A Beautiful Mountain Community in Panama
How to buy a property in Altos
Here's a great article by Honey Lantham on how to go about buying a property in ADM. (reposted by permission)
-----------------------------------
First contact the sales office for Altos del Maria. All of their international sales people are easy to work with, and they all speak English. If you are staying in Panama City, they will pick you up at your hotel and drive you out here. Anyone in the world is welcome to buy property in Panama. You need no special permits or visas to be a land owner here.
If you decide to buy a new lot from Altos, just bring your checkbook or Visa and a passport. They will ask for money down, and they can take a check. A check from the states takes 3 weeks to clear in Panama but they are used to that. And, if you buy from Altos, you really do not need a lawyer. They will handle all the paperwork, and you can be certain that the title is clear.
However, if you do buy, you should consider having a corporation or foundation to put the lot into. You will have time to do that before the sale is completed. For that, you will need a lawyer. It should cost about $1000. The benefit of a corporation or foundation is that your property will be protected from the evils of Panamanian probate. Even if you have a will, property owned by an individual goes through probate here. A corporation or foundation never dies and therefore never goes through probate.
Altos has sold over 1100 lots so far--and over 100 of those are now up for re-sale. Most of the re-sales are in the older and more populated areas. If you would like to see some of those, contact me off-line for more information at 6671-6449 or honey@laestanciadelencanto.com. If you buy a re-sale lot, you will need a lawyer. But your checkbook will still work with individuals here.
If you plan to move here soon, you may want to open a bank account in Panama. For that, you will need 2 bank references from 2 different banks. You will also need 2 local references from Panama. The bank references do not need to include anything specific such as your account numbers or banking history. They simply need to say that you have an account there, and be signed on bank stationery--not a fax or email. So, you might want to have those just in case. Most banks ask for a few hundred dollars to open an account. Again, bring your checkbook. And, be ready to fill out lots of forms. Many banks have personnel who speak English and can walk you through that process. You do not have to pay a lawyer to open a bank account although many are happy to do it for a fee.
If you want to get a residence visa for Panama, you will also need a lawyer. The easiest and most popular is the Pensionado Visa designed for people who have some sort of pension income and plan to live here most of the time. However, it has some flexibility and there are other types of residence visas as well--some even lead to citizenship if that is of interest to you. However, visas require a lot of specific paperwork such as birth certificates, pension records, etc. Depending upon the type of visa you choose, you will need different documents. And that is a whole new subject of inquiry.
Honey
-----------------------------------
First contact the sales office for Altos del Maria. All of their international sales people are easy to work with, and they all speak English. If you are staying in Panama City, they will pick you up at your hotel and drive you out here. Anyone in the world is welcome to buy property in Panama. You need no special permits or visas to be a land owner here.
If you decide to buy a new lot from Altos, just bring your checkbook or Visa and a passport. They will ask for money down, and they can take a check. A check from the states takes 3 weeks to clear in Panama but they are used to that. And, if you buy from Altos, you really do not need a lawyer. They will handle all the paperwork, and you can be certain that the title is clear.
However, if you do buy, you should consider having a corporation or foundation to put the lot into. You will have time to do that before the sale is completed. For that, you will need a lawyer. It should cost about $1000. The benefit of a corporation or foundation is that your property will be protected from the evils of Panamanian probate. Even if you have a will, property owned by an individual goes through probate here. A corporation or foundation never dies and therefore never goes through probate.
Altos has sold over 1100 lots so far--and over 100 of those are now up for re-sale. Most of the re-sales are in the older and more populated areas. If you would like to see some of those, contact me off-line for more information at 6671-6449 or honey@laestanciadelencanto.com. If you buy a re-sale lot, you will need a lawyer. But your checkbook will still work with individuals here.
If you plan to move here soon, you may want to open a bank account in Panama. For that, you will need 2 bank references from 2 different banks. You will also need 2 local references from Panama. The bank references do not need to include anything specific such as your account numbers or banking history. They simply need to say that you have an account there, and be signed on bank stationery--not a fax or email. So, you might want to have those just in case. Most banks ask for a few hundred dollars to open an account. Again, bring your checkbook. And, be ready to fill out lots of forms. Many banks have personnel who speak English and can walk you through that process. You do not have to pay a lawyer to open a bank account although many are happy to do it for a fee.
If you want to get a residence visa for Panama, you will also need a lawyer. The easiest and most popular is the Pensionado Visa designed for people who have some sort of pension income and plan to live here most of the time. However, it has some flexibility and there are other types of residence visas as well--some even lead to citizenship if that is of interest to you. However, visas require a lot of specific paperwork such as birth certificates, pension records, etc. Depending upon the type of visa you choose, you will need different documents. And that is a whole new subject of inquiry.
Honey
Replies to This Discussion
-
Permalink Reply by bill murphy on -
How do you go about selling }Finding a Buyer" for property in Altos? Will the Altos Company office help me Sell my property? are there people that specialize in selling in Altos, I own lot 11 in Laurel area its 2,813 M2 & A Corner lot with surronded with community Green space that makes it appear even larger & there is a small year round stream in the rear. I would appreciate talking to anyone about marketing or sales of this land,,,Regards, bill murphy, Panama City 264 2497 wjm6350@hotmail.com
-
Permalink Reply by Sylvain Duford on -
Hi Bill. The ADM office will not help you sell your lot, but there are a couple of folks who specialize in reselling them.
I recommend Honey Lantham, the author of the article above. 6671-6449 or honey@laestanciadelencanto.com
About
Links
Sponsors
Badge
© 2009 Created by Sylvain Duford on Ning. Create Your Own Social Network
