Obtaining a place to live, getting a visa and getting an attorney. Panama has a unique legal system, with a good side, and with some pitfalls. For instance, property purchases can be a really simple, or sometimes more complicated. Immigration is never simple, and this goes for hiring an excellent attorney. Experience and expertise are critical.
As a starting place, let’s say you wish to buy a property. In Panama, it’s the buyer who has to pay the legal fees and all expenses required for property purchase and registration. This is actually not bad because this means the buyer gets to call the shots for the purchase. Your legal representative will draft the contracts so as to protect you and your investment. Additionally the attorney handles the registration process and oversees all legal procedures are properly done and most importantly, done according to Panamanian Law.
There are nightmare stories that we all hear about. Land is put up for sale, you fall in love with it, even buy it, only to discover that it does not have full title rights. Now your funds are gone and you are in an entangled mess. This is not to present fear, but to encourage wise counsel. The laws and regulations are quite different in Panama than your country of origin…….
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