Bocas del Toro Living - How to live, succeed, and enjoy life in Panama's most incredible ecotourism outpost

Bocas del Toro Real Estate

Foreigners can own property in Panama with very few restrictions. Ownership can be secured in two ways: title or rights of possession. Titled property is treated like US real estate laws. Deeds get recorded in public registry or "Registro Público". Rights of possession are special and are taken care of by the agriculture department. This system was originally set up in the land reform of 1971 to encourage homesteading of unclaimed, untitled land. Most of the land traded in the islands is by right of possession with the exception of major towns and cities like Panama city.

Usually rights of possession cannot be mortgaged and therefore are cheaper requiring cash closings. This of course increases risk greatly. Constitutionally the government cannot take possession of private property without following a condemnation process similar to the US; the owner must be compensated for land and improvements at fair market value. But it can happen if proper precautions are not taken. The best way is to purchase titled property OR buy it in the name of a Panamanian corporation.

All beaches are public, hence all beach front properties allow a right of way starting from the highest tide to the property line. This means if someone is trying to sell you absolute beachfront property, it is fake and does not come without restrictions regardless of what the title or owner state. The technical aspects of property ownership and your best options are best discussed with a qualified Panamanian attorney.

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