Huge Tax Breaks For Property Owners In Panama – Tax Free up to $120,000

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Starting in 2019, there will be a major tax break for homeowners in Panama. Not only will primary residences be tax free up to $120,000 in value, properties beyond that limit will only face tax of 0.5% per year.

This will be the new property tax plan:

For primary or family residences:

0.0% up to $120,000 in value

0.5% between $120,000 and $700,000

0.7% beyond $700,000

Secondary homes, commercial properties or other properties:

0.0% up to $30,000 in value

0.6% between $30,001 and $250,000

0.8% between $250,001 and $500,000

1% beyond $500,000

Source: (Spanish)

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