We have a unique piece of real estate in Panama on offer. Purchase of a wonderful apartment in the most prestigious district of Panama City is a chance to start a life you have been dreaming of: a life on the Pacific coast.
Splendid location on the seafront and maximum luxury
Making a good real estate purchase abroad means taking into account all potential risks and making the most of such an important investment. In Panama real estate market, you will find a wide choice of property to buy, from small modest apartments to super-luxurious ones as well as penthouses, mansions, and villas.
The apartment we are offering is located in a high-status district of Panama capital called Punta Pacifica. Real property in this district is in high demand with both Panama natives and foreigners. It is a new district of Panama City stretching along the ocean coast. The district is almost totally isolated from the big city noise, fuss, and public transport.
Punta Pacifica is sometimes referred to as ‘New Dubai’ of Latin America. It is a comfortable location to reside with your family and kids. Unlike some other city districts, Punta Pacifica has good sidewalks and numerous park zones with children’s playgrounds and athletic fields. Besides, there you will find one of the best medical institutions in Panama – John Hopkins Hospital – and several top-class private schools.
Punta Pacifica borders upon San Francisco district that, in its turn, adjoins the financial center of the capital. Getting from this place to Tocumen international airport will only take about fifteen minutes if you drive on ‘Corredor Sur’ highway.
In addition to that, there are a number of shops, famous brand boutiques, cinemas, restaurants, and nightclubs. There you will also find a ‘Super 99’ supermarket and ‘Multiplaza’ trade center. These are within a walking distance from each other.
Apartment in ‘Oasis on the Bay’, Panama City
The Oasis on the Bay residential estate is a 58-story skyscraper that gives fantastic views of the Panama bay and the city. It sits next to the well-known Trump Ocean Club building that is called JW Marriott now.
The name ‘Oasis on the Bay’ reflects the nature of this place perfectly well. The high level of comfort that this estate offers to its residents can only be compared to the best hotels in the world. The developers and designers applied all the most up-to-date technologies used in the construction industry and built 240 comfortable apartments complemented by social areas. Apart from many other conveniences, the building has the following:
- A stunning modernistic lobby.
- Five high-speed elevators.
- A public zone with the view of the ocean.
- A back-up water reservoir.
- A back-up electricity generator.
- A 24-hour security surveillance.
- Cable TV and Internet.
The apartment on offer is on the 29th floor and its total area is 300 square meters (359 sq. yards).
The apartment has been fully refurbished recently. It has two bedrooms, a cloakroom, a kitchen with granite tabletops and four bathrooms. The floors are made of Italian marble and the floating ceiling is illuminated by hidden lamps.
The price of the apartment is US$ 735,000.
The apartment in Oasis on the Bay is a perfect place to live with your family in Panama City. It would be hard to find a better location in the capital of Panama.
What can Panama offer to foreign residents?
For many years, Panama has been providing homes to a number of foreigners coming to the country from all over the world. Most of the foreign residents in Panama are American pensioners. It is easy for them to obtain a permanent residence permit in Panama through the Pensionado visa program. This program requires that the applicant have a stable monthly subvention of at least US$ 1,000 in order to qualify for permanent residence.
A large number of immigrants also come to Panama from Canada, Latin America, Great Britain, and other European countries. Their pensions allow them to live only modest lives in their home countries while Panama cost of living is considerably lower and thus the immigrants can avail themselves of much more opportunities there.
At the same time, not only pensioners come to Panama to stay in the country for good. People of all ages immigrate to Panama to conduct business activities, have a job, or study. The Government of the country uses multiple instruments to attract more foreign capital to Panama.
What is the actual cost of living in Panama? Needless to say, it very much depends on the person’s lifestyle. However, the Pensionado visa program mentioned above requires that in case it is a married couple applying for residency, their combined income must amount to US$ 1,000 a month. It is possible for two people to live in Panama on this sum of money. Probably not in the capital but rather in a quiet village in the mountain areas but it is possible anyway.
Life in Panama City is a bit more expensive and there are plenty of entertainment opportunities out there. This said, however, the average salary in Panama is less than US$ 800 per month. As this is the average figure, it means that many people in the country survive on lower incomes. Thus, a thousand dollars or a bit less per every family member per month will let you live a life of ease whatever region of Panama you choose.
In any event, Panama City offers foreign residents a highly comfortable and even luxurious lifestyle at a price that is much more affordable in comparison to the cost of living in most other world capitals.
Benefits for businesses
Regardless of the changes of governments, Panama keeps firmly to its strategic economic policies demonstrating a stable economic growth. The state effectively protects the foreign investments as well as the foreigners’ property and civil rights. These are as effectively protected in Panama as the rights and property of the citizens.
Finding a very comfortable business environment in different spheres of economy and attractive investment opportunities, many international companies have placed their headquarters in Panama City.
Panama does not levy taxes on international incomes that its citizens and residents obtain. The country’s ‘territorial’ taxation system makes many wealthy businesspeople relocate to Panama.
In addition to that, the Free Trade Zones in Panama allow investors to work under preferential tax conditions and export their produce duty-free.
Panama is also one of the most secure states in the world in terms of asset protection. The chance that a Panama legal resident may be prosecuted by financial authorities of some other country is close to zero. Panamanian courts of law disregard all verdicts made by judicial authorities of any foreign country.
Infrastructure in Panama
Panama has advanced modern infrastructure as the Government allocates huge sums of money to its development. The infrastructure is especially impressive in Panama City where more than half of the country’s total population resides.
