CAN FOREIGNERS BUY PROPERTY IN PANAMA?
When a foreigner arrives in Panama or is planning to come, sometimes he asks himself why invest in Panama?
When he already knows what the benefits of his investment are, new questions arise such as: Do I have the right as a foreigner to buy a property that is in my name, or will a bank give me a loan?
The good news is that YES! Foreigners have the same rights as Panamanians and Panama has very strict property rights protection. They can also apply for a mortgage to buy a property.
Other important facts:
- Panama has over 100 banks so foreigners can choose where to apply for their mortgage.
- Rates are similar to the US (around 6% - 7%).
- Terms of up to 30 years to pay.
- Financing up to 80% of the value of the property.
- Land loans are not common.
- Life and Fire Insurance are required. Life insurance can be up to 75 years, which limits the term of the loan.
- As a foreigner, you just need to know the steps to buy a property in Panama and get started as soon as possible.
To find out more about tax-free nations to buy properties in, such as Bermuda, please speak to our team.