January 2009

salvadortrinxet @ 2009-01-17T18: 23:00

Mortgages in Panama

Salvador Trinxet

Lawyer, Professor of IESE

mortgage financing is not usually a difficulty in Panama, including currently, due to the abundant presence of banks in the country. It is especially easy for U.S. citizens, due to the custom of Panamanian banks in granting credit to Americans. On the other hand, it is convenient for them, then pay the mortgage dollar currency with which they have income, so that your investment has no currency risk.

Traditionally, interest rates have been somewhat higher than could be found in the United States, up and down his beat, but without the financial sophistication of this country. In Panama, the mortgage is covered by a tax equivalent to 1% per annum on the loan. If this is a very low price property (up to $ 62,500) and a buyer based in Panama, we apply a preferential interest rate, subsidized by the government and that tax is not applicable. The interest rate is reviewed and d routinely every 6 months.

In recent years Panama has been a significant rise in

construction real estate projects, and the investment n by foreigners. As a result, banks in Panama have had to adapt their lending policies and implement necessary adjustments in order to capture this new clientele, which represent a reasonable risk. Currently, most Panamanian banks offer loans only to 70-80% of the appraised value of the property or purchase price, whichever is less, and only until the first $ 1,700 per square meter. This has enabled those entities to get rid of subprime loans. In addition, mortgage contracts, which are both antichresis in most cases, are reviewed every 5 years, enabling the Bank to pay off the mortgage on such reduced periods.

The analysis approach that applies a Panamanian bank about a customer who is to retire to Panama is not the same as that used

with pure foreign investors. Most banks mitigate the risk in each transaction by reducing the rate of funding, increasing the rate of decline interésy within finance.

who will retire in Panama, banks generally offer 70-80% financing of the purchase price or valuation (whichever is lower) and time according to the client's age. The age of the loan should not total more than 75 years, which is the maximum average coverage using Panamanian insurance companies to ensure a customer within a group plan. Since these are people who will live full time in Panama, the interest rate is to regulate the market that offers a panameñoy going according to the sales price. Esto también se aplica a los extranjeros próximos a jubilarse, siempre que muestren algún tipo de resolución o documento que indiquen que se van a retirar en un corto plazo de tiempo.

Para aquellos extranjeros que siguen trabajando en sus países y

que adquieren una segunda residencia para visitar Panamá ciertas temporadas del año, los bancos les conceden hipotecas por 50 o 60%, con garantías adicionales (depósitos pignorados no son extraños), within 20 years and interest rates ranging between half a point above the normal market.

respect to foreigners resident in Panama, enjoy the same credit facilities of Panamanians, including terms of 30 years and market interest rates.

Finally, with regard to foreign investors, whose activity is usually buy to sell property, not to use them, they are considered high-risk clients, the Panama banks are not providing more than two credits. There are exceptions to this rule, but it all depends on the type of relationship to maintain the customer and the bank, including deposits that serve as additional security. This tends to mitigate their risk by funding only up to 50% of the purchase price or valuation (appraisal), percentage usual in the case of granting a second mortgage on another property a Panamanian.

Can not get a mortgage on land or properties without a sufficient basis in Panama, as any property that is owned by right of possession is not legally entitled to property. There, the property is sold either with a legal title, which means that land and property rights of the scriptures are duly registered in a public registry or through what is known as possessory right. This last claim means that it is not a property right but a right of property dealer. The land purchased in this way are not legally transferred to the new owner, with rare exceptions, never occur in the case of islands.

In Panama, property once an offer has been accepted, the first step is the drafting of a promise of sale contract and pay a deposit of 10-20% total. This allows the buyer to have time to get bank financing and conduct due diligence of the property. Therefore, it is generally agreed in the contract promise to be signed before a notary public, the period in which they sign the final contract. Generally usually 2 to 3 months , depending on the property.

seeking funding is almost always a general license bank, not an international license, among other reasons because the promise of sale agreements will often stipulate that the Bank will pay the seller general license shall be the locality, which, when mortgage coincide with the awards. An international bank is a bank license offshore, a non-resident bank in Panama, less regulated, less minimum share capital and, in principle, more flexible. The Bank's general license, or "onshore", is a bank normal, working with residents and nonresidents.

However, for those foreigners who come to a general license bank, often the real challenge is to open a bank account, especially if it is a society requesting the loan, which obviously is often the most convenient tax. For example, BBVA does not want non-resident clients, and as a Panamanian corporation, only those with activity inside the country, not only international transactions ("companies offshore). HSBC Bank recently just wants aperturar Panamanian bank accounts to companies to submit tax returns 3 (the company or its directors).

For mortgage loans, the requirements generally apply to foreign Panamanian banks are usually the following: the last two tax returns, copy of passport, bank and personal references, two bank statements for the past three months, the purchase agreement for the property or its pro forma and in the case de los norteamericanos, copia de su “credit Bureau”, que ellos obtienen por Internet.

 

La aprobación puede ser realizada 5 días hábiles despues de la entrega de la documentación, pero suele tardar más si el importe es alto. Generalmente, a partir de los 45 años, los plazos de la hipoteca van disminuyendo con la edad. El coste de la hipoteca suele ser aproximadamente del 2% del préstamo. En este coste se incluye la redacción de la escritura, which is usually prepared by lawyers for the bank, the notary and the registration of property in the public record. The bank usually pays the last appraisal.

All borrowers must have a life insurance policy for another year the term of the mortgage. It must be a policy from an insurance company in Panama.

generally can not be the mortgage on behalf of a company, you can only register property on behalf of society. The mortgage will be in the name of the person but the property may be registered in the name of the company. There is usually a maximum of 2 borrowers by mortgage but have to be husbands, boyfriends or family, not friends.

Once funding is obtained, the Bank delivered to the Seller an irrevocable letter of promise of payment, which the Bank agrees to pay a Once the buyer is registered as such in the Register of Property in respect of property purchased.

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