Financing

Local and foreign banks are financing loans for buying properties in panama with variable interest rates from 6% to 7.95%

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 the country of origin
• If the person has a bank account in panama, a reference letter from that bank
• Two personal references in panama.  The address and telephone number must be provided fot the two references
• Credit references from the country of origin
• Besides the commercial documentation required, if the mortgage contracting party is a Corporation, and if there are foreigners amongst the Sahreholders or Board Members, or if the ultimate beneficiary owner is a foreigner, such persons also have to individually comply with the requirements.