Panama is the Latin American leader in the pace of construction of residential accommodations, cultural and social facilities, and transportation lines. The broadband high-speed Internet connection is the best in Latin America as well. The same goes for mobile connection that mostly relies on GSM networks.
There are over one hundred state and private airports in Panama. The main international airport Tocumen in Panama City has recently opened a second terminal. This has allowed increasing the number of international flights that the airport can host and, consequently, the number of passengers coming and going through Tocumen.
The transportation system is superb in Panama. The Government keeps a close eye on all sorts of roads and improves them constantly.
In April 2019, a second subway line was opened in Panama City. Only recently, a third bridge over the Panama Canal was completed. It connects the capital with Colon, a city located at the Atlantic entrance to the Canal.
The infrastructure in remote areas may not be perfect as of today. However, the authorities try to attract investments to faraway provinces too in order to make people’s lives there better.
Panama’s natural diversity
The nature in Panama is truly diverse. It is a dream country for the lovers of beach holidays, diving, snorkeling, surfing, and yachting.
If you relocate to Panama, you will be amazed by the abundance of marine attractions in Coiba National Park, on Pearl Islands, Bocas del Toro archipelago, the ancient town of Portobello, and Chiriquí province coast.
The mountain areas where a silent volcano Barú can be found will impress those fond of mountain climbing and hiking. Lovers of rafting and kayaking will find over five hundred rivers in Panama many of them having waterfalls. In addition, there are nearly one thousand islands both in the Pacific and in the Atlantic Oceans near Panama shores. Some of these islands are densely populated while others remain uninhabited.
How can you acquire permanent residence in Panama?
Acquiring Panama permanent resident status is easier that in any other western country. Driven by the desire to attract qualified personnel and foreign capital to the country, the Panamanian Government have established the most inviting immigration rules.
The basic element typical of the majority of Panama immigration programs is the requirement to bring some investment to the country. Depending on the program, its applicant will have to put a certain amount of money in the bank or purchase real estate of certain worth. There are different types of investments Panama will accept however. In order to obtain residency in the country a foreign citizen can invest into the development of the Panamanian cinematograph or support the Government reforestation project, for example.
Panama immigration programs are attractive due not only to their big number and to the diversity of their types. Many such programs will lead to the possibility of obtaining full Panamanian citizenship after five years of permanent residence in the country. When applying for citizenship, the foreign resident in Panama does not have to make any additional investments. All he or she is required to pay is the state registration duties.
It must be especially noted that the required investment amounts in Panama are considerably lower than those in Malta, Cyprus, or Portugal, for example.
Another important factor is that the foreign applicant for Panama residence does not have to make any unrecoverable “donations” to the state budget. Everything the immigrant invests into the country, he or she can return after a certain period of time. In this respect, Panama compares favorably again to some other countries that have immigration programs.
In addition to the Pensionado visa program mentioned above, the following three immigration programs are most popular with foreign citizens wishing to relocate to Panama:
- Business Investor visa. If you choose this immigration program, you will have to establish a business corporation in Panama and hire five nationals of Panama. The minimum investment sum that will entitle you for permanent residence in the country is US$ 160,000.
- Economic Investor visa. If you choose this immigration program, you will have to bring minimum US$ 300,000 to Panama. You can make the investment either by putting money into a fixed-term bank account or by buying property in the country that is worth at least that much.
- Friendly Nations visa. This immigration program is designed for the citizens of fifty countries that Panama likes more than other countries of the world. Seriously speaking, the newcomers from these fifty states receive the easiest access to Panama. The investments they have to bring are negligible and the terms of acquiring the Panamanian permanent residence permit are as short as they can only be. (And that is three to four months from the date of application.)
There are many other immigration programs that you can make use of. Please do not hesitate to contact us via email firstname.lastname@example.org to request a free consultation with us on the immigration rules, programs, and procedures in Panama.
As far as Panama real estate is concerned, buying an accommodation in this country would be a wise investment decision indeed. First, it can serve as a legal foundation for applying for, and obtaining, a permanent residence permit if the cost of the property is sufficiently high. Second, you can simply live there with your family. If you are not quite ready to relocate to Panama for good thus far, you can stay in your apartment or villa on your visits to Panama. That is third. Now, fourth, you can let your property on a lease thus generating a small but stable passive income for yourself. And fifth, Panama’s economy and social sphere are developing so fast that in a few years your property in this country is bound to cost considerably more than it does now. Thus, after some time you can sell your residential accommodation with a notable profit. There are very few investment options that could beat this one. Seriously.
On top of that, the Panamanian Parliament passed a new property tax law a short while ago. Now the untaxable worth of real estate is US$ 120,000, which is a considerable sum of money indeed.
We will be happy to assist you in purchasing real property in Panama. Our on-site specialists in Panama City are knowledgeable about the state of things in this market and they can show you the best pieces of property to buy in Panama. Our Panamanian representatives are fluent in English.
If you like the apartment in the Oasis on the Bay skyscraper described above, please contact us for more details. You are also most welcome to make use of our familiarization tour to Panama that will let you see the country and many other pieces of property for sale there with your own eyes. In any case, if you have started thinking about moving to Panama, please drop us a line to email@example.com, and we will get back to you in an instant with tons of information. Quite a large number of our clients have already acquired their Panamanian ID’s and they are living happy lives in this beautiful, warm, inexpensive, and very friendly tropical country.