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Where is Panama?
Panama is located in the American continent, more specifically in Central America. Because to its position Panama borders to the north with the Caribbean Sea, to the west with Costa Rica, to the south the Pacific Ocean and to the east with Colombia. See the map. Top
Where is Altos del Maria?
Altos del Maria is located in the province of Panama, next to the town of Sora. It's 75 minutes from Panama City traveling west on the Interamerican Hwy (55 minutes to the town of Bejuco, make a right turn at the Altos del Maria sign, follow the road for 20 more minutes and you'll be in our mountain paradise). Altos del Maria is 30 minutes away from the nearest beaches (Coronado and Gorgona) and a major supermarket that caters an upscale market. See the map. Top
Pre-Requisite to Buy
There's really no pre-requisite to buy in Altos del Maria. If you would like to come as a retiree or "pensionado" you'll need to apply for the visa here in Panama, where you'll need to provide a minimun steady income of USD $500.00 per month per person. On the other hand, if you do not apply for the retirement or pensionado visa and would like to come and buy a property at Altos del Maria, you may be able to do so with no problem. Top
Lots Availabilities
At Altos del Maria we have various lots available to choose from. The price will depend mostly on the view, topography, elevation and size.Top
Development's Covenants
The fact that it is a gated community, doesn't mean that Altos del Maria has a high maintenance fee or that we control your way of living or that we have and endless list of Do's and Dont's. The word gated here means to keep away unsolicited people.
The rules are simple at Altos del Maria:
1) The house cannot have more than three levels (ground, first and second floors).
2) The roof has to be red.
3) Wire fences and barred wires are NOT allowed.
4) If you cut a tree, replant a tree.
5) Every lot must have its own septic tank.
6) Construction time restriction: There are no restrictions to time, you can build when the time is right for you, so take advantage of getting in at today's prices. Top
Sewage
Every lot has to have a septic tank, built by the owner of the property. That tank will have to be approved by the development's engineer. Top
Financing & Mortgage
Altos del Maria currently finances all purchases at a 10% rate. You may begin financing your property at first, but you are able to pay it off before the end of the term with no penalties. You'll only pay the principal of the mortgage to cover the debt.
Altos also offers incentives for cash purchases. For both purchases we need: a copy of your passport, signatures of the contract and title, 20% down payment. We need a Letter of Intent compromising with the purchase of the property on purchases with outside financing.
Many Bank of Panama offer Finance to purchase your property, some of them ask for your own requirements. (See the list of Banks and requirements) Top
Payments
All sales are in U.S. dollars. Purchases can be made with travelers check in USD, money orders, wire transfers, credit card or personal checks from a U.S. bank. All checks payable to ALTOS DE VISTAMARES S.A. Top
Land Certification
All purchases of land are certified by the Public Registry. The Public Registry is the Panamanian entity that guarantees that the property has no outstanding debts and that the transferred property is legitimate. The Public Notary provides certification to the title. Top
Area - Land & Homes
The average lot size is about one to one half acre. Top
Houses & Construction
The houses Altos del Maria builds are brand new constructions. Lot owners may also find their own architects and contractors to design and build their dream house. Duration of the construction will depend on the size and details of the house. Top
Construction Materials
Houses Altos del Maria and most owners build with the following materials:
Walls - cement or clay blocks covered with a cement plaster (stucco) or stones
Columns and beams - made of reinforced concrete.
Roof - Spanish tiles or similar, thatch.
Ceilings - dry wall, gypsum board, wood.
Floors - tiles
Wood and steel ( I beams) are used as well. Top
Cost of Living
Living Cost in Panama is about 30% cheaper than in the USA or Europe. Top
Taxes
Real Estate - At the moment Panama offers a real estate tax exemption period of 15 years.
Income - Panama will not tax you on income made abroad.
Sales & Services - There will be a 5% tax applied to all goods and services that you purchase. This tax will only be exempt on things you bring from abroad the first time.
Food - Food bought at supermarkets or grocery stores has no taxes.
Some of these taxes will be reduced or canceled with the benefits you obtain with a retiree or "pensionado" visa. Top
Maintenance
The maintenance fee is USD $25.00 per month plus tax. This maintenance fee covers the maintenance of the roads, collecting the trash, landscaping of the common grounds, keeping the rivers and trails clean and most important the gate controls, which are there 24/7. Top
Utility Bills
Water - Altos del Maria charges USD $8.00 for 5000 gallons of water per lot per month and $1.00 USD / 1000 gallons after that. Water is collected in water tanks from spring water up high in the mountains, then filtered, chlorinated and sent to you on our pipe grid.
Electrical - You'll have to get the services from Union Fenosa, who's the power provider for this area.
Their offices are in the town of Coronado. Power is the same as in the U.S. 120V, 60 Hz, 1F.
Satellite TV - You can get the service from Direct TV for USD $40.00 per month.
