Advantages of Retirement in Panama

If you're thinking of retirement or a second home in a safe, beautiful, inexpensive place with a modern infrastructure, Panama is the smart choice.Indeed, Panama is ready-made for Americans with a USA style infrastructure, the by-product of the 90 year American presence in the Isthmus. The nearly 50,000 Americans who had to leave when Panama took over the Panama Canal in 1999 call Panama their "Paradise Lost." The majority are unhappy living in the United States- that should tell you something.

What Panama Has to Offer the Retiree:

• Panama has a near perfect climate.
• Panama has the best retiree incentive program in the world.
• Panama has medical facilities on a par with the United States.
• Panama is close to the United States with direct flights to Panama from 7 major US cities.
• Retirement visa requirements are minimal.
• Foreigners can buy and own property in Panama enjoying the same rights and protections as Panamanians
• Panama is an extraordinarily beautiful country with a wide variety of residential venues including mountain, beach and city communities.
• Panama City is a modern capital city with high-speed internet, first rate hotels and restaurants and shopping almost on a par with the US.
• Panama has a reliable communications and road infrastructure due in part to the 90 year American presence in Panama.
• Panama’s cost of living is a fraction of the United States.
• Panama's currency is the US dollar.
  

Derecho Posesorio in Panama. What does it mean?

The term Derecho Posesorio simply means, right of possession. Derecho Posesorio is a type of land reform which came to be in the 1960´s under the direction of General Omar Torrijos, the father of Panama´s current President, Martin Torrijos.

The original purpose of the derecho posesorio land reforms was to give poor farmer´s who worked land, but did not have title, some sort of legal right to the land that they farmed. The main difference between having title and having derecho posesorio is that with title one has a registered deed in the public registry thus eliminating any questions regarding ownership. In other words, no one can contest ownership of land. Also, banks do not typically offer loans for land that has right of possession.

It is possible to title land that is owned through rights of possession. This method of obtaining land does have a degree of risk involved with it, however, it can be a very economic way of obtaining real estate. A summary of steps required to title land that is owned through derecho posesorio are the following:

• The land with right of possession status must be surveyed and have its boundaries formalized by a licensed surveyor. A formal request must be presented to, and signed off by the neighbors of the land in question.
• Once all of the neighbors have signed off on the property with derecho posesorio, the Agricultural Reform Office (Reforma Agraria) must do a formal inspection of the property.
• Once this inspection is approved and all the neighbors have confirmed the boundary lines, the agricultural reforms office will emit a resolution.
• The value set forth on the land by the government must be paid. This value depending on the location of the land.
• Last but not least, the documentation of the land is sent to the Public Registry to recieve title.
  The process of getting land titled from derecho posesorio status typically takes 6-8 months and is a right reserved for Panamanian Nationals alone.

Right of ownership by non Panamanians (Foreign Ownership) Foreign investments in all real estate areas are welcome and present in Panama. The procedures to adjust to the legal requirements in this area are simple and easy to implement. In the particular case of retirees (pensioners) who rent, Panamanian legislation provides for tax exemptions when taking cars as well as household items into the country and discounts on the cost of bureaucratic processing regarding moving and getting settled in Panamanian territory. Furthermore, it grants many other prerogatives and privileges to said retired persons (pensioners), as well as ample financial opportunities in Panama’s modern banking center.

Panama Corporations and Private Interest Foundations

This information is for the investors.

Panama is an international financial center that focuses on banking and commerce services. The government actively promotes Offshore activities, in favor of foreign investments. While some Offshore legislations may offer you only a few advantages, in Panama you will find all of them together: confidentiality, security and tax waivers.

Procedures of Panama Offshore Corporation

Two or more persons of full age, of any nationality even though not domiciled, nor physically present in the Republic of Panama, form the corporation for any lawful purpose. Law #32 of 1927 imposes no restrictions upon ownership of shares by foreign citizens or corporations, nor are there any nationality restrictions nor residence requirements imposed upon directors or officers of Panamanian corporations under the said law.

