Tuesday, December 07, 2021

Dear Your Overseas Dream Home Reader,

Panama City is a place I love to spend time…

It’s thrilling to watch a city “go global” as Panama City is doing. I’ve been traveling there for around 20 years.

Panama City, when I visited first, was little more than a sleepy, regional backwater. But it was right at the point where it was about to explode. And explode it did—in incredible fashion.
It’s truly global now, attracting wealthy and well-heeled folks from all over the world.

There’s a lot of proof of Panama’s boom when you put your boots on the ground. In the city you’ll find luxury car dealerships, designer boutiques in malls, upscale restaurants, yacht clubs, and expensive homes.

Panama City has arrived on the world stage as a global hub city. To get there the country’s government has taken many of its lessons from Singapore. It’s now often referred to as the “Singapore of the Americas.”

Like Singapore, Panama has created a wealth fund and poured money into infrastructure. Generous tax breaks and easy visa requirements for those setting up a business or hiring employees mirrors the Singapore model. Today, Panama is the biggest recipient of foreign direct investment in Central America. And, it’s attracting more and more multinationals looking for a friendly regional base.

The country’s economic success led to enormous growth in the middle- and upper-middle classes. This new generation of wealthy Panamanians spurred the development of businesses and amenities to cater to them and their disposable income.

Walk the streets of Panama City today and you’ll pass trendy cafés…craft beer bars…Michelin star restaurants…designer clothing boutiques…expansive shopping malls… All the hallmarks of an upwardly mobile population with money in their pockets.

Today I want to share a quick “photo tour” of what makes Panama special. This country is one of the world’s great safe havens. It’s got Caribbean beaches, hundreds of tropical islands, vast forest-clad mountains, a rich culture and heritage, and of course a famous canal…

And the city is a spectacular place to base yourself to enjoy it all…

Tourists flock to the city to enjoy its sights, sounds, and a uniquely cosmopolitan Latin American experience thanks to Panama City’s internationalized status attracting visitors and residents from around the globe.

Indigenous craftspeople sell traditional handmade goods within sight of towering modern skyscrapers.

The world-famous Panama Canal attracts tourists, but also helps make Panama an economic powerhouse-5% of all global trade passes through this man-made waterway.

Visitors and locals alike enjoy dining in the historic surroundings along the streets of Panama’s old quarter, Casco Viejo.

Cocktail bars like this one with a view over Casco Viejo have appeared in Panama City, catering to residents who want upscale entertainment.

Panama boasts world-class beaches, like the popular red frog beach on Basimentos Island, Bocas del Toro.

I recently brought members of my Real Estate Trend Alert group the chance to own a condo in the ideal community to relax and savor the high life in between adventures in Panama City.

It is one of the most desirable addresses in Panama. An upscale and exclusive community just outside Panama City’s downtown core. This cuts out the commute for professionals who can afford to live here. It’s also located conveniently between the city center and Tocumen International Airport, making it a favorite of the globetrotting Panamanian elite and international residents both.

I used my connections and inside knowledge. The developer behind our deal is a long-term contact. He’s figured out a way to build smaller condos in this same community for the first time. The kind that Panama City’s middle- and upper-middle class will want.

Previously a private playground for millionaires, it’s now possible for the ordinary rich to get in. There’s more of this demographic with Panama’s rising wealth and growing numbers of well-heeled foreigners moving to Panama City to live and work. This is the type of home they’ll want to own and rent.

This deal has closed now. But if you want to be ready to act when I bring my RETA members the next great Panama deal, you need to have a RETA membership.

You’ll be first in line to get in on the profitable opportunities I share with this group from around the globe.

This year we had opportunities in Panama City, in the beach location of Playa Caracol about an hour from Panama City…in the colonial Mexican city of San Miguel de Allende…by the beach in the charming town of Lagos on Portugal’s Algarve…in the on-the-up “zoom boom town” of Tulum…and many other locations.

There’s a real estate investment for every taste and budget. Be sure you’re ready to act when the right deal for you comes along. Sign up to become a Real Estate Trend Alert member here.

Wishing you good real estate investing,

Ronan McMahon, Real Estate Trend Alert

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Your Comments and Questions Scott says: I have been following International Living for years. It triggered my desire to start learning more about Central America, including Panama, Costa Rica, Belize, etc. years ago and visit there. I realize this may be a really stupid question – but how easy is it for an American who does not speak Spanish to have a second home, rental property or even primary residence in Panama? I assume I would need to learn Spanish but how important is understanding and speaking Spanish to be a part of the Panama community? Do I need to be really good at speaking Spanish before I invest some serious time there? It seems easier for me to invest in Belize because it appears that English is their common language. What are the best countries for English speaking Americans to invest? Ronan says: Hi Scott. That’s not a stupid question, knowing the limits of language in a new home oversea is important. The beach and resort towns of Mexico, like Cabo where I am now, are pretty much bilingual. There are no issues living there with limited or no Spanish. As for Panama, I asked my colleague Margaret Summerfield, who has spent a lot of time there. She says, “Panamanians are very friendly and welcoming even to those that don’t speak a word of Spanish. And, for sure, you can own a second home in Panama…that you rent when you’re not there…and visit as a tourist, without speaking any Spanish, especially in and around Panama City. But if you plan on spending a chunk of the year in Panama or making it your primary residence, learning some Spanish goes a long way. It will be easier to get a taxi, make friends [the expat community is large but speaking Spanish opens up socialising with even more people]…and do more of the basics yourself. Many doctors and dentists for example are U.S. trained or certified and speak perfect English–but their reception staff often don’t speak English. You can make a start with language courses, or dive in the deep end once you’re in Panama…there are lots of options on how to learn, classes at one of the local universities are a few bucks a time for example. Panamanians are happy to help and give you advice when you try to speak their language—even when you mangle it!” Another thing to note, Scott, while considering investing overseas is that to invest in any of the real estate deals I bring to members of my Real Estate Trend Alert group, you do not need to speak Spanish. All of the service providers we deal with have English-speaking staff. Connect with us on Instagram or Facebook