Islands for Sale in Panama, the Land of Two Oceans
In the last few years, Panama has become one of the most visited tourist places in Central America. The well-known Panama Canal is still functional and demanded even 100 years after its launching. Furthermore, the tourists are interested in examining the endless jungles, wonderful variety of flora and fauna, idyllic islands surrounded by coral riffs, and mountain forests with exotic birds. Private islands for sale in Panama will deep you into the rhythms of Latin America, however, just as much as you want.
Ancient and modern Panama
Panama is situated on the isthmus between the Caribbean Sea and the Pacific Ocean. The Isthmus of Panama is a narrow serpentine land corridor connecting the South and Northern Americas. Due to this, the country is a kind of crossing of South American, North American, and European trade routes.
Panama borders Costa Rica (on the west) and Columbia (on the east); it is washed by the Caribbean Sea from the north, and by the Pacific Ocean from the south, on the coast of which the capital is located – Panama City. The official language is Spanish, but many residents also know French and English.
In the world of constant loss of wildlife and ancient countries preserved only in the chapters of history, Panama preserves the integrity of its essence against all odds. Here you may walk on tourist paths in magnificent forests, feast eyes upon the primeval beauty of tropical islands, and enjoy the colorful culture of Latin America.
One certainly should not think that this country is inhabited only by separated tribes, and vacation in Panama includes campgrounds with preserves and morning shower in a mountain stream. The country has well-established economics, medicine, and transport systems. Comparatively budget hotels in Panama, which constantly compete with each other, impress the tourists with a high level of service and good living arrangements. And finally, each resort aims to provide the travelers with the best choice of entertainment and tours, in which one may see maximum advantages of the chosen region. You can also offer your option of vacation and arrange a resort on your own private island in Panama.
Are there private islands for sale in Panama?
The Panama Canal that connected the Atlantic and Pacific Oceans still has its paramount importance even after 100 years of existence. This place attracts the tourists that come here from all over the world. Using such excitement, Panama’s government facilitates foreign investments, reduces bureaucracy, and expands tax-haven opportunities. As to the private islands, there are fewer of them in Panama than, for example, in Belize, but there are still many offers. If you want to buy an island pay attention to the following regions of Panama.
- Bocas del Toro. Here you will find the greatest number of islands and coastal areas for sale. In general, the islands here have beautiful sand beaches and magnificent forests.
- Boca Chica. The region recently began drawing the attention of investors, travelers, and fishermen. The number of non-resident aliens also increased in recent years.
- Pearl Islands. The calm waters surrounding the islands are perfect for fishing, snorkeling, and yachting. Increased attention to tourism makes these islands another great investment opportunity.
- Bocas del Toro. Even though this is the most developed of the Panamian archipelagos, there are still remote areas and cozy private islands for sale. The price of the islands depends on the location and proximity to tourist regions.
- Veraguas Islands. The islands in this region have favorable location due to proximity to Koiba National Park, which includes the largest uninhabited wooded island in America. They will be a great place for remote residence, ecotourism, or a private resort among unspoiled nature.
You may find private islands of different price categories in Panama. For example, 6-acres Blowfish Island near Punta Tigre costs only USD80,000. On the contrary, luxurious partially developed Cebaco Island, located less than five miles from Panama’s Pacific coast is sold for USD15,000,000.
How can the foreigner buy the island in Panama?
The foreigners can buy real estate in Panama practically under the same conditions that the residents. However, there are some restrictions related to islands.
- Firstly, there is a restriction for purchase of border lands. Thus, you cannot buy real estate located less than 10 kilometers from the borders.
- Secondly, legislative restrictions are related to construction on water. You should obtain a permit from the maritime authorities and the Ministry of Finance to build a pier or a house on pillars on the island.
- Thirdly, the island owner must ensure free access of the population and tourists to the coastal area. The first 20 meters from the tide mark on all beaches in Panama should be available to the public.
It is also worth noting that contracts in English are not valid in Panama, where Spanish is the official language. All contracts for real estate should be executed in Spanish and signed before the government notary to have legal force.
Real estate ownership types in Panama
There are two types of real estate ownership in Panama: the right of ownership and the right of possession.
The right of ownership allows buying the island or other real estate and registering it to your name in the state register. You may dispose of such real estate at your discretion, lease or resale it. You also are obliged to pay taxes for the purchase.
The right of possession (ROP) also allows you to dispose of the real estate, but it will be officially owned by the government of Panama which will pay a tax for you. Real estate with the right of possession may be a great investment in some cases, but it requires special legal attention at the purchase. Since in some contradictory situations you may be protected not as fully as you may be with the right of ownership.
Many islands and coastal areas in Panama are ROP lands, but there are many private islands you may buy on the freehold conditions. In any case, hire a qualified lawyer or team of lawyers for the study of the island and support of purchase to avoid the undesired problems. The specialists should have experience in all types of transactions with real estate in Panama, including real estate on islands and ROP real estate.
Become the owner of an island in Panama
Despite some restrictions on real estate, the purchase of the island here, in general, is simple. It is similar to sale and purchase in the USA. The islands and coastal areas have good investment potential due to the growing attention of tourists to Panama, as well as the constant attention to the Panama Canal. You may also find here a wonderful place for distant life or family vacation. The nature of the Panama Islands is amazing, so you may at least try to study the country’s nature and rent the island to think and make further plans.