Thread: 20 year tax exemption for expats

I'm currently negotiating a contract for a condo which will be
delivered at an indeterminate date in the future--maybe 2 years, maybe
more. I'm concerned that the developer won't deliver my unit within
the deadline for eligibility for the 20 year exemption, as set by the
Panamaian law. The developer won't guarantee that I will receive the
exemption. I won't buy without his guarantee, or without a refund on
my earnest money deposit for his non-performance. Any thoughts?

I would recommend talking to a lawyer to see if there is any way around it. To be honest, considering that the developer can not give a firm estimate of the completion date (which is always bad news) and the fact you won't buy otherwise, probably the best thing is to keep looking. Sometimes, when the price is too good to be true... it IS too good to be true.