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Featured Properties
Great location and unique project.
$144,579
Single Family Homes with Ocean Views, less than 30 Minutes from downtown Panama City
$269,900
Oceanfront Condo with Incredible Views
$282,500
Spectacular Beach and Ocean Front lots for sale in Pedasi
$80,000
28 Hectares, Beach Front Access, Asphalt Road, Utilities, Azuero
$4,170,000
Negotiable 76 Hect. Cascajal Arriba River Front
$230,000
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Newest Additions
Titled 7.5 hectars near Playa Leona
$225,000
Home in Gorgona with pool and car
$158,000
Espectacular 1 bedroom apartment in top floor of Met1
$135,000
Turn key high end office in the Banking District
$895,000
new condo in Playa Blanca
$308,000
Oceania Business Plaza - Contemporary architectural design
$1,087,500
Triana Tower
$92,930
Excellent ocean front Lofts next to Trump Tower
$299,880
House in Clayton
$575,000
Lot in exclusive area with outstanding location
$2,150,000
Lot with ocean view, 2 blocks from Balboa Ave
$4,215,000
Modern, advanced and convinient
$3,285,000
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20 year property tax exemption extended
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By Steven Rich - Panama Offshore Legal Services
April 15 was a good day for taxpayers in Panama - not for U.S. citizens who led their 2007 income tax returns by April 15 - but for the real property purchasers looking to buy without having to pay annual property taxes in Panama. Law 21, 2008 went into effect on April 15, extending the 20-year property tax exemptions on new construction for another two years. The exemption applies to both new residences and commercial properties.
The 20-year property tax exemption law expired on August 31, 2007, which left the construction industry in a bind. Developers of new residential and commercial properties were not able to offer this tax exemption to purchasers, making the slightly older buildings more attractive to buyers.
The tricky part is to comply with the strict time limits. The exoneration begins on either when the Occupancy Permit is issued or the day the improvements are registered by public deed with the Public Registry of?ce, whichever comes ?rst. This must be done by December 30, 2011. Since registration with the Public Registry takes around a week, plan to ?le the required documents at least one week before the deadline.
There are two deadlines. Obtain your building permit before July 1, 2009 and complete your home or project obtaining either your Occupancy Permit or ?le your improvements by Public Deed with the Public Registry by December 30, 2011.
Properties completed after the deadline or those which fail to meet both deadlines will have different property tax exemptions based on the property improvements value as follows:
Residential use construction valued up to $100,000 will qualify for a 15-year property tax exemption. From $100,000 to $250,000 quali?es for a 10-year exemption. Over $250,000 quali?es for a 5- year exemption.
Improvements and construction of “residential purpose” properties include apartments, condominiums, single-family homes, duplexes, and any other type of property providing means of living.
Do not wait if you plan to purchase raw land and build your own home. It takes time to locate real estate in Panama. It takes time waiting for the escrow process before you can take title to the property. Now that you are the titleholder, you must hire an architect to design the home. Then once the architect designs are prepared, you can apply for a building permit. You will need to get quotes from reputable builders and select the contractor. Construction takes time in Panama. With the current real estate boom, equipment, materials and good workmen are in demand. Finally, once the home is built you can apply for your occupancy permit. Some experts predict that the entire process can take up to 30 months.
Panama’s property tax exemption is not automatic. You must apply for the exemption or you will not be entitled to it. Building project developers apply for it on behalf of all of the units, so if you purchase a condo in a new building, you do not have to worry about it. However, if you build your own home you must apply for the exemption. Go to the Direccion General de Ingresos (DGI) of?ce to get the forms to apply for the 20-year property tax exemption. You must bring a copy of the escritura publica (public deed) along with a copy of your occupancy permit and a copy of the building permit.
Take advantage of Panama’s gift of 20-year property tax exemptions while it lasts!
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Tourism from Europe Tourist Bureau
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The Panama Tourist Bureau (IPAT) and the airline KLM have reached an agreement to promote in Europe the Amsterdam-Pan-ama flight, which began operat-ing at the end of March. IPAT will contribute 50 percent of the US$1.2 million advertising cam-paign, which will be most intense in Holland, Italy, Spain, Germany, France and the United Kingdom, said Kathy Guardia, director of Marketing and Communication of IPAT.
Promotion will also include the Nordic countries (Finland, Denmark, Sweden and Norway) and Switzerland, said Axel Met-selaar, general manager of KLM in Panama.
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Two new ports planned for Canal's Pacific gateway
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Plans are going ahead for two new ports at the Pacific gateway to the Canal. The full National Assembly approved in third reading the bill that encourages the development, contracting, construction, operation, administration and management of a container terminal and bulk cargo center at the perimeter of the former US naval station of Rodman. The chairman of the Assembly, Pedro Miguel Gonzalez, and the chairman of the Commerce Committee, Yassir Purcait, agreed that the approved contract between the State and PSA International Terminal Panama (a subsidiary of PSA Singapore) is complementary to the Free Trade Agreement between Panama and Singapore.
There are also plans for a container terminal at Farfan opposite the Amador Causeway also at the Pacific gateway to the Canal with an estimated investment of $600 million. Even though members of the Executive and officials of the Panama Maritime Authority (AMP) have denied that the present Panamanian government has instructed the awarding of the “mega” port to China Ocean Shipping Company (COSCO), the Deputy Administrator of the AMP, Carlos Raúl Moreno, admitted to the daily newspaper El Siglo that he has been given the order to start a series of talks with representatives of the trasnational Chinese company to determine the “possible existence of common interest with a view to building a mega port”.
These two ports will further strengthen Panama´s role as a transshipment center. Panama Ports Company (PPC), which operates the Port of Balboa, the only Pacific side port at present, has objected to the Rodman proposal, which is directly opposite the Port of Balboa, on the grounds that it will affect navigation to their installations.
In 2007 the Port of Balboa experienced significant growth. Its 18 cranes moved 1.8 million TEU (equivalent to 20 ft. containers). The capacity of the port at present three million tons annually.
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Cruise season ends with high expectations ahead
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The 2007 – 2008 cruise season just finished in Panama and the industry is now setting its sights on the next. This season brought a total of 235 cruise ships to the ports of Colon 2000 and Cristobal on the Caribbean and Fuerte Amador on the Pacific side.
The cruise lines accounted for 30 percent of Panama’s overall tourism package, bringing around 450,000 visitors to the country and pumping $47 million into the economy, according the official reports
The 2008 - 2009 season is expected to start early in the last quarter of 2008 and there is a projected increase in port activity of 20 percent, according to reports.
One of the main reasons for the increase is Royal Caribbean Cruise Lines “Enchantment of the Seas” cruise, which departs from Colon every week. Colon will be the liner’s homeport beginning in December of this year.
The past season saw 20 other cruise lines make contracts with Panama, including Carnival, Radisson Seven Seas Cruises and Regal Princess. All of this makes the upcoming season for cruises in Panama look very promising.
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