I am glad to see another group in the country picking up the banner to help get a change in the immigration visa issue. In the article below ACOBIR (Association of Real Estate Professionals) are suggesting a modification to the visa law that will allow people who buy homes with cash or mortgages to put them in the name of a corporation or foundation and still be able to qualify for an investor visa. Currently a home buyer is required to pay cash of $200k, and they must put it in their personal name, both of which greatly reduce that visa option.
It is extremely important for a foreigner (or Panamanian for that matter) to be able to put a property into the name of a corporation or foundation in order to protect themselves from exposure to liabilities. Anyone with access to the public registry (attorneys with internet access) can easily discover who owns any property in Panama. With the ability to sequester in this country, to put a property in ones personal name is asking for trouble. I know of a number of people who have paid dearly for this mistake.
This proposal would be a big boon to the industry and solve many of the complaints people have with the current visa options. With the real estate, legal, banking and developing professionals behind this proposal, I expect it to get legs. They just have to convince the politicians!
Panama, Friday, August 31st, 2007
Acobir requests to facilitate residence
Mario Muñoz andresm@prensa.com
The arrival of foreign citizens to the country can be greatly stimulated, by facilitate the residence proceedings, according to the Panamanian Real Estate Association of Brokers and Promoters (Acobir). This week the association received, in its general assembly, a legal reform proposal from one of its members, that will be introduced to the authorities.
This proposal is also is back by the National School of Lawyers. "Practically the economic boom is thanks to the foreign investors, which is why it is necessary to modify the migratory laws", said Yolanys Alvarado, specialist in this market. One aspect of the proposal is due to allow the foreigner to buy through mortgages and power to decide on an indefinite residence with staying.
"The foreigner could buy through corporations or through private interest foundations and to decide on an indefinite residence", said the representative of Acobir. At the present time, to get a residence visa in the country, the citizens of other countries must buy 100% of a house with cash and not through mortgages. "With this modification, the country would benefit, the economy and the real estate industry", Alvarado concluded.
