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A. Ownership on Real Property
I. Ownership of real property and/or private investment on it, is guaranteed by the Constitution. Article 44 reads: " ... Private Property is guarantee as long as it is acquired in accordance with the Law by natural person or legal entity." II. The Civilian Code regulates all private matters in general terms and confirms (articles 976) that a contract is base on the free will of the parties and the rights and obligation is Law between the contracting parties. This is a fundamental principle of the Law of the Nation. Furthermore, Article 3 of Law No. 13 of 1993 (Condominium Law) as amended, confirms that the owner (of any nationality) of a real estate incorporated in the Condominium, has the right to use his property in all and any type of legal act, between living persons or by cause of death, and that the owner may transfer and/or mortgage property, on his free will. III. Investment on Real Estate by foreigners is permitted with limitations based on National Security grounds as mentioned in the Constitution of Panama enacted in 1972, as amended. Article 291 limits natural or legal entities and/or national whose capital in whole or in part are from foreign sources, to own real property located within 10 kilometers from the Country borders and to own (Public) island properties, unless the Law provided otherwise. The restriction can be extended to certain Public Island, but not necessarily all Island property, as recorded before from 1972 are respected. This restriction to foreigners was lifted by the enactment of Law No. 5 of 2006, whereby the Law authorized the General Directorate of Cadastral to grant up to 90 years concession to foreigners investors interested in developing Hotels or similar Tourism attraction, within the 10 Zones (Island and Coast Lines) declare by the IPAT IV. Any retiree which has obtained the proper Visa from the Immigration authorities, or any Tourist for that fact or a simple International Developer may invest, or may bring funds from abroad or may use the International Finance Center in Panama to financing a particular real estate investment. Narcotrafic and Money Laundering are clearly prohibited by Law. V. Panama, a well known international Center of the region, long before the Canal initiated its construction due to a lease to the U.S. in 1904, still retain the international flavor. Once investors arrive to the Isthmus, they will witness immigrant communities from Spain, Colombia, the Caribbean Islands, North American, Hindus and China, still with their culture and have been able to grow and prosper. That is why, the International cousin and Restaurants, remains the best kept secret.. VI. The Public Register Office is an institution inherited from the Spanish Conquistador, which Panama is proud to promote, still today. The first regulation appeared with the enactment of Law No. 2, 1916 and this entity provides public information to third party on ownership title and mortgages and will provide a certificate to the public, when requested. The Registrar Office was modernized, not only with a new building of four floors, in 2003, but also is constant evolution for services in internet and digital technology. The Ministry of Government in July 7th, of 1999, enacted Resolution No. 99 – 8 which allowed the Registrar to be a autonomous public entity.
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