Attention e-navigators! The Visitor, Panama’s tourism newspaper is now on the web, in the same style and format as the printed version. The on-line version of each issue will be available by logging on to www.focuspanama.com or by logging on to www.focuspublicationsint.com

Launched by Focus Publications (Int), S.A. in October, 1994, The Visitor offers the latest information on cultural and entertainment events, tourist destinations, restaurants and business information for visitors and foreign expats. Published in English and Spanish bi-monthly, the newspaper’s 10,000 copies are distributed at hotels, resorts, airports, restaurants, tour operators, travel agencies, car rentals and at international tourism fairs in Panama and abroad.

The introduction of The Visitor on www.focuspanama.com is a significant addition to the site, which offers comprehensive information about the Republic. It includes colonfreezone.com, the successful site of FOB Zona Libre de Colón, the catalogue and directory of the Free Zone. The "marketplace" segment of this site attracts buyers from around the world.

The tourist guide "Focus" is also featured on the site, together with www.travel-to-panama.com, and www.panama-canal-cruise.com

An ESPN 2 television crew, which included U.S. super model Cindy Garrison recently visited Panama to film an extreme sports program. Garrison and the crew spent two days filming in the upper Chagres river basin, in the village of Palma de Manqueque, inhabited by members of the Emberá Native American nation. Scenes of the program were also shot on the Island of Coiba, on the Pacific coast of the Isthmus.

All property owners should take a few moments to think about the future.

If you have invested in a piece of tropical paradise in Panama what will happen to it after your death? Panamanian real-estate attorney, Rodolfo Aguilera Franceschi, discusses the pros and cons of estate planning in Panama. This is the first of a two-part series.

In 1988, a client in Panama City hired my services under rather peculiar conditions: "If you are going to litigate on behalf of our company in David and Panama, you must handle our cases in Bocas Del Toro", he said, and I agreed. So a couple of months later I found myself in Bocas seizing assets and appearing before local judges. As with any first visitor, the scenery soon captured my heart and soul: white sandy beaches, the sound of the waves as you go to you sleep, the tranquil atmosphere...

It was amazing to see so many real estate opportunities in Bocas in those days. Back then, any beach front property could be purchased, easily, for ten dollars per square meter. Today, hundreds of US, European and Canadian citizens arrive in Panama looking for a mountain retreat or a beach house, and they can still find, as I did, bargain properties in many parts of the country --although a bit more expensive than during the late 1980’s. Since most of the new immigrants are retirees, they not infrequently request information on how to transfer assets to inheritors in a cost-effective and expeditious manner.

It is very safe to purchase real estate property in Panama, just as it is easy to plan your estate under the Panamanian legal system. Several estate planning legal concepts used in North America and Europe are also well-known in Panamanian jurisprudence.

If you own property in Panama and die while legally still a foreigner, your inheritors may encounter a number of legal fees and time-consuming proceedings, should you not follow a few, simple rules. When planning your estate you may face several options, for instance a will, special tenancy, private interest foundations and trusts.

 

View of Valle Escondido, community for foreign retires located on boquete, Chiriquí.

Absence of a will
If a foreigner dies intestate in Panama, his or her property will be distributed according to the law of the relevant jurisdiction. Under Panamanian law, if there is no will and no surviving spouse, the estate is inherited by the children or the closest descendants of those children, if the offspring of the owner are no longer living. In the case where there are no descendants, the parents of the owner will inherit the property. In absence of descendants and parents, the closest relatives will take over the estate. On the other hand, if there is a surviving spouse, the estate is inherited by the surviving spouse, the children or the closest descendants of the children, if a child has died. But, in the case where there are no relatives at all, who becomes the new owner? Yes, you are right: the government, in this case the municipality of your last Panamanian address.

It is indeed a terrible choice to die intestate, because property will be distributed according to law, not as you wish. Both your executor and the guardian for your minor children will be appointed by a judge, following the criteria of the law.

Having a will
In certain cases a will is advisable as an estate planning tool, especially if you do not have the time to engage in a full-scale plan, or if it is very unlikely that you will die in the near future. If you have no assets, but would like to name a personal guardian for your children or donate your organs, a will is an adequate tool. In some cases, if you already have a thorough estate plan such as a set of trusts and private interest foundations, you may want a will, as a back-up, to dispose of suddenly acquired property.

In some countries, Spain and Colombia to name a few, the freedom to dispose of assets through a will has been limited: part of the estate must be inherited by the closest relatives, another portion must be inherited by any relative and the final portion can be disposed of without any restrictions. Whereas in Panama, there is absolute freedom to dispose of your assets post-mortem.

April 22, 2005
Dear Theatre Guild Member / SUPPORTER
I appeal directly to you regarding our urgent need to replace and repair our stage lighting equipment, which is now over thirty (30) years old. We need to purchase lights, dimmers, and connectors. The cost of this equipment (estimated by several theatre lighting experts) is about US$9000 plus shipping, duty, and installation. Some of the equipment will be purchased locally.

We simply do not have reserves sufficient to tackle this expenditure, and, even in our heyday, the Panama Canal organization always assisted us with these major items.

We need this equipment to continue our long-standing tradition of community, all-volunteer theater. We currently have $1,800 pledged or already received toward our goal of $15,000 for this "Save the Lights Fund" and we hope you will contribute to this worthwhile effort with whatever donation you can afford. For those who donate $250.00 or more, your name or organization will be listed in future play programs and on our website as "Benefactor". Or, should you desire anonymity, we will respect that request.

As a non-profit organization, your donation is tax deductible as follows :
R.U.C. 1211-3-C-04811 Deducible del Pago de Impuesto Sobre la Renta segun Resolución No. 201-456 de la D.G.I. de 11 de mayo de 1995.

Please make your check payable to "The Theatre Guild of Ancon" and advise by e-mail or phone directly to myself for pick-up or simply drop it in the mail to our address above. Should you have any questions concerning this request, or anything else regarding the Guild, please feel free to call anytime.

We are more than ever a community asset, especially now that the Panamanian educational system requires that English is taught in the schools. In addition, with the increasing influx of English-speaking international retirees arriving, we certainly want to forge ahead. Recently, the Guild was recognized by the Instituto Nacional de Arte y Cultura (INAC) for our meritorious work in the arts, so we know that the Guild continues to be a valued entity.

We need your help. Your generous donation will allow us to continue to develop the cultural heritage of the arts in Panama.

Sincerely,
John Carlson
President
Tel: 211-0186 Cell: 674-2622
THE THEATRE GUILD OF ANCON
E-mail: jcarlson@cwpanama.net