The rainy season is upon us and sometimes can cause the blues, but paradise has its way of making even the gloomiest of days seem bright. This shot was taken from the porch of Rancho Tranquillo property that is currently for sale at $350,000. I guess the pot of gold really is in our backyard.  CLICK ON THE PHOTO FR MORE INFO Add Comment Beachfront housing is a great way to experience Panama's dramatic yet inviting coastlines. Here on the western Azuero Peninsula, we have west facing views and the beachfront lots have great vistas of the sun setting into the Pacific Ocean, or over Islas Cebaco and Gobenadora. There are many different reasons people love beachfront homes: The views of backporches that face the ocean, the ability to walk a few steps and be on the sandy beaches of Panama or in the water, and of course, no neighbors between you and the view! There are a few things to know about beachfront property here in Panama. The beaches are all public, and the land 22 meters from high-tide cannot be titled land. Most beach front properties are under what in real estate terms down here is called 'Right of Possession.' This means several things, but the summation is thus: ROP land is not titled, is not registered in the public domain and the government can seize it at any moment (especially if its great land near borders). This Panama law website give the ROP definition a well-versed explanation. RIGHTS OF POSSESSION: Not all properties in Panama are of private domain and thus are not subject to Public Registry registration. Such properties are public property, and can rarely be owned or titled outright. In such cases, it might be possible to obtain "rights of possession," a kind of squatter's or concession rights, as an alternative to title, permitting one to acquire a right to possess based on the occupation and use of a certain area of land over time. (Think of trying to "buy" parts or all of the Grand Canyon, New York's Central Park, or the Washington Mall. You obviously cannot. However, a U.S. rancher can buy grazing rights in a U.S. national park, a company can buy limited use of national lands for mining or drilling, and a company can gain a concession to build a restaurant within a national park. But none will ever hold title.) Much of the property in and around Bocas del Toro, beachfront properties, islands, and areas in rural, agricultural and special tourism zones, are government-owned. In some cases, titles are held by families from many generations back and obtaining rights of possession might be possible, but the buyer would still have to pay for the land when and if, he or she obtained the title. This is a risky method of acquiring real estate. It is important that all properties undergo a title search before purchasing. There are potential conflicts in owning rights of possession. Properties can be subject to third-party and and/or conflicting claims of ownership, and the vagaries of Panamanian law and local politics. It might be possible that the original owner return to claim it, or the government could exercise its right to re-occupy it without compensation or warning. For titled property, no one can do this without following a condemnation process similar to that in the U.S., with the owner compensated for land and improvements. Rights of possession are handled and recorded by the Ministry of Agriculture's Agrarian Reform Office, not the Public Registry. Now, there is a new law that recently passed regarding ROP land: The main points of Law 80 are outlined below;
This new law is great for investors and people looking to pump money into Panama. If you would like to speak with a local lawyer about this, we can recommend one that can explain the law easily and efficiently. Resources can be found at: http://www.panamarealestatepros.com/panama_laws.asp http://www.chiriquicoastal.com/blog/?p=102       | AuthorAlli and Jake. ArchivesFebruary 2012 CategoriesAll  |
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