Alex's Note: This is not legal advice so DO NOT take this as such. Get a good attorney and get a full run down from your attorney on this process. This guide was not written by an attorney.
------------------------------
How to Buy Real Estate in Panama
This free report is intended to help readers of www.panamacostarica.com handle their first purchase of land or other real estate in Panama safely and efficiently.
Anyone coming from anot her country to buy real estate in Panama is likely to encounter confusion over the different procedures and customs. It's no surprise; many locals are surprised or dismayed by some of the requirements to sell their land to you!
Once you find a property you are seriously interested in, you should ask the owner for the Plano de Catastro and the Escritura. Especially in the countryside, many property owners in Panama will be reluctant to show you these documents until they have established a sense of who you are. These documents are considered to be valuable and personal, not to be shown casually to just any passerby.
You need to note the owner(s) name on the Escritura, and the finca number and the information that goes with it, such as the numbers following the words Rollo, Tomo, Codigo de Ubicacion, Asiento, and anything else. Copy all these down carefully. Be particularly careful to note who the owners are. If there are several of them, you will need ALL to be represented in the contract. You will see the ID, or cedula number, of each - note all those precisely, as well. Note the size of the property. The escritura, or deed, should match the area shown on the Plano de Catastro exactly. Study the Plano to ascertain, if you can, that it matches the land you are seeing. If you cannot ascertain that, you'll need a topographer/surveyor to verify you aren't buying some other piece of land.
Before paying to have someone else check the basic information, go online at www.registro-publico.gob.pa and choose Consultas to look up the property by finca number. Often, several properties will have the same finca number and you will need the property size and location code (codigo de ubicacion) to match it to the one you are investigating. You may need to click on, and open up the window for each property showing that finca number until you hit the right one. Check the property size and the owner's name again. They should match. If not, your lawyer will need to check further. Often the owner's name has not been entered in the computerized system.
You will need a contract from a lawyer or other reliable source, called a Contrato de Promessa de Compraventa. And this is where it is not quite like home.
In most purchase situations in Panama, especially when you're buying land or a resale property, you will have to give the Seller a down payment, approximately 12%. Your desire to put the down payment into escrow will nearly always mean the deal is off. Escrow doesn't work in Panama for down payments. It is not simply that people don't know about it, or mistrust it. It's a deal killer for a very simple reason: the Seller needs the down payment from you to pay his capital gains taxes. These taxes must be paid before -- BEFORE -- he can sell to you.
Let's repeat that, because it defies logic for most foreigners. The Seller must pay his taxes BEFORE he can sell to you. Not just his transfer tax of 2%, but also his capital gains tax of 10% on the profit he is realizing. In most parts of the world, taxes come AFTER the taxable event. Sometimes, as with sales tax, they come WITH the taxable event. Not in Panama real estate, however! The government realized too many people weren't paying their taxes after selling a piece of real estate, so they cleverly switched it. Now the tax payment PRECEDES the taxable event, the sale to you. It's brilliant on their part, but creates a hurdle for the buyer and seller. The Seller won't risk his own cash to pay the taxes -- it would be nice, but it just isn't happening! -- and either you take a leap of faith and ante up a down payment that he should hand over to the tax authority, or you can buy property in a different country.
I will defer all questions like "What if he waltzes off with my down payment!?" to your legal counsel. It hasn't happened to us yet, and there are ways to mitigate this risk, but that gets more involved and is better discussed directly with people who have experience buying land in Panama. Yes, it's a valid concern and either you take on the risk, safeguarded by a contract you hope has some teeth, or you skip buying in Panama.
Generally, I protect myself by getting into a detailed discussion with the Seller about exactly when and how he will pay his taxes using my money. It's good to walk them verbally through the steps involved, such as going to the Ministerio de Finanza y Economia and filling out the forms. It may be smart to suggest they bring a relative to help -- older farmers often have an adult relative in Panama City who can navigate the bureaucracy better. If you're buying from a slick city lawyer, obviously he can handle it, but have the discussion anyhow. If the Seller happens to be that bad egg who wants to abscond with your 12%, maybe you'll pick up on subtle signals. Unless there is a very large mortgage on the property, or some grave problem they're afraid you'll discover, sellers have 88% motivation to stick around and finish the sale correctly. By the way, I always tell the Seller that I am postdating the check 10 days to give me time for surveys and inspection. That comes before I hand over the check, of course. Their reaction tells a lot. If they get indignant and argue that they have other sellers waiting to snap it up, so they can't give you ten days, get up and scoot. They're afraid of what your investigation will find. Usually I phone them a day before the check becomes valid, remind them of it, and reiterate that once they cash it, we are "tied together, locked together." Thus far, it's worked. Panamanians are, in the great majority, honest and upstanding. That helps!
