Buying Property Overseas

Buying Property Overseas

http://robertgirga.com/RobertGirga/buying-property-overseas-panama/

• Buying property overseas can be a once in a
lifetime investment opportunity.


• And, buying property overseas can be an
absolute nightmare. Let’s start with defining
“overseas.”


• Overseas or offshore investments are really
just investments outside of your nation of
birth.


• There is both opportunity and risk in investing
offshore. Many investors seek to protect their
hard earned wealth by putting their money in
a jurisdiction that is a so called tax haven.


• In our article, Tell Me about Tax Havens, we
review some the benefits and risks of
investing or buying property overseas solely
based on perceived tax advantages.


• Whatever you might save in taxes by buying
property overseas in a tax haven you may
lose when the government collapses, a new
dictator decides to void all foreign ownership,


• or the new parliament forbids you from selling
your property, converting your profits into
Euros, dollars, or Yen and taking your profits
out of the country.


• With these thoughts, and more, in mind here
is a bit about buying property overseas in
Latin American, specifically Panama.


Panama: Business or Pleasure

• Let’s use Panama City, Panama as an
example. Panamanians refer to their capital
city simply as Panama.


• Panama is the oldest European settlement on
the Pacific Coast of the Americas, founded in
1519, the same year as St. Augustine,
Florida.


• Panama benefited from the fact that its
isthmus is only 50 miles wide.


• This allowed the Spanish Colonial Empire to
bring gold and silver minded in Peru up the
coast, carry it across the malaria and yellow
fever infested interior, and ship it to Spain.


• The original route, known as the way of the
crosses, can still be followed.


• However, the modern Panama Canal carries
five percent of all world shipping tonnage
across the Isthmus of Panama


• and one can take the expressway from the
Pacific coast at Panama to the city of Colon
on the Caribbean in less than an hour.


• For one interested in buying property
overseas. There are white and black sand
beaches on the Pacific and Caribbean coasts
of Panama and cool mountain hideaways in
the interior.


• Panama, the city, offers first world services
and Latin charm. Panama is a business
friendly place to invest, buy property


• , and do business if your interest is investing
in Latin America or gaining Panama
residency for retirement in the tropics.


• Panama of today is a world class destination
both for business and personal reasons.


• Residency is easy to gain in Panama.
Foreigners can own and run businesses.
English is spoken, especially by the
professional community.


• However, the odds are that your employees
in your new Panama based business will only
speak Spanish.


• That brings us to the question of just what is
the best way of buying property overseas in
Panama and what kind of property.


• The best route for many foreigners to invest
in Panama is to buy property, have it
managed, and collect rent checks.


• There are many opportunities along the new
Panama Metro Line I for new business
centers near the transit stops.


• Even in a thriving economy there are
business failures.


• Panama repossessed mortgages are a
profitable investment for those with a bit of
patience and ready investment capital.


What Not to Do When Buying
Property Overseas in Panama

• What not to do when buying property
overseas in Panama, trying to do business in
Panama, or just going out to have a good
time in Panama is get taken.


• A common place for foreigners to stay in
Panama is the Veneto Hotel.


• This Wyndham Grand Hotel is a watering
hole for lots of men looking for a girl and a
good time.


• It is also a hangout for lots of English
speaking lawyers and realtors, Panamanian
and otherwise.


• We should not have to tell any smart
businessman to avoid doing business off of
your native turf and in a bar in a strange
country but, we will.


• There are lots of good lawyers, realtors,
bankers, taxi drivers, etc. in Panama.


• Letting the first person with a promise of
property owned by his cousin who will let it go
for a song, sell you on something before you
have looked around is dumb.


• Up along the Pacific Coast in the town of
Coronado there is an expat get-together
every last Wednesday night of the month.


• Ask any of those folks who have lived in
Panama for years and they will say that
patience pays off.


• If you would like some info about where it is
safe to go it the city and where it might be
dangerous after hours,


• where there might be investment opportunity,
or where you might find a good lawyer
outside of the hotel bar, contact us at
www.RobertGirga.com.


• We will not offer to buy you a drink and we
don’t charge commissions for helping you
buy property in Panama.


• But, if you would like a bit of advice from time
to time, from English speaking expats, come
and talk to us.


• We know where the Veneto is too, but we
won’t force you to do business there, at least
after the first drink!


Buying Property Overseas

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Buying Property Overseas