Panama Real Estate Legal Problems

Panama Real Estate Broker Supplied Panama Corporation or Foundation – It all sounds great. You buy a home from them and they throw in the Panama Corporation. What they may not be telling you is how much money the renewal fees are going to be for the corporation starting in year two. We charge $695.00 in complete annual fees starting in year two for a corporation or foundation. We have seen others charge twice this amount. If you pay an extra $500.00 a year for 15 years that is $7500.00 extra you are paying for the house. An additional problem is the lack of attorney client privilege. A study of public records would reveal that many if not all of the owners of condos in your building used the same lawyer to form their company, remember they got the corporations for free. They look at who the resident agent is and see the match-ups. Then they see the real estate brokerage office has the same address of the lawyer and now they can get into your non-privileged real estate records and tie you to the corporation directly. If they are lazy all they need to do is drop in on the lawyer and talk corporation formation for real estate and wait until he refers them to the broker who is really paying him or her by salary. So getting this corporation or foundation for free may not be such a great savings since it puts a big hole in your asset protection structure.