Tuesday, May 08, 2007

High U.S. Government Officials to attend ExpoTrans in Panama

A delegation of high officials of the U.s. Government, lead by U.S. Secretary of Transportation Mary E. Peters, will travel to Panama on May 7-9 to attend ExpoTrans 2007, a transportation conference organized by the U.S-Panama Business Council

The conference will take place at the Miramar Intercontinental Hotel and will address topics related to maritime, aviation, land transportation and logistics. During the luncheon of May 7 the Council will present its “Friendship Awards” to Panama Canal Administrator Alberto Alemán Zubieta and on Tuesday evening, during its traditional “Friendship Awards Dinner”, will recognize the prestigious companies Copa Airlines and Panama Ports Company.

For additional information contact Enrique Sosa, Executive Director of USPA, at 269-2178, uspa @ cableonda.net

Panama mortgage loans for foreigners

One of the many questions we receive is what are the requirements for a mortgage loan. Each bank has their own list of requirements and not all cater to expats arriving to Panama. All banks ask that a bank account be opened with them as additional collateral, which in turns means that a new customer must provide all due diligence and know your customer documents.

We received this list from Credicorp Bank which responded to our survey:

A. Source of Funds Identification

This process is necessary to identify the source of funds and also to measure the large of the account. Basic documents are as follow:

1.Personal Accounts

  • Personal accounting balances

  • Personal Income Tax Declaration

  • Last two month personal bank account statement.

2.Corporation Accounts.

  • Copy of the Registration of the Corporation

  • Balance Statement of the corporation. Must be stamped/duly signed by an Authorized Accountant.

  • Last two month personal bank account statement.

B. References.

1.Personal Accounts

  • Personal Bank References

  • Personal Credit Office References (from a credit bureau office).

2.Corporation Accounts.

  • Corporation Bank References.

  • Commercial References of a Service Provider or important client.

  • Corporation Credit Office References (from a credit bureau office).

C.Copies and Other Documents.

1.Personal Accounts

  • Passport copy (copied in the bank premises.)

  • Driver License (copied in the bank premises)

  • Copy of a utility bill.

  • Fill out of internal account opening forms.

2.Corporation Accounts.

  • Copy of a utility bill.

  • Copy of product brochures, annual corporation book or any other important document related to the operations of the corporation.

  • Fill out of internal account opening forms.

D. Mortgage Loans.

1.Basic Documentation

  • Draft of Sale Contract.

  • Fill out internal forms.

  • Most recently-made appraisal (if required)

  • Copy of the Title (if required)

  • Opening of Bank Account (information above).

2.Basic Parameters (subject to negotiate)

  • Competitive Interest Rates

  • Term up to 30 yrs for personal and 15 yrs for commercial

  • Loan amount up to 70.0% of property value.

  • Life insurance of debtor for total amount of loan endorsed to the bank.

  • Fire Insurance for 80.0% of construction value per appraisal submitted endorsed to the bank.

  • 1.0% of FECI tax (if applicable)

  • Up to 1.0% of commission based on loan amount.

Their website has a handy online mortage calculator.