Panama is located in Central America, next to Costa Rica. It links South and North America. Panama has a population of around 3.1 million, and even though Spanish is the official language, English is widely spoken.

The property market in Panama is booming just now, growing at an average 25% per year for the last two years.

The buying process of property in Panama is fairly straightforward. First of all buyers’ sign a contract of agreement, the amount to be paid is also arranged at this point. The next step would be to arrange a mortgage loan then the final contracts can be signed and the payment can then be made. The contract is then registered with the public registry.

There are many reasons to buy property in Panama, such as:

• Panama enjoys the lowest cost of living in this region of Latin America
• Tourism projects are underway to further boost the economy
• The new canal expansions program is underway. This allows more ships to travel through the locks bringing more  money into the country
• A world class banking system with a high degree of secrecy
• The country has great climate
• Excellent infrastructure
• As a qualified senior citizen you will be entitled to:

           50% off entertainment (movies, concerts etc)
           15% off hospital bills (if no insurance applies)
           20% off doctor’s consultations
           30% off bus, boat and train fares
           25% off airline tickets
           10% off prescription medicines

The people of Panama are very friendly and welcoming and are from many different rich cultures and backgrounds. The people that make up Panama are a mix of African, European, Arab, American, Chinese and Indian.

Panamanian weather is tropical and consistent throughout the year. Temperatures range from 32 degrees C through the day to 21 degrees C in the evening practically all year round. The rainy season takes place between October and November.

Panama was recently voted:

• The fastest-growing economy in Latin America
• The most globalized country in Latin America
• The fastest growing tourism market in Latin America
• Number 2 best place in the world to retire to
  

To view a video about the Los Faros de Panama Development and about Panama please click here

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