Here are the general steps to buying property in Panama:

  • Find a property: The first step is to find a property that fits your needs and budget. You can work with a real estate agent or search online listings to find properties that meet your criteria.
  • Make an offer: Once you have found a property that interests you, you can make an offer to the seller. This offer should include the price you are willing to pay, any contingencies, and the terms of the sale.
  • Conduct due diligence: Before finalizing the purchase, you should conduct due diligence on the property. This may include a property title search, inspection, and review of any liens or encumbrances on the property. you can request the blueprints of the property and an appraisal.
  • Sign a purchase agreement: Once you are satisfied with the results of your due diligence, you can sign a purchase agreement with the seller. This agreement should include the terms of the sale, the purchase price, and any contingencies. If you don’t speak Spanish fluently, it would be necessary to hire a certified public translator or interpreter in Panama.
  • Transfer funds: To complete the purchase, you will need to transfer funds to the seller’s account. You can do this through a bank transfer or another payment method.
  • Register the purchase and sale contract: After finalizing the purchase, you must register the purchase and sale contract with the Public Registry of Panama. This entails providing the required documents and paying registration fees. Generally, the contract must be signed before a Panamanian Notary Public to become valid, and then registered with the Public Registry of Panama.
  • Obtain a property title: The public deed of purchase and sale, which is registered with the Public Registry of Panama, serves as evidence of ownership and should be kept in a secure location. In addition, another copy of this document will be kept in the national archives of the Public Registry of Panama.
  • Taxes: It is important to note that both the taxes associated with the sale and purchase of the property, as well as the annual property taxes, must be up to date.

It should be noted that the opportunity to purchase property in Panama is available to both Panamanian and foreign citizens, as well as Panamanian and foreign legal entities.

Overall, the process of buying property in Panama can be complex, so it is recommended to work with a trustworthy Panamanian lawyer or real estate agent who can guide you through the process and ensure that all necessary steps are taken. Make sure you are buying titled property in Panama.

If you need to hire a translator or interpreter for the process of buying a property in Panama, please let us know.