Carstens recently said demand for housing this year will likely fall 7.1% from 2008, even though available financing will be up 2.5%.
The government's National Infrastructure Program calls for public and private investment of around $40 billion a year between 2007 and 2012. And while private investment is down sharply in the current recession, public investment has filled some of the gap, thanks to counter-cyclical government spending.
Public support for infrastructure has been such that shareholders of construction firm Empresas ICA (ICA) have approved a plan to sell up to $350 million in shares to finance infrastructure projects that are already under way or ones the company plans to bid on. And Desarrolladora Homex (HXM), one of the largest Mexican home-building companies, said it expects 8% to 10% revenue growth this year.
Panama, once hyped as a hot destination for U.S. and European retirees looking for second residences, has faltered. Overall construction activity plunged 25% to $97 million in April from $130 million in April 2008, government officials said.
The slowdown follows several years of solid economic growth, buoyed in large part by the Panama Canal widening project. Fast development had even led to concerns about overbuilding among some Panamanian policy makers.
Latin America's largest economy, Brazil, has taken measures to counter a first-quarter drop in construction, which fell 9.8% in year-on-year in the first quarter.
The government recently approved $15.2 billion for low-income housing over the next 15 years, which bodes well for an uptick in growth.
"Most other markets were buttressed not by mortgage credit, but by the incomes of the middle-upper class," said Eduardo Levy-Yeyati, a director and head of emerging markets strategy at Barclays Capital.
The Brazilian economy shrank for a second straight quarter in the first quarter of this year, although the government still has hopes for modest growth in all of 2009, following 5.1% expansion in 2008.
And the 2014 World Cup soccer tournament, though somewhat in the distance, will span 12 cities in Brazil and spur more development.
Brazil's government is already pouring money into World Cup infrastructure, from new hotels to stadiums, in preparation for the waves of tourists to come.
"Construction will weaken as in a typical recession, but will not tank as in the U.S., the U.K. or Spain," Barclays' Levy-Yeyati said.
Indeed, Portland Cement Association predicts cement output in South America will rise 6.9% from 2010 by 2011, auguring a turnaround in the near future.
-By Joan R. Magee, Dow Jones Newswires; 212-416-2672; joan.magee@dowjones.com.
Monday, June 29, 2009
Tuesday, March 25, 2008
Tuesday, March 11, 2008
Panama is becoming the Business Capital of the Americas
Very interesting article from Nancy Hanna at PanamaInfo
March Panamainfo Update
March Panamainfo Update
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