Panama opened its doors for international travelers on October 12th and it’s been wonderful to see visitors and business executives traveling through Tocumen International Airport. As the country that connects North and South America, opening air travel was essential to restart the global economy. It’s been an exciting time watching the reappearance of tail flags such as KLM, Delta, United, Air France and Air Canada.
Panama continues to appear on all types of “positive” lists. Recently, the American newspaper, USAToday, touted the country by saying, “From jungles to beaches, skyscrapers to colonial villages, the Atlantic to the Pacific, Panama never ceases to impress.” Here is the link:: https://www.10best.com/interests/explore/see-panama-virtual-tour/ so you can read the whole article.
Yes, An Airline Safety Video!
However, if you find that article a glowing tribute to Panama, wait until you see the Copa Airlines, in-flight safety video. Yes, the safety video–you know the one you glaze over when they start telling you how to lock a seatbelt!! You won’t glaze over on this absolutely brilliant video which is both functional and a teaching moment about who and what Panama really is! Take a look: https://www.youtube.com/watch?v=Tn5oRusJ1UY! Take note the English does kick in a little late.
Tourism has generally been difficult for Panama to market, in part, because it’s hard to speak with one voice to so many different audiences while offering a wide variety of options. In Panama, you have world-class fishing destinations that attract US Presidents and set more world records than anywhere else on the globe. You also have family jungle itineraries enjoyed by the likes of Angelia Jolie and her six children. She commented when leaving Panama, “It is an extraordinary place with such lovely people…We hope to be back very soon.” There are all-inclusive vacations on white sandy beaches, a vibrant sophisticated city, more bird varieties than found in the US and Canada combined, surfing and yoga camps, volcano hiking and over-the-water accommodations in the Caribbean.
The Panama pensionado program is considered the gold standard globally for retirees. Discounts on everything from medical care and utilities to air travel and restaurants are routinely enjoyed by expats. It is a rare Best Places To Retire list that does not include Panama.
Real Estate in Panama as Reported By The New York Times
Last week The New York Times published an extensive article about buying real estate in Panama noting: “Thanks to its agreeable climate, affordable housing, health care, and use of the U.S. dollar, Panama has emerged as a favorite destination for foreign buyers, particularly American retirees.”
The article went on to say work habits have changed the way individuals feel about where they can make a living since many have been working at home through the pandemic. Working remotely makes Panama very attractive since there is no double taxation and the real estate is generally lower than in North America for high-end and beach-facing properties. The internet in Panama is ranked as a top 50 provider on the globe so it’s fast and reliable.
Regardless Of The US Political Scene
One realtor quoted in the Times article said she had clients “who hate Biden and others that hate Trump” but that a surprising outcome of the political turmoil in the US is, “this year, I’ve seen a huge uptick of young families unhappy with where the U.S. is going right now.”
Additionally, a visa program was established on Oct. 15 allowing foreigners who invest at least $500,000 in real estate to obtain permanent residency. To retain the resident status, the investment must be kept for at least five years providing options for individuals interested in alternatives, but gaining residency has certainly been “fast-tracked”!
While the New York Times said the real estate market has held steady during the pandemic, there has also been a huge surge in individuals interested in high-rise residences and upper-end homes that allow for both office and home areas. Beach properties in Panama have sold rapidly including many Panamanians who want to take local vacations. Renting beach properties has become even more popular.
Amazing Real Estate Deals
It’s difficult to list all the options now being provided to individuals interested in moving to or investing in Panama, but some include:
- Rent-to-own with all of the first year’s rent going to the down payment if purchased and 75% and 60% respectively in the second and third years.
- Owner financing as low as less than one percent on some properties depending on down payments. Other financing is available at 4% or lower and to a wider array of properties.
- Close-out pricing on properties such as Coronado Golf and Coronado Bay with financing packages.
- Senior Independent Living residences including healthcare insurance, dining options and 24/7 monitoring.
- Pre-construction pricing on high-end residences in Costa del Este aimed at multinational business executives.
- Smaller residences with co-working areas, conference rooms with technical and administrative assistance.
- Condotels within walking distance to the new Johns Hopkins Hospital catering to trailing families and patients seeking affordable and advanced medical care.
- Casa Bonita, located overlooking the Panama Canal and sharing amenities with the five-star Westin Resort and only 15 minutes from the city center is rapidly closing out the few existing apartments with special pricing.
Finding what is right for every individual is something not as hard as it may seem with so many options. For more details about Panama and what it offers please visit my new website Boldly Panama! https://www.boldlypanama.com/
Panama is open for business and is emerging from this global pandemic as the country with the best economy in Latin America. Properties have retained their value, tourism is on the verge of exploding and multinational companies are moving in every day. I’d love for you to visit my real estate website: https://www.lizlarroquette.com/ to see more details on what is on offer or reach out to me via your favorite form of communication. Let’s make some magic happen as we capitalize on all the good aspects and changes as a result of the pandemic. Come on down, the weather–and water–is perfect![/cl_text][/cl_column][/cl_row]