You have about 8 months left to find your piece of Paradise

Although there have been announcements and pronouncements about the exoneration being extended, it does not become law until it is published in the Gazette. That come out yesterday!
You now have until the first of July 2009 to get your building permit and the the end of 2011 to get the occupancy permit. Anyone wishing to take advantage of this 20 year tax exoneration on new construction need to act within the next 8-10 months. Here is an average time line to go through the entire process.

Time frame if you stared today:
Come to Panama and find a home site-90 days-August 2008
Wait for the closing 60 days-October 2008
Hire and architect to design the home. Wait 4-6 months for the design. March 2009
Get the building permit-30 days-April 2009
Get quotes from builders to build your dream home. 60 days- June 2009
Select and contract the builder- July 2009
Wait 12-18 months for construction- February 2011
Acquire your occupancy permit. March 2011

If all goes smoothly you have about an 8-10 month window in order to start your search.

From the Gaceta
Asamblea Nacional
Ley 21 de martes 15 de abril de 2008.
"Que reforma la Ley 6 de 2005, sobre Equidad Fiscal y dicta otra disposición".
http://www.gacetaoficial.gob.pa/pdfTemp/26020/9984.pdf