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!