Hola Rommell - Great content - As a retired commercial real estate broker, I wanted to establish a company in Panama that tracks ALL property sales for transparency for buyers, sellers, appraisers, brokers etc. If you ever wish to WhatsApp me, I can provide an explanation as to how it is done in Canada. Have a blessed day Rommell.
Don't forget, many people here create Bearer Share corporations then buy the house through the corporation for a myriad of good reasons, especially higher priced properties. The owners don't sell the properties, they sell the corporation, or swap properties with another corp they own and the "sale" is effectively obscured. Many, many, many people (mostly ex-pats) on line have tossed about the need for an "MLS" for at least the past 20 years (I've been retired here for 23 years) and it always goes nowhere. So many fundamental real estate laws would have to be changed to make it representative of anything meaningful. It's done really well in Canada and the US and it would be great for buyers here BUT the real estate industry here is fat, happy and the second largest money maker in the country after construction so they'll tell you thanks for the advice but f*ck off. :)
@@jamesfry4058 James - Thank you for your amazing reply!!! I wish I had met you while I was in Panama from November 26-December 26, 2023. Thank you for explaining the share sale deal. The same thing happens here in Canada. We have a 2% provincial Property Purchase Tax in British Columbia, so vendors often sell the company shares if the company appears clean to the prospective purchasers. For a $20 million sale that saves almost $400,000 in tax. When I was a broker, we did not receive these sales from our service provider because they did not have access to it. The company that provided us with the historical sales information purchased it from the Land Titles Office (another gov department) and contacted the parties to verify as many details as possible. This way, if a vendor asked four brokers for listing proposals, ALL 4 listing proposals should theoretically have the same comparables, but not the same recommended listing price. LOL Thank you, again, James for informing me that real estate and construction drive the economy there. I wish to move to a Hawaii type climate and Panama and Costa Rica seem to fit that classification. I spent 2 weeks at an Airbnb in Bugaba (near Concepcion) and drove up and down the Hwy between David and Boquete almost daily. I figure about half way up around Dolega, at an elevation of about 500 metres is the ideal micro-climate. I got cold in Boquete after standing around for an hour with Rommell when it was 23 C with a lot of wind. The biggest negatives for me were the quality of the roads (not safe to ride a bike or rollerblade), limited tennis courts and the level of humidity which poses some challenges. At the moment, I am researching Spain because it is also legal to grow your own cannabis for personal use there, but not in Panama. If you would ever have time for a WhatsApp chat about Panama and Costa Rica, I would love to connect with you James. Have a blessed Wednesday. Anthony
Hola Rommell - Great content - As a retired commercial real estate broker, I wanted to establish a company in Panama that tracks ALL property sales for transparency for buyers, sellers, appraisers, brokers etc. If you ever wish to WhatsApp me, I can provide an explanation as to how it is done in Canada. Have a blessed day Rommell.
Don't forget, many people here create Bearer Share corporations then buy the house through the corporation for a myriad of good reasons, especially higher priced properties. The owners don't sell the properties, they sell the corporation, or swap properties with another corp they own and the "sale" is effectively obscured. Many, many, many people (mostly ex-pats) on line have tossed about the need for an "MLS" for at least the past 20 years (I've been retired here for 23 years) and it always goes nowhere. So many fundamental real estate laws would have to be changed to make it representative of anything meaningful. It's done really well in Canada and the US and it would be great for buyers here BUT the real estate industry here is fat, happy and the second largest money maker in the country after construction so they'll tell you thanks for the advice but f*ck off. :)
@@jamesfry4058 James - Thank you for your amazing reply!!! I wish I had met you while I was in Panama from November 26-December 26, 2023. Thank you for explaining the share sale deal. The same thing happens here in Canada. We have a 2% provincial Property Purchase Tax in British Columbia, so vendors often sell the company shares if the company appears clean to the prospective purchasers. For a $20 million sale that saves almost $400,000 in tax. When I was a broker, we did not receive these sales from our service provider because they did not have access to it. The company that provided us with the historical sales information purchased it from the Land Titles Office (another gov department) and contacted the parties to verify as many details as possible. This way, if a vendor asked four brokers for listing proposals, ALL 4 listing proposals should theoretically have the same comparables, but not the same recommended listing price. LOL Thank you, again, James for informing me that real estate and construction drive the economy there. I wish to move to a Hawaii type climate and Panama and Costa Rica seem to fit that classification. I spent 2 weeks at an Airbnb in Bugaba (near Concepcion) and drove up and down the Hwy between David and Boquete almost daily. I figure about half way up around Dolega, at an elevation of about 500 metres is the ideal micro-climate. I got cold in Boquete after standing around for an hour with Rommell when it was 23 C with a lot of wind. The biggest negatives for me were the quality of the roads (not safe to ride a bike or rollerblade), limited tennis courts and the level of humidity which poses some challenges. At the moment, I am researching Spain because it is also legal to grow your own cannabis for personal use there, but not in Panama. If you would ever have time for a WhatsApp chat about Panama and Costa Rica, I would love to connect with you James. Have a blessed Wednesday. Anthony
Interesting. That is topic for a future video 👍🏼