Posts filed under 'Retiring in Panama'
Not your typical photo of Panama. It’s one of 524 in Allan Hawkins’ truly stunning Panama Photos collection (at Kodak so you need to log-in there to see them all).
Getting a grip on how and what is Panama is not so easy on the internet. We hear complaints all the time about the hype and the property speculation hysteria.
This photo collection isn’t glossed over, and even just a few of the images gives you a great idea about Panama, right down to the occasional peeling paint, rusted fixtures and things you can appreciate for some intrinsic aesthetic and historical value, but that you’ll never see in the glossy marketing brochures. You’ll also get a feel for the tremendous progress that Panama is making in terms of construction and development.
I’ve already shared this collection in a bunch of other areas around the internet but I think LWOB readers should take a careful look if you’re considering moving to Panama and you haven’t been there. I went through almost all 524 photos in an hour.
In my ramblings I also found this nice online History of Central America that some readers might want to leaf through. I’ve only been dabbling in the section on the history of Panama but already I’ve turned up lots of interesting data.
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July 15th, 2008
Our Discovery Weekend Panama schedule is filling out quickly. We’ll be announcing another several weekends later on this week, but for now, you can check the Free Weekend in Panama page here for some of the properties including Hacienda Pacifica in the illustration above, plus the weekend agenda.
San Carlos is a growing and popular community along the Pacific Coast that guests will get to see a lot more of come late May. The list of properties and developments will also be added to a bit later this week.
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April 28th, 2008
We’re working on a big Legal Q&A for our new legal partner in Panama (to be announced with a big splash next week). Here’s a preview of what we’re working on:
Q: When I was in Bocas del Toro it was mentioned that some of the property was titled land while other property was Right of Possession. What exactly is the difference between titled land and “right to possession”, and how should it affect the decision of someone purchasing property in Panama?
A. Not all properties in the Republic of Panama are of private domain and are subject to registry in the Public Registry Office. Many beach front properties, islands and real estate in special tourism zones such as “Bocas del Toro” and “Portobelo” are owned and managed by the national or local municipal governments and only “possession rights” are granted for a determined period of time over these lands.
Possession rights are basically land-use acknowledgments which are essentially recognized based on the occupation and use of a certain area of land over time.
Persons interested in investing in projects located in these restricted areas should be very careful to ensure that the award of the “possession right” or “limited ownership” be duly granted by the pertinent national or local municipal government authorities. In this sense, it is important to verify the following aspects before investing in this type of real estate:
- That the award of the piece of land is issued by the correct authorities.
- That the award contains a complete description, including limits, boundaries, encumbrances, and other important details of the land. A complete blueprint shall be drawn and approved.
- That the activity to be undertaken by the purchaser is allowed, that is, that the construction or building to be made is acceptable to the national or local government.
- That the award be extensive for a period of time suitable for the purchaser.
Due to the lack of uniformity regarding the granting entity for “possession rights” it is of utmost importance to review each purchase individually and make recommendations specifically for each land option. The length of the transaction process for the possession rights transfer will vary and can take up to 6 months, depending on many factors, such as the date of recognition of the possession rights, inspection by the granting entity, among others.
Many land developers in these special areas have undertaken the task of procuring the possession title documents and transfer the ownership of the same by means of the sale of a Panamanian corporation and its assets. Special caution should be taken with these transactions as the Panamanian corporation could have undertaken other businesses besides that related to the property and there is no official registry of the commercial undertakings of the same.
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November 9th, 2007
A bit more than a week ago, I did in fact promise to address the Manu Cron article from the Escape Artist website that so many readers seem to want to talk about. And I will heartily agree that anyone considering moving to any of the countries listed above should read it also.
Absolutely anyone who has written anything from a quick email to the outline of an advertisement in a commercial environment understands that our field is plagued by hyperbole. Composing no-nonsense prose that doesn’t give in to the “hype” is not always an easy undertaking. And so I welcome the many comments we’ve received and encourage everyone to let us know what you think of the Cron article or of this post.
That said, the pearl-clutching, fainting-on-the-couch routine that Cron puts us through is a bit over the top. If one needs a reminder that the world is not perfect, one need only venture past one’s front door - no matter where one currently resides.
There is probably not a lot that is factually incorrect in Cron’s article. Crime is probably under-reported in Central America. If one wants balanced figures one really needs to check Victimization Surveys which report both perceptions and actual incidents of crime, and there is no doubt that perception of crime is way higher south of the border. Most Mexicans are worried about crime if you ask them, and most Americans living in Mexico will tell you that they are careful, but no, it is not so much worse than at home.
I also recommend that anyone really interested in pursuing the topic read first the UN study, Crime and Development in Central America (PDF) which is the most comprehensive study on crime in the region and which should change your point of view on causality. It is not that poor people become criminals, but that crime makes people poorer. Sad reading, but the authors spend a good deal of the paper discussing the impact of crime perception. The figure above comes from the report and shows pretty quickly what problem confronts all the countries in the region.
