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  • August26th

    Common types of residency visas in Panama

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    In recent years the Republic of Panama has asserted itself on an level as one of the best retirement locations world wide. This is due to several factors including:

    • Panama has a comfortable climate.
    • Panama has the US dollar as its currency.
    • Panama is a very large banking center.
    • Panama is free from major natural disasters.
    • Panama has modern medical facilities.

    In light of the current boom in Panama, the Ministry of Immigration and Naturalization has imposed new visas. Some of the visa processes have become more flexible in order to generate migratory stability for foreign retirees.

    Temporary Resident and Visas

    • Temporary work visas can be obtained for periods of one to 6 years
    • Temporary residential visas for contracted as executives of the Free Zone of Colon require the payment of a monthly salary of at least 2,000.00 USD.
    • Temporary Resident Visas for foreigners contracted for private businesses cannot have a salary less than 850.00 USD per month. No more than 10% of the workforce of private businesses can be foreigners.
    • Temporary resident visas for personnel contracted for businesses of virtue under the Marrakech Agreement require the payment of a monthly salary not less than 1,000.00 USD
    • Temporary Resident Visas for reasons of investment can be obtained for periods of 6 years and can be extended every 2 years.
    • Temporary Resident Visas for Agricultural Investors require an investment of at least 60,000.00 USD into the Cattle or Agricultural Industry.
    • Temporary Resident Visas for Reforestation Investment requires an investment, in ones personal name, or by way of a corporation of at least 60,000 USD in activities related to reforestation projects approved by the National Environmental (ANAM). The investment must be a minimum of at least 10 hectares.
    • Temporary Resident Visas for Regrouping Families can be solicited by conjugate foreigners, children under the age of 18 and parents of the temporary resident. For those who are of the ages 18-25, if they are involved in regular studies, and have economic dependence from the temporary resident.

    Permanent Residency Visas:

    To apply to the Permanent Resident Category it is required that a period of 2 years has passed with temporary resident status.

    • Permanent Resident Status via Reforestation Visa requires a minimum investment of 80,000 USD, by way of a corporation or personal title, in reforestation activities that are authorized by the National Environmental Agency (ANAM) , and are at least 20 HA in size.
    • Permanent Residency Visas as a Macro Business Investor requires a minimum investment of 160,000.00 per solicitor into a Macro-Business. In the case of dependents, there must be an increment of 2,000.00 per dependent. The business must maintain a minimum payroll with 5 Panamanian employees.
    • Permanent Resident Visas for Self-Economic Solvency require an investment of 300,000.00 USD maintained in a certificate of deposit (CD), or a combination of both which shows that the funds were introduced from abroad.
      • Self-Economic Solvency by way of investment into real estate permits that the property can be in the name of a private foundation, proving that the solicitor is the founder y that he or his dependents are the beneficiaries. The certificate of the Public Registry should show the founder and the beneficiaries.
    • Permanent Resident Visas for Retirees or Pensioners can opt to receive a pension or retirement from a foreign government, international organization or private enterprise. The pension or retirement cannot be less than 1,000.00 USD per month, nevertheless, if proof can be acquired that a property with title in personal name for at least 100,000.00, the amount of the pension or retirement can be reduced to 750.00 USD per month.
    • Permanent Resident Visas for Retired Rentiers require that a minimum monthly income of 2000.00 USD derived exclusively from a certificate of deposit (CD) from the National Bank of Panama or the Caja de Ahorros, free of liens for a period of 5 years. With the current interest rates the amount of the deposit would be approximately 610,000 USD.
      Permanent Resident Visas as a Retired Rentier can obtain the right to a special passport from the Republic of Panama.
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  • August26th

    Panama Medical Tourism

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    Panama has earned the title as the “Hong Kong” or “Dubai” of the Americas. This has mainly been due to its significantly lower cost of living and fully “Americanized” culture. Panama is slowly becoming one of the top medical tourism destinations, attracting US and Canadian health travelers. The reasons for this are: its proximity, excellent healthcare services, US trained and certified medical staff and its attractive natural beauty.

    Healthcare System in Panama

    Panama’s long association with the United States has left a distinct footprint in its culture, giving it more than a hundred years advantage over other countries in providing healthcare to patients using US standards of quality and service. This can be seen in the similarities in facilities, medical procedures and practices, as well as the abundance of US trained and board certified doctors and medical staff.