There are two opposing viewpoints about when to hand over the financial instrument that entitles the Seller to the rest of his money for the property. Some say deliver it with the down payment, others prefer to wait until the closing, or traspaso. Let's explain how the other 88% of the purchase is paid: it is not in cash. Some condo developers may require cash (which means a cashier's check) at the traspaso, but every Seller in Panama SHOULD accept a Carta de Promessa de Pago Irrevocable. The key word there is Irrevocable. It is a payment you cannot revoke. The Seller cannot cash it, however, until he delivers to your bank (which freezes your 88% funds for this purpose) a new deed that establishes you have full title to the property. The deed comes from the Registro Publico. The bank is required to check it carefully. Presumably, if they make a mistake and issue payment on the Irrevocable Payment on a fake deed, they are liable to you.
This is actually a very workable system. It does a pretty good job of protecting buyers - certainly it's better than Costa Rica's system. Escrow in Panama tends to be costlier than Costa Rica, and certainly more expensive for you the Buyer than obtaining a Pago Irrevocable.
Here's how the Pago Irrevocable works. If you are buying a property for $100,00 then you make a down payment of, say, $12,000 and deposit $88,000 into a Panamanian bank account in your name. By the way, establishing that account can take several months, so you cleverly did start that process the very moment you decided to buy property in Panama. As an alternative, if you have no bank account, a lawyer can prepare the Pago but will usually bill you 2% of the amount. A bank will charge you $50 to $75 rather than $2,000, so having your own account is very much worth the trouble and hassle.
You will sign and give to the bank a form called a Prenda, to freeze your funds. The branch manager will usually supply you with the Prenda form to fill out. They can also help you fill out a Solicitud, or application, for the Pago Irrevocable (Irrevocable Payment). It should spell out that the property must be in your name, or the name of your corporation, for the Seller to cash it. Basically the Pago Irrevocable is a letter of credit that is meant to be cashed. This Pago is completely useless to the Seller until you own the property.
Some buyers like to give the Pago Irrevocable to the Seller at the same time as the down payment, because holding a pago for $88,000 is great motivation to pay those taxes with your down payment and do everything quickly to get the property into your name.
One tip: if at all possible, leave the bank two weeks to prepare the Pago Irrevocable. Go get it in your hands and check it the day before the traspaso/closing. Often there are mistakes that only you will spot; wrong amount, a missing seller, wrong property number. Check it at the bank before you leave; if it's wrong, have them fix it right then and there. Remember - your purchase contract must be worded so that you have enough time to have the bank issue the Pago Irrevocable, to avoid any danger of defaulting and losing your down payment.
It will be some time, probably years, before most Panamanian sellers can be persuaded to let you put the down payment in escrow and risk their own cash on paying the taxes. In the current hot market, it's a waste of your time to argue with them about this. Even if they accept, their shocked friends and relatives will probably talk them out of following through with such craziness. And in most cases, country-side sellers don't have any cash to pay the taxes, so it's not a possibility.
So open a bank account ASAP; it can be in your own name even if a corporation will take ownership of the property. Have a look at your lawyer's contract ahead of time, so it's not a total surprise and you can ask questions and get answers - lawyers generally will not be on your timetable, it's not an instant process like in the US. In another future article, we'll look at what should be in your contract.
Original Article
Friday, September 7, 2007
Wednesday, September 5, 2007
Commencement Video
This is a video of the official commencement of the expansion of the Panama Canal.
Youtube is so amazing...
Youtube is so amazing...
Tuesday, September 4, 2007
Is Panama the Americas' Hong Kong?
Time Magazine
Friday, Aug. 31, 2007 By MICHELE LABRUT/PANAMA CITY
An aerial view of Panama Canal's Pedro Miguel Locks and Centennial Bridge .
