Tax exemption opens up Panama's property market
Tax exemption opens up Panama's property market
Panama's decision to extend its 20 year property tax exemption to cover foreign investors is set to boost the investment appeal of the country, according to property specialists Propertyshowrooms.com.
The move, announced by Panama’s Housing Minister, Balbina Herrera, will exempt all property purchasers, who have a building permit issued prior to 31st December 2009, from paying tax on property transactions made in the
Central American country until 2030.
President of the Panamanian Real Estate Association José Boyd received the announcement with enthusiasm, saying that "what this does for the industry is fantastic", before going on to explain that the law would not just apply to new buildings but would also cover existing structures. Boyd concluded that the country is now "a happening and serious location" for international property investors.
Propertyshowrooms.com analyst Sara Romera points out the benefits of investing in Panama: “Panama City centre property performs immaculately in the investment scale – property appreciates well [and] income returns are apparent.”
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11 June 2008
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