Aug 13, 2019

A luxury penthouse in the exotic Panama

A penthouse on the Pacific coast can become a home for those who would like to acquire residence in Panama. This exclusive piece of property is located on the top floor of the highest skyscraper in Panama City – JW Marriot Tower Hotel.

Пентхаус в отеле JW Marriott

Your chance to relocate to Panama and live in tropical paradise

Panama, a small country in Central America, is known in the world for its Panama Canal that joins the Atlantic and the Pacific Oceans. Over the last few years, however, Panama has also risen to the top of the ‘best place for living’ charts.

Many well-to-do people who like to live in comfort and luxury are often on the lookout for a second home in a nice place. Panama certainly deserves their attention and offers multiple opportunities to purchase a luxurious residential accommodation.

Panama attracts foreigners by its sandy beaches on the Caribbean and the Pacific shores and its mild tropical climate. The most outstanding characteristic of the country, however, is its high living standards that are accessible at very moderate prices.

The real estate in Panama City costs more than anywhere else in the country. At the same time, renting a two-bedroom apartment in this city, just as an example, will cost you around US$ 2,250 per month.

Compare this price with the prices for analogous apartments in such cities as Paris or New York and you will see that living in Panama City is much more affordable. You can rent a luxury villa with the view of the ocean at a portion of the price you would have to pay in some much less attractive cities.

Below please find the description of a piece of elite real property on the top floor of a skyscraper sitting right on the shore of the Pacific Ocean, away from the big city fuss and noise. 

Permanent residence in Panama in JW Marriot Tower, Panama City

The penthouse that we would like to offer is located in the best-known skyscraper in Panama City – JW Marriott that has the form of a sail. Until recently, the building was called “Trump Ocean Club” but the brand changed with the change of ownership. The Marriott Corporation has a strong reputation in the world for providing luxury accommodations and VIP services.

The hotel is in Punta Pacifica district, which is the center of fun and nightlife in Panama City. At the same time, Punta Pacifica has everything that a modern megalopolis district should have: top-class private schools, John Hopkins Medical Center, restaurants, supermarkets, boutiques, and trade centers.

The penthouse in JW Marriott hotel is an ideal place to live or stay on your visits to Panama. Apart from that, it is a valuable investment asset.

The place has luxury interior decorations, wide balconies, and panoramic floor-to-ceiling windows that open fantastic views of the ocean and the city. The kitchen is quite spacious with the floor and the tabletop made of granite. The chandeliers have been made by world-famous interior designers.

On the premises of JW Marriott hotel, you will also find parking areas, restaurants, a fitness center, two swimming pools and other recreation and service facilities.

As the hotel is located on the Panama Bay coast, there is a yacht club with a pier where yachts can wharf any time of the day. The whole territory is under round-the-clock security surveillance and the hotel concierge services are quite diverse.

The total area of the penthouse is 395 square meters (472 sq. yards). There are:

  • Four bedrooms.
  • Four bathrooms.
  • Two broad balconies.
  • Full furniture.

The penthouse sells for US$ 1,590,000. If you want to buy the penthouse in order to rent it out, it can be let on a long-term lease, which will provide for a steady passive income.

Purchasing real estate usually takes between two and three weeks in Panama as a number of legal and technical documents need to be collected, authenticated, and submitted. In case there are discrepancies between the information in the documents and the real state of things, the purchase procedure can be extended over an even longer period.

Offshore Pro Group will be happy to assist you in purchasing property in Panama. Our real estate agents located in Panama City will provide professional advice to you and help solve any problems. You will feel totally confident when making a deal with an agent of ours by your side.

Our representatives in Panama speak English, Spanish, and Russian. They are Panama natives or long-time immigrants and they know the country’s real estate market and the laws very well. If you have any questions or want to clear out any details, please write to us to [email protected], and we will gladly advise you.

Property management services in Panama

If you have to leave Panama for a long time after purchasing the penthouse, you can use the services of a property management company. During your absence in the country, this company will rent the penthouse out and you will be earning some profit.

If you hire a property management company to lease one piece of real estate that belongs to you, they will charge you 10% of the gross rent pay. If you want them to lease out two pieces of your property, they will charge 7% of the pay.

It is the right time to purchase property in Panama

If you would like to obtain a Panamanian permanent residence permit and relocate to Panama with your family, now is the best time to buy real property in the country.

Today Panama is the number one investment destination in Latin America without any doubt. Its economy is on the rise and new infrastructure development projects are implemented one after another. Here are a few important projects that have been completed by this day:

  • Launch of the second subway line in Panama City.
  • Launch of a large copper mine “Cobre Panama”.
  • Launch of the second terminal in Tocumen international airport.
  • Launch of the third bridge over the Panama Canal that facilitates access to the city of Colon and its ports located at the Caribbean entrance to the Canal.

The state economic policy does not experience any abrupt sudden changes. The country has been following a clear route for several decades already. While the presidents and governments change, the overall economic strategy remains the same. The main tasks are tourism sector development and attraction of foreign investments.

The new President of Panama elected on May 5, 2019 has confirmed these priorities and promised to give new stimuli for the development of these sectors of economy as they have slowed down a little bit over recent years.

The new head of the state believes that additional infrastructure development projects in Panama will contribute to attracting more tourists and more capital investments to the country.

The Panamanian legislation is also being updated to facilitate the capital inflow. Since January 2019, a new property tax law has been in effect. This law has increased the cost of the untaxable real property and now the first US$ 120,000 of the cost are tax-free. This factor has made Panama even more attractive to foreign investors.

