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Fee Schedule

Sale Purchase Transaction

Representing a Seller who is a foreigner with a taxpayer-registered ID.


Dear Client:

We are pleased to provide you with a detailed explanation of our services and fees as outlined below:

Legal Work

Fee in USD

Comments

Legal Consulting

200

Per hour or fraction. The fee is deducted from the fee for drafting the promise to buy and sell agreement if you hire our office.

Draft of the Promise to Buy and Sell Agreement.

550

The standard process is to celebrate a promise to buy and sell agreement; to give the seller the chance to pay taxes and gather the required documents.

Our fee includes drafting the agreement and follow up on the negotiation of the agreement with the buyer.

Calculation of Transfer and Capital Gain Taxes

150

Review at the Directorate of Revenue (DGI) the calculation of transfer/capital gain tax and payment

150

Transfer tax is 2% of the higher value between the sale price and the cadastral value.

Capital Gain tax is 3% of the higher value between the sale price and the cadastral value or 10%, or 0, depending on the case.

Obtaining certificate of good standing from the water and the garbage disposal company

35

The government fee is USD 1.00 for each.

For properties in the city.

Obtaining a property tax good standing

35

Obtener paz y salvo de las cuotas de mantenimiento

35

For properties in the city.

Notarization of deeds

250

The fee includes the drat of the final sale contract. It does not include the cost of the deed. The cost of the deed will depend on the number of pages. Usually between USD 80 to USD 250, and usually the buyer covers the deed costs.

Registration of Deed in the Public Registry

150

It does not include the registration fee that will depend on the sale price and whether the seller and buyer are corporations. Usually, the buyer covers the registration fee.

Minute delivering the property

250

The fee does not include transfer to the property.

Total

1805

Approximate Fee

Additional Services

Obtaining a certificate of Property from the Public Register

35

The fee does not include the cost of the certificate, which is USD 30.00

Property Update at ANATI

75

The fee does not include additional visit to ANATI for mistakes of the government officer.

Obtaining a NIT for the property

150

This in case the seller has not processed the property taxpayer id before. Notary fee must be added.

Obtain a NIT for the foreign resident

150

RUC registration is required to submit the transfer and capital gain tax forms.

Payment of Property Taxes

35

Notarization of documents

35

Per Notary visit. The notary fee is not included.

Attending contract signatures or meeting

150

Per visit.

Total

630

Fees may vary depending on the case.

Power of Attorney

If the seller is not in Panama or will not be in Panama for the closing, you may need a POA; the expenses and legal fees for preparing and registering a POA are as follows:

Description

Amount in USD

Comments

English Spanish Translation Fee

USD 12.00 per page

English Spanish Interpreter Fee

150

This fee applies if the client is in Panama.

Notary Fee

100

Notary fee will vary depending on the extension of the POA

Public Registry Fee

29

Legal Fee

450

Total

729

Approximate Fee

The client must provide:

  • The NIT number of the legal entity.
  • The NIT number of the property.
  • The Client NIT number.

Notes:

  • Courier fees are not included.
  • Translation fees are not included.
  • The fee may vary depending on the case.
  • W The legal fee and expenses are approximate
  • W Any additional service not contemplated will be charged separately.
  • W If a real estate reservation agreement is required, the fee is USD 350 for the drafting or revising of the contract.
  • W We will notify you immediately if we require additional expense money.
  • Before any sale, you should verify that your property records have been updated in the Land Registry (ANATI).
    • Updating cadastral information is necessary to a) calculate and transfer and the capital gain taxes.
    • Calculated the property taxes. Sometimes, after a property is updated, unpaid taxes that the owner is unaware of may be displayed in the system. Also, any tax exemption should be duly recorded.
    • The non-updates will slow down the process.

Payment Schedule:

  • We require a cash advance of USD 1,500.00, plus an additional USD 250.00 for the initial expense.
  • The remaining attorney fees balance shall be paid once the purchase and sale transaction has concluded.