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Why Retire in Panama? Things You Need to Know About Buying New Panama Real Estate and Resort Property in Central America

According to the Canadian Real Estate Magazine, retiring to Panama can be a wonderful lifestyle experience. Buy purchasing an affordable Panama retirement home in one of the top rated Central America retirement areas, you can live the life of a king and queen with pleasurable amenities and services at your beck and call. A tropical climate, a modern environment and a relative proximity to Canada are all factors that make Panama real estate and retiring in Panama appealing to Canadians. For Baby Boomers approaching retirement and looking to convert their Canadian real estate equity, there are many financial incentives and tax benefits involved in buying a retirement investment home or vacation property in the Panama real estate market. Here are some of the main incentives for purchasing a the best Panama retirement home or vacation property in Central America. Said to be one of the most welcoming environments for Canadian retirees and pensioners, Panama resort retirement communities offers a variety of incentives to entice property investors, including Canadians. These include: foreigners such as Canadians can buy Panama retirement homes and property with the same rights as nationals. Tax on transfer of a real estate property in Panama retirement communities, approximately 2% are paid by the seller. Panama retirement properties up to $100,000 US are exempt from real estate property tax for 15 years and if you are purchasing a retirement home up to $250,000 US, the property tax exemption is up to 10 years. Any purchase of a retirement home in Panama that exceeds $250,000 USD still gets an exemption at 5 years. There is a 50% discount on closing costs and commissions for personal and commercial loans and a 15% discount on interest rates on loans from banks, financial and credit institutions for foreigners such as Canadian retirees. There is also a one per cent discount on interest rates for Panama retirement primary residence mortgages for retirees aged 55 years and up. There is also a 25% discount on utilities for your Central America retirement home and a fifty per cent discount on all recreation and entertainment expenses while living in Panama, Central America.

Retire to Costa Rica Today! Find the best Costa Rica retirement destination resorts

Retire to Costa Rica Today! Find the best Costa Rica retirement destination resorts

Canadian Investors in Panama Retirement Condo Projects – Do Your Research First

Here are some tips when it comes to purchasing pre-build condominium projects or new Panama retirement condo homes. Be careful of pre-build condos in Panama, Central America as you should make sure that the Central America real estate builder is reputable and your deposit is fully protected, should the project not proceed or the company goes bankrupt do to various reasons. Pre-Construction marketing for new Panama retirement communities: Central America Developers market their retirement home projects in Panama very differently to international buyers than they do for locals. Foreigners like Canadian retirees in the recent past have bought units as Panama real estate investments with no real intention of living in Panama or Central America for retirement. Builders generally allow these investors to make smaller deposits upon committing to the retirement home project, which could be beneficial to Canadians. Panamanian Banks – For Canadians buying the best panama retirement homes without cash from equity or financing already arranged may be required to make a thirty per cent down payment on the property. Real estate shows for new Panama retirement communities – be very cautious. There are generally designed to sell new Central America real estate projects pre-development to speculators and flippers, watch out! Project Site Inspection – Visit the Panama retirement home project site before you buy, to examine building construction and see how adjacent condos or other proposed buildings may affect the views from your unit. Warning Signs for Canadian investors in Panama Central America real estate – Be cautious of new projects that are willing to accept very small deposits or down payments stretched over a long period. This could be a sign the developer is desparate or not fully committed to completing the new retirement home project. Also be wary of buildings advertised on land with pre-existing structures waiting to be demolished, for the same reason as the Panama retirement home project may never even start. Competition in Central America new real estate resort retirement developments There are numerous condo projects under way even in Panama City property market, so do some comparison shopping and make sure the one you choose is from a reputable developer.



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