The law provides tax benefits to mortgage loans granted until August 1, 2024, stimulating the construction of homes and new jobs
–
President Cortizo Cohen signed the document sanctioning this law in the Yellow Room of the Presidency of the Republic.assigned
–
—
–
The President of the Republic, Laurentino Cortizo Cohen, sanctioned this Wednesday the law that modifies Law 3 of 1985, which establishes the preferential interest regime on mortgage loans for new low-income housing.
With this new rule, mortgage loans granted until August 1, 2024, will be able to benefit from the benefits of tax incentives, which stimulates the construction of houses, generates direct and indirect jobs and in turn promotes economic reactivation. The law grants facilities to Panamanians to obtain new residences.
The document establishes that new homes with a construction permit issued in the period from July 1, 2016 to July 1, 2022 are exempt from the real estate transfer tax. The same benefit applies to new homes with an occupancy permit issued before July 1, 2023.
While homes with occupancy permit until December 31, 2022 will have a preferential tranche of up to 4% for ten years in loans for homes with a value of $ 45,000.00 up to $ 120,000.00.
4% will be applied for homes from $ 45,000.00 to $ 80,000.00 with occupancy permit until January 1, 2023; and 3% for homes between $ 80,000.00 to $ 120,000.00, also with occupancy permit until January 1, 2023.
Vertical multi-family homes with occupancy permits from January 1, 2018 until this law is enacted, will have a 2% preferential section if their value ranges from $ 120,000.00 to $ 150,000.00.
Finally, the 1.5% preferential tranche in mortgage loans granted until December 31, 2022 will be applied in vertical multi-family homes with a registered value of $ 150,000.00 to $ 180,000.00.
The Panamanian ruler signed the document in the Yellow Room of the Presidency of the Republic. The law is also signed by the Minister of Economy and Finance, Héctor Alexander.
– .