    There is currently one hospital in Panama that is fully certified by the Joint Commissions International. However, all of the other top hospitals, most of which are privately owned, are fully certified by local medical accreditation bodies set by the Panamanian as well as other non- accreditation bodies.

    In addition, most of the top hospitals have affiliations and are duly recognized by international medical organizations such as the Johns Hopkins International, Baptist Health International of Miami, Cleveland Clinic, Tulane Health Science Center, Miami Children’s Hospital, University of Nebraska Medical Center, the Harvard Medical Faculty, the Kendall Medical Center and the Beth Israel Deaconess Medical Center among others.

    Top Hospitals in Panama for Medical Tourism

    Major hospitals in Panama have affiliations with prominent international medical institutions. This enables them to maintain a high quality level, not only in their facilities, but also in their procedures, methodology and technology as well. The most prominent among these Panamanian hospitals include:

    • Hospital Punta Pacifica
      This is the only Central American medical facility that is affiliated with the Johns Hopkins Medical International and maintains the same high-end standards in facilities, services and staff. It is also the only digitally connected hospital in the and is the only hospital accredited by the Joint Commissions International.
    • Hospital Nacional

    Starting out as a 10-bed facility, the Hospital Nacional has grown over the years into an 80-bed private healthcare facility with over a hundred specialists and ultra-modern facilities.

    • Clinica Hospital San Fernando
      A private hospital affiliated with the Tulane University, Miami Children’s Hospital and the Baptist Health International Miami. The Hospital San Fernando is one of Panama’s largest hospitals, with 24-hour medical services and facilities that are fully equipped with state-of-the-art medical equipments.
    • Centro Medico Paitilla
      Located in Panama City, this 160-bed medical facility is affiliated with the Cleveland Clinic Foundation and has been in existence since 1975. It is also a certified training facility for the American Heart Association and was one of only two hospitals that provided healthcare services to US military personnel.

    Common Treatments done by Medical Tourists in Panama

    Hospitals and healthcare facilities in Panama offer a wide array of procedures and services for medical travelers, which include but are not limited to the following:

     

    Cost of Medical Treatment in Panama

    The following are cost comparisons between Medical procedures in Panama and equivalent procedures in the United States: [ sources 1 2 3 ]

      US Hospitals Panama Average Savings
    Medical Procedures      
    Angioplasty with stent $19,000 – $21,000 $10,000 – $15,000 25% – 47%
    Pace Maker $4,000 – $6,000 $1,500 – $2,300 50% – 60%
    Laparoscopic Hernia $6,000 – $8,000 $ 3,500 – $4,500 40% – 50%
    Laparoscopic Gastric Bypass $24,000 – $26,000 $14,000 – $16,000 35% – 40%
    Hip Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40%
    Arthroscopy $9,000 – $11,000 $4,000 – $6,000 45% – 55%
    Knee Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40%
    Herniated Disc $19,000 – $21,000 $6,000 – $7,000 65% – 70%
    Carpal Tunnel Release $6,000 – $8,000 $2,500 – $3,500 55% – 60%
    Plastic and Reconstructive Surgery      
    Neck Lift $10,000 – $12,000 $2,000 – $3,000 75% – 80%
    Face Lift (rhytidectomy) $10,000 – $12,000 $2,000 – $3,000 75% – 80%
    Breast Augmentation/Reduction (Mammoplasty) $5,500 – $8,000 $3,100 – $4,500 40% – 45%
    Breast Lift $5,000 – $6,000 $3,000 – $4,000 35% – 40%
    Liposuction (Lipoplasty) $4,000 – $6,500 $2,500 – $4,400 30% – 35%
    Nose Surgery (Rhinoplasty) $4,000 – $6,000 $1,500 – $2,500 55% – 65%
    Buttocks Augmentation $5,000 – $6,000 $3,500 – $4,500 25% – 30%
    Chemical Peel $900 – $1,100 $450 – $550 45% – 55%
    Obstetrics and Gynecology      
    Intrauterine Insemination $1,000 – $2,000 $800 – $900 20% – 55%
    In Vitro Fertilization $9,000 – $18,000 $4,000 – $6,000 55% – 70%
    In Vitro Fertilization with donated egg $16,000 – $20,000 $7,000 – $9,000 50% – 55%
    Eye / Ophthalmology      
    Cataract surgery $5,500 – $6,500 $2,000 – $3,000 50% – 60%
    Refractive surgery (Eximer Laser) $4,500 – $5,500 $1,500 – $2,500 55% – 60%
    Glaucoma surgery $5,500 – $6,500 $1,500 – $2,500 60% – 75%
    Refractive surgery with intraocular lens implant $5,500 – $6,500 $2,000 – $3,000 50% – 60%
    Eyelid Surgery (Blepharoplasty) $4,000 – $5,500 $1,500 – $2,500 60% – 65%
    General and Cosmetic Dentistry      
    Root Canal $900 – $1100 $250 – $350 70% – 75%
    Porcelain Crown $1,000 – $2,000 $450 – $550 55% – 75%
    Porcelain Veneers $1,000 – $2,000 $450 – $550 55% – 75%
    Composite Veneers $600 – $750 $150 – $250 45% – 70%
    Dental Implant $2,000 – $2,500 $900 – $1100 55% – 60%
    Periodontal Surgery $1,000 – $2,000 $450 – $550 55% – 75%
    Periodontal Plastic Surgery $1,000 – $2,000 $450 – $550 55% – 75%
    Periodontal Regenerative Procedures $1,200 – $1,600 $500 – $600 55% – 65%

