New Law 71 governing the titling of Islands and Coasts of Panama is approved

The National Assembly of Panama   passed a law governing the award of titles   property in coastal and island territory, which will benefit   Panamanians who have possessory rights over these lands, said  official sources said.

The Minister of Economy and Finance, Alberto Vallarino said  that Bill 71, approved last night and the repeal of Act 23 of islands  and coasts enacted last April, according   a statement from the Ministry of Economy and Finance (MEF). “the humble villagers will now be able to realize their dream of being land owners for free!”

Vallarino said that with this action “is satisfied once again  with their campaign promise of President Ricardo Martinelli  to help the poor villagers, which did not apply in previous governments’ law 23.

"Isla del Rey" Pearl Islands, Panama

The project recognizes the rights of possession, regulating the degree in coastal and island territory to ensure its optimum use, was approved at the special meetings conducted by the National Assembly last night.

The new standard, which must be sanctioned by the Executive, provides that holders of land may be free up to 250 meters of beachfront, and reasonable prices for properties that exceed the five hectares.  They are also allowing payment options of up to 15 years to pay.

The director of Cadastre and assets, Publio Cortes explained that “those who can prove to have possessory right of up to 50,000 square meters may obtain title of the property for free, no matter if they are of natural status or under a corporation.

In the case of islands, free patent applies as long as the Cabinet Council (ministers), decreed that part of the island territory as a special development zone and to make rules for their use. “The additional acres that the owners may want to title must be paid to the state at reasonable prices as established by a special table” said Cortes.

“This project will protect public interests, since it requires judicious payments by state owned land by a scheme established in a set table ” Cortes said.
The bill provides a table of values per hectare, distributed in three regions of the Pacific, Atlantic and insular, with a price range per hectare which from  $1,000 to $ 700,000   depending on the area concerned.

The previous law set the price of sale of the land based on its extension: $50 between 0 and 20 hectares, $ 100 between 21 and 50 hectares, and $150 for 51 hectares and up.
The National Assembly said in a statement that another new provisions is that while the owner has not obtained the title property, the legal possession will be maintained and governed thus setting the Civil Code.

If the state decides to sell the land on which there possessory rights, the legitimate holder of that right will have the first option purchase of land, told Parliament.
According to the National Program of Land Administration (PRONAT), 30 per cent of the island and coastal land are titled property, while 70 percent is owned by the State which has  granted possessory rights for agricultural purposes.

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Panama Islands: Investment Opportunity

In a recent article posted on the Select Panama Real Estate Site, Rudy Estripeaut discusses the investment opportunities in Panama. Panama has been rated as the best retirement spot in the world and is currently experiencing an unprecedented Real Estate Boom. To find out more read the full article below or visit the article source at Island Investment Opportunity.

Panama Islands: Investment Opportunity

Panama offers some incredible investment opportunities for the developer wanting a large piece of land to construct a resort or for the individual just looking for a piece of paradise to construct a little shangri la. With an abundance of natural beauty, panama is as diverse as its people and birds, with two oceans, miles of beaches, cool fresh highlands, panama has always been the “puente del mundo, corazon del universo”, meaning “bridge of the world, heart of the Universe”. That has always been the case, only that in the eyes of many foreigners, Panama was a stopping point to drug lords, and home to dictators, and yes that was the case in the 70’s and 80’s but they are far gone and now Panama enjoys a stable economy, dollar based, modern day luxuries, and it is a country of very friendly people.

International living has continuously rated Panama as the best retirement spot in the world and rightly so, when foreigners come here they experience the Panamanian warmth of its people and its culture, with so many fun loving people and so many places to see and visit. Just 20 minutes by ferry there is Taboga Island, the Island of Flowers, a small quaint fishing village with no cars, no hassles, no stress, the quaint little town has few boutique hotels, and a few nice beaches but it is just walking around it that you capture the essence if this idyllic little town, with its aromas of gardenias, and locals cooking guandu, and the fresh salt water, you feel like you are in some small island in Italy or Greece.

From there you can fly or go by boat to the famous Pearl Islands, where survivor has filmed their episode many times over since its many pristine islands allow for world class settings. These islands are one of the most beautiful islands in the world, with Isla del Rey, Contadora, Saboga, Bollarena, Bartolome, Casaya, Punta Cocos, and Viveros Island Pearl Island. With white-sand beaches, lush palm-tree forests, five-start restaurants and a Jack Nicklaus Signature Golf Course, this dreamland offers everything your heart desires…and then some – including boutique shops, a fully service marina and even a private airstrip. From watching the sun set over the Pacific in a swaying hammock to chartering a luxury craft through the wondrous Pearls, the rewards that come with seizing this once-in-a-lifetime opportunity are endless. What’s more: Residents can choose from five distinct home models. So where you can crave the artistic look of Mexico, the elegance of Italy, or even the modernity of Miami, your architectural wish is met. And with all lots overlooking the water, the views are as spectacular as the designs.

Panama has so much to offer! and now that panama is experiencing an unprecedented Real Estate Boom it is a great time to invest in Panama, we offer foreigners wishing to invest in panama, advice and show them idyllic property in panama for development or for private use. We have helped many foreign investors find property in Pedasi, Azueros, Rio Hato, El Valle, Casco Viejo and more.

If you wish to contact us call us toll free in the US at: 877.446.5092 or visit our website at www.selectpanamarealestate.com
We look forward to seeing you in Panama sometime soon!