What about Property & Rental Management ?

All properties in Los Buzos participate in our property management program which provides for grounds keeping, onsite maintenance and 24 hour security. Additionally phase I properties (and Phase II if requested) participate in our Rental Management program which allows the owner to use the property and receive income from rental activity. Both of these programs are professionally managed by on-site professionals experienced in this type of work.

Email info@losbuzos.net for more information on our property and rental management programs.

How does the transaction compare to a typical home purchase in the US?

Unlike many other Latin American Countries, Panamanian purchases are strikingly similar to a US purchase. The US dollar is the official currency so there is no exchange rate. Their survey and title process (for titled property) is predominantly the same as the US with the exception of metric units (square meters instead of square feet). The transaction is handled by an attorney that primarily deals with US, English-only speaking clients. The attorney will handle formation of the corporation, the transaction, facilitation of the title policy and commitment, and opening of a bank account.

Is my investment in Panama safe?

Panama is democratically controlled stable country that is a strong US ally. Panama has long been one of the top three retirement destinations in the world. However, only recently, through the efforts of their new tourism minister Reuben Blades (former Hollywood actor) have they focused on the US tourist market. Property in Los Buzos is titled, not possession rights as in many areas of Latin America and is insured by CONASE, the only legal title insurer in Panama and reinsured by Land America Financial Group, a Fortune 500 US Company.

Panama is the third largest,  eclipsed only by Switzerland and Hong-Kong, international banking center - a clear indication of its world-wide reputation for stability and financial security.

What about property taxes and income taxes?

Currently these homes qualify for a 20 year property tax exemption. This exemption stays with the home once it is built even if the property is sold.

What are the closing costs for a typical transaction?

For a $250,000 purchase the costs will be approximately as follows:

-Legal Fees (corporation, transaction, and bank account): $3,500
-Title Insurance & Commitment (optional): $3,000
-Surveys, Recording & Misc. Taxes: $1,000
-First Year Corporate and Director Fees: $650

What about property insurance?

All of the coverage normally expected in the US is available, more competitive, and in my experience much simpler to obtain. Panama’s absence of natural disasters and favorable legal system are the driving force behind this circumstance. At 7 degrees latitude, Panama does not experience hurricanes, is not on an active earthquake fault, and does not have any active volcanoes. Additionally, Los Buzos homes, although only a few hundred feet from the Pacific, are constructed at an elevation of about 200 feet above sea level.

Typical Los Buzos policies are as follows:

-Homeowners Policy – Fire  (based on $150,000 coverage): $315
-Homeowners Policy - Contents (based on $ 20,000 coverage): $116
-Boat (based on$25,000 coverage): $1,000

Our broker speaks fluent English and handles all types of policies including home, auto, life and health.