    Malpractice and Liability Laws in Panama

    The Panamanian system has not adopted the US legalities associated with medical practices, particularly in the area of malpractice. Although doctors are responsible for their activities and performance under the in this country, they are not required to shoulder the damages incurred during a malpractice case. The result is a lower malpractice insurance pre-requisite, which can be translated into lower procedural costs.

    Pros

    • Hospitals in Panama provide high quality health care through a large staff of US-trained doctors, physicians and other medical specialists
    • Techniques, medications, treatments and facilities used are based on the same standards used in the USA
    • Doctors and medical staff can communicate well in English
    • Panama City is considered Central America’s safest and most modern city. Even the tap water is safe to drink
    • Panama is relatively close to US and Canada.
    • The currency is the US dollar, so prices can be compared easily.

    Cons

    • There is only one JCI-accredited hospital in Panama, although a few have already submitted requests and are currently going through the accreditation process.
    • Costs of medical procedures are higher compared to other medical tourism destinations, although these are still significantly more economical as compared to the US, Canada and the UK.

    Traveling to Panama

    Direct flights to Panama City are available from major cities in the US and Canada. This close proximity and shorter travel time, makes Panama a destination choice for medical travelers.
    Average estimated travel time in hours

    From/To Panama
    New York City 5
    Los Angeles 7
    Miami 2.75
    Houston 4
    Dallas 4.5
    Washington 4.75
    Atlanta 4
    Toronto 5
    Vancouver 8

    Entry and Exit Requirements to Panama

    USA and Canadian medical travelers with a valid passport that extends at least 6 months beyond the traveler’s intended last day of , do not need to get a visa to enter Panama. A tourist can be purchased upon arrival, allowing the recipient to stay for 90 days in the country.
    Other requirements include: return tickets, sufficient funds to shoulder the stay, confirmed accommodation and other targeted facilities. Panamanian immigration laws are very strict, so it is advisable to carry your passport with you at all times to your proof of entry and avoid any complications during your stay.

    Statistics of Medical Tourism in Panama

    Doctors have estimated that there are only hundreds of medical tourists hundreds of medical tourists from the United States visiting Panama per year. Some hospitals have declared that they have received at least 400 to 450 international patients within the last four years seeking various medical procedures.
    These figures will continue to grow, as Americans without health insurance continue to seek healthcare in nearby medical tourism destinations such as Panama. More and more baby boomers are contemplating retiring to this Latin American destination, as well as seeking healthcare services and beauty treatments at lower costs.

