As many of you know, I live in Panama. The laws in Panama say that a tourist can stay in Panama up to 6 months. That’s it. If you want to stay longer you must get a residency Visa. There are about 20 different Visas to select from costing from $1200 to $160,000.
Some foreigners have been living in Panama for 5-10 years but never got a Visa. If they are caught, they are deported plus they have to pay a $50 per month fine for every month they over stayed their tourist status
Some foreigners would get stamped out of Panama, go to costa rica for 3-4 days, then get stamped back in to Panama to start their 6 month tourist status again.(called a border hop) .. even though this is against the law immigration looked the other way… UNTIL A FEW WEEKS AGO
Because so many foreigners were doing these border hops, Panama immigration said NO MORE. They stopped allowing anyone back in to panama who had already been here 6 months and did not have a Residency Visa.
I lot of people bought real estate in Panama, and have been living here a long time and now they either have to leave the country or get a Visa. If they don’t have a clean criminal record, they cannot get a Visa.
So… long story short… a lot of people are in a rush to dump their properties cheap and/or with seller financing.
I’m talking ocean front condos, homes in the mountains, large pieces of ocean front property, etc…
Today, I got an email from a lady who has a 4 bedroom 2 bath house on 2 1/4 acres oceanfront! She’s asking $60,000 cash. It is worth $150,000 to $180,000. But I asked if she would sell with $6,000 down and $300 a month payments. She said sure.
Another person has an ocean front condo worth $400,000. They are asking $200,000 for a quick sale. I asked if they would take $5,000 down and $500 a month payments. they said sure.
There will be many more incredible deals I can snatch up over the next couple of months as more people decide to leave Panama if they cannot qualify for a Residency Visa.
Luckily I got my Residency Visa a long time ago and can even apply for Panama citizenship and a passport this year.