First of all, when considering investing in real estate in Panama, economy is important to take into account. The economy of Panama is growing more than six percent annually, and its set to keep growing. Many people wonder why Panama is growing so much and is to continue to grow. Here are some reasons why Panama is growing faster than any other retirement or investment destinations in the world.
Panama feels like home. When buying real estate in Panama coming from a different country, it can be a little intimidating. At this point there are more than 15,000 Americans residing in Panama, and therefore English is widely spoken all over the country. Panama City is no question a first world city with amazing highways, impressive skyscrapers, great medical facilities, and wonderful shopping centers.
Panama City is surely a very cosmopolitan and extremely bustling city with a solid infrastructure. The countryside, highlands, mountains, and beaches are untouched and beautiful. It creates an incredible dynamic, with endless options for beauty and capabilities for real estate in Panama.
Panama is more high tech than most expect. It’s a technologically advanced country with high speed internet available, great cell phone coverage, quickly installed home and business phone systems, and lots of television with English channels.
For a beautiful tropical country, Panama is much more affordable than most think. There are no local taxes for residents who earn foreign income. You don’t have to pay a property tax until a home is sold, and there is a twenty year exoneration from taxes on new homes. Panama is a world class seaport; there are automobiles, electronics, and other imported items available at very reasonable prices.
There are no inflation worries or confusion over prices because Panama uses the US dollar as their currency. This is something that most don’t realize, but is a key thing to know about buying real estate in Panama. Also, Panama is a world banking center and foreigners can get loans and bank with several respected banking institutions.
Panama has high literacy and a low crime rate, as well as good employment and a well-trained police force that provides great security. Panama is very diverse, with shippers, sailors, traders from around the globe, and all different kinds of races and people come together in Panama.
Panama’s weather is warm and tropical, but more diverse than most would expect making it more interesting and give you more options when considering real estate in Panama. The lowlands are hot, and mountains are cool year round.
Panama has TWO coasts, because we border the Caribbean and the Pacific ocean. You can swim in each during the same day or sail from the Pacific to the Caribbean through the canal and explore each coastline.