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Today I took a break from the endless presentations on foriegn banks,trusts and stratagies to use them.There are more solutions than you could possibly immagine.
We don't get to the why Panama and Panama real estate presentation untill tommorrow.Other than a some bank contacts thats mostly what I was interested in.
But today they did have a sight seeing and real estate tour.I got shown the nicest areas of Panama city.There is alot of developoment that is under construction right now.Some of it almost looks like disneyland.First class and 21 st century.There is alot of money coming in here.Not only from the US and europe but  the far east.
I saw condominiums in the best areas for $70,000 (900sq ft 1 bedroom) to $770,000.That one was on the 45 th floor and 8000 sq ft.
Who buys these?the last 2 were sold to a guy from Spain and a guy from India.Tommorow a realtor is showing me a 3 bedroom,3 bath condo in the best area for $130,000.Yeah I know these are not Colombia prices.But what you have here is very much like Miami Beach.Everybody says safety is no problem unless you go to the worst areas late at night.Its really beautifull here in some of the better areas,with great views of the skyline and the water.
The other amazing thing is you drive 2 miles you are out of town.We went to the canel again today and this time I got Wo see ships going through the locks.We went by the new center where they just had the miss universe pagent and to the new yacht club and restaurant and intertainment area.And you could look over and see the city skyline,only a couple of miles away.
Tommorow night I am going to finally get downtown to the bar and restaurant and intertainment area.I was going to go tonight but it got late and I have presentations I don't want to miss stating at 8.00AM.
Back home Sunday.

Pete

... in response to More from Colombia, posted by Pete E on Oct 10, 2003

Regarding your interest for property in Panama, please indicate what type of property you are looking at: Panama City, beach  or highlands (Boquete). Be very , very carefull when buying property from these seminar organisers.
Since 7 years, I have been living in Panama (highlands)and shall be happy to give you some info on the matter if required.    berbobelpa@cwpanama.net  
Regards,

... in response to More from Colombia, posted by Pete E on Oct 10, 2003

You definitely have Colombian women on the brain Pete!

... in response to You mean more from Panama, right?, posted by lswote on Oct 11, 2003

Bruce,
Colombia on the brain was exactly what I was going to use as an excuse before I opened your post.Wonder what Frued would think,a deeper meaning?

Pete

... in response to More from Colombia, posted by Pete E on Oct 10, 2003

Pete,
One reason for all of the construction is that the banks are flush with cash and plenty of it. There is also an influx of asian people to Panama as well. The Panamanian government is ready to put Panama on the map as a place to consider when it comes to holiday and vacation travel, it is ironic what is happening between Panama and Dominica Republic, one wants more tourist and the other more dollars(business). The word on Panama is  getting out!!

Pete, take care and we look forward to a full report on your experience!!

moam

... in response to Re: More from Colombia, posted by moam on Oct 10, 2003

The other reason is the 20 year real estate tax exemption is for properties that have their permits by 12/31/03 and are finished for living by 12/31/04.
Yeah,there are people here from all over the world.We had to give up our normal confrence rooms yesterday afternoon for a huge chinese wedding that was scheduled before us.

Pete

... in response to Re: Re: More from Colombia, posted by Pete E on Oct 11, 2003

Would appreciate any additional information on the real estate tax.  How much is it?  Is it a property tax, paid every year, or just when the real estate is transferred?  Does the exemption just apply just to particular properties?  Can you buy in 2004 and still get benefits of exemption?  Guess I was wrong about the conference, sounds like you're learning a lot. Thanks

... in response to Question, re: Real Estate, posted by Miguel on Oct 12, 2003

There is a 20 year exemption from real estate taxes.I'm not sure if it applies to everything in Panama but does to the Panama city properties.It is 20 years from the time the property is approved to live in.This exemption will not apply to properties that do not have their plans approved by 12/31/13 and ready to occupy by 12/31/04.So there is alot of construction right now trying to get this tax advantage.
If you buy a 15 year old property  it would have 5 years of the 20 left,it goes with the constuction,not subsequent sales.Everyone is so exited about the exemption that tere was no disscussion of what the tax will go to.I think its reasonable,but fre is better.
More tomorrow on Panama and real estate.I just got home and I'm going to crash.

Pete

... in response to Re: Question, re: Real Estate, posted by Pete E on Oct 13, 2003

Thanks, appreciate it

... in response to Re: Re: More from Colombia, posted by Pete E on Oct 11, 2003

Thanks for your post on Panama; I have been thinking of visiting, would like to know more, not much on the internet except regarding real estate, etc.  I would like to get your reactions, and look forward to your posting when you complete your tour.  It seems like a great place to relocate.  Would like you to email me, if you'd like, and ask more specific questions that may not suit the forum here....  Good luck.  Ricardo