TOURISM
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Patton, Moreno & Asvat has advice some of the most important hotels complex, established in Panama. We offer a wide range of services such as
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Property search
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Negotiation of purchase contract agreements
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Company incorporation
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Visas and Labor Permits
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Tax advice
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others
TAX INCENTIVES: SPECIAL TOURISM DEVELOPMENT ZONES
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Exoneration for twenty (20) years of the real estate tax over the land and the improvements, as long as the real estate is used for tourist activities.
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Exoneration for the term of twenty (20) years of the payment of the import tax and the sales tax levied over imported materials, as long as those materials are not produced in Panama or do not have the same quality or are not available in the same quantity in Panama.
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Exoneration for the term of twenty (20) years of the payment of any tax, contribution or encumbrances in regards to the use of ports, berths or airports built by the investor.
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Exoneration for the term of fifteen (15) years of the income tax derived from the activity of the investor.
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Exoneration for the term of twenty (20) years of the income tax levied over the interests received by the creditors in respect to operations directed to the investment in the tourist activity which will be performed by the company.
REAL ESTATE
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The Real Estate business in the Republic of Panama has been significantly increasing during the last ten years due to a global marketing campaign which purpose is to promote Panama as an ideal destiny for tourists, investors and retired persons around the world.
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In light of the above, local and international investors have targeted Panama as a potentially increasing tourist market, which in turn has led to the establishment in our country of new resorts, hotels, bed and breakfasts, shopping malls and the financing and construction of home developments and modern apartment buildings in the City of Panama and in other provinces.
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In order to purchase real estate in Panama our Law firm offers its clients a detailed and complete legal counseling which includes the following:
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A complete due diligence of the property, this is a complete title search; we also verify if the property has any encumbrances or limitations or any other special characteristic.
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Incorporation of a Panamanian or offshore company or private interest foundation which will hold the title of the property.
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Draft a Purchase and Sale Promissory Contract in order to secure the property while our client is obtaining property financing (if applicable) or executing any other transaction regarding the purchase of the property.
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Draft a Purchase and Sale Agreement which will be subsequently recorded in the Public Registry, so that it affects third parties.
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We can also serve as escrow agents or refer another company or bank to serve as escrow agents while the title transfer is being executed and al the transfer taxes are being paid by the seller.
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Process the residence visa and/or work permit required by the client.
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We offer our clients assistance in their bank mortgage financing, from the selection of the bank and the coordination of any paper work required in the transaction.
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