Check out this honest posting from one of Panama's best developers.
http://primapanama.blogs.com/_panama_residential_devel/2007/06/paradise-lost-t.html#comment-73515576Paradise Lost-Taxes, Visas and Privacy
A developer friend of mine recently said to me, "Sam, you build with one hand and tear down with the other". As I have been struggling with just how to deal with the recent miss-guided actions by the government of Panama, those words came back to me. As my readers know, I am an investor, promoter and resident of Panama. My wife and three boys are Panamanian citizens. The future of this little country is very important to me, not just because we make a living here, but because we have a life here. I love the country and its people and have seen first hand the positive affect of this kind of foreign direct investment.
Many credit me with having started the residential tourism boom here in Panama by building and promoting Valle Escondido before anyone was interested in property here. Over the last six years we have worked hard along with many others, to bring Panama to the minds of North Americans as a place to retire or have a second home. But just as things really start to get rolling, the Panamanian government steps in and appears to do its best to stop it. They will give many logical reasons for their actions, and of course they don't really want to stop it, but the truth of their actions comes down to money. They are not satisfied with the economic prosperity we developers and buyers have brought them. They want more and they foolishly believe that Panama is so wonderful and North Americans so rich (and foolish) that we will sacrifice our hard earned money and efforts and give it to them.
Why am I so negative? Because recent actions by the government through various laws and presidential decrees have convinced me that I am doing my readers a disservice if I don't tell it like I see it. There are hundreds of developers and thousands of buyers who try to make decisions based on reliable information they can find on the Internet and I am one of the sources they turn to. I am presenting the following article, written by Paul McBride, in the hopes that the developers and buyers make their voices heard loud and clear to their contacts in Panama that the actions of their government will cost them dearly. Foreign developers and foreign buyers have other options. They do not have to invest or reside in Panama.
I have seen a number of ill-conceived laws and decrees put out by this government over the years and several of them quickly rescinded when there was enough backlash and pressure applied. We have set up meetings with several Ministers next week in order to let our voices be heard. If, after reading Paradise Lost, you want your voice heard, go this website
http://www.panamarealestateinvestors.com/primare/ and take 2 minutes, answer a few questions and leave your comments. We will present them to the Ministers at these meetings. If enough of you make your opinions heard, I believe the government will react in a positive fashion.
