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News
Panama: Why invest?02/25/2008
• Panama is fast becoming one of the World’s top ranked property investment destinations, due to its low cost of living, superb climate and incredible tax incentives.
• Considered the next South Beach – Miami, the beauty of Panama City is that it hasn't become Miami yet. It's much more welcoming and manageable. And now is the time to invest -- before the Panama Canal gets enlarged, before Donald Trump finishes his 65-story tower and before the prices climb as high as Miami.
Economics
• US dollar-based economy with low inflation and zero foreign exchange risk
• Various tax exemptions make Panama a very attractive place to live. Residents do not pay tax on income earned in a foreign country. One of the main incentives to buy property in Panama is the 20-year property tax exemption law. Individuals who are not real estate dealers will pay a flat 10% Capital Gains tax rate.
Property Market
• Both the residential property market and the holiday market are booming, with capital growth of up to 20% a year. Hotel rooms are virtually full booked constantly in Panama that is why the condo-hotel investment is hugely profitable in terms of revenue and capital appreciation.
• Because more visitors and tourists are arriving in Panama coupled with the fact that more people are making Panama their first choice to live and setup home, this has all led to a shortfall in the housing market. So demand for accommodation is outstripping supply.
• The creation of an urban centre similar in size to central London - based on the outskirts of Panama City is the latest sign of an economic boom that has drawn comparisons between Panama and bigger international business centres, such as Dubai.
Location for Retirees
• With 78.2 million U.S. baby boomers expected to reach retirement age in the next two decades, developers are preparing themselves for huge demand for accommodation for retirees. The country is supplanting Costa Rica as the Central American country where retired North Americans are seeking their place in the sun. One of the main reasons Panama attracts so many retirees is due to its Pensionado - a fiscal incentive plan and pensioners programmes. Retired citizens and pensioners benefit from a wide range of discounts on services including hospitals, medicines, public transport, flights and electricity.
Extension of the Canal
• The plans for enlarging the Panama Canal have started- Panama’s Colon Free Trade Zone (CFZ) is the largest in the Western Hemisphere and contributes substantially to the country’s economy. The second trade free zone has now been approved and is now under construction near the Panama City limits. These measures have stimulated the economy still further.
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