The groundbreaking at the Panama Canal on Sept. 3 won't involve the usual golden shovels; instead, dignitaries of the order of Organization of American States Secretary General Jose Miguel Insulza and former U.S. President Jimmy Carter will be treated to a large explosion. And while the detonation is officially meant to kick off a $5.25 billion expansion of the Canal that will include a third, larger set of locks, to many Panamanians the moment will symbolize the demolition of their nation's century-old image as a U.S.-created banana republic. "This may even transform Panama into a First World country," boasts maritime worker Juan Carlos Croston.
Croston was born in 1976, shortly before Carter and the late Panamanian strongman, Brigadier General Omar Torrijos, signed the 1977 treaty that transferred ownership of the Canal from the U.S. to Panama on Dec. 31, 1999. Many Panamanians consider that date "their real independence day," says Guillermo Chapman, who sits on the Canal's board of directors. Panama, in fact, was created in 1903, when the territory broke away from Colombia with more than a little help from the U.S., which wanted to build a canal across the narrow isthmus. The Canal was the country's reason for existence, and as long as it was controlled by Washington, Panama could never feel truly independent. Its dysfuncational political history, marked by brutal dictators like General Manuel Noriega who now sits in a Miami prison, only exacerbated the inferiority complex of the tiny nation of 3.2 million people. (Noriega is scheduled for release on September 9, and could be extradited to Panama to serve prison time since he was already convicted in abstentia on murder charges there.)
Since taking charge of its prime asset, Panama has brought a new business efficiency to the 50-mile-long waterway, doubling the annual toll income of the Panama Canal Authority to $1.5 billion. That performance is a big reason Panamanians last year approved the expansion, which when finished in 2014 (the centennial of the Canal's original completion) will allow the world's new supersize container vessels to transit the Canal, potentially raising revenue to $5 billion a year by 2025. Boosters hope that such gains would help turn Panama from a Caribbean backwater to the Hong Kong of the Americas by attracting myriad large-scale maritime and financial enterprises. Many of those domestic and foreign investments are underway, evidenced by the dozens of construction cranes and new skyscrapers towering over Panama City today.
It is this coming of age in the global economy that Monday's blast is intended to celebrate. "We are unique," says Ebrahim Asvat, a lawyer and first-generation Panamanian of Indian descent. "We are not like other Central American countries." Adds Authority Administrator Alberto Aleman, "We see the Canal with long lights. The decisions, mistakes and rewards are ours and only ours."
Much of Panama shares this newfound sense of pride and confidence. The Canal Zone, which during the 20th century had been a yanqui colonial and military enclave, has given way to resort hotels, new housing developments and an industrial district. An education- and technology-oriented "City of Knowledge" has supplanted the old headquarters of the U.S. Army South, while Howard Air Force base — the largest U.S. base in Latin America before the Canal handover — is under commercial development.
The question is whether Panama's nagging reputation for corruption will also be blown away by the ceremonial explosion. Some 40% of Panamanians still live in poverty — and, in a recent poll, only 22% of them indicated they believed the project would bring economic benefits to the wider population. President Martin Torrijos, son of Omar Torrijos, has pushed a number of anti-corruption measures — one anti-corruption prosecutor is currently investigating allegations of bribery on the Supreme Court — and has promised that the lion's share of revenues generated by the Canal's expansion will go to anti-poverty programs such as education reform.
But first the Canal has to produce that new wealth. Aleman insists the expansion "is exactly on schedule." Former Foreign Minister Jorge Ritter recalls the domestic political cost paid by President Carter for agreeing to hand back the Canal — one reason Panamanians are especially pleased Carter will attend Monday's event. "Carter will be assured," says Ritter, "that he made the correct decision. It has worked for the best."
Friday, Aug. 31, 2007 By MICHELE LABRUT/PANAMA CITY
An aerial view of Panama Canal's Pedro Miguel Locks and Centennial Bridge .
The groundbreaking at the Panama Canal on Sept. 3 won't involve the usual golden shovels; instead, dignitaries of the order of Organization of American States Secretary General Jose Miguel Insulza and former U.S. President Jimmy Carter will be treated to a large explosion. And while the detonation is officially meant to kick off a $5.25 billion expansion of the Canal that will include a third, larger set of locks, to many Panamanians the moment will symbolize the demolition of their nation's century-old image as a U.S.-created banana republic. "This may even transform Panama into a First World country," boasts maritime worker Juan Carlos Croston.