Panama offshore corporations are formed through nominee incorporators in Panama, who execute the basic instrument (Articles of incorporation) before a Notary Public of Panama registered at the Public Registry office.

Articles of Incorporation may be executed anywhere, within or outside Panama, in any language, as long as the signatures are certified by a Notary Public, or by any other public officer at the place of execution thereof their signatures having to be legalized by a Panamanian Consul or apostilled.

Contents of Articles of Incorporation are prescribed by Article 2 of Law Number 32 of 1927, and may be summarized as follows:

- Name and domicile of subscribers or incorporators.

- Name of corporation, (not to be the same nor similar to that of another existing corporation in Panama), and shall include a word, phrase or abbreviation to indicate that it is a corporation. We request several possible names in order of preference, to avoid expenses and delays in communications.

- General purpose(s) for which the corporation is organized, i.e., commercial, shipping, trading, tourism, etc., and which may be ample and general.

- Proposed capital structure or authorized capital, including number, classes of shares, whether with or without par value, whether bearer or nominative (registered) shares, and if there are to be shares of different classes, number of shares in each class, designations and relative rights, preferences and limitations thereof.

- Authorized capital and par value of shares may be expressed in the currency of any country.

- Number of shares that each of the subscribers agrees to take.

- Domicile of the corporation, which may be in Panama or elsewhere, as well as name and domicile of its Resident Agent in Panama who must be an attorney or an attorney's firm.

- Duration of corporation which may be perpetual.

- Full names and addresses of at least three directors.

- Any other lawful clauses. It is usual practice to include full names of the first officers of the corporation consisting of at least a President, a Secretary and a Treasurer, as this affords a considerable time saving.

Please contact Us: projectpanamareaestate@yahoo.com

What is the Private Interest Foundation ?

Is a legal entity that was developed based on the Private Interest Foundation models from three different jurisdictions including the Principality of Liechtenstein, Switzerland, and Luxembourg. The Panamanian Government carefully designed the Panama Private Interest Foundation with the intentions of creating a more modern, more flexible, and more affordable estate planning vehicle for people from around the globe. The assets of the Panama Private Interest Foundation take on a separate legal identity from the personal assets of the Founder, Protector, Council, or Beneficiaries.

The Panama Private Interest Foundation offers clear advantages for international estate planning, providing the ultimate in privacy, anonymity, and protection to the Protectors, Founders, and Beneficiaries of the Foundation. The Panama Foundation is a solution to a global need for an affordable, anonymous, flexible, private, estate planning vehicle that can be used to hold assets such as corporations, trusts, bank accounts, investment accounts, real estate, or any other type of asset.

Foundations come into existence upon registration in the Public Registry. No approval from any public authority is required. Law No. 25 of June 12, 1995 regulates them.

Please contact us for more info: projectpanamareaestate@yahoo.com

Las Tablas Carnival

"Las Tablas" carnival does not have anything to envy to him to any carnival of the world, since it is in this city where it is possible to be admired the true luxury, splendor and the elegance of each one of his queens. The "culecos" (wet celebration) of the Sunday of carnival, were something spectacular, is impressive to see how the allegorical cars every time are elaborated with more luxuries, as if it was the last nocturnal parade. The "Porras" park of "Las Tablas" was full, did not fit a soul. Here we have some images of this second day of Carnival.

E-Tower Residence in Costa del Este, Panama City

These luxury apartments in E Tower range in size from 270sq.mtrs to 285sq.mtrs. They have state of the art fitness spa and sauna with well-being center. Price: $486,000

• E Club Residence Penthouse


• 24 Hour white glove service and valet parking


• State-Of-The-Art Fitness CenterSpa´s


• Wellbeing Services


• Global On-Site


• E Club members Only


• Concierge Services


• Sereme Studio


• Space of Private Yoga or Meditation


• The E Residence


• SkydeckHigh


• Audio/Video Solutions by Bang & Olufsen


• B&OState-of-the-Art Saunas

For more information about the project, please contact us: realestatepanamablog@yahoo.com

Trump Ocean Club Panama Condos for Sale

With an investment reckoned around $ 220 million dollars, The Trump Organization will built the new Trump Panama Ocean Club, International Hotel & Tower – Panama, an icon project that will be inaugurated by the end of 2009.

