At Lill Martínez' Law and Real Estate Office we can assist you in tax-related processes, such as obtaining property tax and water clearance, paying property taxes, processing taxpayer id and password, recording your property as a Family Taxable Estate or Main Housing, registration of your tax exemption, and others. Our services include:
1. Find the property that fulfill our clients needs
2. Draft Promise to Buy and Sale Contract
3. Draft Sale Contract
4. Preparation of Deeds
5. Payment of Taxes (Annual Property taxes, Transfer tax, Income tax)
6. Obtain certificates of Good Standing (water department, DGI, building administration)
7. Registration of deeds in the Public Registry
8. Contract Revision
9. Contract negotiations
10. Registration of Improvement of properties
11. Update Cadastral Records
12. Process construction and occupancy permits
13. Titling process of Right of Possessions.
Annual Property Tax:
An annual property tax is levied on all real estate properties in Panama (land and improvements), and must be paid annually or every four months (April, August, December).
The land itself is not exempted and will continue to pay property tax.
Rights of Possession:
Some properties in Panamá do not have freehold title but are held under "Rights of Possession". The Law protects these rights and in some cases Right of Possession may be converted to title, this is a process which may be subject to litigation from persons consider themselves as having a better right.
The Right of Possession could be converted into freehold title through the National Authority of Land (ANATI), Reforma Agraria or Major Office.
The best way of knowing if a property is titled is to request that the seller give you the registration details of the property, or a proof that he started a process in the National authorities in charge of the recognition of Right of Possession.
WE DO NOT RECOMMEND THE PURCHASE OF PROPERTIES HELD UNDER RIGHT OF POSSESSION.
We may carry out a search for you to determine if it is indeed registered or in process to register.
In case you have already bought a Right of Possession we are able to help you during the titling process.
Sale – Purchase of Shares
Another way to acquire property is through the sale (purchase) of shares in a company, which acquires all the assets (including real estates) that it owns with this purchase.