We highly recommend that you just rent for at least a year after moving to Panama. A year gives you plenty of time to get familiar with the area, to make sure you like living in Panama and like the area you have selected.
A year also gives you plenty of time to get your permanent visa. You should definitely NOT buy real estate until you get your permanent visa because sometimes visas are denied.
If you do decide to buy real estate in Panama, you could pay cash, that’s what most people do. Traditional bank financing is complicated and not ideal for retirees because loans need to be paid off by the time you turn 70.
But there are other ways to get financing. Watch this video to learn about three ways you can get financing to buy real estate in Panama. One of the ways even includes 0% interest!
Also, review our article about Buying Real Estate in Panama.
Some real estate in Panama is not even titled.
The entire closing process is completely different than what you are familiar with. Your attorney needs to be involved in the entire transaction, including writing the purchase contract and preparing the closing documents. Do you not use an attorney that the real estate agent or seller uses.
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