In Panama there exist two types of properties: “Titled Property”, and “Rights of Possession”, known in Spanish as Derecho Posesorio. This article will focus on the background of rights of possession property and how you can buy it and title it. In the 1960s, former president Omar Torrijos instituted rights of possession land reform with the purpose of providing farmer’s means to obtain legal rights to the land they farmed.
Read more: How to Purchase and Obtain a Title for Rights of Possession Land in Panama
There are virtually no restrictions for non-residents to purchase property in Panama because foreigners have the same rights as Panamanians, so capitalizing on the opportunities here is fairly easy.
Taxes
If you are looking to sell your property in Panama, one of the first details you should be aware of are the taxes due upon sale. Whether your property is in the name of a Corporation, or your own personal name, you should contemplate 5% of the final sales price in taxes.
