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.
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DB 2015 Rank | 63 | DB 2014 Rank*** | 63 | Change in Rank | 0 |
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DB 2015 DTF** (% points) | 75.97 | DB 2014 DTF** (% points) | 75.93 | Change in DTF** (% points) | 0.04 |
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Indicator | Panama | Latin America & Caribbean | OECD |
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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 |
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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 |
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DB 2015 Rank | 29 | DB 2014 Rank*** | 30 | Change in Rank | 1 |
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DB 2015 DTF** (% points) | 86.39 | DB 2014 DTF** (% points) | 86.38 | Change in DTF** (% points) | 0.01 |
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Indicator | Panama | Latin America & Caribbean | OECD |
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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 |
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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 |
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