Panama: Focused On Cultural Awareness
Always Better Than Expected.
If you’re looking for an invigorating experience and seeking to explore a new country for an unforgettable time or even considering relocation, look no further. Discover the vibrant charm of Panama, relaxation, and endless possibilities with our One Diversity team members
Explore your life.
Integrating into life in a new country can be challenging. That is why One Diversity has designed local Meetups that serve to bring like-minded people together for networking, sharing best practices, friendships and more.
Thinking about moving to Panama?
Many seek Panama as an escape from the pressures felt stateside, in pursuit of a better quality of life.
Always Better Than Expected.
If you’re looking for an invigorating experience and seeking to explore a new country for an unforgettable time or even considering relocation, look no further. Discover the vibrant charm of Panama, relaxation, and endless possibilities with our One Diversity team members
Explore your life.
Integrating into life in a new country can be challenging. That is why One Diversity has designed local Meetups that serve to bring like-minded people together for networking, sharing best practices, friendships and more.
Thinking about moving to Panama?
Many seek Panama as an escape from the pressures felt stateside, in pursuit of a better quality of life.
Always Better Than Expected.
If you’re looking for an invigorating experience and seeking to explore a new country for an unforgettable time or even considering relocation, look no further. Discover the vibrant charm of Panama, relaxation, and endless possibilities with our One Diversity team members
Explore your life.
Integrating into life in a new country can be challenging. That is why One Diversity has designed local Meetups that serve to bring like-minded people together for networking, sharing best practices, friendships and more.
Thinking about moving to Panama?
Many seek Panama as an escape from the pressures felt stateside, in pursuit of a better quality of life.
Panama Becoming a Viable Option for Black American Expats
Seeking solace from the political turmoil, community violence and racial oppressiveness of American society, more Black Americans are not just considering, but relocating and living abroad. Among the more popular places are Costa Rica, Mexico, Ghana and the Central American nation of Panama. With its beautiful year-round weather, vibrant culture and biodiverse plant and animal life, Panama is becoming a soft landing spot for Black Americans who are seeking to escape the increasing vitriol of life in the United States.
Seeking solace from the political turmoil, community violence and racial oppressiveness of American society, more Black Americans are not just considering, but relocating and living abroad. Among the more popular places are Costa Rica, Mexico, Ghana and the Central American nation of Panama. With its beautiful year-round weather, vibrant culture and biodiverse plant and animal life, Panama is becoming a soft landing spot for Black Americans who are seeking to escape the increasing vitriol of life in the United States.
Expats In Panama
Many Black Americans are finding peace and a sense of community in the Central American nation of Panama. Once not even considered a place to travel for vacation, Panama offers an excellent environment for Black Americans, especially with remote work and school becoming the norm in most of the United States.
Many Black Americans are finding peace and a sense of community in the Central American nation of Panama. Once not even considered a place to travel for vacation, Panama offers an excellent environment for Black Americans, especially with remote work and school becoming the norm in most of the United States.
Who can buy property in Panama?
Foreign nationals have the ability to purchase property in Panama without any significant hurdles. The process for acquiring real estate as a foreigner is generally straightforward and mirrors that of local buyers, ensuring similar rights and privileges.
Foreign nationals have the ability to purchase property in Panama without any significant hurdles. The process for acquiring real estate as a foreigner is generally straightforward and mirrors that of local buyers, ensuring similar rights and privileges.
Panama City
As the capital and economic center of the country, Panama City is a sought-after destination for both residential and commercial real estate. Areas like Punta Pacifica, Costa del Este, and El Cangrejo are particularly popular due to their modern amenities, vibrant lifestyle, and proximity to business districts.
As the capital and economic center of the country, Panama City is a sought-after destination for both residential and commercial real estate. Areas like Punta Pacifica, Costa del Este, and El Cangrejo are particularly popular due to their modern amenities, vibrant lifestyle, and proximity to business districts.
Where to Buy Property in the Isthmus of Panama
The first thing you need to figure out when you’re buying a property in Panama is where you want to buy.
Panama is a small country, with a landmass smaller than the state of South Carolina. But, it offers a diverse range of settings, three of which top most property buyers lists: the vibrant capital city; the cool, green highlands; and the sun-splashed Pacific coast.
Let’s start with the capital city, Panama City. It is a growing city with a metropolitan population that tops 1.5 million. It’s a true capital city—home to great shopping, nightlife, dining and entertainment…with a tropical flair.
The first thing you need to figure out when you’re buying a property in Panama City is where you want to buy.
Avenida Balboa
Avenida Balboa is very popular with expats and one of the most iconic places to live in Panama City. Apartments here offer spectacular views out across the bay. The location is central to everything, too.
