Tax joy for panama investors

Panama is set to extend its 20-year property tax exemption for foreign investors, according to the country’s housing minister Balbina Herrera.

The measure applies to projects whose building permits are issued before Dec. 31, 2009 and frees international investors from paying any taxes on property transactions carried out in the country until 2030.

Fantastic for the industry

Jose Boyd, president of the Asociación de Corredores de Bienes Raíces (ACOBIR), the Panamanian Real Estate Association, commented: “What this does for the industry is fantastic. This does not just apply to new buildings and covers existing colonial style structures as well and will appeal to both lifestyle, retiree and the Pure investment buyer.

“This puts Panama in a privileged position in the Central American real estate community as our neighbours are having a hard time in the current economic climate and this is creative and shoes the world that we are a happening and serious location for international property investment.”