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Written by Panama Real Estate   

With its skyscrapers, parks and churches, the center of modern Panama City resembles a miniature, seaside Manhattan. Panama has the most modern and successful international banking center in Latin America, with more than 85 banks from 35 countries. 
In addition, Panama is one of the most secure international offshore centers in the world. The Panama Stock Exchange is one of the fastest-growing in the region. 

In the financial industry, diverse investment opportunities exist in banking, investment capital financing, insurance and re-insurance.  Many banks have special investment and loan opportunities specifically designed for foreign investors.

Panama's banking system has effectively achieved international standards of privacy, modern legislation, and standards of professionalism.  Banking in Panama is easy, private and secure.

Getting a Loan

Several banks in Panama are very comfortable with home loans for foreigners.  Typically, loans are issued for up to 70-75% of the value the bank establishes for the property.  Loans are usually variable rate and can range from 10 to 30 years.  For senior citizens there's one hitch: loans must be paid by the age of 75.  So if you are 65, the maximum time of the loan you receive will be 10 years.

To qualify for a loan, banks normally require the following from foreign investors:

  • Proof of income (pay slips, CPA certified income statements)
  • Last three personal income tax declarations
  • 2 Bank references
  • 2 Clear copies of passports and driver's license
  • Copy of public utility bills of current residence
  • Credit Report (Experian, TransUnion, Equifax)
  • Life Insurance
  • Fire Insurance for the property to be purchased
  • An account with the lending bank (to auto-debit your monthly payments)

Typical loan terms:

  • 15-25 years (or shorter if you're approaching 75 years of age)
  • Fixed rate based on the Libor rate or variable based on Prime Rate
  • 1.5% closing fees

In summary, Panama's strong banking system and flexible lending policies for foreigners provide investors a unique advantage over other popular offshore retirement and investment destinations.
 

Panama Real Estate News

Panama Canal and Port of Miami Extend Strategic Partnership

RENEWED SEAPORT AGREEMENT WILL INCREASE  CARGO CRUISE TRAFFIC AND PROMOTE THE "ALL-WATER ROUTE"

Panama City, Panama, November 26, 2008 - Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta and Port of Miami Seaport Director Bill Johnson renewed a Memorandum of Understanding (MOU) to facilitate global trade and promote economic growth in the United States and Panama. First initiated in 2003, the agreement is renewable on annual basis and asserts the ACP's commitment to addressing growing international cargo and freight capacity needs.

"The Port of Miami is an internationally recognized trade hub and a key Canal business partner," said Mr. Alemán Zubieta. "The renewal of the Memorandum of Understanding with the Port of Miami underscores our strong commercial bonds and our joint commitment to market-based, regionally driven solutions for the international maritime community and its trade routes."
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