Is obtaining financing in Panama is difficult these days?

Podcast From Paris #12: Is it true that obtaining financing in Panama is difficult these days?

Here are the questions addressed in today’s episode:

– Where should we search for a home to buy?

“Kathleen, we are ready to start visiting countries in Central America to consider options for retirement. But where do we start our search for a home to buy? Can you supply us links to MLS systems for the countries you recommend so we can examine what specific properties are for sale in our price range?” – Robert K.

– Renting out property in Mexico

“Kathleen, if a U.S. citizen were to buy a property in Mexico and rent it out on a periodic basis to people traveling to San Miguel Allende, would the Mexican government tax the U.S. buyer’s income from that property? Would they attempt to tax their other worldwide income?

Thanks very much… and thanks also for your recent webinars. These have all been very helpful.” – Mary H.

– Is it difficult to obtain financing in Panama?

“I am now in the process of attempting to buy property in Panama, which I hope will one day become my retirement home. Until then, I will place it on the rental market. It is not necessary for me to rent it, but why not? It makes good sense.

However, I have run straight into my first brick wall, and I would love to hear your opinion of what I am up against. I have been told by my attorney that it is very difficult to obtain financing in Panama these days. Is that really true? Are there perhaps different banks that are more comfortable working with foreigners such as me (I’m American, by the way) than the traditional local Panamanian banks? Could you please shed some light on this for me?

Thanks so much for all the good advice over the years. Keep it coming! I look forward to reading each and every email I receive.” – Gene H.

– Friendly nations visa requirements

“Kathleen, if one buys property to use to show the ‘economic tie’ requirement of the Friendly Nations visa program in Panama, gets their permanent residency, then has an opportunity to sell the property for a profit and doesn’t re-invest in another ‘economic tie,’ would that jeopardize the visa status at all?” – Marleah S.

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