| Assistance and Financing
At Procasa we work for you. We process everything for your mortgage loan. The financing terms for first-time mortgages are:
- Financing up to 95% for new apartments.
- Duration: installments for up to 30 years, minimum of 15 years
- Quick approval
- Easy process
Just by satisfying the following requirements, you can get a mortgage:
- Be permanently employed for two years (Private sector)
- Be permanently employed for five years (Public sector)
- Receive the required family income and ability to pay
- Be eligible for life insurance
- Have good credit references
For the approval of your mortgage, you will need to provide the following documents:
For natural persons:
- Three copies of the local identification card for each person, or of the passport if a foreigner
- Salaried employees: Letter from work, and a photocopy of the last C.S.S. slip or payment stub
- Independents: Personal income tax forms for the last three years, with their corresponding payment receipts.
- Balance statement or the most recent payment receipt, if the property is mortgaged.
- Photocopy of the Purchase-Sale contract agreement.
For legal entities:
- Resolution from the Board or Shareholders authorizing the transaction and designating the person who will act as signatory for the Corporation, with a photocopy of their local identification card.
- Photocopy of the Articles of Incorporation
- Photocopy of the Annual Franchise Tax payment receipt
Financing for Foreigners
Local and international banks in Panama are financing loans and mortgages at variable interest rates for foreign residents who want to buy property in our country as a residence or as an investment. Right now the interest rates are the lowest they have been in the last 20 years.
Discover how simple is to buy a property in Panama City with Procasa:
You will be personally assisted by one of our sales advisers that will guide you in every step of the process, from selecting the unit that will fit best with your lifestyle, to the gratifying step of preparing your new home with appliances, air conditioners and more.
• In Panama any legal resident may buy and own a property. Becoming a legal resident will no affect your home country citizenship. For more information: www.gobiernoyjusticia.gob.pa
• The bank will ask for 20% to 30% down payment. This amount has to be paid to PROCASA in 4 payments.
- 10% at the signing of sales agreement
- 10% at breaking ground
- 2 payments of 5%
Documents required from foreigners who wish to apply for a mortgage:
- A completed and duly signed application
- A copy of the passport, including the pages showing the migratory movements (entry and exit seals)
- A recent certification of work, a statement of income for the last two years, an audited personal financial statement, or a copy of the resolution that confirms the retired status
- A copy of the retired person's ID
- Two bank references letters from his/her country of origin .
- If he/she has a bank account in Panama , a reference letter from the local bank
- Two personal references in Panama . The address and telephone number must be provided for the two references
- Credit references from his/her country of origin
- Besides the commercial documentation required, if the mortgage contracting party is a Corporation, and if there are foreigners amongst the Shareholders or Board Members, or if the ultimate beneficiary owner is a foreigner, such persons also have to individually comply with the requirements.
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