Croston was born in 1976, shortly before Carter and the late Panamanian strongman, Brigadier General Omar Torrijos, signed the 1977 treaty that transferred ownership of the Canal from the U.S. to Panama on Dec. 31, 1999. Many Panamanians consider that date "their real independence day," says Guillermo Chapman, who sits on the Canal's board of directors. Panama, in fact, was created in 1903, when the territory broke away from Colombia with more than a little help from the U.S., which wanted to build a canal across the narrow isthmus. The Canal was the country's reason for existence, and as long as it was controlled by Washington, Panama could never feel truly independent. Its dysfuncational political history, marked by brutal dictators like General Manuel Noriega who now sits in a Miami prison, only exacerbated the inferiority complex of the tiny nation of 3.2 million people. (Noriega is scheduled for release on September 9, and could be extradited to Panama to serve prison time since he was already convicted in abstentia on murder charges there.)
Since taking charge of its prime asset, Panama has brought a new business efficiency to the 50-mile-long waterway, doubling the annual toll income of the Panama Canal Authority to $1.5 billion. That performance is a big reason Panamanians last year approved the expansion, which when finished in 2014 (the centennial of the Canal's original completion) will allow the world's new supersize container vessels to transit the Canal, potentially raising revenue to $5 billion a year by 2025. Boosters hope that such gains would help turn Panama from a Caribbean backwater to the Hong Kong of the Americas by attracting myriad large-scale maritime and financial enterprises. Many of those domestic and foreign investments are underway, evidenced by the dozens of construction cranes and new skyscrapers towering over Panama City today.
It is this coming of age in the global economy that Monday's blast is intended to celebrate. "We are unique," says Ebrahim Asvat, a lawyer and first-generation Panamanian of Indian descent. "We are not like other Central American countries." Adds Authority Administrator Alberto Aleman, "We see the Canal with long lights. The decisions, mistakes and rewards are ours and only ours."
Much of Panama shares this newfound sense of pride and confidence. The Canal Zone, which during the 20th century had been a yanqui colonial and military enclave, has given way to resort hotels, new housing developments and an industrial district. An education- and technology-oriented "City of Knowledge" has supplanted the old headquarters of the U.S. Army South, while Howard Air Force base — the largest U.S. base in Latin America before the Canal handover — is under commercial development.
The question is whether Panama's nagging reputation for corruption will also be blown away by the ceremonial explosion. Some 40% of Panamanians still live in poverty — and, in a recent poll, only 22% of them indicated they believed the project would bring economic benefits to the wider population. President Martin Torrijos, son of Omar Torrijos, has pushed a number of anti-corruption measures — one anti-corruption prosecutor is currently investigating allegations of bribery on the Supreme Court — and has promised that the lion's share of revenues generated by the Canal's expansion will go to anti-poverty programs such as education reform.
But first the Canal has to produce that new wealth. Aleman insists the expansion "is exactly on schedule." Former Foreign Minister Jorge Ritter recalls the domestic political cost paid by President Carter for agreeing to hand back the Canal — one reason Panamanians are especially pleased Carter will attend Monday's event. "Carter will be assured," says Ritter, "that he made the correct decision. It has worked for the best."
Real Estate Investing in Panama
My Notes: This was a paid PR/Pump of the Panama market so take it with a grain of salt.
-------------------------------------
FOR IMMEDIATE RELEASE / PRURGENT
Although property prices in Panama continue to rise and in some cases real estate values have doubled in just over a year, the average property in Panama is still considerably less than in North America or Europe.
Baby boomers looking for an excellent real estate investment and a perfect location to retire are heading to Panama. Not only does Panama offer low cost of living backed with a solid economy and stable currency (Panama uses the U.S. dollar), but it also offers numerous tax incentives and an extensive retiree benefits package. Combine that with impressive scenic beauty and over 1300 miles of coastline and it is not hard to see why Panama has become such a hot place for real estate investors.
“You get more for your money with Panama real estate," said Shelley Moore of TropilandPanama. "And as more and more people discover Panama, the potential for growth is tremendous.”
