If you think the court system in the USA is bad wait till you get into the court system in Panama. There are many attorneys that are corrupt here. I can speak for one attorney in Particular. Gonzalo de la Guardia, son of Gonzalo de la Guardia Sr. Both these men are corrupt and criminal. De la Guardia Sr. stole 200K from me on a simple real estate transaction while the principal of Templar Panama. After he used his son to scam me as an attorney he either paid off the court not to prosecute him. I could go on and on but the point is you are a fool to do business in Panama under any circumstances.
I wish someone had told me before I lost 200k and seems like the court will not even depose this panamanian criminal.
Here is the letter I got from the US Ambassador to Panama.
Dear Mr. Ramey,
Ambassador Powers asked me to reply on her behalf to your email of December 30, 2010, in which you described your difficulties with Templar Panama.
I am sorry to hear that you lost your retirement savings in your dealings with Templar Panama, and that you are having difficulty resolving this case through the court system here. If you would like to file a complaint regarding how your case was handled by the Fiscalia, you can contact the Sub-Secretaría of the Prosecutor's Office, located in the Edificio Saloon, across from the Iglesia Don Bosco, 4to. Piso, Calidonia, Panama City, telephone 507-3000.
As to warning other Americans about the pitfalls of investing in Panama, the Embassy webpage on purchasing property in Panama states:
The judicial system's capacity to resolve contractual and property disputes is weak and open to corruption. The World Economic Forum ranks Panama's level of judicial independence to be 103 out of 133 countries ranked in the world.
Please understand that Panamanian laws and the Panamanian court system are outside of the jurisdiction of the United States Government.
We are receiving a growing number of complaints concerning real estate transactions in Panama. Many Americans who decide to settle or invest in Panama are relatively satisfied with their decision; others encounter great difficulty due to Panama's weak judicial system. Only individual Americans can decide if the conditions they find here are satisfactory.
I hope you find the foregoing information of some use.
Charles J. Perego
This email is UNCLASSIFIED
Do not do business in Panama if you value your life savings, You have been warned.