I’m not sure if it’s just 2020 or if I’m permanently into wanting to make things really simple. If I can purchase a gift or dinner with a one-stop solution, I’m going to do it. Remember when we thought we all had to go into the office? Every morning we’d put on “professional” clothes and pour into elevators that took us to cubicles and offices. Well, that was 2019.
Today, we may or may not change out of our pajamas and our commute is from the bedroom to the kitchen table. CNN reported pajama sales were up 143% and pant sales have fallen through the floor. Will we ever go back to the routine of getting the kids into the car, a coffee on the way, and the need to ask the office-mate who really irritates you about her weekend?
Post pandemic trends are beginning to emerge in Panama including making things easier for foreign nationals to enter Panama, set up businesses, and enjoy robust initiatives encouraging foreign investment. Panama has always had one of the best pensionado programs in the world and now things are being made even easier for ex-pats.
A few years ago the Panamanian government established a law that required foreign nationals to hire a Panamanian lawyer to process all the paperwork for becoming a resident. Before that people tried to do it themselves, frustrating federal workers and applicants alike so the law was good but it cost on average about $5,000.
A Fast Track Permanent Residency Program
After the pandemic, to stimulate foreign investment and make it more attractive for individuals to move to, invest in, build a business or retire in Panama, the government passed a law that said obtaining permanent residency should be easily obtained by investing in the country.
One of the most popular programs offered during this remarkable time has been gaining permanent residency in as little as 30 days with an investment of $300,000 in Panamanian real estate. There are other fast-track residency programs including investing $750,000 in the Panamanian stock market or simply depositing $500,000 in a Panamanian bank. The sweet spot for many has been moving ahead on buying real estate, oftentimes something individuals had been considering for several years.
Perfectly Priced Residences
There are one- and two-bedroom residences in the upscale tower of Casa Bonita, located just over the Bridge of Americas in Veracruz, which are priced around $300,000. If you have ever considered diversifying your financial portfolio to include foreign real estate, now is the time! https://www.lizlarroquette.com/casa-bonita-property/
Why now? There are several reasons including:
- Panama has emerged from the pandemic with the strongest economy in Latin America. This week the Panama Canal contributed $1.824 million of a surplus of funds to the National Treasury. That covered the fiscal period from October 1, 2019, to September 30, 2020, which was much of the pandemic shutdown.
- The Panamanian government has continued offering tax abatements on real estate including property in the exclusive 52-story residential tower of Matisse. Those units are just under 4,000 square feet and are located in the heart of Costa del Este. https://www.lizlarroquette.com/matisse-property/
- Developer financing is available on most other real estates such as the absolute beachfront residences of Royal Palm https://www.lizlarroquette.com/royal-palm-property/ and Casa Bianca, https://www.lizlarroquette.com/casa-bianca-property/ a unique living concept in Costa del Este.
- Closeout pricing exists on some remaining residences in ready-to-deliver buildings such as La Vista on the Green. Property owners there have the opportunity for membership in the exclusive Santa Maria Golf and Country Club. https://www.lizlarroquette.com/lavista-on-the-green/
All of these options for investing in Panama are exciting and unusual. The pandemic has permanently changed the way we live. Maybe a bit slower? More simple? Less “working for the man” and doing something more fulfilling? I think it’s all good!
What’s happening in Panama?
While these are great opportunities, it is certainly important to invest in a country that is stable and poised for strong economic growth. On Thursday, December 17th, a principal of Empresas Bern, Jose Manuel Bern, will conduct a webinar covering the current state of Panama’s economy. I don’t want to steal his thunder, but I will say the credit rating giant, Standard & Poor, is projecting growth for Panama next year at 7.7%. Maybe it’s acceptable to mention the tourism possibilities in 2021? New cruise piers and a huge convention center on the Amador Causeway? It’s going to be a great webinar!
Did you see the new Copa Airlines safety demonstration? Don’t laugh–you will absolutely love it and it’s different than anything else that taught you how to buckle your safety belt or put your mask on before helping others. Take a look! https://youtu.be/K4tUk3353Gg Seriously, you will be amazed.
To join the free webinar just go to https://event.webinarjam.com/register/52/lpllyim1
I absolutely love hearing from you. If you’d like to discuss the various projects on offer during this amazing time, just contact me via your preferred communication method. Telephone? Email? WhatsApp? Structuring a perfect real estate package for individuals is one of my favorite things! I look forward to hearing from you. Please check out my website for more information. https://www.lizlarroquette.com/