We here at Bala Beach understand that the obtaining a home mortgage in a foreign, non-English speaking country is a cause of nervousness for many people. Reckoning this anxiety, we have taken the progressive steps to streamline the mortgage process by working in-house with International banks such as HSBC and Scotia as well as many other banking institutions. Our clients will receive private, English, and informative consultations with qualified banking professionals to discuss their financing options.
Below is a standard list of materials required to obtain a mortgage in Panama ( Note individual banks might differ slightly but this list provides a general idea of the requirements):
PEOPLE EARNING A SALARY:
- Original Job letter
- Copy of your passport
- Copy of the latest two payroll receipts
- Last two payroll receipts
- Last two Income returns
- Signed and completed Application Form
- 2 bank reference letters
- Authorization to check credit references
SELF-EMPLOYED:
- Copy of Passport
- 2 Latest Income Returns
- Signed and completed Application Form
- 2 bank reference letters
- Authorization to check credit references
A life insurance policy must be taken out for the amount of the loan. This can be included in the mortgage payment if you are under the age of 65. A medical exam may be required to be taken in Panama depending on your age and the amount you borrow. If not taken with the bank, a life insurance policy must be endorsed to the bank by a Panamanian insurance company.
Panama Prepares for a Competitive Future
Aug 12 2008
Posted by admin 
in Panama investment, Uncategorized
Adapted from:
“En octubre se hara el III Foro Nacional de Competitividad,” Monday July 21, 2008, Marianela Palacios Ramsbott, laprensa.com.pa
“150 panameños estudian agronomía en Honduras,” Tuesday August 5, 2008, Roberto Gonzalez Jimenez, laprensa.com.pa
Maintaining one of the highest economic growth rates in all of Latin America over the past five years, Panama is looking to solidify its presence as a regional leader and a worldwide business center. While the current real estate and construction boom is causing great changes to take place in Panama, the majority of this development is rooted in foreign direct investment.
Supporting its position as the home to the Canal, a tax-free haven and the “Bridge of the Americas,” Panama finds itself in a strategic location that makes it a very desirable place to operate any type of international shipping, commercial or service-providing industry. Foreign money is finally tapping into Panama’s positive factors and advantageous natural conditions, but now and forever Panamanians are the ones who must ensure that all of this potential is realized and brought to fruition.
Sponsored by the National Center for Competition (CNC) and the Panamanian Association of Business Executives (Apede) the third annual National Competition Forum will be held in October; an event bringing together leaders from the private sector and the national executive body to strengthen alliances and improve upon the national competitive advantage of Panama.
This year’s meeting will analyze the goals that were set during last year’s forum to determine which challenges have been met and which have some further work still to go. A loan from the Inter-American Development Bank is in place to execute the project “Impulso Panama” which aims to help small and medium sized businesses in Panama to modernize and digitalize their daily operations, making them more competitive in the global workplace.
Besides working with already established businesses, Panama is focused on educating its youth and better preparing them for a wide range of occupational positions in the future. A group of 150 Panamanian students have received government scholarships to study in the Universidad Zamorano in Honduras. The students study the complete facets of animal husbandry, processing and agriculture while in Honduras, but as part of the scholarship they have committed to returning to Panama after their studies are over and promise to develop agriculture-related businesses near their home towns.
Panama’s central location and its famous economic resource of the Panama Canal have helped make it one of the most significant nations in the world in terms of maritime transport and commerce. The Universidad Maritima Internacional de Panama (UMIP) is sending seven of its students and one of its faculty members to the United States to spend a month as an education exchange with the Massachusetts Maritime Academy.
Working with current businesses planning for the future and also concentrating on preparing students for the dynamic work environment that lies ahead, Panama is doing all that it can to address the current economic situation and position itself as a leader always ready to take advantage of new opportunities in the future. For all intents and purposes as a developing world nation thrust into today’s fiercely competitive capitalistic international economy, Panama must compare itself with advanced industrial nations if it hopes to be successful within a truly global arena.
Hopefully the hard work it is undertaking right now will pay off in the future in the form of a capable, competitive and dynamic Panamanian workforce, in addition to sustainable economic growth rates that remain strong with or without a foreign investment boom.
Visit www.balabeach.com and email me at adam@balabeach.com for more information
Enjoy the Caribbean without the Hurricanes
Aug 11 2008
Posted by admin in Panama Paradise, Panama investment, Portobelo, Colon Province
The Caribbean Sea is possibly the world’s most beautiful body of water. It’s light color sands, lush jungle canopy cover, and its bathwater ocean temperature makes it the ideal setting for the famous Corona commercials. Yet, during a portion of the year the Caribbean is in a state of alert.
During the rainy season the majority of Caribbean beachfront lays within the Hurricane effect areas. Hurricanes cause numerous different emotional and financial headaches for property owners. Emotionally, residents during Hurricane season are continuously monitoring weather reports in fear of having to evacuate their homes. Financially, residents must pay increased insurance premiums and other additional insurance coverage associated with being in a high risk area. In both circumstances, owning a piece of tropical paradise is made a bit harder than it could be.
(affected hurricane areas)
But what if you could own that piece of tropical paradise without fear of a Hurricane? Well, Bala Beach is located on Panama’s Caribbean coast where there is no risk of Hurricanes. As a matter of fact, never in recorded history has a Hurricane struck Panama. Panama is located far enough to the south in which Hurricanes push towards the north making it one of the main deciding factors in favor of building the Canal here.
Bala Beach enjoys the natural beauty of the Caribbean while eliminating the financial and emotional anxieties. This makes Bala Beach affordable and worry free!
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