Foreigners who invest a minimum of $300,000 in real estate in Panama may apply for the Permanent Residence Program for Economic Reasons for Qualified Investors.
In order to stimulate economic reactivation by attracting high net worth investors to boost different sectors of the economy such as real estate and construction, the government created a new program.
After five months of having paralyzed the construction in the country because of the pandemic caused by the covid-19 outbreak, the authorities are planning to reactivate the activities of the sector next September 7th.
The Cabinet Council endorsed the updated National-Provincial Reopening Plan, which is based on biosafety indicators and the effective reproduction rate of covid-19 cases, and contemplates starting to reopen productive activities as of September 7.
Following the implementation of this plan, the construction industry and related activities (engineers, architects, project managers, contractors, moving and hauling services), the Panama Pacifico Special Economic Area, the Colon Free Zone and free zones, private marinas and sport fishing, as well as tailors and dressmakers, shoe shops and car wash will reopen in the country on September 7.
After the Ministry of Health approved the reactivation of these works, which had been halted since March of this year due to the covid-19 outbreak, 27 road infrastructure projects were restarted nationwide on August 17.
These are five projects located in Panama, four in West Panama, another four in Chiriqui, two in Bocas del Toro, eight in Cocle and one each in the provinces of Los Santos, Herrera, Veraguas and the Ngäbe Bugle region.
Authorities announced that as of August 17, construction, internet retail, vehicle sales, barber shops and beauty salons will be allowed to resume.
Due to the covid-19 outbreak, the Panamanian government has postponed on several occasions the reactivation of productive activities in the country, but after the Cabinet Council and the health advisory teams made an analysis of the current situation, it has been decided to reopen some economic sectors.
The Ministry of Health decided to extend for the fourth time and for 15 more days the temporary suspension of the construction activity, arguing that it seeks to prevent, control and mitigate the covid-19 disease.
On June 26, 2020, Executive Decree No. 840 was published in the Official Journal, by which the resumption of private construction projects was postponed until July 11.
Given the crisis in the construction industry, which is expected to last several months, the business association is asking the Costa Rican government to take urgent measures, with quantifiable results in the short term and in accordance with the gravity of the situation.
Before the start of the health crisis that led to the spread of covid-19, the construction industry in the country had already been showing a downward trend, as in 2019 the sector reported the worst performance of all economic activities, with a 11% year-on-year fall compared to December 2018. See full report.
Due to the outbreak of covid-19 the Panamanian Ministry of Health decided to extend for the third time and for 15 more days the temporary suspension of the construction activity, in the same terms expressed in Decree 506 of March 24.
In Panama, the Ministry of Health approved the Ministry of Public Works to reactivate work on 11 road construction projects.
The announcement was made formally after Health Minister Rosario Turner informed Rafael Sabonge's Public Works Minister that the construction projects could be reactivated.
As part of the process of reactivating productive activities after overcoming the most critical phases of quarantine, the Ministry of Health ordered the reopening of the hardware stores in their regular hours and with attention to the public.
Resolution 453 of the Ministry of Health was published in the Official Digital Journal on May 29, 2020, and authorizes the opening of hardware stores to the public.
Offering more amenities in residential complexes and maintaining the discounts offered in housing fairs for longer are some of the strategies applied by real estate developers in Costa Rica to increase sales of new homes.
According to the most recent figures from the National Institute of Statistics and Censuses (INEC), between the first half of 2018 and the same period in 2019 the number of houses built in Costa Rica fell by 11% from 10,753 to 9,620.
President Cortizo announced the implementation of a plan that contemplates expanding the preferential interest rate for homes with prices of up to $180,000.
During his inauguration, Laurentino Cortizo announced that he will implement a plan to reactivate the construction industry, which includes the extension of the preferential interest in different ranges for housing up to $180,000, the presentation of a real estate leasing bill and exemption from transfer tax for the current inventory of housing, among other actions.
For the construction guild, in El Salvador it is essential to improve the financing conditions offered by banks to give greater impetus to the construction of low-cost housing.
In December of last year, the Salvadoran Chamber of the Construction Industry (Casalco) announced that they were preparing a law proposal, which contemplated the approval of preferential interest rates on loans for home purchases.
After the 13% drop registered between 2016 and 2017 in the square meters of buildings processed, between 2017 and last year, there was a slight increase of 2%.
According to figures from the Costa Rican Chamber of Construction (CCC) the construction of the industrial sector was the fastest growing in 2018, with a 30.4% increase, thanks to the growth in the processing of warehouses.
Businessmen in Costa Rica ask the government to complete projects that promote the reactivation of the economy next year, where construction and agriculture are the highest priority activities.
In addition to the economic rebound, the Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP) expects the country not to focus on single-issue discussions, as happened in 2018 with the fiscal plan.
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
Recognized Brazilian company of backhoe loaders, telescopic, articulated and other types of cranes looking for companies interested in representing the brand and distributing their machinery in Central America and Mexico. The company manufactures and sells telescopic,...
español
1680