Legal Question in Real Estate Law in Panama

I am in the process of purchasing real estate in panama and the owner is splitting the transaction into two parts: property price + personal property. As I understand personal property are items which will not be taxed for the seller however will this affect me in the future regarding taxes etc.?

Asked on 5/18/11, 12:02 pm

Beth Gray Gray & Co.

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This will affect the property basis - so that it's tax value is lower.

Benefit to you: if the property is not exempt from land tax, it lowers the annual property tax.

Disadvantage: at the moment you sell, your capital gains tax will be higher.

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Answered on 5/18/11, 1:31 pm

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