Is a Mortgage in Panama possible?

[Adam Durrin]

I’ve read a number of posts online saying mortgages are possible as a US citizen in Panama.

However, I visited some realtors in Bocas Del Toro and they said mortgages aren’t possible there or for foreigners. 

Has anyone had any experience with getting a mortgage in Panama? Is it possible? And do you have any recommendations on banks, lenders, or contacts?

thanks!

[Cory St. Esprit]

Hi Adam - I'm currently sitting here at my house in Panama (Nueva Gorgona!). I was just having these discussions the other day. Are mortgages possible in Panama - yes. However, mostly likely you're going to need residency in the country for at least 3 years to make that happen. Even then, as a non-birth right citizen you can expect to put 30% down. Rates and terms tend to be the same as the US. 

In order to counter that, what has popped up are "Seller Financing Deals" from developers. Picture a developer that purchases a piece of land and has sites to build on (or build model homes). They Seller Finance it with a balloon at 3 years, with the expectation you'll have established residency and be able to get a traditional mortgage. 

Banistmo tends to be the most friendly bank to foreigners, so you might try there. Bocas is hard because of being remote and being super touristy. The options become more limited.