Making mothers in the mountains

By David Dell

Screening the embryos.

If you are a visitor to Panama, I strongly recommend taking a trip up into the mountains of Chiriqui. The drive from Concepción to Volcan is especially beautiful – particularly early in the morning. As you reach an elevation above 4,000 feet you have views all around you. Looking back you can see the city of David and the Pacific Ocean; to your left is the Armuelles Peninsular and Costa Rica.

Another thing that delights visitors and locals alike, is the wonderful pastoral nature of the country. The grass is always green ( that’s because it rains much of the time) and it seems that every open area is full of cows, bulls and adorable looking calves.

At the entrance to most farms are signs from Panama’s leading dairy producers proudly showing that they produce “grade “A” milk”. Trust me not only is the milk top notch, so is another important aspect, that being the beef industry. But as wonderful as nature is, occasionally it can use a helping hand from cutting edge, high-tech science.

Red Angus breed, famous for their meat.

Last week I watched as one of Panama’s leading fertilization technicians worked his magic on a herd of Red Angus cows at a farm near Volcan. Cuban born veterinarian, Dr. Reinaldo de Armas, is truly a world-class expert on embryo transfer and super-ovulation. He obtained his Master’s degree in Germany and his doctorate in Czechoslovakia.

First he took some 3-foot-long straws containing Red Angus semen that were stored in liquid nitrogen and then, after bringing them up to the required temperature, inserted them into two donor cows. Seven days later, the fertilized eggs were first removed and checked under several microscopes before being re-inserted in ten "receptor cows."

Needless to say, the synchronization of the donors and receptors required extremely precise preparatory work. In all the process lasted 32 days or thereabouts.

Dr. Armas and his assistant.

I asked the manager of the farm why he elected to go through this process? He answered that science allows you to speed up the process considerably. He wants to bring his herd up to be fully accredited Red Angus – and this was the quickest way to do it.

He further explained that the breed of Red Angus is a good choice of cattle as they are adaptable at various temperatures. They have small heads which means fewer problems in birth, and finally, the meat product is, after the Wagyu breed, probably the best that money can buy.

After sixty days, ultra-sound will confirm the viability of the embryonic transplants. Then when the full nine-month gestation period is over, the hills of Chiriqui will resound with clamor of possibly a dozen new calves, all colored red, and all looking as cute as new-born calves can be. I will admit it does cause me some concern that in a year from now I could be enjoying some of these animals with a side order of fries and some onions in a local restaurant. I will try to separate myself from the vision of these cute young steak lets-to-be and try to concentrate on the scientific process that made it all possible.

Fertilization process.

Panama, is clearly on the leading edge of world-class embryonic fertilization, and with the work of dedicated vets such as Dr. Reinaldo de Armas, those of us with a desire to eat meat will see the quality of our food get better and better.

Social club offers music therapy, parties and games

Are you lonely? Do you want to make new friends or just want to take your spouse or partner to a place where you can eat, dance, talk and have a good time? Then you will want to know about a club in Panama by the name of Famili Socialclubvip.

Famili is a private social club directed to ladies and gentlemen who are 40-years-old or over. The idea is to offer recreational activities which promote health and explore the talents of the members.

Some of the pursuits are music therapy, parties, informative seminars, literary gatherings and games like chess and bingo. It also offers its members closed-circuit music that can be downloaded directly to their cars, computers or entertainment centers at home. On offer is a compilation of classical music, hits from the 40s, 50s, 60s and 70s among others.

The two most important activities of Famili are the “Music Therapy” and the “Unforgettable Parties”. They are open to everybody. Tickets cost $24.00 per person. They take place twice a month at local restaurants. The food is included in the entrance price and the participants only have to pay for their drinks.

The Music Therapy includes dinner with live music, normally at the restaurant "Siete Mares". Doctors are invited to talk about medical subjects.

The Unforgettable Party also includes dinner with live bands.

For more information and reservations call 260-7529.

Letter to the editor

Immigration on the Internet

The following may be of interest to your readers, in particular all expats and foreigners having to deal with immigration here in Panama.

A few days ago, by pure coincidence, I found a page of the Immigration service, completely open to all public with information on the status of all Visa requests handled by this entity:

The link to the page is:

http://www.migracion.gob.pa/eng/solicitudes.php

Rercommendation; please check if your data published on this page is correct! I have found at least 2 cases, where the information was wrong (wrong nationalities, wrong VISA status).

Best regards

Anders Bond
Tel: 672 96 606

How to get a mortgage loan

By Steven Rich

Mortgages do not come easy for foreigners purchasing real estate in Panama. Panamanian banks welcome foreigners applying for mortgages yet they require a lot of information and documents before granting a loan.

The easiest properties for which to acquire financing are titled with improvements, existing infrastructure and located in either an urban or a developing area. If you are trying to buy raw land with little or no infrastructure, no improvements, and not in a developing area, forget it. Chances are the bank will decline your loan unless you have an established credit history with the bank or substantial assets on deposit with the financing institution. Foreigners opening personal bank accounts with credit cards with a Panama bank establish a credit history.

Pre-approval of your mortgage is an easier process in other countries and only recently discovered in Panama. When you are ready to look for properties, sit down with the mortgage department or private banking official and go over what type of mortgage the bank can provide based on income expectations, other resources, available down payment, and current mortgage rates. The bank will not guarantee a mortgage but can give you positive feedback regarding the maximum price of the home you seek.

The process for approving a mortgage entails:

(a) Filing of the sale deed (in Spanish "escritura") conveying ownership in the Public Registry with a copy brought to the bank; and
(b) Filing the loan as a mortgage lien on the property in favor of the bank.
In essence, the bank does not disburse the funds to the seller until the bank’s security is in place.
The Deed’s structure is usually like this:
(a) Release of any existing mortgage on the property by the issuing bank;
(b) Sale terms in the Deed whereby seller and buyer indicate how much the seller receives from the mortgage and down payment; and
(c) Mortgage documentation pertaining to the loan the buyer receives and the mortgage amount the bank levies on the property.

Things to watch out for in the loan documents include the late payment penalties. Sometimes, there will be a 2% interest rate increase for a late payment. There are no “grace periods”. If you are a day late, you pay. Also, watch out for a clause requiring payments to a “designated branch” instead of by internet banking or auto-debited from your account.

Branch managers are not reliable sources for information about mortgages. Talk to the loan department at the bank’s headquarters.

Higher rates: Commercial properties and those used for businesses will pay a higher mortgage rate than purely residential properties. Getting a mortgage at the time of purchase will be cheaper than obtaining a mortgage after owning it.

Pre-Payment of the mortgage before the term expires is usually acceptable with banks in Panama. Make sure there is no pre-payment prevention clause in your loan agreement. Most banks prefer a shorter term like 10 or 15 years rather than the 30-year mortgages you see back home.

Foreclosures occur in Panama. The bank will only be entitled to keep the outstanding loan balance plus expenses when foreclosing and forcing the sale of a home.

Even Corporations can get mortgages. Banks will loan money to a corporation owning real estate and attach a mortgage onto the property. If the real property is the only asset of the corporation, the seller only needs to transfer ownership in the corporate shares. This will save money by avoiding the 2% real estate transfer fee. The corporation’s principals may have to personally guarantee the loan and take out a life insurance policy naming the bank as beneficiary.

Mortgage Brokers save time. I recommend that you meet with a competent mortgage broker who can assist you with choosing the right lender, and who understands the rates and fees, and the legal and application process. A little time and effort with the right documentation makes your dream home a reality in Panama.

Steve Rich is Marketing Manager of Panama Offshore Legal Services.