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  • August25th

    EB-5

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    EB-5 VISA  BENEFITS
    TAKE ADVANTAGE OF EB-5 VISA BENEFITS
    The EB-5 visa is a United State visa created by  Act of 1990.This visa provides a method for foreign nationals who invest money in the U.S. to obtain a Green Card. A majority of immigrant investors (90%) prefer to work through officially designated regional centers to obtain a U.S. permanent green card because they experience a much simpler, less expensive and expedited process. The EB-5 visa program offers several advantages:
    • Ability to leave re enter the United State at will without the risk of being denied by an at port of .
    • No to fill out the I-94 and no need to worry about expiration of authorized stay. Green Card status is valid for lifetime, even though the proof of green card (plastic card) itself is valid for 10 years and must be renewed.
    • Right to apply for government-sponsored financial aid for education.
    • Green Card holders pay less tuition for university and college, referred to as “in-state” tuition or “” tuition. The savings are considerable and in most cases, they are 3 to 4 times lower than what must pay.
    • Permission to work at any company located in U.S. territory regardless of job , hours/peer/week, etc. except for some companies that only hire U.S. citizens. No need for employer sponsorship.
    • Some jobs require security clearance that only green card holders and U.S. citizens can obtain Therefore, a green card provides more job opportunities.
    • Permission to start own and create your own corporation.
    • Green card holders obtain Social Security benefits when they retire, assuming they worked for 10 years prior to retiring.
    • Green card holders can sponsor spouse and unmarried minor children under age 21 to obtain permanent status.
    • If you obtained a green card for your family, they will retain it even if you pass away or lose your job.
    • Immunity against future changes in immigration rules that could hurt your temporary permit.
    • Access to security clearances, eligibility for government grants and exemption from export restrictions.
    • Most legal rights under U.S. law except for the right to vote which is only available to U.S. citizens.
    • Eligibility to apply for U.S. Citizenship after 5 years.
    • It may be easier to obtain a mortgage for home purchases. Many banks require a green card or other long term visa before granting a mortgage. Some banks may charge higher rates for non-green card holders.
    • Some states require possession of a green card before granting you professional licenses, such as real estate agent, insurance agent, etc…
    • Many insurance companies require  the person  has green card before extending health or life insurance.
    • Green card holders can make political campaign contributions in connection with state and federal elections. Otherwise, foreigners are unable to make political contributions.
    • A righ to legally own , cars, firearms and other items  any  average Acquires.
    This website does not represent an offer or solicitation to buy or sell any securities. Investments are available only to qualified investors, via the Confidential Private Placement Memorandum.
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  • August25th

    Visa & Residency Information

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    Visas

    Panama is now positioning itself as the “new Costa Rica.” It has put together the most appealing of special benefits for foreign residents and retirees you’ll find anywhere in the world today.

    In fact, anyone over the of 18 apply and can qualify as a pensionado in Panama. All you is a guaranteed pension income of only $500 per month ($600 per month for a couple). It must be a pension from a government agency (Social Security, disability, or armed forces) or from a company.

    As a qualified pensionado/retiree in Panama, you will be entitled to:

    • 50% off entertainment anywhere in the (movies, theaters, concerts, sporting events)
    • 30% off bus, boat, and train fares
    • 25% off airline tickets
    • 50% off hotel stays from Monday through Thursday
    • 30% off hotel stays from Friday through Sunday
    • 25% off at restaurants
    • 15% off at fast-food restaurants
    • 15% off hospital bills (if no applies)
    • 10% off prescription medicines
    • 20% off medical consultations
    • 15% off dental and eye exams
    • 20% off professional and technical services
    • 50% closing costs for home loans and more…

    In addition, you are entitled to a one-time exemption of duties on the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation or local purchase of a car. All this, and you can “retire” in Panama starting at age 18.

    Plus, Panama’s pensionado stipulates that anyone entering the country as a qualified pensioner today is guaranteed that as long as he chooses to stay in the country.

    The general rules:

    • All visa applications must be made through a Panamanian lawyer
    • There is no age limit required for applying for any of these visas, save for the minimum legal age of 18 years. Children under 18 will qualify for a visa as dependents of their parents
    • All overseas documents to be presented to the authorities in Panama must be authenticated by a notary and by the Panamanian consulate nearest you, or by a notary and the Apostille. The Apostille (The Hague Convention of 1961) is a faster way of authenticating documents and is normally obtained through the secretary of state in your home state (in the United States) or through the foreign office (in Britain). For Canada, please check with the Panamanian Embassy or consulate nearest to your home city
    • All documents must be fresh (within three months of visa application) and passports must have at least one year to run
    • Dependents: Bring a marriage certificate. However, marriage certificates are not acceptable if over three months old, so you’ll need to request new ones. If your children under 18 are to be covered by your visa, you’ll need to bring new birth certificates (not originals)
    • None of these visas grants work permits
    • All visa applications require that you obtain a health certificate in Panama.

