Important facts to know concerning Real Estate taxes in Panama .

Important facts to know concerning Real Estate taxes in Panama .
The following tax free details are based on the actual price 272,500.00$ of a specific property and current real estate laws in Panama .
All the information is based on law 6, dated 2005,

The exoneration of tax on real estate property begins on the initial date of issued permit to occupy the apartments.
The following dates are estimates, and important for this case,
.1- Construction begins on or about in August , 2008.
.2- Construction to be completed in the year 2010.

Tax free, the first five years. After that the tax structure is as follows_
Price of sale based on the new property………………..272,500.00$
MINUS……..(YOU RECEIVE A TAX CREDIT)……..………30,000.00$
This is called a exoneration.
SUBTTOTAL………………………….………………………242,500.00$
MINUS………………………………………………………….50,000.00$
(TAXED AT 1.75% ON THE first AMOUNT OF 50,000.00$)
SUBTOTAL……………………………………………………192,500.00$
MINUS………………………………………………………….75,000.00$
(TAXED AT 1.95% ON THE following AMOUNT OF 75,000.00$)
TOTAL………………………………………………………..117,500.00
(TAXED AT 0.0210% ON THE final AMOUNT OF 117,500.00$)

BREAKDOWN…..FOR ABOVE.
A TAXS OF 1.75% IS……………………………………..350.00$
A TAXS OF 1.95% IS……………………………………..837.50$
A TAX S OF 2.10% IS……………………………………2,467.50$
After the tax free period
TOTAL estimated REALESTATE TAX IS…………………………..3,655.00$ per year.
Which can be paid quarterly or in full.

SPECIAL NOTE_ ALL IS SUBJECT TO CHANGE OR NEW LAWS.
email.... robert@bajaseasyinvestment.com
website... http://www.bajaseasyinvestment.com
hope it helps.