In Panama, unlike many other jurisdictions, lawyers themselves don’t handle escrows. Instead, licensed entities manage them. If you need to buy or sell assets in Panama, using a secure escrow service is essential. Our Panama legal team represents buyers and sellers, safeguarding your interests throughout the transaction and at closing.
**Sales Contracts & Escrow Instructions:** We draft sales contracts compliant with Panamanian law, which are incorporated into comprehensive escrow instructions. We meticulously monitor the escrow process to ensure you receive exactly what was agreed upon, guaranteeing a protected position both during and after the transaction.
**Non-Escrowed Asset Sales:** While possible if buyer and seller trust each other, this lacks the protection of an escrow. Certain precautions can be taken, but this is only advised for cooperative parties not in adversarial positions.
**Corporate-Owned Assets:** Often, a Panama Bearer Share Corporation owns the asset. Selling the asset involves transferring the corporation’s stock, granting the buyer control of the corporation and, consequently, the asset. This simplifies the transfer process.
**Foundations and Escrows:** Panama Private Interest Foundations can buy or sell assets with or without an escrow. As a legal entity, a foundation can own, control, buy, or sell assets separately from individuals, even if those individuals are beneficiaries or protectors of the foundation.
**Real Estate Escrows:** Most Panama real estate transactions utilize escrows to guarantee clear title. Our firm is experienced in real estate escrows and guides you through the entire purchase or sale. Importantly, we represent *you* exclusively, avoiding conflicts of interest with sellers or developers.
**Selling Your Business via Panama Escrow:** This facilitates channeling business sale proceeds into a Panamanian Corporation or Foundation. Transfer business ownership to a Panama Corporation or Foundation *before* the sale. The Panama Corporation can be owned by a Panama Foundation, further distancing you from direct ownership. Under Panamanian law, no one “owns” a foundation, even beneficiaries or protectors. You retain control through a general power of attorney and management agreement. Escrow funds are deposited into your Panama bank account held by the Panama Corporation or Foundation – which you don’t officially own, but have signing rights to. Public records will not reflect changes in corporate ownership.
**Sale of Non-Panama Real Estate:** If a Panamanian Corporation owns real estate outside Panama, the sale can be executed through a Panama escrow. Shares of the corporation are transferred, giving the buyer control of the corporation and its assets, including the real estate. The property title in the other country remains unchanged as the corporation’s ownership doesn’t appear on foreign records. Panama doesn’t require reporting changes in corporate ownership.
**Sale of Boats and Marine Vessels:** Similar principles apply. The boat is titled to a Panama Corporation, and the shares change hands (with or without an escrow), granting the new owner control of the corporation and the boat. The boat registration remains the same as the corporation still owns it.
If you require legal assistance with buying or selling assets in Panama, contact us. We will act as your legal representative and protect your interests.