    The Tourist Pensioner Visa (Turista Pensionado)

    This visa is designed for people whose pension from a government entity or private corporation is $500 or more ($600 or more for a couple per month). It is granted indefinitely. The benefits include one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car (sales tax will still apply). However, please note that under this visa you cannot qualify to acquire Panamanian nationality.

    Private Income Retiree Visa (Rentista Retirado)

    This visa is for people who don’t have a monthly pension, are no longer working, and have received a retirement lump sum. As a visa requirement, that money is to be deposited on a five-year certificate of deposit with the National Bank of Panama, to yield at least $750 a month (at current rates, the face value of the CD would need to be approximately $220,000). The visa is renewable every five years, as long as the CD is renewed. The Private Income Retiree Visa includes such benefits as a traveling Panamanian passport (that, however, does NOT grant nationality), a one-time exemption of duties for the importation of household goods (up to $10,000), and an exemption every two years of duties for the importation of a car.

    Person of Means Visa (Solvencia Económica Propia)

    Designed for those who wish to live in Panama off their own means, without the need to work or start a business. The person must have a two-year certificate of deposit in any local bank of at least $200,000. The visa is granted in two steps: First, a one-year provisional visa is granted, and then the process is repeated and the visa is approved permanently, with the right to a cedula (local identity card). Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

    Investor Visa (Inversionista)

    Designed for those who wish to establish a business in Panama (note, though, that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $150,000 and a minimum of three permanent Panamanian employees hired. It is granted provisionally for one year and, after renewal, is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

    Forestry Investor Visa (Inversionista Forestal)

    Note: Although currently suspended, this visa is being revised to be brought back.

    Designed for those who wish to make long-term investments in reforestation and take advantage of tax breaks. There must be a minimum investment of $40,000 into a duly accredited reforestation company. This investment must be kept until final harvest (approximately 20 years). This visa is granted provisionally for one year and, after renewal, it is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

    Small Business Investor Visa (Inversionista de Pequeña Empresa)

    Designed for those who wish to establish a small business in Panama (note that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $40,00 and a minimum of three permanent Panamanian employees hired. It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to a cedula. Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian nationality.

    Residency

    Panama has one of the easiest and most affordable residency programs in the world.

    The visa process for the pensionado program in Panama is also very simple. It’s a one-time application. There are no renewals and no additional fees. Other residency programs require you to file a renewal each year. This involves time, hassle, and additional fees. In Panama, you can apply today for no more than a few thousand dollars and have residency for life. Your takes only a month. It’s fast. It’s affordable. It’s easy.

    Panama is truly one of the best–if not the best–residency deal in the world today. For the tiny price, the benefits are incomparable. And it is an extraordinary opportunity…

    The Panama pensionado program will not net you a passport, however. But it will grant you residency rights for life. If you want or need a Panamanian passport for tax or other reasons, don’t worry. There are many other programs you may qualify for.

    For instance, with as little as a $10,000 investment, you can start up your own business, and within nine years, be granted a Panamanian passport. Or you can invest $40,000 in a government-approved–and potentially very lucrative–reforestation project. These are just some of the additional ways in which you can qualify to live, retire, or do business in Panama.

    Rainelda Mata-Kelly, our recommended lawyer in Panama, will tell you more. Rainelda holds a master’s degree of law from Cornell University and founded the London office of a Panamanian law firm in 1983. In 1991, she became a Miami correspondent for La Prensa, the Panamanian newspaper, and then went on to be that paper’s executive editor. Since 1989, she has been engaged in her own practice, specializing in commercial and shipping law. Rainelda represents both Panamanian and foreign clients.

