When it comes to luxury destinations, the usual names come to mind. Paris, London, New York and Rome all qualify as top tier cities but savvy adventurers tend to dig deeper into their atlases to find that next great experience.
Central America is on everyone’s radar as the next travel hotspot offering a diverse range of landscapes, cultures and experiences. One geographically important country was recently named as a top luxury destination.
Connecting the Oceans
The obvious association with Panama is its famous canal linking the Atlantic and Pacific oceans. Nowadays, Panama has evolved into a vibrant and economically stable country that offers so much more than just access between oceans. Continued investment in infrastructure has attracted luxury brands and services to Panama making it one of the more desirable luxury destinations in Latin America.
Aside from its stable economic climate, Panama also enjoys a unique tropical climate and has its summers from December to May making it a good choice for those wanting the escape the chill of winter. Panama City offers all the luxury experiences the affluent traveler is looking for. International luxury brands and world class dining populate the streets and concourses in the city, luxury hotels and resorts dot the beaches and when the sun goes down, Panama City reveals its wild side with pulse pounding discothèques and nightlife.
Ken Harper is an American developer and he understands Panama. He has been involved in land development in the country for over 15 years and is currently working on the luxury Bella Vista Del Mundo project in The Chiriqui Province. We asked him why Panama is in the luxury destination spotlight:
“Panama offers much more diversity than most Latin American Countries. You have the hustle and bustle of a modern city with world class shopping, hotels, clubs, and restaurants. Luxury high rise apartments are priced below market value for comparable modern cities.”
A thriving economy, a stable government, friendly tax laws and a tropical climate make for a high standard of living in Panama and is one of the most livable countries in Latin America.
Buying is the new black
A major shift for affluent travelers is the preference to buying over “renting”. Owning a 2nd vacation home is a popular trend as buyers can increase their real estate holdings while securing a long term luxury vacation solution.
Another advantage of owning a vacation home is the possibility of income generation. In certain markets, savvy investors have been able to enjoy their own luxury vacation property while renting them out while not in use.
Demand for residential style luxury accommodations is exploding and websites such as AIRBNB will continue to support and drive the market.
Swaying palm trees and tax loopholes
Mainstream travel can easily be researched and a quick decision can be made based public information and reviews. Buying property in another country is a much more complex transaction and many different factors must be considered before signing on the dotted line.
One of the biggest challenges when investing abroad is the constant battle with currency fluctuations. Real estate comes with expenses and even minor changes can drive expenses through the roof (pun intended).
Panama’s currency of choice is the US dollar and its friendly tax laws encourage foreign investment.
Ken explains that if owners rent out their properties for 6 months of the year, they can apply for what is known as Law 80 Tourist Exemption and not have to pay taxes on the property or the income generated.
Retirees in Panama also enjoy special extended benefits such as discounts and other tax free perks.
Friendly business and tax regulations, great climate and low cost of living…it is not surprising that Panama has shown a 107% increase in travel bookings over last year according to a recent Virtuoso survey.
The best of Panama in your portfolio
Top tier amenities and experiences are the name of the game when it comes to luxury travel and trends towards vacation home ownership have created unique opportunities for potential investors. Developers are pushing the envelop when it comes to offering turn key luxury villa vacation homes. One such development is Bella Vista Del Mundo located in lush tropical rain-forests of Panama.
The Chiriqui Province in Panama is home to the country’s most picturesque mountain ranges and rain-forests and provides a stunning natural setting for BVDM. Surrounded by rivers and waterfalls, the project is a haven for those who love outdoor experiences.
Gorgeous sunsets and crashing waterfalls are amazing amenities to have, but when it comes to investing dollars, buyers must be confident in the developer and the project to fully enjoy all the benefits for this type of transaction.
Ken reveals some facts and experiences when working with BVDM:
“The developer has been involved in projects in Panama since 2001. BVDM is the second major project in Chiriqui. Buyers who do comparative research on BVDM will find that the project’s quality of construction sets the standard for other developments. Upon construction completion, purchasers will have pride of ownership with a well crafted and well designed luxury villa.”
BVDM offers turnkey villa solutions but Ken explains that buyers have the option of using their own architects, designs and construction contractors. The only limit is the buyer’s own imagination.
Make yourself a regular in paradise
Usually the words luxury and practical are not supposed to be together but for those considering a 2nd vacation property, Panama and BVDM do qualify for the luxury and practical labels.
Panama itself offers many foreigner friendly tax benefits, a low cost standard of living, a stunning lush landscape and tropical climate making it a logical choice for the investor looking to increase their holdings.
The BVDM project takes care of the luxury with a beautifully situated development that enjoys the very best natural wonders that Panama has to offer.
Capable management and a sound investment proposition make BVDM and Panama the best choice for luxury villa real estate acquisitions.
For more information on Bella Vista Del Mundo please visit http://www.panamasanctuary.com/
By Doron Levy Courtesy TheTopTier Digital Media