Why Panama Real Estate

Whether you are buying a vacation home or retiring and relocating to a foreign country it is a major decision. It is vitally important to choose the right property and country and the one that will suit your individual lifestyle and needs. It should have the right climate, be easily accessible, have a stable economy and political system, friendly people and offer a wide range of recreational pursuits. For a growing number of people from around the world their country of choice is Panama.

"International Living" the renowned magazine and recognised expert for the promotion of US expatriate lifestyles recently rated Panama as the best place to live outside of the United States.

Quick Facts About Panama

• Full Name - Republic of Panama Capital City - Panama City
• Area - 78,200 sq km - 30,193 sq miles Population - 3,000,000
• Time Zone - GMT/UTC -5 Languages - Spanish (official) English (other)
• Religion - Roman Catholic (85%), Protestant (10%), Islamic and Jewish (1%)

Location
Bordered by Costa Rica and Columbia and with the Caribbean to the north and the Pacific to the South, Panama is home to the world famous Panama Canal. There are direct Copa Airlines flights from Orlando and Miami daily and regular connections from many US cities as well as regular services with American Airlines, Delta and Continental. Flight time is around 3 hours from Miami to Tocumen Airport, close to Panama City. There are also direct flights to Panama City from Europe.

Geography
Panama is between 50 and 120 miles wide and is bounded by 477 miles of Caribbean coastline and 767 miles of Pacific. Panama City is a thriving metropolitan city with a selection of historical and colonial settings and modern cosmopolitan areas. There is a wide selection of real estate options ranging from the coolness of the mountains, to beachfront, islands, and country living.

Panama Lifestyle
For those who like an outdoor lifestyle, Panama offers unlimited opportunities. Fishing, Golf, Bird Watching,Walking, Swimming, Surfing, White Water Rafting the choice is yours - and right on your doorstep.

Climate
The climate is Spring-like year round with temperatures typically hot in the lowlands (between 21°C and 32°C/70°F and 90°F) and cool in the mountains (between 10-18°C/60-70°F). Panama's is off the hurricane belt and has remained hurricane free.

Infrastructure
Panama City has a U.S. or European-like infrastructure with modern highways, countless glass high-rises, new suburban luxury housing developments, world class shopping malls, five star hotels and fine restaurants to enjoy.

Currency
Panama's currency is the Balboa which has the same value as the US$. US$ are widely used in Panama.

Social Mix
Thousands of international residents from the U.S., Asia, Europe and Latin America live in a country that has social and political stability. English is widely spoken and understood.

Culture
Panama is a mixture of U.S., European, Latin American and Caribbean cultures. It has a fair representation of Americans, Latins, Spaniards, Italians, Greeks, Jews, Hindus, Chinese, French, Germans, British and Caribbeans among others. This melting pot is reflected in ethnic cuisine restaurants, churches, schools, art, language and others.

Cost of Living
Prime beachfront property can be obtained at prices 50% or less lower than in comparable U.S. locations, and one can build at a fraction of the cost of a U.S. home. The average monthly cost of living, domestic and professional services, food and many other products and services are considerable lower than in many countries including the United States. A live-in maid can be hired for as little as US$200.00 a month. Apartments in Panama City can be found to rent starting at only US$350.00 a month. Attractive apartments with amazing views can for rented for between US$1000.00 to US$1500.00 a month.

Economy
Panama is a strong International Banking Center which has made possible the existence of a financial system with credit available at competitive rates. The economy is based primarily on a well-developed service sector which includes the Panama Canal, the Colon Free Trade Zone, insurance companies, container ports, flagship registry and tourism.

Full Title to Property
Panama has no restrictions on foreign property ownership and foreign investors are treated as locals. The Registry is reliable and recently the service of title insurance is being offered by leading U.S. companies.

System of Government
Panama is a Constitutional Republic and holds democratic elections every 5 years.

Health
Panama´s hospitals are on a par with U.S. or European facilities, at a fraction of the cost. Modern and reliable private medical services are available (A magnificent hospital in Punta Pacifica has recently opened and is associated with Johns Hopkins Hospital in the USA). According to current legislation covering health matters, the country offers health care facilities to all nationals and foreign visitors, independent of any reciprocal agreement with a particular country. International travelers are, however, advised to take out medical insurance.

Safety & Risk
Panama is considered safer than most countries in the region and areas in the United States with little serious crime. Natural disasters, earthquakes, floods, etc. are not common in Panama.