Numerous news articles confirm this claim, including reports in the "New York Times”, “Boston Globe”, “International Living" and the “Robb Report” all discussing the advantages of buying real estate in Panama. In 2006 alone Panama saw a 14.25% growth in the tourism industry and realized an 8.1% economic growth rate. Further, Panama has been ranked the #1 place to retire for 5 consecutive years and every year more and more foreigners are investing and retiring in Panama.
With property coast soaring in Europe and North America, Panama is an excellent alternative for citizens looking to invest in property or a retirement home. Panama offers many of the same amenities at a fraction of the cost and Panama City is one of the most modern, urban centers in Latin America. The recent approval for the expansion of the Panama Canal, which is scheduled to run for the next 10 years, is also very positive news for sustained high rental yields and occupancy rates.
"If you're looking for long-term capital growth then consider Panama real estate now and get in on one of the worlds most exciting real estate markets," explained Moore. "Whether you are interested in having a second home, retirement home, or investment property, Panama is the right choice."
Shelley and her staff at TropilandPanama offer a complete resource of information regarding the Panama real estate market on their website at http://www.TropilandPanama.com.
The launch of their new blog at http://tropiland.blogspot.com/ also provides up-to-date real estate investment information and serves as a way to communicate Panama-related information directly to their clientele.
TropilandPanama assists people in finding and buying the perfect property that is right for them. They offer a customized, all- inclusive approach to real estate investing in Panama with a team that includes lawyers, surveyors, translators and builders. “We like to go the extra mile with our clients to ensure all their needs are met,” says Moore.
"We use our reputation and experience in the Panama market to find the best real estate opportunities for our clients," explained Moore. "We negotiate prices directly with property owners and developers and have exclusive access to land and projects that you won't find anywhere else," she added.
-------------------------------------
FOR IMMEDIATE RELEASE / PRURGENT
Although property prices in Panama continue to rise and in some cases real estate values have doubled in just over a year, the average property in Panama is still considerably less than in North America or Europe.
Baby boomers looking for an excellent real estate investment and a perfect location to retire are heading to Panama. Not only does Panama offer low cost of living backed with a solid economy and stable currency (Panama uses the U.S. dollar), but it also offers numerous tax incentives and an extensive retiree benefits package. Combine that with impressive scenic beauty and over 1300 miles of coastline and it is not hard to see why Panama has become such a hot place for real estate investors.
“You get more for your money with Panama real estate," said Shelley Moore of TropilandPanama. "And as more and more people discover Panama, the potential for growth is tremendous.”
Numerous news articles confirm this claim, including reports in the "New York Times”, “Boston Globe”, “International Living" and the “Robb Report” all discussing the advantages of buying real estate in Panama. In 2006 alone Panama saw a 14.25% growth in the tourism industry and realized an 8.1% economic growth rate. Further, Panama has been ranked the #1 place to retire for 5 consecutive years and every year more and more foreigners are investing and retiring in Panama.
With property coast soaring in Europe and North America, Panama is an excellent alternative for citizens looking to invest in property or a retirement home. Panama offers many of the same amenities at a fraction of the cost and Panama City is one of the most modern, urban centers in Latin America. The recent approval for the expansion of the Panama Canal, which is scheduled to run for the next 10 years, is also very positive news for sustained high rental yields and occupancy rates.
"If you're looking for long-term capital growth then consider Panama real estate now and get in on one of the worlds most exciting real estate markets," explained Moore. "Whether you are interested in having a second home, retirement home, or investment property, Panama is the right choice."
Shelley and her staff at TropilandPanama offer a complete resource of information regarding the Panama real estate market on their website at http://www.TropilandPanama.com.
The launch of their new blog at http://tropiland.blogspot.com/ also provides up-to-date real estate investment information and serves as a way to communicate Panama-related information directly to their clientele.
TropilandPanama assists people in finding and buying the perfect property that is right for them. They offer a customized, all- inclusive approach to real estate investing in Panama with a team that includes lawyers, surveyors, translators and builders. “We like to go the extra mile with our clients to ensure all their needs are met,” says Moore.
"We use our reputation and experience in the Panama market to find the best real estate opportunities for our clients," explained Moore. "We negotiate prices directly with property owners and developers and have exclusive access to land and projects that you won't find anywhere else," she added.
