Plan to retire in Panama?

Welcome to Tropical Properties!

Welcome to Tropical Properties. Explore our website and discover quality information for those wanting to get a tropical property in a wonderful and exotic country, with all the comforts of home. Our projects Tropical Villas and Tropical Places are located in a beautiful part of Northern Panama, just 30 minutes from the Costa Rican border.

As we have been living and vacationing in Costa Rica and Panama since 1996, I feel we have a lot of knowledge to share with others. There are many questions asked of us in regards to living in Panama, so I hope this site is of some value. If you should need more information please contact us.

Why did we choose Panama?

Panama has been declared by many to be the preferred location for a second or retirement home for Canadians, Americans, and Europeans. The Panamanian government welcomes and encourages foreigners to purchase/develop real estate in Panama. It has the best retiree incentive program in the world, including discounts on air travel, eye exams, movies, restaurants, and much more. There is a John Hopkins Hospital along with numerous other prestigious hospitals. There are many private and very affordable health care programs to subscribe to costing about $20 per person. Because of the Panama Canal, it is a shopper’s paradise; whether you are shopping for fashion, computers, electronics, or autos, you can find everything you need in Panama.

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Investment Properties

Even if you don't plan on retiring or living in Panama, it is also rated the very highest in real estate investment opportunities for those who would like to make their money from a distance.

Purchasing the property is easy, and building a home even easier, as there are all the resources here to make your investment property a reality. With prices for lots starting at only $30K and building costs averaging only $50 per sq. ft., now is the perfect time to purchase property in Panama!

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Buying Property in Panama

Panama - a perfect retirement destination

If, like many expats, you plan to pay cash, your bank will provide the same service for a fee. All real estate properties can be financed by the banks by way of a mortgage - the same as home. Familiar banks such as Scotia Bank and HSBC are here along, with most major world banks. An expat buying real estate in Panama has exactly the same rights and protections as a native Panamanian. Rules are in place to protect both buyers and sellers, but they are different than in the U.S. and Canada. You need to be aware of all the differences when buying real estate in Panama.

As in North America, you can sign a preliminary contract (known as an Offer to Purchase) to give yourself time to arrange financing. This type of contract can also be used when the seller has certain conditions to be met before you are willing to close the deal. List contingencies here under which you can back out of the purchase unless all your conditions are fully met. You should have legal advice in preparing a Promise to Purchase. Mistakes can be too costly. An Irrevocable Promise to Pay, issued by the bank doing the financing, is a common instrument here. Payment to the seller is contingent on receiving proper title to the property.

Even though Panamanian laws are set up to protect foreign investors, you should always take precautionary measures to insure your investment. Title insurance is recommended for all property transactions, and is readily available in Panama through major international title insurers, such as Land America Lawyers Title, First American Title Insurance, and Stewart Title. Title policy costs are minimal and the peace of mind is definitely worth the cost.

Useful Tips On Buying Property In Panama
So, you have just found that piece of paradise you've been looking so hard for and you are ready to close the deal. Before you hand over any money, make sure you consult with a professional and do a proper due diligence investigation over the property to ensure you aren't buying a big problem! Buying property in Panama can be a great investment and is very safe; however, it is important to understand the rules and process your property transaction correctly.

Home ownership in Panama is currently at unbeatable prices! Foreigners can buy and sell Panamanian property legally and easily, and are also protected by exactly the same rights that protect local Panamanians. Refer to Law # 54.

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