Why Panama?

Why Panama? The Republic of Panama may just prove to be the perfect place that you have been searching for to make your terrific real estate investment in a cash cow rental property… that very special second home for you and yours, or your secret place for wiling away your retirement days. But, why should you really seriously consider Panama? First, please allow me to start with the "NO" Reasons – No snow, no sleet, no ice (unless it's in your margarita glass), no cold weather – not ever. Sure Panama's mountains have year round spring-like weather and maybe it is even cool, at times, in the mountains of Panama – BUT NEVER, NEVER EVER COLD. What a concept! No hurricanes! To the best of my knowledge a serious hurricane has never struck the Isthmus of Panama. Many, not all but many, serious hurricanes initially form off the coast of Africa and gain strength as they cross the Atlantic Ocean. I know a lot about hurricanes because I have hunkered down and rode out a number of them in Florida – Frances, Jeanne & Wilma just to mention a few that immediately come to mind. When you take a look a world map you will see that Panama is ideally positioned so as to NOT be in the path of any serious hurricanes. No earthquakes, well maybe I can't say there are never earthquakes, but the last recorded earthquake in Panama City was in 1882. One of the reasons Panama was selected as the location for digging the Panama Canal was because this area is definitely NOT hurricane prone. No real estate taxes! On December 22, 2007 the Prensa newspaper reported that the Panama real estate tax exoneration was extended. The Consejo de Gabinette has approved an extension of the 20 year property tax exemption for apartments and houses whose building permits are issued before December 31, 2009. Sweet!!! How would you like to pay NO property taxes for 20 years? Start packing your bags and come to Panama! No Panama taxes on any foreign source income, capital gains and/or any of your interest income. No Military. After the United States Military extracted Senor Noriega from Panama in 1989, Panama abolished its military. When you visit Panama I am sure that you will notice a number of uniformed hombres who are dressed a lot like soldiers, (they look just like soldiers to me) but technically they are part of the police force. It is my understanding that one of the main objectives of Panama's police force is to not only protect the people but make certain that the good guys stay in power in this democracy. But enough with all this negativity & the NO's – Please allow me to share with you some yes statements… not necessarily in the order of importance: Yes, Panama currency is the US Dollar. If you are an American it will sure seem strange when you hear a Panamanian refer to the currency as a Balboa, but the faces on the bills are of Washington, Lincoln & Jackson. When you visit Panama you should try to only bring US currency of $20.00 bills or less. It is difficult to cash any bill of more than a $20.00, because the Panamanians will suspect the bill is counterfeit… and don't even think about trying to use travelers checks – no way! Since Panama's money is the US Dollar, if you are an American, you do not have to worry about any exchange gains or losses. Yes, there is a real estate mega boom going on right now in Panama. I've been involved in the real estate industry for a whole lot of years – How about 38 years to be exact – Ouch! It is amazing that I don't look any older! I have never seen anything at all like what is going on right now in Panama… & I believe this is because there has never, never ever been anything comparable to what is going on right now in Panama… anywhere else in the world has anytime ever. Wow! Don't wait until it is too late for you, and you miss out and then have to say coulda, woulda, shoulda! Yes, the cost of living is much, much less here than it is in North America or Europe. In the grocery stores, which believe or not are very similar to what you're like it to find in the United States – the prices are such that I believe you will save about 50 cents on the dollar. Yes, Panama's a beautiful country, but you need to know where to go. I have read somewhere that in Costa Rica you'll see 20 tourists watching 1 bird, but in Panama you're most likely to witness 1 tourist observing 20 birds. And when it comes to birds, there is no other bird like Panama's resplendent quetzal? Come see this bird! Yes, North American and Europeans are more than welcome in Panama. The people of Panama are not in awe of foreigners, most likely because of the construction and maintenance of Panama Canal which brought hundreds of thousands of different nationalities to Panama. And, also tens of thousands of United States citizens have been in Panama for more than one hundred years. It is estimated that about 19,000 US Citizens now live in Panama. I believe that Panama is very much "Americanized". Some Panamanians play baseball instead of soccer and many of the Nort American franchises are here in Panama. Yes, health care here in Panama is first rate. Panama City's Hospital Punta Pacifica is affiliated with the prestigious John Hopkins Medicine International. For more information go to www.hospitalpuntapacifica.com. Yes, you can create a Panamanian foundation to shelter and protect your Assets. Yes, if you want to retire, Panama certainly wants you. To be a Pensionado (retiree) you only need to be at least 18 years of age and be able to document monthly income of $500.00 per month or $600.00 if you have a dependent. As a Pensionado, by law, repeat by law, you will receive discounts on just about everything: 50% discount on recreation, movies, hotel stays & sporting events 30% discount on public transportation 25% discount on domestic airline flights, most restaurants bills, electric, telephone & water bills 20% discount on doctor's visits – also much cheaper in the 1st place 15% discount on dental work 10% discount on prescription drugs Are you traveling to Panama soon? If you are a United States citizen you must have a visa when you enter Panama. This visa form costs you $5.00 and you can receive your visa from the airline you use to fly to Panama or pick one up at the Tocumen airport before you clear thru immigration. This visa allows you to stay in Panama for ninety (90) days.   