Buying a home in Panama

Buying a titled home in Panama follows a clear sequence, and foreign buyers can generally own property on the same terms as Panamanians. This outline explains the usual steps. It is not legal advice: every buyer should have an independent Panamanian lawyer.

1. Choose and view

Visit in person or by live video. Ask for floor plans, the title number and the community rules (HOA). Every ChiQ residence page lists its facts and plans.

2. Reserve

A reservation takes the home off the market while the documents are prepared. The terms are set out in writing.

3. Promise to purchase

The promesa de compraventa sets the price, payment schedule, deadlines and conditions. A deposit is typically paid at this stage; your lawyer will advise on how funds are held.

4. Due diligence

Your lawyer checks the title at the Public Registry (Registro Público): ownership, liens and encumbrances, and that the property is titled rather than held under possession rights (derechos posesorios), which carry more risk (titled property vs possession rights). They also review HOA statutes and any outstanding fees.

5. Financing

If you are using a mortgage, the bank's appraisal and approval run in parallel. Some ChiQ residences also have finance options. Nothing on this site is an offer of credit.

6. Closing and registration

The sale is signed as a public deed (escritura pública) before a notary and then registered at the Public Registry; the transfer is complete on registration. Transfer tax and registration costs apply (closing costs explained), and the contract sets out who pays what — your lawyer will confirm current rates.

7. Register for property tax

Property tax (impuesto de inmueble) is charged every year on the property's registered cadastral value. If the home will be your permanent residence, register it with the DGI as your primary residence (vivienda principal): the first $120,000 of value is then exempt, compared with $30,000 otherwise, and the rates above that are lower. It isn't applied automatically, so ask your lawyer to arrange it at closing. Our property tax guide has the rates, a worked example and the payment dates.

8. Settle in

After handover we can arrange furnishing, landscaping, rental management and maintenance through the ChiQ Group, including Gatun Lake Construction as your original builder. Not ready to buy? Rent first.