FAQ on new buildings in Panama
What documents must the buyer of a new building in Panama submit?
A foreigner must submit:
- Foreign passport.
- Certificate of legal origin of funds.
- Registration address.
What is the process of buying an apartment in a new building in detail?
The purchase of an apartment from a developer in Panama includes the following stages:
- Property selection.
- Offer by the buyer and a proforma request — a document that specifies all the terms of the transaction.
- Signing of a sales contract and a down payment (usually 30%).
- Tax payment.
- Registration of the property in the state register and the second part of the payment.
- Obtaining ownership.
Where are the most popular new residential complexes located?
Popular among foreigners, residential complexes in Panama are located in areas such as Panama City, Costa del Este, Santa Maria, Avenida Balboa. The coastal strip near the capital is also popular: the areas of Punta Pacific and Paitilia, Koronado. Among the mountain resorts is Boquete.
How much does 1 sq. m in a new residential complex cost?
In the capital - about 2500 euro, outside - 500-700 euro less.
