	Beth Anne Gray J., LL.B. (Hons.) & Victoria Tejada LL.B. P.O. Box 832-0816 - World Trade Centre - Panama City - Republic of Panama International Legal Services

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Applying for a Tax Exemption for Real Estate in Panama:

If you have reviewed the information regarding the tax exemptions which are available on real estate and improvements in Panama, you may be wondering what paperwork you need to have a lawyer present in order to take advantage of the tax exemptions which are available.

The following list is intended as an outline only, and may have been changed by the Tax Department (by resolution) since this information was updated. So, you should inquire whether the requirements are the same - although they will probably not change substantially.

Improvements Built on the Land:

	In order to register the improvements with the Ministry of Economy & Finance - Catastral Department - you need to first register the improvements with the Public Registry, which will require the preparation of a Public Deed (Escritura Pública) in which the improvements are stated and described. Two copies of this Public Deed need to be presented to Catastro with the application.
	You will need to present photocopies of the Construction Permit & the Occupation Permit
	If the improvements are condos or apartments, then the condominium regulations need to be presented, which incorporate the property into condominiums.

Application for Alternative Tax Calculation:

In order to apply for the Registration of the new Property Appraisal and thus qualify for the Alternative Tax Calculation, you need to organise and present the following:

	Application addressed to the Director of the Cadastral Department
	Current Certificate of Good Standing from the Tax Department for the property
	Certificate of Good Standing from the Public Registry for the property (valid only for 90 days)
	Copies of the passports or cédulas of the property owners (or Certificate of Good Standing from the Companies Registry, where the owner is not a natural person).
	CURRENT appraisal, issued by an approved Appraisal Company or Professional.
	Power of Attorney to the lawyer, duly notarised.

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Last modified 26-Sep-2007 17:38 -0400

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Last modified 26-Sep-2007 17:37 -0400