We often advise our clients to see the options that they are preparing to buy with their own eyes, but unfortunately it is not always possible to do that.
It is however possible to process a deal on real estate while being outside of Panama. There are two ways of managing that:
1. Buying the property under the company name. Our lawyer will assign nominal directors, which possess the right to sign necessary papers under your name. Such way assumes various expends, but in most of cases the client can register a company at $1,000 – 1,200. There is an annual fee for its extension at $600-800 per year.
Such way has some advantages:
- The owners receive certain level of security of their assets against different lawsuits.
- In case of resale of the property, the company doesn’t pay the 2% tax for the transfer of the ownership. This is based on the fact that during the transactions the clients transfers the shares of the company, but not the physical property.
2. The second way to buy real estate in Panama from the outside is the power of attorney.
Apostilled power of attorney issued in the local facilities is a 100% legal way to process the transaction.
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If you have any questions about real estate in Panama, please contact us.
