Real Estate Leasing Law under review

Anatoly Gaviria Mar 7, 2022

The authorities of the Ministry of Housing and Territorial Planning (Miviot), and other Panamanian entities participated in a direct session to review and clarify some concepts of the decree that regulates Law No. 179 of November 16, 2020 known as “Real Estate Leasing”, that regulates the activity of financial leasing of real estate.

The reports related to the inventory within the real estate sector in Panama, estimate an approximate of $7,000 million between commercial premises, apartments and houses, as well as projects and megaprojects built or that are under construction in the country.

The main objective is to review and clarify the observations, concepts and opinions presented by the Ministry of Economy and Finance (MEF) to some articles of the decree that regulates Law 179 and to achieve during another meeting the approval of a final document.

The President of the Republic, Laurentino Cortiz, sanctioned Law No. 179 of November 16, 2020 known as “Real Estate Leasing”, which regulates the financial leasing activity of real estate and which was promulgated in the Official Gazette No. 29155 -TO.

The norm contains VII chapters and 55 articles, and contemplates legal aspects, dispositions, technical norms, regulation, regulation and application, as well as incentives for the real estate sector, financial lessors and regulates the financial leasing of real estate.

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