BANKING & MORTGAGE FINANCING

When purchasing real estate in Panama, for the sake of privacy, easy tax-free transfer and protection from creditors, Panama All In One recommends that you place each property under a separate Panama corporation. Please refer to the Legal Services and Corporate Structuring Section on our website for further details on Panama corporations.

Panama All In One will make the corresponding arrangements to open a Corporate Bank Account on your behalf for only US$600.

Corporate Bank Accounts include:

a. Internet Access.

b. Investments in time deposits (Certificates of Deposit).

c. Reputable, licensed, secure international bank.

d. English speaking customer service.

e. Corporate Credit cards available (optional) for access to cash via ATM's around the globe.

For Mortgage Financing, Panama All In One has reached an agreement to better serve our customers, through The Bank of Nova Scotia (Scotiabank), an international Canadian bank operating in Panama and specializing in the financing of real estate holdings. Its bilingual specialized staff is courteous and professional. For your convenience, the bank offers competitive rates and swift closings once the complete package of required documentation is received.Banking and Mortgage Financing

OUTLINE OF TERMS AND CONDITIONS FOR MORTGAGE FINANCING


GENERAL CONDITIONS:

1. Borrower(s) to cover legal and registration expenses.

2. An appraisal of the property given as security is required and the Banks percentage of financing is based on the lower of appraised value or the purchase price.

3. Opening of a saving or checking account, through which, the payments for the loan will be deducted, with a minimum balance equal to three (3) monthly installments.

4. Borrower(s) life and fire insurance for the amount of the loan endorsed to The Bank of Nova Scotia.

DOCUMENTATION REQUIRED:

1. Job letter and copy of two pay slips (for borrowers currently earning a salary).

2. Copy of the last three personal income tax declaration and/ business income tax declarations and/or audited financial statements (if owner of a company).

3. Two picture identification cards "cedula" or passport/ driver’s license or clear certified/notarized copies.

4. Adequate verification of sufficient assets (copy of bank account statements, real estate titles, bonds, common stock, etc).

5. Copy of Purchase Sell Agreement.

6. Two copies of public utility bills of your current primary residence (water, phone, electric).

7. Minimum of one and preferably two bank reference letters from recognized bank(s), acceptable to Scotiabank, Panama Branch.

8. For overseas customers a copy of a Reference Credit Report from your residence country (Equifax or Transunion for U.S.A. or Canada residents).


Borrower(s) will be able to make extraordinary payments. However, if such payment is made during the first year of the loan, there will be a penalty fee, equal to 1% of the amount being prepaid. After extraordinary principal payment is made, the monthly payment will be adjusted.