It is very important that as an owner of your house or apartment or as a real estate investor in Panama, you know the rates of real estate taxes in the country.
You have to know that there are two tax tables:
1. Rates for properties that enter in the main residence category
2. Rates for properties that enter in the category like other homes and businesses
The table of each of these categories is as follows:
Within this range, are all the properties that are constituted as trbutary family patrimony, it must be clear that it is only the first house of any natural person, regardless of whether their house or apartment is registered under the name of a legal person.
In this case, the main residence rates are as follows:
|$0 – $120,000||Exonerated|
|$120,001 – $700,000||0.5% Tax Rate|
|$700,000+||0.7% Tax Rate|
Secondary residences and commercial and Industrial properties
In this category includes all houses, apartments or properties that are second homes, and all commercial property.
In this range, properties that have values that are not at a maximum of $ 30,000, are exonerated.
In the following table you will find more details of the tax rates of this category.
|$0 – $30,000||Exonerated|
|$30,001 – $250,000||0.6% Tax Rate|
|$250,001 – $500,000||0.8% Tax Rate|
|$500,000+||1.0% Tax Rate|
It must be known that regarding properties, whether are houses, apartments, land, commercial properties and industries, that are financed by a bank, this will be responsible for carrying out withholding taxes and will have the responsibility of making it reach the treasury.
In an interview conducted by the financial capital to the deputy of the circuit 3-1, indicates that the amounts of real estate tax rates will be reviewed every 5 years, in order to take into account, the market trends.
These tax tables will become effective as of January 2019.
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