Panama, its time for a wake up call!
Paul McBride spent a great part of the day reading through the over 500 (Now over 850) responses to our survey and it was an eye opener to say the least. When you read his summary below, it is clear that the recent changes in laws will negatively effect the economy of this country in a substantial way.
What is our next step? This summary will be translated into Spanish and sent out to key government officials along with a personal call letting them know there is an important message in their email. We want to give them a heads-up that starting early next week, the local press will be putting out stories about the survey and its clear results. Soon after, we will have an opportunity to meet with officials and each will receive a binder of over 500 pages with your answers and comments from the survey. We sincerely hope that they will be sympathetic to our cause. Thanks to all of you for your efforts thus far.
We would like 1000 surveys which would require two binders.
If you have not taken the survey, please do so now so that your voice will be heard.
http://www.panamarealestateinvestors.com/primare/default1.aspx
The results of the complete survey with comments can be found at:
http://www.panamarealestateinvestors.com/primare/report.aspx
From Paul McBride
Spanish version download
Download encuesta_prima_panama.22.06.07
Prima Panama posted a short survey on the Internet yesterday to get measure its member’s reaction to tax, immigration and privacy issues. In just over 24 hours, over 500 people responded to the survey questions. In addition to answering the survey, many respondents added comments with their own personal observations.
The answers were stunning in their implications for the real estate industry in Panama.
When asked “How important is the 20-year property tax exemption in regards to your decision to buy or invest in Panama?”, 97% of the respondents said the tax exemption was very important or important to their decision to buy property in Panama. Only 1% of those answering the survey felt taxes were not an important factor in their property purchasing decision.
The recent change to the tourist visa was a hot issue with the survey participants. 91% of those answering the survey said that the changes to the visa were very important or important while only 2% said the changes were not important at all.
The question that has the biggest implications for the industry has to do with whether the survey participants have changed their minds about buying property in Panama as a result of government policy. 70% of the people answering this question said they have either changed their mind about buying property in Panama or have decided not to buy property in the country. Only 8% of the survey respondents said they were still planning to buy in Panama.
Here is a list of the questions asked and the results received:
Question #1 –
How important is the 20-year property tax exemption in regards to your decision to buy or invest in Panama?
Very Important: 87%
Important: 10%
Somewhat Important 3%
Not Important 1%
Question #2 –
How important are the recent changes to the tourist visa in regard to your decision to buy or invest in Panama?
Very Important: 79%
Important: 12%
Somewhat Important 4%
Not Important 2%
Question # 3 –
How important is the protection of your personal privacy in regard to your decision to buy or invest in Panama?
Very Important: 84%
Important: 11%
Somewhat Important 5%
Not Important 1%
Question # 4 –
How have the recent changes in government policy in Panama influenced your decision to buy or invest in real estate in the country?
I will definitely not buy in Panama 21%
I have changed my mind and may not buy real estate in Panama 49%
I’m not sure. I may still buy in Panama 23%
I’m still planning to buy in Panama 8%
The comments left on the survey forms showed a great deal of dissatisfaction with the current government policy.
The results of the complete survey with comments can be found at:
http://www.panamarealestateinvestors.com/primare/report.aspx
