Financing is widely available for local and international clients.

For Foreigners, the usual terms are:

• Minimum of Thirty-30% down payment. Financing for Seventy-70% of the overall purchase price.
• Rates vary from bank to bank, but right now they range around 5.5 % to 7%
• Mortgage Term: up to 30 years (less than 75 years of age )
  

Fire and Life insurance for 100% of mortgage is available.


Documents required from foreigners who wish to apply for a mortgage:

• A completed and duly signed banks´ application form
• A copy of the passport, including the pages showing the migratory movements (entry and exit seals)
• A recent certification of work, an income statement for the last two years, an audited personal financial statement, or a copy of the resolution that confirms the retired status
• A copy of the retired person’s ID (if this is the case)
• Two bank reference letters from his/her country of origin
• If he/she has a bank account in Panama, a reference letter from the local bank
• Last 2 personal tax return statements
  

Besides the commercial documentation required, if the mortgage contracting party is a Corporation, and if there are foreigners amongst the Shareholders or Board Members, or if the ultimate beneficiary owner is a foreigner, such persons also have to individually comply with the requirements.

*Documents required for a mortgage are subject to change by the financial institutions without previous notice.