The data in the report shows that the total number of people prosecuted (per each 100,000 inhabitants) is quite high in some countries: 5,109 in the US, 2,399 in Costa Rica and close to a thousand in Mexico. That might be an indication of both crime occurrence and prosecutorial effectiveness. In any case, all the countries in the region face serious challenges in regard to crime, from the US to Panama, and below; and those challenges are clearly interdependent among those same countries.
After reading the report, spend a few days crunching the heavy numbers at NationMaster, from which the map at the top of this post originates. The map shows that more crimes occur in the US without accounting for population size than anywhere else. But there are dozens more maps to show just about as many angles to crime as there are crimes, although for some countries data is nearly always missing, for example in Panama.
And for filling in some of those blanks, we can, indeed thank Cron. I would just take all the hysterical warnings with a grain of salt. Some people are going to be interested in these places and some people will turn and go at the first indication of danger. We always recommend renting first, for up to a year if necessary, and keep the bulk of your money at home in the bank. But my number one recommendation:
Get involved with an online community. There are many in every location we recommend, and ask questions. I’ve listed the groups I am a member of in the past. And I’ll be updating that list as part of the new blog-roll I am working on now. Crime is a very serious part of the discussion on nearly all of them and if it’s not, there is no doubt your question will not only be answered but you’ll spark a full healthy discussion, too.
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November 6th, 2007
Readers seem anxious to point me to this new Manu Cron Article in the Escape Artist, perhaps knowing that I linked to Cron’s last article. I can’t say I have given the new article a close read, though I promise to this weekend. I hope some other readers, and especially Panama residents, retirees and hopefuls will too and let me know what you think.
I have been dwelling on the subject of Panama’s less-savory side recently because Client Services forwarded me a very intelligent email that they received on the just the same subject. Maybe it is time we revise everything we’ve been thinking and saying…
We love Panama, but this bubble may be about to burst; given the exaggerated “hype” about the features and benefits that attract North Americans to Panama. We WANT Panama to succeed and continue it’s progress toward becoming a haven for “Boomer” retirees (or anyone else), but fear that growth is threatened by unscrupulous promoters, greedy builders, and a government that tolerates BOTH, far too much! […]
If you tell the truth about what they will find here, Panama (and Mexico, for that matter) STILL has a solid case for relocation from N. America, Europe and beyond. BUT, if promoters continue to exaggerate the claims of
- how much English is spoken here
- the quality of the beaches and buildings
- the cost-of-living differences
- and the readiness of Panama to build infrastructure to support an incredibly fast rise in population…
about 97 of every 100 people who get off the plane for an exploratory visit will not only never return, they will “enthusiastically” criticize the “Panamanian phenomenon.” (We are observing the increasing number of “returnees” who are doing just that. And THAT spells “crash” for the building boom here.
IF promoters “tell the truth:”
- You DO need to learn Spanish to function well here
- the Pacific Beaches are NOT pristine, you must go to the islands on the west coast or the Caribbean for good snorkeling
- the “cost-of-living” differential disappears IF you live and shop in Punta Pacifica, and life outside the city is for the adventurous and independent [there are lots of us],
- and Panama’s utility and transportation infrastructure are stretched to their limits…
BUT there are plans and CONTRACTS in place to address those issues… THEN those with a brain and realistic expectations WILL come, stay, invest, and contribute. We think THAT is Panama’s [Latin America’s] best strategy for continued growth and long-term prosperity. THEN of every 100 who visit (with realistic expectations), you can expect a much higher percentage to STAY!
Panama (Central America) has a solid case for relocation/investment WITHOUT the hype - climate, great people, pace-of-life, and a reasonable cost-of-living differential - to attract boomers and investors globally. You don’t NEED the hype!
Again, there will be more on this topic next week. I would love to hear from more readers and expats and people in Panama. Lengthy comments will be re-posted, or if you want to send me an email I will be happy to consider posting it here. -editor[@]livtopia.com
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October 26th, 2007
Via the Panama Investor Blog, I learned about the stunning predictions being made for the Panama Canal Expansion. From the Florida Sun Sentinel:
U.S. East Coast seaports, now the biggest canal users, are poised to receive tens of billions of dollars more in Asian freight yearly and thousands more jobs, as a smaller share of Asian cargo moves cross-country by rail or truck from California and the Pacific, port analysts say. The canal expects to roughly double the volume of Asian cargo bound for the U.S. East Coast by 2020 to 83 million tons.
That’s along with Panama’s already seriously expanding economy, expected to grow 11% this year and some 8-9% over the next 2 years. Some of that expansion may raise boats well beyond Panama. Image is from the video hosted at Florida Sun Sentinel.
