Panama: payments and remote closing

A buyer who lives abroad needs a clear order of steps, a realistic timetable and a safe way to move money. This briefing sets out how a Panamanian purchase is described in law-firm and agency guides, where the sources stop, and what to tell a remote buyer.

The steps, as guides describe them

Several guides describe the same sequence:

• choose a titled property and sign a promise-to-purchase contract, the contrato de promesa de compraventa, with a deposit
• carry out legal due diligence through an attorney
• sign the final purchase contract as a public deed, the escritura pública, before a notary
• file the deed at the Public Registry in the buyer's name

Guides give 30 to 60 days for the whole process for a cash buyer, and say that recording the transfer at the Public Registry can take from one week to 30 days. A buyer who needs a mortgage should allow at least three months. Treat all of this as a range, and tell the buyer what can change it.

Taxes and documents at closing

Agency guides list, among the seller's documents, the receipts for property taxes, the 2 percent transfer tax, a 3 percent capital gains advance, condominium fees and the water bill. They do not say clearly who bears each tax, so the contract must. Do not tell a buyer who pays what unless the contract says so. In September 2026 a new law changed the transfer tax for first sales of new homes; see our briefing on 2026 changes at Panama 2026 changes.

Moving money from abroad

Buyers normally send a wire from a foreign account. Practical points:

• the sender should be the buyer; a payment from anyone else needs a written explanation before it is accepted
• the sending bank and the receiving bank may both ask for the source of the funds, so have the documents ready before the first transfer
• agree one account, confirmed by telephone with the attorney, before the buyer sends anything, because payment-redirection fraud targets remote buyers everywhere
• keep a record of every payment and of who confirmed the account

If the buyer is also planning a residence application, reports say the funds must belong to the applicant and not come from a gift, so keep the money in the buyer's own name from the start.

Remote closing

We did not find a verified description of remote signing in Panama. As general practice, a buyer who cannot attend signs a power of attorney before a notary in the buyer's country, obtains an apostille and sends it to the attorney. Whether a Spanish translation or a consular route is needed, and how long it takes, must be confirmed with the notary and the attorney before you promise a date. Keep the power of attorney as narrow as the act requires, and check that it names the right attorney.

Off-plan purchases

Off-plan sales are common, and the same guides say that buyer funds are not automatically held in escrow or a fiduciary structure just because the apartment is sold before completion. A developer-risk blog describes a reservation deposit followed by milestone payments, and warns that a buyer can have a strong claim to a refund and still face a poor outcome if the developer no longer has the money. Before you present an off-plan unit:

• ask whether the buyer's payments go to a trust or fiduciary, and who the trustee is
• ask for the permits, the payment schedule and the refund terms in writing
• read the promise contract with the buyer's attorney, including the delay and cancellation terms
• tell the buyer what is missing

For buyers who intend to apply for investor residence, reports say a notarised copy of the promise to purchase, registered at the Public Registry, is required for certain applications. Ask an immigration lawyer whether that applies to the buyer's route before the contract is signed.

Where files stall

• seller documents: unpaid taxes or condominium fees, liens, missing authority to sell
• buyer documents: passport copies, apostilles, source-of-funds papers
• wire timing and bank queries at both ends
• registry processing, which guides put at one week to 30 days

What to tell a remote buyer

• who the attorney is and what the attorney does
• the order of payments and the amount of each
• a timetable as a range, with the reasons it can change
• that title is registered in the buyer's name only after the Public Registry has processed the deed
• that no one at your agency will ever ask for a payment to a new account by email

What to do with this

• prepare a standard closing sheet for remote buyers and keep it dated
• agree the account by telephone with the attorney before the first payment
• ask the notary now which foreign documents need an apostille or a translation
• for off-plan units, hold a written file on the trust, the permits and the refund terms before you promote them

Working with D.H. Realting

D.H. Realting is a trilingual (Russian, English, Polish) overseas-property platform. We introduce buyers, including expats and cross-border buyers, and support the process. Agencies that handle the deal locally and want to be introduced to such buyers can contact us through our partners page.

This briefing is informational only and is not legal, tax or investment advice. Facts were checked on 12 October 2026 from the sources named in the text; rules change, so confirm with a local lawyer before relying on any point.