The boom began in 1999, when the Panama Canal came under the country's jurisdiction. This transition had a positive impact on the economy, given the increased international flow of ships and the overall volume of re-export operations. As Metrinfo.Ru notes, Panama remains one of the few tax-free zones. And many companies want to enter this zone.
Today, the economy is pulling real estate along. After 1999, a construction boom began in the country. Panamanian builders intensified the global investment show. Developers from Spain, Canada, the USA, Venezuela, Mexico, Russia, and Israel joined this process.
In Panama, skyscrapers, apartment buildings, and aparthotels with 24-hour security are currently being built. Typically, the entire infrastructure, the so-called social recreation area (pools, fitness centers, etc.), is being created in parallel. Office condominiums are very popular. Construction is now everywhere – on the ocean coasts (Panama is washed by two oceans), in the mountains, on lakes, and in the cities themselves. But despite the huge number of new buildings, there is a great shortage of apartments in the country.
By the way, for $200,000 in Panama you can buy an apartment of over 90 square meters on a picturesque beach a 40-minute drive from Panama City. In Panama City, for that money you can buy an apartment of 100 to 150 square meters, writes Homes Collection.
The legislation is such that an investor can obtain a residence permit in Panama for a period of 5 years. Moreover, living in Panama during this time is not required. This right is granted by investing $200,000 in real estate. If the cost is less, the difference must be placed in a bank in a special deposit account for two years.
After five years, the investor has the opportunity to apply to the relevant authorities for Panamanian citizenship and a Panamanian passport. The passport guarantees its holder visa-free entry to 34 countries, including EU countries, the UK, the Benelux countries, and Latin America.
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