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October 18th, 2007
Click image for the larger version.
Condominium shoppers are checking out Los Faros, in Panama City as are Skyscraper enthusiasts around the world. Los Faros is going to be the tallest residential tower anywhere, eco-friendly and with just about every amenity you can imagine. The forum at Skyscraper Life has a lot of really nice views of Panama City, but if you’re thinking of living there, or buying a property or condominium, you should remember that there are some very nice beaches and mountains only moments from the city.
We’re actually helping people to get there this Novemeber for a totally free weekend of 4 days!! It’s an “On-the-Ground” weekend designed to give you all the information you need to make a smart decision about the project and whether or not Panama City is right for you. It’s not just a Real Estate or Retirement Seminar either, but includes a lot of fun activities and sessions to help you learn exactly what you might need to know. See our Events Page for more details.
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October 3rd, 2007
From Don Winner’s invaluable Panama Guide, another US article on the amazing phenomena of Panamanian healthcare that seems to be increasing in scope and influence across the region. This time from the Fort Lauderdale Sun-Sentinal:
Many Americans living in Panama laud the quality of Panama’s top doctors, even bringing their U.S. relatives down for treatment.
Lauretta Bonfiglio, a U.S. restaurateur who relocated to the mountain town of Boquete, recently helped her mother from Montana get a root canal. U.S. dentists had turned down the treatment, citing her mother’s age as complicating insurance coverage. Bonfiglio made arrangements with a dentist in Panama and paid $250, far less than a root canal would cost in the states.
In Panama City, retiree Catherine McCabe said she found an able replacement for the dental specialist she had used in Beverly Hills, Calif. She’s thrilled with the diabetes care her husband receives. Four specialists attended to him for more than two hours recently. And she’s delighted to routinely receive the cell-phone and home numbers of her Panamanian doctors, who will make house calls if needed.
“You’re not a number. They look you in the eye and care about you as an individual,” she said. “I don’t find that in U.S. health care.”
That’s just the healthcare aspect of what is making Panama such an attractive option. There’s also, of course, jungles and beaches and volcanoes.
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September 24th, 2007
We’ve been confronted with another collection of mainstream summer news articles tunneling into our prime audience. Among them an article just last week in the Washington Post on Retirees Looking Abroad, and this article, reprinted in June, from Kiplinger’s Retirement Planning 2007 .
The Kiplinger’s piece reports:
The Migration Policy Institute, a District think tank, said in a report last year that the number of U.S. citizens receiving the kind of Panamanian visas most often used by retirees more than tripled between 2003 and 2005. The number issued in the first quarter of 2006 almost equals those given in all of 2003, said the report, which cited Panamanian statistics.
That’s interesting news. Though taking it further, it would be, I think, irresponsible to just ignore this piece from Manu Cron posted in the Escape Artist a few weeks ago.(Panama Investor Blog thought so too). It’s gotten not quite the internet attention it deserves.
While the article is a bit too hard on Panama and especially Panama City, and it starts out with what I think are totally exaggerated warnings about Mexico (extremely insecure?) and Costa Rica (crime prone and chronically affected by inflation?), Cron’s piece does offer what are some of the most insightful phrases on what to prepare yourself for. Regardless of whether your considering Panama, Costa Rica or Mexico, I think the article is worth a read for some unvarnished truths. None of them would make me turn-tail, nor do I think they should cause anyone else to.
Metro areas are extremely noisy. Traffic horns, loud music and all kind of high-decibels pitches pollute the city. Infrastructure, although unquestionably better than its neighbors, does not match American standards by far. Once you leave the buffering well-protected premises of your condo, the real Panama comes up to chase you. Peddlers and beggars knocking on your car windows are vivid reminders that, skyscrapers and shopping malls apart, Panama is still one third world country.
Therefore, if you have your mind set on Panama, make several trips to get acquainted. Life is much bigger than biased promotions. Expatriation is not worthy if later found that it was a mistake. To perform a reality check, lease a furnished apartment ($700-$2500 monthly). You will need two personal references and a local bank account, but if able to pay for six months in advance, then things can be smoother.
That’s a bit stern. My most recent trip to Texas reminded me that the difference between “One Third World Country” and “One First World Country” is that in the Third World Country, people are much more likely to lean out of the car window and throw a few coins. And I seriously doubt that those few coins re-inforce either economy’s overall problems.
Some of Cron’s article circles around the collapse of the US housing market and it repercussions around the world, including in Panama. But I think the most interesting take is along the lines of the cultural disjuncture that Cron describes.
In my own experience, North American cities, think Saint Louis or Miami, are just as frightening places as anything you will find in the Metropolises of Latin America. We don’t read or write a lot about them, but some people do. Certainly we don’t hide from the descriptions when the descriptions are eloquent, as I think much of Cron’s article is. It’s useful too.