The quality of life that a foreign resident will find in Panama City meets the highest standards. Besides, few countries in the world boast warm weather all the year round, pristine flora and fauna, endless sandy beaches and hundreds of tropical islands off the coasts. With Panama’s unique geographical position between two oceans, you can swim both in the Atlantic and in the Pacific on one day.

The Government of Panama believes that the improvements in the infrastructure and the legislation are going to positively affect not only the tourist industry but also the real estate sector. Currently the supply exceeds the demand in this market.  

Beginning 2006, the real estate sector has been growing at a rapid pace. A large number of domestic and international companies have been investing into construction of new buildings in Panama. Some speak of a construction ‘boom’ in the country.

North Americans, Europeans, Argentinians, and Columbians are the main investors in Panamanian real property. They actively buy houses and apartments in the country but the huge number of houses built over the last ten years made the supply excessive anyway.

Panama analysts claim that 50% of the hotels in the country are not fully filled, and the rent prices have become a bit lower lately. At the same time, the property selling prices keep growing slowly but surely.

Many developers in Panama sell the property before its construction is completed by offering considerable discounts to the buyers. Even though investments into real estate that is at the initial stage of construction are considered quite risky, many apartments are purchased when the building has not been erected yet.

Experts also expect that the real property market will grow stably due to the new agreements with China. This county plans to start investing heavily into Panamanian economy in 2019. After Panama made a railroad construction contract with China (the railroad will connect Panama City and David), the number of Chinese tourists to the country as well as Chinese investors has considerably increased.

If the inflow of immigrants from China grows the way it did in Canada in the 1990s, the prices of real estate in Panama City will reach a new level, according to the experts.

The economy of Panama shows stable progress. The progress is attributed not only to the factors described above but also to the recent extension of the Panama Canal and other government development projects.

That is why purchasing some real estate in Panama now will be an excellent investment as it allows protecting your assets and proliferating your wealth.

Another important factor is that ownership of real property in Panama serves as a legal basis for obtaining a Panama permanent residence permit. On submission of proof of real estate ownership, you will not have to wait very long before you acquire a Panamanian permanent resident ID.

What benefits does Panama permanent residence bring?

There are plenty of opportunities that legal immigrants to Panama can use. Firstly, the American dollar is in free circulation in this country. With all the inflation risks, the dollar remains one of the hardest (if not the hardest) currencies in the world.

The long-term policies aimed at attracting foreign capital to Panama have promoted the establishment of favorable business environment in the country and the legislation that protects foreigners’ rights and assets. The judicial authorities in Panama ignore court decisions made in other jurisdictions, which protects the legal Panamanian resident from any financial claims that the authorities in his or her home country may lay to him.

Another inviting factor for international businesses is the territorial taxation system that Panama applies. With this system, incomes derived from foreign business operations are not taxable in Panama.

This is the reason why many foreigners register corporations in Panama to do foreign business without having to pay taxes on their internationally obtained profits. Moreover, Panama does not have laws that would oblige its citizens and residents to declare their international assets, business companies, or profits.

Due to Panama’s business and investment attractiveness, hundreds of transnational companies have put their headquarters in the country. There are also close to one hundred international banks with offices in Panama including a few leading banks of the world.   

For many years Panama was considered a ‘financial paradise’ that incentivized a vast number of rich people to bring their money to the country. Today Panama has to comply with the stricter new requirements that the economically developed countries put forward in their fight against money laundering and tax evasion.

Notwithstanding the occurrence of the “Panama Papers” scandal in 2016 and the international pressure applied to Panama in an attempt to enhance the ‘transparency’ of its financial systems, the country remains the most secure place where you can keep your international assets.

The advantages of Panama immigration programs

If you want to protect your business, your capital, and your civil rights from potential risks in your home country, you are welcome to immigrate to Panama. There you will find all the necessary conditions for a comfortable living and financial security. If you want to obtain some more detailed information about immigrating to Panama, please contact us by email [email protected] and we will give you a free consultation on the matter. In case you need a relocation guide to Panama, we will be happy to provide it.

Foreigners who purchase real estate in Panama can make use of several immigration programs that give access to a permanent residence permit in the country. In this respect, Panama differs from many European countries that will usually offer only one immigration program to foreign citizens. In addition to that, Panama puts milder investment requirements to foreign immigrants in comparison with most other countries.

Those immigrants who would like to eventually obtain full Panamanian citizenship can also use a number of different immigration programs each of which allows applying for citizenship after five years of permanent residence in Panama. Some of these programs require notable initial investments; others only moderate ones; and still others require no initial investments at all. In any case, none of the Panama immigration programs requires additional investments at the moment of application for citizenship. (There are payments that you will have to make in the form of state duties but those are nothing serious.)  

Here are three most popular immigration programs that have all the positive characteristics described above (and you can read more about them by clicking on the links):

Economic Investor program. This immigration program requires that you put at least US$ 300,000 in the bank for three years or buy property that is worth at least as much. Then you will qualify for a permanent residence permit.

Friendly Nations program. If you happen to be a citizen of one of the fifty national states that Panama feels especially friendly to, you can invest US$ 100,000 into real property plus put US$ 5,000 into a bank account. That will suffice for obtaining the permanent resident status in Panama.  

Pensionado program. This immigration program does not require any initial investment at all. All you have to show to the Panamanian authorities is that you have a guaranteed lifetime subvention of US$ 1,000 per month. Such as a state pension, for example. If you can prove your financial stability, you will be entitled for permanent residence in Panama.

Before you move to Panama, we suggest that you find out all the details with us. We will be happy to offer you a complete guide on immigrating to Panama. To apply for our services please write to us to [email protected] without hesitation.