Photo credit: Erubbey Cantoral
There are "numerous reasons" to buy property in Panama , according to Palo Alto Online .
In a piece focussing on the Panama real estate market, Nancy McLeod highlighted several reasons to invest in the country. The people are "happy and friendly", while the currency used is the dollar, which has stronger buying power than in the US.
Expats need not fear, McLeod argues: "Many Panamanians speak English so communication is comfortable", while the tap water is safe to drink. Indeed, Panama was voted one of the world's places to retire by Forbes and Business Week.
Investors can benefit from the land, which is "plentiful, extraordinary beautiful and incredible inexpensive" and the economy is strong:
"The World Economic Forum ranked Panama as the second most competitive economy in Latin America. Panama has foreign investment incentive laws, a simplified tax structure and boasts a 7.5 percent GDP growth rate," writes McLeod.
"Panama has a first-world infrastructure including a U.S.-style capital city with high-speed Internet, the second largest Free Trade Zone in the world, a banking sector with more than 100 separate banks and a population of 3,300,000."
An American-style Multiple Listing Service does not exist cross the country, she explains, although listings are never exclusive to one estate agent. Purchased incur a transfer levy of 2 per cent, but if you build a property, there is no property tax for 20 years.