Panama2Stay

Property Tax Exemption Extended

Panama has extended the 20 year property tax exemption on new construction for 2 more years.

The permit must be obtained before July 1, 2009 and an occupancy permit must be issued

by December 30, 2011. Law 21, 2008 applies to both residences and commercial.

Property Tax Change

Panama has just revised the property tax law to reinstate the 20 year tax ememption for new

construction homes or condos. The change extends the time for completing construction until

December 31, 2009. If you buy a resale that qualified for the tax exemption, the remaining

tax exemption time is transferred to the resale buyer. Land is not tax exempt if the value

is over $30,000.

New Cruise Line Home Port

Royal Caribbean will have a home port in Panama at Colon. Enchantment of the Seas will offer

17 week long sailings from Colon beginning in December 2008 to April 2009. The ship will call

at ports in Columbia, Aruba, Bonaire and Curacao.

Fuel Project for Panama

Brazil President Luiz Inacio Lula da Silva was in Panama to promote the gas alternative and biofuel

ethanol. Brazil's Petrobras wants to process ethanol in Panama and build an ethanol pipeline from

the Pacific to the Atlantic coast. Lula sees Panama as the perfect redistribution point for ethanol

moving between North, Central and South America.