Lisa Brunetti, from the blog Playamart, Zeebra Designs & Destinations has written a wonderful post about buying property in Ecuador. Substitute Panama for Ecuador and the same information is relevant. The only difference is by law you must use a lawyer in Panama for your initial pensionado residency.
I have read about people paying upwards of $3,000.00 for their residency which to me is fairly pricey. Check around for a reputable lawyer who will provide you full service.
Moving to a new country is not for the fearful or faint of heart. Nor is it for the foolish. Like Lisa says you need to practice “due diligence”.
Due Diligence: “Research and analysis of a company or organization done in preparation for a business transaction’ (Merriam-Webster) ” Due diligence is the process of systematically researching and verifying the accuracy of a statement.”(WhatIs.techtarget)
I love a good fixer-upper, and I’ve also learned that the best part of a property might be the gnarled tree that guards the entrance! I’ve learned to spot potential problems, and I’ve also learned how to see past the neglect and find an ugly duckling waiting to transform into a swan.
With a dozen years of living in second and third-world countries, I’ve learned from trial and error and have also learned by watching others. We applaud anyone who embraces a new life, but when things go wrong, often times those new transplants find they’re playing David against Goliath.
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