Are property ownership and rights protected in Panama?
• Property Ownership is easy – foreigners can own property with few restrictions. Ownership can be conveyed in two ways: title and rights of possession. Titled property is similar to the way property is handled under U.S. real estate law with deeds recorded in the public registry. Rights of possession are handled by the agriculture department and also recorded. The most important difference in the two forms of ownership is that rights cannot be mortgaged. • Your property is fully owned and “titled” to you. It is yours 100% and can be left to your next of kin. There is no yearly property tax on land, valued under $20,000.00 • Constitutionally the government cannot take possession of private property without following a condemnation process similar to the U.S.; the owner must be compensated for land and improvements at fair market value. • There are very few zoning laws or building restrictions. One man is building an honest-to-goodness castle, concrete block by block just outside Boquet
