This blog originally appeared at Mansion Global.
Experts offer locations where investors can take advantage of lifestyle pursuits and see potential home price appreciation
Luxury homebuyers who aim to optimize their investments while enjoying greater financial freedom are turning their attention to Panama. They are taking advantage of Panama’s appealing golden visa program, which permits affluent individuals to attain Panamanian residency by purchasing property valued at a minimum of $300,000. This residency in Panama brings significant tax benefits, as highlighted by Chris Lim, President of Christie’s International Real Estate. However, the most attractive benefit may be the exemption from taxing income earned abroad.
“The golden visa program has established Panama as a preferred destination for buyers seeking stability and attractive real estate opportunities,” he said. “Panama’s strategic location, serving as a bridge between North and South America, coupled with its robust economy, positions it as an enticing prospect for investors in pursuit of tax advantages and regions experiencing continuous infrastructure development.”
Launched in 2020, the program presents three options, each necessitating a five-year commitment. International investors can either commit a minimum of $300,000 to unencumbered real estate, make a substantial $500,000 investment in securities via the Stock Exchange of Panama, or deposit $750,000 with a certified Panamanian bank. Additionally, residing in Panama often leads to a considerably lower cost of living, making it an attractive choice for those in search of a more budget-friendly yet fulfilling lifestyle, according to Lim.
“Your money will stretch further here than it does in many other destinations,” he said. “Plus, the real estate appeal is rooted in Panama’s diverse climate, pristine beaches, safety and abundant activities.”
Here are three regions of the country that provide real estate prospects.
Boca Chica
For potential buyers who are enticed by the idea of residing in a picturesque beachfront destination, where they can spend their days basking in the sun and enjoying the beach, Boca Chica is an enticing option, according to Mike Vuytowecz, the founder of Inside Panama Real Estate, a Panama-based real estate firm.
Located on the central Pacific Coast of the country, Boca Chica is an idyllic town offering sweeping views of the Pacific Ocean, lush tropical forests, and the charm of its surrounding small islands. Vuytowecz describes Boca Chica as the ideal place for those in search of a peaceful coastal lifestyle.
Prospective buyers in Boca Chica can choose from a range of options, including beachfront villas, hillside homes, and undeveloped land. Prices vary based on the property’s size and amenities, with beachfront properties commanding top dollar, often exceeding US$1 million. However, residential properties that are not situated on the beach can be found starting at US$200,000. (Note that the U.S. dollar, along with the Panamanian balboa, is one of the official currencies of Panama.)
Boca Chica provides a high quality of life with an array of amenities, including marinas, hotels, seafood-focused restaurants, and beach clubs. Additionally, the nearby Golfo de Chiriqui National Marine Park is renowned for its exceptional diving and snorkeling opportunities.
“Boca Chica presents significant investment potential due to its natural beauty, accessibility and growing popularity among international tourists,” Vuytowecz said. “Additionally, the Panamanian government has been investing in infrastructure improvements, including road networks and airports, further enhancing the area’s accessibility and potential for growth.”
Buenaventura
Situated approximately two hours west of Panama City, Buenaventura is a sprawling, luxurious gated beach community that covers around 1,000 acres, as described by Kent Davis, the director of Panama Equity Real Estate, based in Panama City. He emphasized its massive size, more akin to a small city.
Buenaventura has drawn the interest of American and Canadian families, particularly since the pandemic’s onset, due to the presence of a high-quality school. Its abundant amenities include two beach clubs, an 18-hole golf course designed by Jack Nicklaus, a marina, an equestrian club, a swimming pool, and tennis and pickleball courts. Davis added, “Your living experience here will be exceedingly comfortable, as nothing essential is lacking.”
The available properties in Buenaventura encompass condominiums, a selection of townhouses, and villas, some of which are beachfront. For instance, prices start at US$300,000 for a one-bedroom condominium spanning 1,200 square feet, offering a balcony and picturesque ocean and marina views. Townhouses are available starting at US$400,000, while a four-bedroom villa with a swimming pool and extensive outdoor space can be purchased for US$700,000. Villas with golf course views typically begin at US$800,000, whereas beachfront villas range from US$1.5 million to US$3 million.
As an illustration, Panama Equity Real Estate presently has a listing for a four-bedroom villa in Buenaventura, strategically situated on the golf course and boasting over 3,700 square feet. The asking price for this property is US$980,000.
“Prices have appreciated faster than any other beach community along Panama’s Pacific coast, and the upward trajectory is expected to continue over the next few years as people take advantage of the golden visa,” Davis said.
Volcan
Volcan, situated in the scenic Chiriqui Highlands, is a delightful mountain town celebrated for its consistent cool climate, picturesque surroundings, and a vibrant community of expatriates, as highlighted by Vuytowecz.
“Volcan presents investment potential for those seeking a more relaxed lifestyle away from the bustling coastal areas,” he said. “The growing expatriate community has contributed to an increasing demand for properties, potentially leading to property value appreciation over time.”
Vuytowecz also noted that Volcan’s closeness to sought-after tourist spots like the Baru Volcano and the highlands of Boquete augments its potential for future property value appreciation.
Volcan provides a variety of property types, from simple single-family homes to upscale estates and rural properties with extensive land. “Many properties offer sweeping mountain views, lush gardens, and convenient access to hiking trails and natural reserves,” according to Vuytowecz.
In terms of affordability, property prices in Volcan are quite reasonable when compared to Panama’s beachfront locations, ranging from US$100,000 to US$400,000. Vuytowecz also noted that Volcan is well-equipped with amenities, including supermarkets, farmers’ markets, pharmacies, medical facilities, and educational institutions.
“The area also boasts a vibrant community with social events, clubs and organizations that contribute to a lively and inclusive atmosphere,” he said.
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