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Zero Property Taxes for 20 years
The law change was approved on March 10, 2008, by the Panamanian Legislature to extend the 20-year property tax exemption until Dec 31, 2011. ( the original limit had been set as the 31 of August of 2007)
To qualify for this exemption:
a) the BUILDING permit must have been issued before July 1, 2009, AND
b) the REGISTRATION of improvements in the Public Registry must be completed BEFORE December 31, 2011.
Since registration can take around 1 week, in practice the Occupation Permit would be from 1 week before, in order to comply with the deadline for registration.
Note : Property owners must register for their tax exemption with the appropriate government office, it is not an automatic exemption. ( The Panama Team recommends hiring a Panamanian lawyer for this purpose, for around $200 they will file all the paperwork needed to obtain your tax exemption for you).
An article in the Panama National newspaper "La Prensa" states how the Cabinet, CAPAC (The Cámara Panameña de la Construcción) which is the construction authority in Panama, and ACOBIR, Panama's national real estate association, were all in agreement in passing this law.
See La Prensa article here:
http://prensa.com/hoy/negocios/1213812.html
This is seen by all parties as a healthy move that will further improve Panama’s booming economy.
Source:
http://prensa.com/hoy/negocios/1213812.html
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