Housing in Panama

Housing in Panama ranges from stylish high-rise condominiums to townhouses and golf villas. Before purchasing property it is important to determine where you want to live, if you want to live in the city close to hospitals, shops, social life, night entertainment, etc. or if you would rather retire on the beach, enjoying a peaceful and private life or in the mountains with fresh air and coffee plantations. 

Best places to live

Albrook

This neighborhood is one of the prettiest in Panama City.  The houses are very spacious with beautiful gardens.  Most of the neighborhood consists of single family homes and a couple of Apartment complexes.  The neighborhood of Albrook has shopping plazas with banks, grocery stores, video stores, fast food restaurants and pharmacies, also the neighborhood is located only 5 minutes from the Albrook Mall, where you can find just about anything!  Albrook was part of the Panama Canal Zone and the electric wiring and landscape is set up American Style.  There are lots of parks for the children to play and the area is suitable for running or walking.  The Marcos A. Gelabert airport is located here and this is where domestic flights to Bocas del Toro, David, San Blas, Contadora Island, etc. take place. See properties available in this area.

Clayton

Another beautiful place in Panama City.  The truth is that Clayton is located only 20 minutes from downtown Panama City but has more natural beauty than any of the other neighborhoods in Panama City.  Here you can still see toucans, monkeys, iguanas, coatis, and sometimes row deer at around 5.00 a.m. The neighborhood has lots of paths and sports installations, a pool, several small restaurants, and is located 5 minutes from the Miraflores Locks, you can actually see the canal from here!  Actually, a new Holiday Inn just opened here at the City of Knowledge (International complex for education, research, and innovation located in Clayton). This is one of the best places to live in the city and purchasing real estate in Clayton represents an excellent investment, especially if you consider the expansion of the Panama Canal. See properties available in this area.

Coronado

The beautiful gated beach community of Coronado is located one hour from Panama City and offers an 18 hole Golf course, Equestrian Club, Beach Club, Spa and much more! Here you can find apartments and houses for sale.  See properties available in this area.  

Tucan Country Club & Resort

This is a 180-acre gated golf community located 15 minutes from Panama City and surrounded by rainforest and the Panama Canal.  Here you will find world-class golf, tennis, swimming, a full-service spa, gym, restaurants, plus meeting and activity rooms. If you enjoy golf and you don’t want to be far from the city then this is your place!  Tucan offers luxury villas, townhomes and terrace condominiums. See properties available in this area.  

Boquete

Boquete is located only 30 minutes from David in the Province of Chiriquí, in the most mountainous region of the country at 3,600 ft high.  The town is located between the Caldera River and the Baru Volcano.  Here you will find a growing community of expats.  The weather is nice and cool all year round and the soil is rich in minerals and perfect for agriculture.  The best coffee in the county comes from this area.  There are plenty of outdoor activities to enjoy in Boquete!  We recommend visiting the Barú Volcano National Park, to go river rafting, hike along the Quetzales Trail, visit Mi Jardin es su Jardin (beautiful gardens!), horseback riding or simply go for a walk around town.  The other nice thing about Boquete is that there are lots of interesting places to visit near by, like David, Cerro Punta, Volcan, the Costa Rican border and of course Bocas del Toro, ensuring that you will have plenty of activities to engage in. See properties available in this area.

*Please let us know what are your expectations and necessities, we will do our best to help you find the property of your dreams*

Property Taxes

Property Tax - This tax is regulated by Article 766. The maximum annual percentage of assessment is 2.10% over the value of the land (land value under US$20,000.00 is exempt). The property tax is also levied on the declared value of improvements built on the land. The owners must pay according to the official assessment value (which is usually the declared - commercial - value on the last purchase Deed).

Transfer Tax on Real Property - All sellers are obligated to pay, at the moment of a transfer of a real property, the transfer tax. The seller has 2 options:

  1. Pay 2% of the declared commercial sale price, which is understood to be an advance payment on capital gains.
  2. 5% tax of the assessed value, which is established by adding a 10% increase per annum, on the purchase value, starting the year that the seller purchased the real estate (this alternative includes payment of the capital gain tax).

Capital Gain Tax - This tax is applicable if the alternative of 2% for Transfer Tax is used for the transfer of real property and if there is a capital gain. This tax is also regulated by Article 699 and for corporations acting as sellers, a 30% flat tax payment on the profit will be applicable, notwithstanding, if shareholders are foreigners. Another percentage will be applicable if the seller is a physical person. If there is no capital gain on the transfer of a property, the 2% transfer tax, paid in advance for the sale and understood as a credit for the seller, will be lost.

Inheritance Tax - This tax was eliminated in 1985.

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