Panama Property Looks Promising

Panama has scored an important point in it’s favour with foreign property investors by introducing a new tax exemption law.

The Panama Housing Minister Balbin Herrera has recently announced that Panama will be extending it’s 20 year property tax exemption for foreign property investors. This means that anyone who purchases a property development with building permits issued before 31 December 2009 will be exempt from paying any taxes on property transactions in Panama until 2030.

The new laws mean that Panama is increasingly becoming a popular place to invest for overseas investors – and the new law applies to both new buildings and existing colonial style properties meaning that there is something for everyone, whether you are buying for retirement, investment or lifestyle.

With a turbulent economic climate, it puts Panama real estate in a good position and it is expected that the new laws will see more investors buying in the country. Panama City looks like the place to buy with good rental incomes and steadily growing property prices. The majority of the tourists to the country will visit Panama City during their stay, therefore it makes sense to buy a property in a tourism hot spot where rental demand is likely to be high.

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