Property Tax Exonerations Extended

March 24, 2008
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 Panamanian Association of Real Estate Brokers (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.