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.
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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