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Below is are extensive answers to common questions
regarding investing and retiring in Panama. The information
provided is graciously done so by Paradise4Boomers.com,
a comprehensive online resource for navigating the legal and
economic advantages of the hottest tropical paradise retirement
spots in the Caribbean and Latin America.
Your future depends on the decisions you make today. Make the right decision:
contact Paradise4Boomers.com today.
Sit back, relax and leave us your worries; we will take care of the rest.
SECTION 4:
DEVELOPING REAL
ESTATE IN PANAMA
Click on a question below to jump to the answer:
Q: Is it possible for foreigners to enter the real
estate development business in Panama?
Q: If I buy a large plot of land, what are the procedures
to get residential lot development permits with the Panamanian
government?
Q: What is the time frame and cost to obtain permits
for developing residential lots in Panama?
Q: What are the costs for surveying property in Panama?
Q: What do environmental impact studies cost in Panama?
Q: Can you assist me investing, retiring or developing
in the Panama Real Estate market?
Q: Is it possible
for foreigners to enter the real estate development business
in Panama?
A: Absolutely. The Panamanian government welcomes
foreigners to develop real estate in Panama. Paradise4boomers.com’s
local team can assist you to easily enter the real estate development
business in Panama at any time.
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Q: If I buy a large plot of
land, what are the procedures to get residential lot development
permits with the Panamanian government?
A: The first step is
to get the property surveyed topographically by a Panamanian
licensed topographer / engineer. Second, you need a Panamanian-licensed
architect to design the master plan. Third, you need a Panamanian
engineer to prepare the construction drawings. Fourth, you
need a Panamanian-licensed environmental engineer to prepare
an environmental impact study. Fifth, you present the project
to and get it approved by the ANAM (Autoridad Nacional del
Ambiente), which is the equivalent of the Environmental Enforcement
Agency in the USA. Sixth, you present the project to the municipal
engineer to get the construction permits. Depending on the
project, there may be additional steps necessary in terms of
permitting. At Paradise4boomers.com, we have great experience
in dealing with the Panamanian government and we can assist
you in whatever you need to comply with the local procedures.
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Q:
What is the time frame and cost to obtain permits for developing
residential lots in Panama?
A: The time frame and cost depends
on the size of the project, and the region you are developing
in. Some projects can take years to obtain permits and cost
upwards of US $50,000, others can take as little as 3 months
and cost a few thousand dollars. It really depends on the specifics
of the project, where it is located, and the impact it will
have on the environment. Usually, once the environmental impact
studies are approved by ANAM, the other municipal permits are
relatively quick. Paradise4boomers.com has helped developers
with any type and size of project. You can count on us to help
you to minimize time frames and costs to obtain your permits
to develop in Panama.
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Q: What are the costs for surveying
property in Panama?
A: Currently, surveyors charge in the range
of $200 per lot or per hectare (2.4
acres per hectare) for regular linear surveys (outlining the
perimeter, size and borders of the property). Topographical
surveyors charge from $150 up to $500 per hectare, depending
on the location of the property, condition of the property,
and the specifics needed, (for example, if you want special
information included, such as identifying specific species
of trees, depth of rivers, etc.). It is important to hire a
surveyor that is reliable, and who will provide accurate data,
as well as computerized surveys (done using Autocad software).
That’s
why, at Paradise4boomers.com we use only well-qualified experts
to assist our clients with the survey of their property. Because
we believe, you are investing to make profits, not to lose
money.
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Q: What do environmental impact studies cost in Panama?
A: Environmental
impact studies could range from as little as $750 to $75,000,
depending on the size of the project, impact on the environment,
and depending on the environmental engineer you hire for the
job. For large developments with high environmental impact,
we recommend hiring a top quality environmental engineering
firm to handle the environmental impact study, as they have
the human resources and organization to prepare a study that
will get approved under harsh scrutiny and difficult circumstances.
For smaller, non-impacting projects, an individual environmental
engineer may suffice. However, please note that the environmental
impact study is detrimental to the permitting of the project,
and it is important to hire qualified engineers to prepare
this study. Otherwise, if the project is rejected by ANAM,
you may be forced to wait up to 2 years to re-present the project
for approval. At Paradise4boomers.com we have the right environmental
engineering firm to handle your study.
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Q: Can you assist me
investing, retiring or developing in the Panama Real Estate
market?
A: Yes. Paradise4boomers.com is here to help you step
by step, from A to Z. Whether it is for purchasing of the house
of your dreams, selling your property for a profit, buying
a luxury estate for investment, or developing a residential
or commercial project in Paradise, we focus carefully on your
personal objectives and we will provide you with an exceptional
personalized service.
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