Trump Panama Ocean Club International Hotel & Tower, located in the Peninsula of Pacific Point, has the privilege and the exclusiveness of multiple use and of the Club of Yacht & Pier.
In this strategic and exclusive place of Panama City, this great residential, tourist complex and business center is built, in a land of 14,000 mts2 (150,695 sq ft.), that will be at the same level of the icons constructions of the most important cities all over the world.

Trump Panama consists of 186.000 mts2 (2 million sq ft.) approx., and is located inside an artificial peninsula in the sea, with a total land of 14.000 mts2 (150,695 sq ft.)

The use of the Project is predominantly residential, with units of Condos, with areas from 100 mts2 (1.076 sq ft.) to 400 mts2 (4.306 sq ft.) and 200 units of Condo Hotel, with areas among 50 mts2 (538 sq ft.) and 100 mts (1.076 sq ft.)

At the same time, commerce of boutiques of high level is comprised, and they will be located in the first and second floor, and also restaurants with an ocean view, Yatch Club & Pier, Beach Club, International Casino, Business Center, Wellness Spa, Gymnasium, Pool Deck, Gourmet Plaza, Boutique Shops and all the support services for a residential complex of this great magnitude.

• Condos - 1,2 and 3 bedroom units


• Condo Hotel - Studios and 1 bedroom units (Fully furnished)


• 8,069 sq foot Wellness Spa featuring, messgage rooms, aquatic areas, cascading baths, yoga in stress free environment.


• Pool Deck


• Boutiques & Shops


• Gourmet Plaza


• Yacht Club & Pier


• Business Center


• International Casino with blackjack, poker, slot machines, roulette, nightly shows and much more


• 8 to 10 Restaurants


• Private Yacht Charter


• Yacht Pier with Refueling facility


• Jet Ski rentals


• Private Fishing Chatter


• Private Beach Club with bars, beach, and privacy pools on Contadora Island (10 to 25K Mandatory one time Membership fee)


• Airport shuttle even VIP Limos


• Golf course Shuttles and possible discount on greens fees9 1/2 foot high ceilings


• Washer and dryer in all condo units


• Condo hotel units will be fully furnished up to 4 or 5 star standards.


• Stainless steel appliances in every condo unit


• All units will have water views


• Grocery delivery services


• Shuttle to Shopping malls


• Wi-Fi internet connection with height tech concierge service system
  4,400 sq foot State of the art technology business center
  
  If you need more info please contact us: realestatepanamablog@yahoo.com

Archaeological findings from Panama show agriculture's roots run deep

(PressZoom) - Ancient people living in Panama were processing and eating domesticated species of plants like maize, manioc, and arrowroot at least as far back as 7,800 years ago – much earlier than previously thought – according to new research by a University of Calgary archaeologist.One of the most hotly debated issues in the discipline of archaeology is how and why certain human societies switched from hunting and gathering to producing their own food through agriculture. Dr. Ruth Dickau, a post-doctoral researcher in the U of C's department of archaeology, has used a new technique called starch grain analysis to recover microscopic residues of plants directly off the stone tools that people were using in Panama 3,000 to 7,800 years ago.

"These results add to the growing evidence that the earliest beginnings of farming were not centred in arid highland regions like central Mexico and the Peruvian Andes as once believed, but in the lowland areas and humid forests of the American tropics," Dickau says."What is particularly interesting is that these crops were originally domesticated outside of Panama; maize was domesticated in Mexico, and manioc and arrowroot in South America.

Panama, as a relatively narrow land-bridge between the two American continents, was an important route for the human spread of food crops, and clearly a region where agriculture was practiced very early in history."Dickau is the lead author of a paper appearing next week in the online early edition of the Proceedings of the National Academy of Sciences, an internationally respected academic publication. The paper is titled "Starch Grain Evidence for the Preceramic Dispersals of Maize and Root Crops into Tropical Dry and Humid Forests of Panama."

More info... http://presszoom.com/story_124478.html