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About Loans in Panama PDF Print E-mail
Written by Panama Real Estate   

Documents required from foreigners who wish to apply for a mortgage:

  • A completed and duly signed application
  • A copy of the passport, including the pages showing the migratory movements (entry and exit seals)
  • A recent certification of work, a statement of income for the last two years, an audited personal financial statement, or a copy of the resolution that confirms the retired status
  • A copy of the retired person's ID
  • Two bank references letters from his/her country of origin .
  • If he/she has a bank account in Panama , a reference letter from the local bank
  • Two personal references in Panama . The address and telephone number must be provided for the two references
  • Credit references from his/her country of origin
  • Besides the commercial documentation required, if the mortgage contracting party is a Corporation, and if there are foreigners amongst the Shareholders or Board Members, or if the ultimate beneficiary owner is a foreigner, such persons also have to individually comply with the requirements.

For the approval of your mortgage, you will need to provide the following documents:

For natural persons:

  • Three copies of the local identification card for each person, or of the passport if a foreigner
  • Salaried employees: Letter from work, and a photocopy of the last C.S.S. slip or payment stub
  • Independents: Personal income tax forms for the last three years, with their corresponding payment receipts.
  • Balance statement or the most recent payment receipt, if the property is mortgaged.
  • Photocopy of the Purchase-Sale contract agreement.

For legal entities:

  • Resolution from the Board or Shareholders authorizing the transaction and designating the person who will act as signatory for the Corporation, with a photocopy of their local identification card.
  • Photocopy of the Articles of Incorporation
  • Photocopy of the Annual Franchise Tax payment receipt

Great Loans Options are Available in Panama!

High loan to valuation mortgages are available with low interest rates.
There’s a good choice of Panama City banks (e.g. HSBC Panama , Banco General de Panama , Scotia Bank of Panama etc.) offering 30 yr max term 80% LTV financing to foreigners (subject to status) looking to buy properties in Panama.
These loans typically feature variable interest rates that are currently near their lowest level in over twenty years (currently around 6.25%). Also, there are now more than 150 international banks with branches in Panama.
 

Panama Real Estate News

The Paradise that is Panama
And staying in that line, to start today's sessions we heard from Margaret Summerfield, Managing Director of Pathfinder. Pathfinder is a global real estate company located here in Panama that specializes in relocating to this tiny paradise.
She painted an incredible picture of a country that is at once beautiful, booming, affordable and friendly.
Contrary to what some may think, Panama offers a diverse, yet very temperate climate. Temperatures average in the 80s on the beaches and in the city year-round. But in the highlands region, the temperatures can cool down enough at night to require some heating. Panama essentially has two seasons - the dry season which lasts from January to April, and the rainy season from May through December. But the rainy season is more akin to summer in Florida. You have hard drenching rains for a couple hours a day and then beautiful sunshine for the rest of the day.
Standard amenities here are all "first-world" level. From cable TV to Internet to phone service. The country is accessible by air from virtually anywhere in the world. The roads are well-maintained and the stores offer some of the best shopping in Central America. The malls are populated with some of the most recognizable names in the world. And at largely affordable prices.