Internet - You can get from a couple of companies. The service is wireless, broadband about 300k. The cost is about USD $ 49.00 per month.
Telephone - Cable & Wireless provides telephone services with different plans.
Cell phone - There are various plans for cellular service. Cost will depend on the plan you choose. Cell reception at Altos del Maria is excellent. Top
Hospitals
All major hospitals are in the city. Paitilla, San Fernando, Nacional, Punta Pacifica (soon to be open), Royal Center, all these hospitals have trained doctors of all specialties and speak English. Top
Medications
For medications you may go to the supermarket pharmacy and get your medications. As a retiree or "pensionado" you get 15% discount on your medicines, just show your retiree or "pensionado" card. Top
Doctors
Most doctors are trained in renown universities and American hospitals. For a doctor's list consult the hospital of your choice. Top
Tips
Tipping in Panama is 10%. It only applies to restaurants and cafe. You do not have to tip anywhere or anyone else. Be careful though, as some restaurants already include the tip in the check and you may tip twice for the same meal. Top
Where to stay while in Panama
You may stay at various hotels in the Panama City area. Prices range from 35.00 USD to 155.00 USD per person per night. It all depends on your standards. Top
Hotels & Private Rentals
At the moment we are limited for such accommodations at Altos del Maria. The first Americans to settle in Altos, Honey and Larry, have recently finished a B&B. Hollie & Norm also rent out their cabins. Top
Heliport
Altos del Maria has its own paved heliport. Top
Help (maids...)
Help is easy to come by. Most of the help will come from the town of Sora. Wages for a maid or house keeper is about 170.00 USD per month. Gardener wages are similar, depending on the size of the lot and duties. Top
Currency
The United States dollar has been the legal currency in Panama since 1904. Also traveler checks and credit cards are widely accepted.
The International departure duty is US$20.00, payable at the airport.
While staying in Panama the hotel tax is 10%. The added value tax to products and services, with the exception of food and medicines is 5%.Top
Visa Requirements
You are required to have a valid passport. You must purchase a $5.00 tourist card. Tourist cards may be bought at the airline counter at the time of departure or at the border. There's an entire different procedure to get a retirement or "pensionado" visa. Top
Customs
United States and Canadian citizens need only a valid passport and tourist card to visit Panama. Tourist cards cost about five dollars and are available both on your arrival in Panama from the immigration authorities and through most airlines. A tourist card gives you an automatic 30-day stay, and could be extended for another 60 days. Top
Language
Although the official language in Panama is Spanish, English is spoken and understood through out the country. Top
Climate
The country's tropical climate average temperature of 86 degrees Fahrenheit during the daytime and a cool 75 in the evenings. The average humidity is 82%. The rainy season is from May to December. Throughout the dry season, trade winds keep the air continuously cool. At Altos del Maria, the average temperature is between 65 and 80 degrees Fahrenheit and the humidity is about 70%. Top
Clothing
Light clothes are recommended. Business clothing is considered formal. A light jacket for men and a tailored suit or a two-piece pants suit for women is recommended. Top
Time Zone
Panama has the same time zone as the U.S. Eastern Standard Time (GMT-5) during the fall-winter months and U.S. Central Standard Time (GMT-5) during the spring-summer months. Top
Tourist Offices / Embassies
The national tourist agency Instituto Panameño de Turismo (IPAT) has its headquarters in the Centro Atlapa on Via Israel in Panama City. IPAT also has an information counter located at the airport. In addition, there are many tourist centers throughout the country. The IPAT offices found throughout Panama may answer questions and help visitors explore the country. More than 50 foreign embassies and consulates are located in Panama City. Top
Health / Water
No vaccines or pills are necessary prior to visiting our country. Remember, the tropical sun can be strong; so it's wise to take protective sunglasses and sunscreen with you. Although Panama is indeed a tropical country, mosquito control is effective. Exceptions would include hiking and over-nighting in the jungle, in which case you should use protective insect repellent. Panama is the only country in Latin America where you can drink water straight from the tap. Top
Dangers
Panama is considered one of the safest places in the Americas. But as with any foreign destination, it is not advisable to walk around the streets flashing your money or valuable belongings. Reports of people being pick pocketed in Panama are rare, but it's best to assume that pickpockets are around. Just use common sense and your intuition to protect yourself. Remember that the less attention you draw to yourself, the less likely you are to have an unpleasant experience. Top
Employment
If you come to Panama as a retiree or "pensionado", you will not be eligible to work, but if you manage to open up your own business, you'll be employing people and making an extra income. As a volunteer you may find any job you want, but no income, sorry. Top
Arts
Cultural events, there are many pop concerts running through out the year and a jazz festival (January). Top
Contact.
By making an appointment to visit Altos del Maria it will ensure that you will have a salesperson who speaks your language..Top
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