Buying property in a foreign country can be an exciting and rewarding experience, especially in Panama. Our country, with its thriving economy and beautiful landscapes, has become an attractive destination for investors and those looking to acquire property abroad, particularly in areas such as Boquete in Chiriquí, Panama City, and the beach areas in Veraguas.
However, before embarking on this adventure, it is crucial to understand the legal requirements for foreigners wishing to purchase properties in Panama. Additionally, there are some important precautions that prospective buyers should consider before signing a contract and making the payment.
In general terms, it is completely legal and possible for foreigners to purchase property in their own name, regardless of whether they live in the country, were born here, or are foreign nationals. There are no special requirements. However, there may be conditions that are important to be aware of.
Furthermore, the only limitation for a foreigner buying real estate is that they cannot own properties within 10 kilometers of Panama’s borders or coastlines.
Precisely for these reasons, our first recommendation for anyone wishing to buy properties in Panama or establish themselves here permanently or temporarily is to seek a lawyer and/or a real estate broker.
In that sense, at Candanedo Correa, we provide guidance to our foreign clients throughout the real estate investment process to prevent scams or inconveniences. Therefore, we also want to share some suggestions.
If you require legal assistance because you are considering purchasing a property in Panama, please contact us. This type of transaction should not be left in the hands of just anyone. Avoid future problems by relying on the best legal advice.