With its skyscrapers, parks and churches, the center of modern Panama
City resembles a miniature, seaside Manhattan. Panama has the most modern and successful
international banking center in Latin America, with more than 85 banks from 35
countries. Read more about
offshore corporations and legal advice.
In addition, Panama is one of the most secure international offshore centers in the world. The Panama Stock Exchange is one of the fastest-growing in the region.
In the financial industry, diverse investment opportunities exist in banking, investment capital financing, insurance and re-insurance.
Many banks have special investment and loan opportunities
specifically designed for foreign investors.
Panama's banking system has effectively achieved international
standards of privacy, modern legislation, and standards of
professionalism. Banking in Panama is easy, private and
secure.
Getting a Loan
Several banks in Panama are very comfortable with home loans
for foreigners. Typically, loans are issued for up to
70-75% of the value the bank establishes for the property.
Loans are usually variable rate and can range from 10 to 30
years. For senior citizens there's one hitch: loans must
be paid by the age of 75. So if you are 65, the maximum
time of the loan you receive will be 10 years.
To qualify for a loan, banks normally require the following
from foreign investors:
- Proof of income (pay slips, CPA certified income
statements)
- Last three personal income tax declarations
- 2 Bank references
- 2 Clear copies of passports and driver's license
- Copy of public utility bills of current residence
- Credit Report (Experian, TransUnion, Equifax)
- Life Insurance
- Fire Insurance for the property to be purchased
- An account with the lending bank (to auto-debit your
monthly payments)
Typical loan terms:
- 15-25 years (or shorter if you're approaching 75 years
of age)
- Fixed rate based on the Libor rate or variable based on
Prime Rate
- 1.5% closing fees
In summary, Panama's strong banking system and flexible
lending policies for foreigners provide investors a unique
advantage over other popular offshore retirement and investment
destinations.
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