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Real Estate – Lawyers in Panama

Real estate is one of the most dynamic fields of Panama’s economy. It currently constitutes a focus of investment at a national and international level. Real Estate transactions require extensive experience in different areas of law. Bufete Illueca recognizes this and has an interdisciplinary team, which is in full capacity to respond to our clients’ needs.

Our proven track record on handling key commercial transactions in different facets of the value chain, allows us to provide expert advice in any real estate decision-making process. Bufete Illueca is in full capacity to contribute and facilitate the good course of your real estate projects.

Bufete Illueca has a team of experts who carry out, on an uninterrupted basis, short-term sale transactions in the real state market. Our team acts as a link between sellers, brokers and buyers, and provides legal advice throughout the entire transaction. Similarly, we provide our legal services for structuring, developing and promoting long-term projects.

How can we assist you?

Expertos en esta área:

  • The U.S. dollar is one of the currencies of legal tender.
  • Historical rates of low inflation.
  • Non-existent foreign exchange risk.
  • Property tax exemptions apply to new constructions until 2018.

Estadísticas e indicadores relevantes

Dealing with Construction Permits

DB 2015 Rank 63 DB 2014 Rank*** 63 Change in Rank 0
DB 2015 DTF** (% points) 75.97 DB 2014 DTF** (% points) 75.93 Change in DTF** (% points) 0.04
Indicator Panama Latin America & Caribbean OECD
Procedures (number) 15.0 13.3 11.9
Time (days) 101.0 178.3 149.5
Cost (% of warehouse value) 2.1 2.7 1.7
No. Procedure Time to Complete Associated Costs
1 Request and obtain a good standing certificate (certificado de paz y salvo) 2 days USD 30
2 Request and obtain environmental study 23 days USD 2,500
3 Notarize form to deposit the environmental study 1 day USD 3
4 Submit drawings (anteproyecto) to the Municipality and obtain clearance 7 days USD 1
5 Hold consultation with the Municipality to determine approvals 6 days USD 370
* 6 Request and obtain signature of certified fire specialist 2 days no charge
* 7 Request and obtain preliminary approval from Ministry of Public Works and Fire Department Safety Office 1 day USD 10
* 8 Request and obtain preliminary approval from the Environmental Authority 15 days USD 350
9 Request and obtain construction permit 15 days USD 5,487
10 Request and connect to water and sewerage services 14 days USD 287
* 11 Receive inspection from Fire Department Safety Office 1 day no charge
12 Obtain permit by Fire Department Safety Office 2 days USD 400
13 Request and obtain occupancy permit 10 days USD 320
14 Notary notarizes “declaration of improvement” (declaración de mejora) 2 days USD 100
15 Register building with the Central Property Registry 7 days USD 1,646

Getting Electricity

DB 2015 Rank 29 DB 2014 Rank*** 30 Change in Rank 1
DB 2015 DTF** (% points) 86.39 DB 2014 DTF** (% points) 86.38 Change in DTF** (% points) 0.01
Indicator Panama Latin America & Caribbean OECD
Procedures (number) 5.0 5.5 4.7
Time (days) 35.0 67.4 76.8
Cost (% of warehouse value) 9.3 444.5 73.2
No. Procedure Time to Complete Associated Costs
1 The customer must obtain an occupancy permit that includes a certification of the internal wiring and verification of the required electricity load from the Fire Department 21 calendar days USD 250
2 In preparation for the certification of internal wiring the Fire Department conducts a visit of the work 7 calendar days USD 45
3 The client sends a request for electricity connection to Unión FENOSA 7 calendar days USD 726.23
4 Unión FENOSA subcontracts a company to carry out an external inspection 2 calendar days USD 0
5 The client signs the supply contract and Unión FENOSA’s subcontractor performs the works of the external connection 7 calendar days USD 0