    Below, Rainelda details the requirements and features of the most popular programs available in Panama right now…

    Where and When

    * You need to travel to Panama in order to obtain your visa. You need to be present for the filing of the application. For most visas, you receive an interim card for three months, and within that time, the visa should be issued (sometimes it takes four months). For the Tourist Pensioner Visa, however, there is no interim card and your permanent visa should be issued about three to four weeks after filing. You need to be in Panama when the visa is issued, and you should preferably be in Panama from the filing of the application to the issuance of the visa. If you decide to travel outside Panama during that interval, you need a multiple-entry permit, which costs $75 per person.

    * If you obtain a visa to reside in Panama, but you wish to live overseas, we recommend that you make plans to visit Panama at least once a year (legally you may be away up to two years). In any case, you must obtain a multiple entry permit valid for up to two years before leaving and must never let it expire while overseas.

    * Once you obtain a visa in Panama, even if you decide to live here permanently but you wish to travel often or unexpectedly, we recommend obtaining a multiple-entry permit.

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  • August25th

    Tax

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    Good for . The income that you are earning only in Panamanian territories is subject for income tax. This is due to the Panama’s tax that states the concept of territorial income. This means that funds generated abroad could not be taxed here.

    Just like any other progressive countries, Panama also relies on taxes to fuel the operations of the . Therefore, you should be familiar with what taxes you need to pay once you have comfortably settled yourself here in Panama.

    1. Panama Income Tax

    Also called as Impuesto sobre la renta a Personals Naturales, incomes (rental) earned by individuals are taxed at increasing rates and are usually withheld on the tenant’s end.

    Here’s a table to the marginal tax rate:

    $9,000 – below: 0 percent

    $9,000 – $10,000: 73 percent

    $10,000 – $15,000: 16.5 percent

    $15,000 – $20,000: 19 percent

    $20,000 – $30,000: 22 percent

    Beyond $30,000: 27 percent

    2. Panama Value Added Tax (VAT)

    VAT is also called as Impuesto a la transferencia de bienes corporales muebles con crédito fiscal in local language. You should be informed that leasing of immovable property here in Panama is subject to this tax.

    However, exemptions are given to those who earn average monthly income of $3,000 and below. If it is beyond the aforementioned figure, the tax is set at 5 percent of the gross rent.

    3. Panama Capital Gains Tax

    This is levied from sales of properties (real estate) in Panama. The taxpayer has two ways to settle this particular tax. The first one is five percent of the overall total of property’s cadastral value and costs or ten percent of the property’s cadastral value each .

    The transfer tax of 2 percent is now waived once the taxpayer opts to settle the required capital gains tax plus capital gains tax that will be levied in case of the sale won’t be shouldered by the taxpayer anymore.

    The second option is two percent of the bigger value on sales price and sum of the cadastral value of the property. By availing of this, taxpayers will have to settle addition capital gains tax in future.

    It is advisable to refer with a tax specialist regarding these matters before you make a choice between the two options. Both the first and second options each have their own advantages and disadvantages depending on the circumstances.

    Meanwhile, a two percent initial tax rate on the selling property price can be accrued as the transfer tax for real estate. This means that this tax can be deducted on top of the selling price. This is done to shoulder costs on ownership transfer (in the event of the sale).

    4. Property Tax in Panama

    The Property Tax or Impuesto de Inmuebles is imposed on real estate properties in Panama. This is regardless of the urban or rural location of the real estate, it is still levied for property tax. The property tax depends on the overall real estate’s value plus other conditions as imposed by the Land Commission.

    If the price transactions on real estate are made beyond the appraisal value, it automatically increases the value of the property and is subject for adjustment in tax rates. If the registered value of the real estate is $30,000 and below that it is no longer liable for property taxes. However, if it goes beyond the aforementioned value then it will be levied for taxes. Here’s a table that can show what needs to be settled:

    Tax base of $30,000 and below: zero percent (exempted)

    Tax base of $30,000 – $50,000: 0.70 percent

    Tax base of $50,000 – $75,000: 0.90 percent

    Tax base of over $75,000: one percent

    Remember, always consult with a qualified tax official or a lawyer to avoid confusion as to how much you should settle when it comes to property taxes.

    There are exemptions imposed by the government on property taxes. This includes non profit organizations and other government agencies. According to latest data, homes or apartment units that will start construction before July of next year are exempted from paying property tax for the next two decades (20 years). The exemption is said to be transferrable in case of a sale within the time period. However, the land is not exempt from property tax if it happens to have a value exceeding $20,000.

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