TRUMP Ocean Club
My Notes: Follows is an ad for Trump Ocean Club and the Bonds they are issuing to pay for it.
They sure do use alot of capital letters.
Miami Backpage
posted: August 31, 2007, 03:11 AM
--------------------------------------------------------------------------------
You are invited to become owners / investors in residences and Condo-Hotels at TRUMP OCEAN CLUB in Panama.
Trump Ocean Club is a 67 story luxury mixed use building complete with hotel, casino, and spa. Owners and their guests will also be able to utilize our exclusive beach club on Contadora Island. Construction of this world class property started in March of 2007 and completion is projected for late 2009.
Panama is quickly becoming the crown jewel of Latin America. The interest by Americans in owning real estate in Panama is unprecedented, as Baby Boomers discover this magical and economic retirement paradise. There are now more Americans buying property and planning to live in Panama than anywhere else on Earth outside of the United States. The most compelling aspect of this growth is that 99% of retirees could never afford to live in a TRUMP property, but in Panama they can because of the low cost of living; health care and real estate incentives. For example, there are no real estate taxes on a residence at Trump Ocean Club until approximately the year 2020.
TIME IS OF THE ESSENCE… BE AWARE THAT YOU ARE BEING OFFERED PRE-CONSTRUCTION PRICES. ONCE WE HAVE SALES AGREEMENTS FOR SIXTY FIVE PERCENT OF THE BUILDING THE CONSTRUCTION LOAN WILL BE “TRIGGERED” AND AS IS TYPICAL IN PRE-CONSTRUCTION, PRICES WILL BEGIN TO ESCALATE… ACCORDINGLY, SELECTIONS ARE BEING MADE ON A FIRST COME, FIRST SERVED BASIS.
All Condo / Hotel studios are $375,000 (new prices) no matter where located in the building and they are all approximately 540 sq. ft. The revenues generated through the Hotel will be pooled so that each owner receives the same percentage of income, whether their unit has been rented or not. All hotel suites are fully furnished and accessorized at the Trump level of quality.
All condominium residences are FINISHED but not furnished…. Finished means central air conditioned, full appliance package with washer and dryer, marble flooring throughout, granite kitchen countertops with full backsplash, European kitchens cabinets, frameless shower enclosures, designer fixtures, and the level of quality you would expect in a TRUMP property…
Penthouse residences up to 10,000 sq. ft. will be available soon.
PRICE RANGE FOR CONDOMINIUMS ARE
Floor 16: Condo Hotel Studio Suite 16, $431,000 - 620 sqft
Floor 18: Condo Hotel Studio Suite 18, $651,000 - 938 sqft
Floor 24: Condo Hotel Studio Suite 24, $391,000 - 563 sqft
Floor 27: Condo Hotel Studio Suite 27, $544,000 - 783 sqft
Floor 16: Condo Hotel Studio, $375,000 - 543 sqft
Floor 20: Condo Hotel Studio, $375,000 - 540 sqft
Floor 25: Condo Hotel Studio, $375,000 - 540 sqft
Floor 27: Condo Hotel Studio, $375,000 - 540 sqft
Floor 29: Condo Hotel Studio, $375,000 - 540 sqft
They sure do use alot of capital letters.
Miami Backpage
posted: August 31, 2007, 03:11 AM
--------------------------------------------------------------------------------
You are invited to become owners / investors in residences and Condo-Hotels at TRUMP OCEAN CLUB in Panama.
Trump Ocean Club is a 67 story luxury mixed use building complete with hotel, casino, and spa. Owners and their guests will also be able to utilize our exclusive beach club on Contadora Island. Construction of this world class property started in March of 2007 and completion is projected for late 2009.
Panama is quickly becoming the crown jewel of Latin America. The interest by Americans in owning real estate in Panama is unprecedented, as Baby Boomers discover this magical and economic retirement paradise. There are now more Americans buying property and planning to live in Panama than anywhere else on Earth outside of the United States. The most compelling aspect of this growth is that 99% of retirees could never afford to live in a TRUMP property, but in Panama they can because of the low cost of living; health care and real estate incentives. For example, there are no real estate taxes on a residence at Trump Ocean Club until approximately the year 2020.
