Looking forward to the move!

I have a contact on another forum who only purchases property through the government of Panama.  It takes longer but it's legit.  Much of the property sold here in Panama to expats is not legal and there are stories that swirl on other forums where people have been cheated out of money.

Have you seen how much property there is for sale in the areas you are coming to investigate? 

I have to ask.  Why would you buy property in a foreign country you have never been too?  How do you know you are going to like it here?  The reality of life in Panama is vastly different from the propaganda spewing forth from the relocation experts. Which is why there is so much real estate for sale here.

If you want the name of the guy who only buys from the governement let me know.  You can contact him directly to discuss what he has learned in his dealings with Panama.

Thanks for replying to my post. I have been researching Panama for a very long time and although not fluent, I speak some degree of spanish and I am hoping that will improve. The main reason for relocating is the weather, although the benefits of the pensionado lifestyle is intriguing as well. Yes, please send to me your friends name and contact, my email is dwarfe9@yahoo.com. Thanks!

I understand the allure of living here, but the reality is very different.

The cost of the pensionado visa is also upwards of $1000 a person.  Then you have to pay for the Panamanian attorney to do the work.  That's another $1000.  Air Panama (who no longer gives the discount on a temp visa, only a permanent visa) will be the largest discount given.

I have forwarded your email address to Ray.  I don't know if he has time to email you or not so let me know if you don't hear from him.

I'm in David, but I imagine it's similar in other parts of Panama, especially parts popular with expats. "Snowbirds" (can you tell I'm from FL?) come down in the winter months and all the rentals get snapped up. When the weather up north gets warmer, they all leave and then there are plenty of properties on the market (including maybe yours??) I wouldn't want to rent a property for all the rainy months and then have to get out in the dry season just because the owner wants to use it.

Also, no one recommends buying any property here until you have lived here for a while, at least months of not a year or more. Why not make arrangements to rent a place, at least for the first winter or two? After that, you will have a much better idea if this is for you. Being a tourist is great but it's not like being a resident, discovering that what you really need to be happy on a day to day basis is or isn't nearby.

Do not believe all the hype of agents trying to sell you property here. They will tell you whatever it takes to make the deal. This is not paradise. It is real life, warts and all. Yes it is a wonderful place, IMO, but many others have moved too quickly and regretted it. It doesn't work for everybody.

Then there is the whole issues of buying property in a foreign country, and specifically in this country. I don't know enough to speak intelligently but I've heard enough stories about people getting ripped off, things tangled in endless red tape, dealing with a government and banking system that may do things differently than we are used to, etc. And, it's all in a language you have only "some degree" of proficiency in.

I know I sound awful, the voice of doom and gloom. I love this country, I really do! I'd hate to see you get burned and not be able to enjoy all the good things of Panama because it turned out to be different than you expected, and you bought something without proper preparation and knowledge of exactly what you are getting into.

Kris

dwarfe wrote:

Hi,
I am visiting Panama for my first time in February of this year. I am taking a look at Panama City to relocate to. I am also interested in the Coronado, & Gorgona area, as they would be less than a hour's drive to the city. I plan to visit these communities this trip with the thought of purchasing a condo unit in the near future with my 401K self direct IRA, at least the downpayment. Has anyone gone through this process and if so, what are my obstacles? I have contacted HSBC in Panama for any information they might give me to qualify for a mortgage there. I am waiting on their response. I chose HSBC because I bank with them here in the US, New York. I would like to purchase in an area that I can rent easily. I do not plan to permamently stay in Panama, just the winter/spring months. I would return to New York, June thru December, and rent my unit until I return each year. So advice on desireable areas would be appreciated.