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`Hi CashFlowDepot colleagues:
I am considering a beachfront lot purchase in Puerto Amuelles, Panama and the lot is held as ROP with documentation. What are the Pros and Cons or title issues if I live in California and am a US citizen and I purchase ROP vs. titled Finca property in Panama. The property is only $19,000 for beachfront 5,000 sq.ft. Any recommendation for a Panama attorney to help with the purchase? Thanks for any advise or help on this matter.HI Gary
The answer is… it depends. ROP (right of possession) land that is 10 kilometers from the Costa Rica border cannot be owned by foreigners. Some ROP land can never ever be built on and has long setbacks.
ROP can be titled – eventually – for a big price tag. But you should know that when you go through the title process, you could lose the land and your investment because that is when it is most likely that someone will come up to say that the land has belonged to their family for many years. I know several people who lost their land and all their money when they tried to get their property titled.
A big PRO is that you will never have property taxes on ROP land. But you would never have property taxes in Panama on any property that is valued at less than $125,000.
And, finally, you will need to prove that you are in some way possessing the land by either putting up a structure (if it is allowed on the property) or building a fence, and keeping the property maintained. Failure to do this could cause you to lose “possession” of the land to someone who does show the badges of possession.
For all these reasons, I will NOT buy ROP property. I want to know for sure that my money is protected with a chain of title and a recorded deed showing that my company owns the property.
My attorney will not handle any ROP properties. They think it is too risky.
But, I can ask around to see who does.Gary, I should also mention that some companies/people in Puerto Armuelles are CROOKS … so be very very careful who you buy from or work with. Send me a PM if you need more info.
If you are working with a foreigner, always, always ask to see a work permit for the person you are working with — otherwise they are working illegally in Panama.
have you been to Puerto Armuelles? You should really go check out the town, the neighborhood and the lot before you invest there.
A foreclosure is RARE in Panama. 95% of all houses and land are free and clear.
So this guy might be advertising that it is a foreclosure but it is impossible if it is ROP … because financing is not available for ROP …ever.
You can see some lots for sale in Puerto Armuelles at http://www.VisitPuertoArmuelles.com They live in Puerto and are working legally in Panama.
Always ask to see the work permit of any foreigner you are working with in Panama. If you do business with someone who is not working legally in Panama, you have absolutely no recourse if things go south. A work permit is a card about the size of a drivers license. It will say Permiso De Trabajo upper left corner under Republic de Panama
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