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More tax incentives in Panama - 22 January 2008
A new tax law will make investing in Panama property an even more attractive option.
The Consejo de Gabinete has approved an extension of the 20-year property tax exemption for apartments and houses, according to minister of Housing Balbina Herrera. The measure applies to projects whose building permits are issued before Dec. 31, 2009. Herrera explained that the measure extends the property tax exemption that expired in August.
Iván Carlucci, president of the Asociación de Corredores de Bienes Raíces (Acobir), said that "this change is healthy, and it is a sign that the sector will continue to grow dynamically."
Carlucci said that the waiver, which will benefit all types of buyers, gives Panama a competitive edge over other countries in marketing real estate projects.
This is great news for the real estate industry in Panama since it extends the 20-year property tax exemption for all projects whose building permits are issued before December 31st, 2009.
Combined with the reinstatement the 90-day tourist visa for U.S. citizens, these two decisions restore some of the key competitive advantages that Panama has offered in recent years.
More than that, however, is the very powerful message that these decisions send to the international market. It is clear that the government of Panama has given great thought to these two issues and has responded appropriately.
The government is once again removing barriers to investment, providing economic incentives and is encouraging the international community to come to Panama.
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