TIME IS OF THE ESSENCE… BE AWARE THAT YOU ARE BEING OFFERED PRE-CONSTRUCTION PRICES. ONCE WE HAVE SALES AGREEMENTS FOR SIXTY FIVE PERCENT OF THE BUILDING THE CONSTRUCTION LOAN WILL BE “TRIGGERED” AND AS IS TYPICAL IN PRE-CONSTRUCTION, PRICES WILL BEGIN TO ESCALATE… ACCORDINGLY, SELECTIONS ARE BEING MADE ON A FIRST COME, FIRST SERVED BASIS.
All Condo / Hotel studios are $375,000 (new prices) no matter where located in the building and they are all approximately 540 sq. ft. The revenues generated through the Hotel will be pooled so that each owner receives the same percentage of income, whether their unit has been rented or not. All hotel suites are fully furnished and accessorized at the Trump level of quality.
All condominium residences are FINISHED but not furnished…. Finished means central air conditioned, full appliance package with washer and dryer, marble flooring throughout, granite kitchen countertops with full backsplash, European kitchens cabinets, frameless shower enclosures, designer fixtures, and the level of quality you would expect in a TRUMP property…
Penthouse residences up to 10,000 sq. ft. will be available soon.
PRICE RANGE FOR CONDOMINIUMS ARE
Floor 16: Condo Hotel Studio Suite 16, $431,000 - 620 sqft
Floor 18: Condo Hotel Studio Suite 18, $651,000 - 938 sqft
Floor 24: Condo Hotel Studio Suite 24, $391,000 - 563 sqft
Floor 27: Condo Hotel Studio Suite 27, $544,000 - 783 sqft
Floor 16: Condo Hotel Studio, $375,000 - 543 sqft
Floor 20: Condo Hotel Studio, $375,000 - 540 sqft
Floor 25: Condo Hotel Studio, $375,000 - 540 sqft
Floor 27: Condo Hotel Studio, $375,000 - 540 sqft
Floor 29: Condo Hotel Studio, $375,000 - 540 sqft
Monday, September 3, 2007
Why are so many people considering moving to Panama?
My Notes: Quite a few expats who have made the move or are considering the move that I have spoken to share some common thoughts. Many of them are frankly fed up with the direction the US is going when it comes to intrusiveness, and outright disrespect for the personal freedoms of its citizens.
Granted, many move here simply for the weather, an easy going lifestyle, and a very low cost of living in comparison to the States, but the following is a wake up call:
---------------------------
None Of Your Business!
By Rep Ron Paul
2-9-7
You may not have heard of the American Community Survey, but you will.
The national census, which historically is taken every ten years, has
expanded to quench the federal bureaucracy's ever-growing thirst to
govern every aspect of American life. The new survey, unlike the
traditional census, is taken each and every year at a cost of hundreds
of millions of dollars. And it's not brief. It contains 24 pages of
intrusive questions concerning matters that simply are none of the
government's business, including your job, your income, your physical
and emotional heath, your family status, your dwelling, and your
intimate personal habits.
The questions are both ludicrous and insulting. The survey asks, for
instance, how many bathrooms you have in your house, how many miles
you drive to work, how many days you were sick last year, and whether
you have trouble getting up stairs. It goes on and on, mixing inane
questions with highly detailed inquiries about your financial affairs.
One can only imagine the countless malevolent ways our federal
bureaucrats could use this information. At the very least the survey
will be used to dole out pork, which is reason enough to oppose it.
Keep in mind the survey is not voluntary, nor is the Census Bureau
asking politely. Americans are legally obligated to answer, and can be
fined up to $1,000 per question if they refuse!
I introduced an amendment last week that would have eliminated funds
for this intrusive survey in a spending bill, explaining on the House
floor that perhaps the American people don't appreciate being
threatened by Big Brother. The amendment was met by either
indifference or hostility, as most members of Congress either don't
care about or actively support government snooping into the private
affairs of citizens.
One of the worst aspects of the census is its focus on classifying
people by race. When government tells us it wants information to
"help" any given group, it assumes every individual who shares certain
physical characteristics has the same interests, or wants the same
things from government. This is an inherently racist and offensive
assumption. The census, like so many federal policies and programs,
inflames racism by encouraging Americans to see themselves as members
of racial groups fighting each other for a share of the federal pie.
