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About Loans in Panama PDF Print E-mail
Written by Panama Real Estate   

Documents required from foreigners who wish to apply for a mortgage:

  • A completed and duly signed application
  • A copy of the passport, including the pages showing the migratory movements (entry and exit seals)
  • A recent certification of work, a statement of income for the last two years, an audited personal financial statement, or a copy of the resolution that confirms the retired status
  • A copy of the retired person's ID
  • Two bank references letters from his/her country of origin .
  • If he/she has a bank account in Panama , a reference letter from the local bank
  • Two personal references in Panama . The address and telephone number must be provided for the two references
  • Credit references from his/her country of origin
  • Besides the commercial documentation required, if the mortgage contracting party is a Corporation, and if there are foreigners amongst the Shareholders or Board Members, or if the ultimate beneficiary owner is a foreigner, such persons also have to individually comply with the requirements.

For the approval of your mortgage, you will need to provide the following documents:

For natural persons:

  • Three copies of the local identification card for each person, or of the passport if a foreigner
  • Salaried employees: Letter from work, and a photocopy of the last C.S.S. slip or payment stub
  • Independents: Personal income tax forms for the last three years, with their corresponding payment receipts.
  • Balance statement or the most recent payment receipt, if the property is mortgaged.
  • Photocopy of the Purchase-Sale contract agreement.

For legal entities:

  • Resolution from the Board or Shareholders authorizing the transaction and designating the person who will act as signatory for the Corporation, with a photocopy of their local identification card.
  • Photocopy of the Articles of Incorporation
  • Photocopy of the Annual Franchise Tax payment receipt

Great Loans Options are Available in Panama!

High loan to valuation mortgages are available with low interest rates.
There’s a good choice of Panama City banks (e.g. HSBC Panama , Banco General de Panama , Scotia Bank of Panama etc.) offering 30 yr max term 80% LTV financing to foreigners (subject to status) looking to buy properties in Panama.
These loans typically feature variable interest rates that are currently near their lowest level in over twenty years (currently around 6.25%). Also, there are now more than 150 international banks with branches in Panama.
 

Panama Real Estate News

More Bang for Your Buck Here in Panama

The overall cost of living in Panama is about 30% lower than in the United States. You can get a three-course lunch for two with wine for about US$25. (Margaret says she and her husband dine out 6 nights a week...) It's about US$2 in a cab across the city.
A manicure costs around US$7 and you can get a bottle of beer at the store for around 50 cents. A live-in maid will set you back around US$200 a month. Or you can simply get housekeeping services for around US$15-20.
Healthcare is affordable too. An average doctor visit runs around US$35, if you make your appointment the previous day. And the quality of care is excellent. Most medical staff here are trained in the U.S. and the facilities are first rate. Johns Hopkins has just opened an affiliated medical center in Punta Pacifica, one of Panama's residential areas.
Infrastructure development is booming right along with the economy. Panama experienced GDP growth of over 11% last year and Panama is expected to grow another 8-9% this year. And this is not an "inflation-based" economy like so many others.
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