Banking & Loans
 
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. 

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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