The Consejo de Gabinete has approved a property tax exoneration extension of the 20-year property tax exemption for apartments and houses.
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.
Additionally, the land and improvements of restored buildings located within the areas Santa Ana, Salsipuedes, and sections of Terraplén within the historical district of Casco Viejo which is declared a historical patrimony will be exempt from paying the Real Estate Tax for a period of 30 years counted as from the restoration of the property.
- In order to benefit from this incentive, the investment must be made during the ten years following the establishment of the Decree-Law, that is, until August 2007.
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Other Laws/Incentives:- Casco Viejo Investment Incentives
- Investment Incentives for Foreign Investors
- Panama Real Estate Taxes
- Pearl Islands Investment Incentives
- Property Tax Exonerations/Incentives for New Construction
- Real Estate Law 2 of 2006: Island and Concession Real Estate
- Retirement Incentives
- Tax Incentives for Projects in Special Tourism Zones