Other ways for you to legally remain in Panama include: Self-Economic Solvency Visa Immediate Passport Program Business Investor Visa Reforestation Visa   The Top 11 Things To Do When You are in Panama City, Panama Panama Canal – A partial transit of the Canal is an excellent way to experience the 8th wonder of the world. There are tours that take you by boat departing from the Amador Causeway and sailing under the Bridge of the Americas and the newer Centennial Bridge. You also will transit through the Miraflores Locks. The partial transit of the Panama Canal ends at the Gamboa Rain Forest Resort, and then you will be returned by bus to the Amador Causeway. Amador Causewaywas created with the massive amount of dirt that was removed during the building of the Panama Canal. The Amador Causeway is located in the Bay of Panama and it links 4 islands. This is a great place to stroll, jog, bike or enjoy one of the many fine restaurants with wonderful views of the Panama City Skyline and the large ocean faring vessels waiting for their turn to transit the Canal. Panama Viejo – This is the original site of the City of Panama. You can take a self guided walking tour through the ruins of Panama Viejo. The signage is in English and Spanish. The Panama Viejo area was initially settled in the year on 1519 – almost 500 years ago! In 1671 an English pirate named Sir Henry Morgan totally destroyed the city – only these ruins remain and the City of Panama was then relocated to the area that is now known as San Felipe or Casco Viejo. When you visit the Panama Viejo area you will observe that not too far away, in Costa Del Este, skyscrapers of more than 50 stories are now under construction. What a striking contrast of the old and the new! Casco Viejo – The architecture is incredible – similar to the French quarter in New Orleans, Louisiana. Take another walking tour through the balconied, narrow streets with buildings mixed with Spanish and French heritage from days gone by. Don't miss visiting the Panama Canal Museum which is located in Cathedral Plaza, Las Bovedas, but most of the exhibits are only in Spanish. Gamboa Rainforest Resort is not too far away from Panama City. When you visit the Gamboa Rainforest Resort make sure that you take the boat tour to Monkey Island. Actually what is now known as Monkey Island was once really a mountain top. When digging the Panama Canal the Americans created the man made lake known as Gatun. When this area was flooded, the mountain tops became islands in Gatun Lake. This boat tour is only about an hour long and it takes you out into the Panama Canal. During your boat trip you will just about be guaranteed to witness large container ships transiting the Canal, crocodiles resting on the shores, and an assortment of feathered friends flying in the sky. Oh yea, when you arrive at Monkey Island don't be surprised if the monkeys want to jump in to your boat! Taboga Island is known as the flower island. You can take a ferry from the Amador Causeway to Taboga Island for only $10.00 round trip. When on Taboga Island you can just relax and enjoy the views, swim at one of the beaches or hike the trails. The best way for me to describe Taboga Island is that there really isn't much to do on Taboga Island, but, if you want, you can take as long as you want to do it – nothing. For more information, when in Panama call 314-1730. Watch a folklore show with colorful typical costumes and traditional dances. Shows are offered by the Tinajas Restaurant, the Al Tambor de la Alegria Restaurant on the Amador Causeway and Mi Pueblito. When you are feeling lucky visit the Las Vegas style casinos which are located in different hotels and shopping centers scattered throughout the city of Panama. Speaking of shopping centers – I am certain that you will find that the Multiplaza Pacific Mall, Multicentro Mall and Albrook Mall will rival any of the malls that you are familiar with in the United States and Canada, but you will also find that the prices here in Panama are usually much, much less. Another shopping area that you will want to visit for great deals is Los Pueblos which is located at the edge of the city, not too far away from the Tocumen Airport. Los Pueblos is a massive shopping complex which is known as a bargain hunter's paradise, thanks to a wide selection of discount stores with household goods, clothing and other items with prices so low you will not be able to say NO! Fine Restaurants – Sample a different restaurant each & every night. Some Panama restaurant critics have rated EURASIA, MADAME CHANG and ANGEL as the very best. ANGEL happens to be located on the ever popular Via Argentina and this street is lined with many other small cafes and bars – so you may want to stroll along Via Argentina again and again. For more casual dining try CREPES AND WAFFLES located in the Marbella district or any of the restaurant locations in the TAMBURELLI Restaurant chain. It really is not possible to only list 11 things to do in Panama City. You may also want to visit the Miraflores Locks to watch the gigantic cargo ships transit the Canal. Watch the horse races at President Remon Race Track. Take a day trip to El Valle, the San Blas Islands or Contadora Island. Take a leisurely walk in Parque Omar (Panama's version of Central Park in New York City) or Metropolitan Park which is a Rainforest within the city limits.

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Nancy E. Griffin
Kinlin Grover GMAC Real Estate
Certified International Property Specialist
193 Cranberry Highway
Orleans, Cape Cod, MA 02653
ABR, FIABCI, CIPS, TNR
508.632-0576 fax
508.726.7914 cell