Casco Viejo
Casco Viejo, also known as Casco Antiguo, dates to 1673. It’s here where you can find the finest historic properties in Panama. Today, Casco is a UNESCO designated World Heritage Site. As well as some of Panama City’s most stylish buildings, Casco Viejo is where you can find some of the best bars and restaurants in Panama City.
Santa Maria
Santa Maria Golf & Country Club is an exclusive community in Panama City. Here you can find luxury condos, houses and mansions. Santa Maria is 692 acres in all, offering privacy and security. The grounds are landscaped, the sidewalks wide, and the amenities top-notch. You can find a Jack Nicklaus designed golf course, a Marriott Luxury Collection hotel, and a planned country club, which will feature tennis and squash courts, yoga and Pilates, an Olympic-sized pool, running track and bowling alley. Smart Money Homes partner, Grupo Los Pueblos is beh
Ocean Reef
Ocean Reef is a master-planned community built atop two man-made islands. Set in the Bay of Panama, Ocean Reef is possibly the most luxurious address to be found anywhere in Latin America. Ocean Reef is undoubtedly the most exclusive community in Panama. There are just 137 residential lots being developed. Opportunities here are at a premium. As you might expect, the amenities to be found in Ocean Reef are outstanding.
Coco Del Mar
Coco del Mar is on the edge of downtown Panama City. Close to Panama Viejo, a UNESCO World Heritage Site, Coco del Mar is more relaxed than other parts of downtown Panama. It’s home to some great restaurants and bars, and many of the condos here come with expansive ocean views. Coco del Mar has long been one of the most prestigious neighborhoods in Panama City and has seen a lot of development over the past five years. It remains one of the most desirable places to live in Panama City.
Financing
Foreigners can obtain mortgage loans in Panama, making it relatively accessible for international buyers to finance their property purchases. Panamanian banks and financial institutions offer mortgage options to non-residents, but certain requirements must be met. Typically, lenders will require proof of income, a good credit history, and sometimes a valid visa or residence permit. Interest rates and loan terms may vary significantly between lenders, so it’s advisable for buyers to compare offers and consult with local mortgage brokers or financial advisors who can help navigate the lending landscape.
Foreigners can obtain mortgage loans in Panama, making it relatively accessible for international buyers to finance their property purchases. Panamanian banks and financial institutions offer mortgage options to non-residents, but certain requirements must be met. Typically, lenders will require proof of income, a good credit history, and sometimes a valid visa or residence permit. Interest rates and loan terms may vary significantly between lenders, so it’s advisable for buyers to compare offers and consult with local mortgage brokers or financial advisors who can help navigate the lending landscape.
Investors often target high-rise apartments and luxury condos, making Panama City a key market for urban living and commercial properties.
Investors often target high-rise apartments and luxury condos, making Panama City a key market for urban living and commercial properties.
Due Diligence and Sales Contract
Due diligence is an essential step in Panama that buyers undertake to evaluate the legality and viability of a property before completing a purchase. This thorough assessment aims to identify any potential issues or liabilities related to the property. Involving professionals such as real estate agents, lawyers, and financial advisors can greatly improve the due diligence process. These experts offer valuable insights, assist in navigating local regulations, and ensure that all legal and financial aspects are properly addressed.
Due diligence is an essential step in Panama that buyers undertake to evaluate the legality and viability of a property before completing a purchase. This thorough assessment aims to identify any potential issues or liabilities related to the property. Involving professionals such as real estate agents, lawyers, and financial advisors can greatly improve the due diligence process. These experts offer valuable insights, assist in navigating local regulations, and ensure that all legal and financial aspects are properly addressed.
In Panama, the property purchase agreement is commonly known as the "Promesa de Compraventa." This legally binding document establishes the terms and conditions of the real estate transaction for both the buyer and the seller. The Promesa de Compraventa usually contains essential information such as a detailed description of the property, the agreed-upon purchase price, payment terms, and any specific conditions set by either party, such as contingencies related to financing or inspections.
In Panama, the property purchase agreement is commonly known as the "Promesa de Compraventa." This legally binding document establishes the terms and conditions of the real estate transaction for both the buyer and the seller. The Promesa de Compraventa usually contains essential information such as a detailed description of the property, the agreed-upon purchase price, payment terms, and any specific conditions set by either party, such as contingencies related to financing or inspections.
Property Buying Costs and Taxes in Panama
Transaction Costs
Who Pays?
Legal Fees
Notary Fees
Transfer Tax
Real Estate Agent's Fee
2.00%
0.10%
2.00%
3.00% - 5.00%
buyer
buyer
seller
seller
Costs paid by buyer
Costs paid by seller
ROUNDTRIP TRANSACTION COSTS
2.10%
5.00% - 7.00%
7.10% - 9.10%
Source: Global Property Guide
