Just a two and a half flight away from the US “Sunshine State” of Florida is Panama, a country about the size of Scotland with a population of some 3 million at the “Gateway” to South America, adjoining Columbia and Costa Rica in Central America; it enjoys a safe and wonderful climate free from any earthquake or hurricane.
About 1 million of the population live in Panama City, home to around 150 International Banks and a major off shore finance centre; the International Airport enjoys flight connections via major US destinations, thereby providing ready access to most places in the world.
This is an interesting country that is probably best known for its famous Canal, a most valuable asset that is widely thought to be the main reason why in 1989 US troops ousted its former dictatorship leader General Noriega.
Since this historic event took place, the US influence and support has helped Panama to grow to a point where it now provides new residents with an attractive affordable lifestyle for a fraction of the cost in the USA and its steady economic growth and political stability is providing those that choose to invest with that much needed peace of mind.
The country’s future does seem to be assured and the growth rate is helped by new businesses, which are seemingly arriving weekly plus so are many new residents; the main reason for the population growth is the Panamanian authorities desire to increase the numbers by way of the “retirement visa” programme which is specifically aimed to attract US retirees; however the opportunity equally applies to other foreign nationals who can meet the low cost and simple visa qualification criteria.
A variety of attractive tax incentives operate for retirees in Panama and this together with the country’s many other virtues is aiding to make this tropical paradise a haven of opportunity!
Such virtues as; the low cost of living, a warm tropical climate, stunning and most beautiful terrain encompassing; mountains, rain forests, scattered islands and a fine sandy beach coastline, there are 3 different oceans, (the Caribbean Pacific and Atlantic) plus of course the country has a variety of quality and highly affordable housing to choose from; all in all new residents and property investors alike are now taking advantage and are starting to arrive in droves!
To qualify for a retirement visa, a minimum $200,000 cash investment is required within the property purchase/s, plus the authorities need to see proof that the applicant is drawing a pension anywhere in the world; when these two principal requirements are fulfilled, the applicant should be granted a visa!
Foreign property investment in Panama today is indeed rife; many are to enjoy the prosperity that should be forthcoming that has recently been assisted by the recent referendum in the country. This has provided the official go ahead for a 7-year building programme that involves the expansion and rerouting of the Panama Canal.
This major additional new-found opportunity will help those capitalising on the opportunities by investing in the country; many new luxury developments are suddenly springing up everywhere and most enjoy Property Tax exemption, which alone is simply a great investor attraction.
The luxury waterfront high-rise condos and beachfront holiday homes being built are at most attractive prices; a good quality home can start from as little as $140,000, albeit if you are seeking something at the real high end, say around the $700,00 to $900,000 mark in a golf and/or beachside location, it can still be found!
In Panama an unprecedented economic property boom is currently taking place and for those interested it is certainly still not too late to join!
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