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Requesting a Fiscal Exemption of Real Estate in Panama

To obtain a fiscal exemption or alternative fiscal calculation over real estate in Panama, our forensic firm will have to submit a Request of Exemption of Taxes on your behalf and comply with several requisites in order to take advantage of the available fiscal exemptions:

 

1. Improvements built over a plot:

  •  Registration of all improvements in the Public Registry; that will require the preparation of a Public Document in which all improvements are declared and described.
  •  Registration of the improvements over the plot in the Ministry of Finance and the Economy. – Department of Land Registry. – (2 copies of the Public Document must be submitted in that  department along with the request).
  •  You must submit photocopies of the Construction and Occupation Permits o If the improvements are related to condominiums or apartments, then the Rules of the Condominium must be  submitted, such action incorporates the property in condominium.

2. Request of Alternative Fiscal Calculation:

  •  Issuing Power to an attorney, duly notarized
  •  Addressing request to the Director of the Department of Land Registry
  •  Submitting a Certificate of present Validity for the property from the Department of Tax Collection o Submitting a Certificate of Validity for the property from the Public Registry (valid for  90 days)
  •  Photocopies of the passports or personal IDs (cedulas) of the owners of the property (or certificate of Validity of the Registration of Companies, when the owner is not a natural person)
  •  Present valuation, issued by a valuating company or by an approved professional.