Panama: Welcome to the Promised Land

I have been keeping my eye on Panama for a long time. Respected online resources such as Escape from America.com and Offshore Investor.com paint a fairly realistic portrait of Panama as being the “next best thing” in terms of real estate investing. This is not the first time I’ve written about Panama, but lately I gotta wonder -- like any “next best thing” how much of the good in Panama is hype and how much of it is for real?

There may be some positive indicators. One in particular comes from Mr. “Art of the Deal” himself -- none other than Donald Trump. Trump is gearing up to build a $220 Million, 65 story (2.4 Million square foot) hotel/condo monoliths to be called the Trump Ocean Club International Hotel & Tower. Situated in a sleek, upscale Panama City neighborhood. Trump will build 500 luxury condominium units along with a 312-room hotel. This complex will include a casino, private beach club and a marina. Groundbreaking is scheduled around this Christmas with a completion date in 2009.

According to a recent article in www.businesspanama.com, “….there are other factors that are stimulating real estate investment in Panama. During the past several years Panama has been consistently rated in the top ten for the best retirement locations worldwide. A welcoming community, safe environment, low crime statistics, excellent incentives for retirees, together with the natural beauty and ethnic diversity that is Panama, all appeal to the increasing number of baby boomers from North America and Europe who are looking for a different option for retirement. Many baby boomers are more traveled and less charmed by with their lifestyle at home than earlier generations. Panama fits the requirements of many. Retirement in Panama is definitely fuelling increased interest in real estate in Panama...”