The battle over ROP land along coastal areas has heated up as many gathered at the ministry yesterday to air their concerns about the new law. Although there are many details involved, the bottom line for the state is money and how much they can charge per hectare to those who want to retain and title the land. For many foreigners who purchased ROP from local farmers this comes as a complete shock as they did not expect to have to pay more than they already have. For many it could mean the end of their dreams of retirement in Panama as they may not have funds enough to buy the property from the state. Many investors who bought ROP as speculation may also find it difficult especially in these tough real estate times. Although the Ministry of Finance promises to be fair in the pricing structure, one has to wonder what "fair" means to them. If they want to charge fair market value for the properties it cold be devastating to those who have already paid once for the property. If the ministry does make the payment small so as not to adversely affect the local farmers they will surely put in place an evaluation for the property that will be much higher in order to begin taxing the property on a yearly basis. After all, this is the real reason ROP land is being titled, IMO. In any case, we should find out pretty soon what the price structure will be.
La Prensa:
José González Pinilla
jagonzalez@prensa.com jagonzalez@prensa.com
The draft law regulating the title, in coastal areas will be modified. Deputy Finance Minister, Dulcidio Guard announced yesterday that presented to the Assembly a draft reform package, which had passed the first debate, which has been questioned by locals and investors.
Among the changes is the establishment of a date for conducting a public consultation in order to pass a table of prices for the purchase of land with possessory rights.
The price table is the main concern of local people and investors, who yesterday attended a forum organized by the Ministry of Economy and Finance (MEF).
This event was attended by investors and retirees of the United States, Canada and other countries, who defended their right to the land owner who bought in the form of possessory right in coastal areas. "I want to know how much more I have to pay," she said.
As the land have no title but possession rights, must be purchased at State, Publius said Cortes, director of the Cadastre of MEF.
For foreign investors, most have bought land with possessory rights to the locals.
Cortés explained that in order not to affect them, the MEF aims to recognize the purchase by foreigners as well as the years locals have lived on the site, so that prices are fair.
During the forum, Vice Minister reiterated that seeks to stop the land grab.
A report by the Directorate of Land Registry points out, for example, that in Bahia Honda in Veraguas, some 700 hectares with possessory rights were bought at bargain prices: a one cent per square meter.