As Investor Blog points out there are places like Boquete and Chiriqui in Panama, Lake Chapala and San Miguel in Mexico. They aren’t dangerous or insecure, and offer everything you could want at incredible savings over similar properties in the US or Canada.
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September 20th, 2007
I asked the staff of Livtopia’s Buyers Agents to respond to the questions posted here at the Long Beach California Real Estate Issues blog. I encourage readers to see how our answers compare to those of the folks in Long Beach by following the link above.
Unlike the US or Canadian housing markets, where things are pretty clear, and a whole variety of Multiple Listing Services makes the playing field very transparent, in an international environment, no such transparency exists. There is no MLS, and rules often don’t exist or are poorly enforced. Knowing what you are buying is an experience that can be as seamless as in the US or Canada, or it can turn into a total nightmare, depending on simply who you buy from and who is helping you.
Livtopia, like HSBC, “the world’s local bank,” is the local realty expert. We have a staff of people on the ground in every location, and we can steer people in the right direction, or warn them away from others, precisely because we have local knowledge. Our network is not covering every square meter or Latin America, YET, but we hire local people where ever the inquiries lead us and that means you get access to people with years of experience in the area your considering.
Now, onto the five questions:
1. Are you specialized in an area? – Livtopia’s Customer Service Agents are Generalists, but they rely on Specialists in every region and Featured Location that Livtopia recommends. The “consultation work” that helps define which country, region, city, or even community or neighborhood will best suit a customers needs is done by the Customer Service Agents. These agents will then call on the Local, Field Agents for the deep local expertise. Our generalists and Local Agents do keep in close contact because the volume of searches being performed meaning they are talking at least several times each week.
2. How many families have you helped each year? – Livtopia’s work is divided into the Customer Service Agency which coordinates with local realtors and Livtopia’s Concierge. The local agents who do the actual showings and selection of appropriate properties, show and assist in sales to about 10 home buyers each month in our busier locations. The back office team, legal people and finance advisors all of whom help with closings, may work with many times that number in a year.
3. Will you refer me a lender? Do you get any compensation for that? – We do get a commission from some lenders. There are very few lenders who work with Americans or Canadians wanting to buy in mexico, and we worked very hard to select the few that we feel are serious and reputable and who offer financial services and products suitable for the vast majority of the people Livtopia represents. Nothing in a Buyer’s Representation agreement you sign with Livtopia will obligate you to borrow through one of the lenders we recommend, but we are confident that those with whom we’ve made agreements offer the most attractive products, rates and conditions.
4. How will you will help me pick properties to view? – Livtopia’s Customer Service team does as extensive a consultation as is necessary or as extensive as a customer would like. Based on the customer´s preferences, we can almost always identify the perfect country and city, and then we refer them to our local Buyer’s Agents who do manual searches for the perfect property in that particular region. The customer´s preferences and budget come first, but Livtopia can also depend on a network of Real Estate Agents in everyone of our Featured Locations and Countries. In some locations that means we can show you almost every house on the market at a given time. Since no comprehensive MLS exists, this search can often be time consuming and will only be successful with close knowledge of the local market, players and conditions.
5. What do you do during escrow? – Livtopia has a dedicated team focused on making sure the closing process is smooth. With many properties in foreign markets, there are no escrows, which makes the need to know who you are dealing with all the more critical. With Livtopia on your side, you can write, call or visit at any point during the closing should a problem occur with the transaction and our team of Legal and Customer Service personnel is at your disposal.
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May 15th, 2007
I was left a little cold by Andres Oppenheimer’s column in the Miami Herald yesterday though clearly he was too.
Indeed, Switzerland, Austria and Germany lead the 124-country Travel and Tourism Competitiveness Report 2007, issued by the Geneva-based World Economic Forum. It does not include any Latin American or Caribbean country until the 29th place, held by Barbados.
Not sure I would take much tourism advice from the World Economic Forum. Switzerland? Based on what Oppenheimer’s column concedes, it seems more like it was a survey of governments’ investments in local tourism industries and for that, Latin America takes some hits.
But, if you don’t picture yourself booking a long weekend in the United Arab Emirates, or on the rocky beaches of Estonia, both of which scored higher on the list than any place in Latin America, you might do yourself the favor of looking at Panama or Costa Rica, Mexico, and Dominican Republic.
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April 19th, 2007
We’re in the middle of another complete and total site-overhaul, so I really have not been able to do anything close to the reading I would like to. I have narrowed my list of good blogs Mexico and Latin America Blogs to read, and it definitely includes the following, and soon enough the complete list will appear somewhere here in these pages. But for now, these were among my favorite posts from the past week or so:
From Countdown to Mexico:
For some reason I really want them (and some others) to understand that our decision to move isn’t just because we want change, or to live better on t
