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Article #71: Is It Safe to Buy Real Estate in Panama?

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One of the most common questions I get - Panama we are immediately accepted - we
"Is Panama a safe country?" tend to blend in.
Yes, without a doubt. In fact Panama has The US dollar contributes to safety as
been ranked one of the safest tourist well. Often when traveling in foreign
destinations in the world right along countries we are taught to keep our
side Canada. Let me give you some dollars out of sight - it's just too
personal examples and then let me give tempting to the locals. In a country
you some additional reasons why I believe where the local currency may be devalued,
Panama is so safe. the US dollar has a certain allure. But
For some time we lived near the village in Panama everyone is using the same
of Boquete in the highlands region. It money be they a farmer, banker or
was a daily scene - young children and tourist.
young women walking many miles to work or Another Safety issue many investors fail
school. My wife and I are exercise to consider is the weather. In recent
addicts and you might recall we were in years hurricanes throughout the southern
the health club business. At that time US and most of Latin America have brought
there were no health clubs in the area so this issue to the forefront. As you saw
I purchased a used mountain bike. I just in my last Letter about Safety, Panama
found one so my wife and I had to share. lies in a unique region where violent
Each morning I would go out around 6am weather is almost unheard of and it is
and then about 7am my wife would go. She the only Latin American country which is
would cycle through town and out of town Hurricane Free - that's right, records
on the quiet winding country roads for dating back to 1851 show that Panama is
about 10 km. Not once did she feel in a safe zone where hurricanes never
unsafe. At the time my boys were just 11 hit. (Click on this image to see the map)
& 9. They would walk out to the road and As investors from Florida to Texas can
grab one of the local taxis, pay 25c each attest rising insurance rates can take a
and get a lift into town where they would dramatic bite out of your return. In
buy 25c ice cream. Honestly, I would not Panama your vacation and your investment
have had that much comfort and trust back will never get blown away!
in our home town in Ontario Canada. In It's also very safe to buy Real Estate in
fact I wouldn't have done it there. Panama
So what makes Panama so safe? Foreigners, whether residents or
First, I believe we need to look back at non-residents, enjoy the same rights and
Panama's history. Panama is a peaceful privileges when purchasing and selling
republic and for most of the past century real property as do Panamanian citizens.
has been under the watchful eye of the Foreign investors are given a 10-year
United States. Today's Panama was born of stability guarantee that all legal, tax,
a multi-culture mix of peoples from customs, municipal and labor rules will
around the world thanks to the Panama remain identical to those in force at the
Canal. To this day the people debate "Who time of the investment registration. Law
is the true Panamanian?" Most agree that # 54: Foreign Investor Protection Law
the 7 indigenous tribes probably have the provides these guarantees
best claim. For the rest they are all The U.S. Embassy publishes the U.S.
immigrants of one sort or another. As a Government Report on Buying Panama Real
result it is difficult to tell the Estate and says, "Titled land, and the
Panamanians from the visitors. You may process of buying this, is similar in
see someone who looks very much like an concept to that in the U.S., and land and
American, a Canadian, maybe they are from deeds are duly recorded with the Public
India or China - the reality is they Registry".
could all be Spanish speaking 2nd or 3rd Buying real property in Panama is so safe
generation Panamanians. Because of the that major U.S. Title Insurance companies
multicultural mix of the country no one like like Land America Title provide low
really stands out as a foreigner - or cost policies in Panama.
different. So, when you or I arrive in






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