The census also represents a form of corporate welfare, since the
personal data collected on hundred of millions of Americans can be
sold to private businesses. Surely business enjoys having such
extensive information available from one source, but it's hardly the
duty of taxpayers to subsidize the cost of market research.
At least the national census has its origins in the Constitution,
which is more than one can say about the vast majority of programs
funded by Congress. Still, Article I makes it clear that the census
should be taken every ten years for the sole purpose of congressional
redistricting (and apportionment of taxes, prior to the disastrous
16th amendment). This means a simple count of the number of people
living in a given area, so that numerically equal congressional
districts can be maintained. The founders never authorized the federal
government to continuously survey the American people.
More importantly, they never envisioned a nation where the people
would roll over and submit to every government demand. The American
Community Survey is patently offensive to all Americans who still
embody that fundamental American virtue, namely a healthy mistrust of
government. The information demanded in the new survey is none of the
government's business, and the American people should insist that
Congress reject it now before it becomes entrenched.
Granted, many move here simply for the weather, an easy going lifestyle, and a very low cost of living in comparison to the States, but the following is a wake up call:
---------------------------
None Of Your Business!
By Rep Ron Paul
2-9-7
You may not have heard of the American Community Survey, but you will.
The national census, which historically is taken every ten years, has
expanded to quench the federal bureaucracy's ever-growing thirst to
govern every aspect of American life. The new survey, unlike the
traditional census, is taken each and every year at a cost of hundreds
of millions of dollars. And it's not brief. It contains 24 pages of
intrusive questions concerning matters that simply are none of the
government's business, including your job, your income, your physical
and emotional heath, your family status, your dwelling, and your
intimate personal habits.
The questions are both ludicrous and insulting. The survey asks, for
instance, how many bathrooms you have in your house, how many miles
you drive to work, how many days you were sick last year, and whether
you have trouble getting up stairs. It goes on and on, mixing inane
questions with highly detailed inquiries about your financial affairs.
One can only imagine the countless malevolent ways our federal
bureaucrats could use this information. At the very least the survey
will be used to dole out pork, which is reason enough to oppose it.
Keep in mind the survey is not voluntary, nor is the Census Bureau
asking politely. Americans are legally obligated to answer, and can be
fined up to $1,000 per question if they refuse!
I introduced an amendment last week that would have eliminated funds
for this intrusive survey in a spending bill, explaining on the House
floor that perhaps the American people don't appreciate being
threatened by Big Brother. The amendment was met by either
indifference or hostility, as most members of Congress either don't
care about or actively support government snooping into the private
affairs of citizens.
One of the worst aspects of the census is its focus on classifying
people by race. When government tells us it wants information to
"help" any given group, it assumes every individual who shares certain
physical characteristics has the same interests, or wants the same
things from government. This is an inherently racist and offensive
assumption. The census, like so many federal policies and programs,
inflames racism by encouraging Americans to see themselves as members
of racial groups fighting each other for a share of the federal pie.
The census also represents a form of corporate welfare, since the
personal data collected on hundred of millions of Americans can be
sold to private businesses. Surely business enjoys having such
extensive information available from one source, but it's hardly the
duty of taxpayers to subsidize the cost of market research.
At least the national census has its origins in the Constitution,
which is more than one can say about the vast majority of programs
funded by Congress. Still, Article I makes it clear that the census
should be taken every ten years for the sole purpose of congressional
redistricting (and apportionment of taxes, prior to the disastrous
16th amendment). This means a simple count of the number of people
living in a given area, so that numerically equal congressional
districts can be maintained. The founders never authorized the federal
government to continuously survey the American people.
More importantly, they never envisioned a nation where the people
would roll over and submit to every government demand. The American
Community Survey is patently offensive to all Americans who still
embody that fundamental American virtue, namely a healthy mistrust of
government. The information demanded in the new survey is none of the
government's business, and the American people should insist that
Congress reject it now before it becomes entrenched.
Video of New Balboa Avenue
This video is a computer generated rendering of the proposal for Balboa Avenue.
I suppose there have to put all the dirt they will be excavating from the canal somewhere eh?
I suppose there have to put all the dirt they will be excavating from the canal somewhere eh?
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