With the instability of the economy the way it is in North America and the threat of Big Brother, more and more North Americans are looking to invest in international real estate where they feel that they can protect their hard earned money. I find that many people who are looking to invest in a foreign country have many questions they are searching for answers for. Among these questions are some of the following. Where can I invest that I don't have to worry about losing my investment because of an unstable government? How do I go about investing in a foreign country? Is it safe? What country is the best place to invest? What are the tax implications?
We spent two years researching international properties before we decided to invest and we compared the advantages and disadvantages of each. When it came down to it, we decided the best place to invest was panama property and here are some of the reasons we decided on this tropical paradise:
• Hundreds of miles of beaches, mountain scenery, and temperate climates are what you can discover in Panama. • Local currency is U.S, dollars offering excellent exchange rates and stable currency • One of the lowest crime rates worldwide it has the highest rating for tourist safety • One of the fastest growing destinations in the world • English is the second language
A relative newcomer on the international property block, there are many advantages to putting your money into Panama property or new foreclosures in panama. This Central American country's economy is growing year-on-year and the authorities are doing as much as possible to encourage more inward investment.
The Panama Canal, one of the globe's most important waterways, is currently undergoing a massive expansion programme. This will allow more and bigger vessels to use the waterway, resulting in new businesses relocating to the area and a larger workforce to service the canal. Lying at one end of the canal is Panama City and at the other is the Colon Free Trade Zone. Colon is the second largest free trade zone in the world and attracts thousands of visitors and new companies every year who benefit from a variety of tax waivers.
The economic climate is investment-friendly for individuals too with incentives such as 0% tax on some newly-constructed homes for the first 15 to 20 years. There is also a 0% tax level on income earned outside Panama, which will encourage those who spend a lot of time out of the country or who run businesses elsewhere.
The cost of living and the world's most generous retirement programme are other major bonuses for those living in and investing in Panama properties. The tourist pensionado visa offers non-native residents massive discounts such as 20% off medical consultations, 50% of entertainment, 25% off air travel and 25% discounts in restaurants. This alone attracts thousands of North Americans who are looking to retire to Panama to make the most of their retirement income. The country recognises both the Panamanian Balboa and the US Dollar which is an extra incentive for US citizens to move.
All this means that people who purchase property in Panama now for rentals or resale can look forward to servicing a very large - and expanding - captive audience.