The third (and final) debate began yesterday at about 5:00 p. m and finished at 8:10 p. m. with the approval of Law 80 – formerly proposed law project 71 - (41 to 21 representatives in favor) which recognizes land Rights of Possession and regulates the qualifications for titling of coastal and island property in Panama.
Opposition leader and deputy of the Democratic Revolutionary Party, Juan Carlos Arosemena asked the Assembly to “think and kick the project back to second debate”. The approved Law 80 (formerly proposed law project 71) repeals Law 23 of April 23 ,2009 that was proposed and enacted the National Assembly under Torijos’ PRD administration.
Deputy José Blandón of the Party Panameñista said that that Law 23 lead to very low land prices that were both unrealistic and unfair from the government’s point of view.
With Law 80 (formerly proposed law 71), both natural and juridical persons will have the right to title for free 5 hectares or less on the coasts and islands of Panama. Nevertheless, to title more than 5 hectares, buyers and ROP holders will have to adhere to a price table unique to each area: From Punta Chame up to Gorgona Beach 60 thousand dollars per hectare. From Portobelo to Palenque 42 thousand dollars per hectare. The highest price results in Isla Colon in Bocas Del Torro with 300 thousand dollars per hectare (ouch!!!).
Amidst all the political gong-show that has always been a part of the Rights of Possession issue, the bottom line is clear: If you want your island or coastal land title you need to fork over big cash. Also, the era of blatant beach front land grabbing by sleek investors is over (theoretically).
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Does anyone know what the price is to buy in Chiriqui ? And is it the same for all the beach areas, Burica to Las lajas?
Joyce,
At this point, all price tables (including our own) are just speculations and/or information from “sources” within the National Assembly and the national newspapers. The law is now on the presidential desk for signing and until someone goes through the actual published law text (we will have a word-by-word translation in English of it here at tropiland.org when it happens) all prices and tables will be speculative. However, these speculations so far have given us a good idea as to where this whole thing is going: grab some serious cash for the government from foreigners who, having been stuck with ROP, are desperately looking to title their properties. Stay put for more on this as it unfolds!
Joyce,
The new Law is now officially approved and the price tables are out. Prices in Chiriqui vary:
For Las Lajas: $35,000 per hectare if property is between 5 and 30 hectares and $75,000 per hectare if property is more than 30 hectares.
For Burica: $9,000 per hectares (if between 5 and 30 hectares) and $22,500 per hectare (if greater than 30 hectares).
Cheers!
Tropiland editor,
Thankyou for your responses. We bought ROP on a barrier island in Estero Rico (8.5 has.) 5 years ago. It’s a few km. west of Las Olas. We are trying to segregate lots for sale. Last week we talked to Catastro in Panama and they said in all of Panama only the islands on Perlas and Bocas will Law 80 allow it. All other areas would need to be redesignated by Martinelli’s cabinet. How crazy is this—after months of promises and publicity!! Have you by chance heard this same thing?
It was suggested to us by Catastro to get a Concession. Do you know anyone that has finished this process and do you have an opinion on whether this is our best solution or should we let the dust settle with Law 80 and holdout hope they’ll make favorable changes.
I remember you saying you have ROP and thought I’d check with you. Thanks for your help. Wow……..what a mess with Panama titling issues!
regards.
Joyce,
This is the first time that I’ve heard of this crap (that’s what it is). It sounds to me like one of those cases in Catastro where the elbow does not know what the shoulder does. Catastro officials are like immigration officials (or any other Panamanian government worker for that matter): you ask ten of them and you’ll get ten different answers for the same issue.
I’ll will look into it further (since I have a vested interest myself) and post something on this blog the moment I have some “juicy” info. Thank you for bringing the issue to our attention.
P.S. I have no experience with concession what so ever. It sounds “fishy” though and not at all reassuring.
Joyce,
After a bit of “researching” and talking to some contacts in legislation and to some online forum members that know the ROP well, here is my findings:
Your visit was premature. Once again: nothing will happen until the implementing regulations are drafted, finalized, and signed. The implementing regulations will contain the “nuts and bolts.” Staff at the Catastro offices have received no instructions regarding implementation of the law because the implementing regulations (which I understand are actively being worked and should be adopted in the next couple of months. No drafts are being circulated outside the government … yet….That’s the way the law works here: Each law has 2 parts: Part 1 is the “law” itself. Part 2 is the implementing regulations.
So if I were you. I’d wait until this Part 2 is out and communicated to all Catastro offices.