In 1997 the Incentive Law for Casco Antiguo of Panama was enacted (Law No. 9 of 1997 of Panama) with the objective of preserving the architectural legacy of that area, whose content promotes the restoration of buildings and requires the preservation of certain original features. This law transformed the restoration in Panama’s Casco Antiguo.
Preserving the legacy of Panama’s Casco Antiguo
Panama City is full of beautiful contrasts. From the popular Balboa Avenue on the shores of the Pacific Ocean you can see a panorama that on one side contains a landscape of buildings with modern designs, marked by the latest architectural trends, and on the other hand the Casco Antiguo, where the heritage of the Colonial style of the city is preserved.
The latter offers its inhabitants an endless number of advantages:
- National and international tourists pass through its streets, as well as families who have traditionally lived in the Casco, allowing a mix that encourages urban development.
- Many residents of Casco have established their businesses in this area allowing them to shorten the distance they travel through their workplace, saving money and opting for ecological options.
- Casco Antiguo is full of interesting options to explore Panamanian contemporary culture, including its food and music, as well as places to engage in an informal conversation with a foreigner or a Panamanian, enriching the cultural exchange.
Incentives for a restoration in Panama’s Casco Antiguo
Law No. 9 of 1997 of Panama is a government effort that, in addition to protecting the architectural aspect of the old part of the city, offers to investors and real estate developers a series of benefits if it decides to carry out a restoration in the Casco Antiguo:
- The owners are exempt from the payment of Real Estate Tax registered at the time of the transfer of the title of the property (sale) to the new owner.
• The profits and capital gains derived from the transfer of ownership of real estate will be exempt from the payment of income taxes and capital gains.
• The land and the improvements of restored buildings will be exempt from the payment of the Real Estate Tax for a period of thirty (30) years counted from the finished restoration of the property.
Restoring a building in Casco Antiguo allows to be part of the history and to create a meaningful impact in he most visited sector in the city.
Do you want to know more about the benefits and scope of a restoration in Panama’s Casco Antiguo? Contact us here