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Colombus named this harbor Porto Belo or “beautiful port” in 1502. During the Spanish conquest of much of Latin America treasure was brought up the Pacific Coast and carried by mule across the Isthmus of Panama to Portobelo.

Every year a fleet of Spanish ships arrived with goods from Europe for a trade fair at Portobelo, Panama. The same ships returned to Spain full of gold, silver and other treasure from the New World.

The Portobelo, Panama harbor was surrounded by forts but despite the fortifications was a prize for pirates who constantly harassed shipping and once burned the town to the ground.

Portobelo, Panama Rebirth

Today the entire Caribbean Coast of Colon Province, Panama, where Portobelo, Panama is located, is experiencing a rebirth. Gold and silver does not cross the isthmus on mules but crystal clear waters, white sandy beaches and waters ideal for sailing are treasure in the modern world.

The country of Panama is pouring money into infrastructure including the new interoceanic highway connecting Colon City to Panama City. This highway alone puts the waters off Portobelo, Panama and the entire Colon Province Caribbean coast within easy reach of Panama City and Tocumen International Airport.

There are a number of developments underway in and around Portobelo, Panama and more to come. Expect property in this area to appreciate substantially in value as the new road comes to completion and the current drive from Panama City to the Caribbean becomes an hour commute.

Portobelo, Panama Property

A residential community under development near Portobelo, Panama is Bala Beach Resort City with prices for one bedroom apartments starting at $76,500. This development will be close to a hospital and supermarket as well as other shopping. It is on the Caribbean and will include swimming pools, restaurants, and a marina.

In Cano Ciego near Portobelo, Panama the owner is offering 530 acres of beachfront, palm trees, and hilltops for $12,800,000 USD. This is an excellent investment opportunity in an area expected to grow substantially and appreciate dramatically in value as the new highway connecting Colon to Panama City comes to completion.

A Portobelo, Panama island, Isla del Padre, with 18 acres is offered for $3.3 Million USD. This island is 15 minutes by boat from Portobelo, Panama and is separated by about a hundred yards from the peninsula that faces the town. The island is protected by a coral reef on the Caribbean side.

Why Property in Panama

American retirees discovered Panama real estate ten years ago with its great variety of choices from mountain hideaways to coastal retreats to penthouse real estate overlooking the Pacific Ocean in Panama City. Panama links North and South America and is roughly the size of North Carolina. It combines jungle with mountains, scuba diving with walks along the beach, shopping modern malls with eating in fine restaurants.

If you are looking for beach front property you can purchase Panama real estate in the Provinces of Chiriqui, Los Santos, Herrera, Panama, all on the Pacific Ocean, Veraguas on the Pacific and Caribbean, and Bocas del Toro or Colon on the Caribbean.

New construction of Panama real estate housing is free of property taxes for up to 20 years. An older property appraised at $100,000 is taxed at 1% of $100,000 minus $30,000, namely $700 a year. In addition, Panama Law 8 provides many incentives for developing ecotourism projects including write offs of income taxes and property taxes for as many as 15 years.

You pay income taxes in Panama only on income earned here. If you do work here the rates are much better than the USA. They start with 2% on your first $3000 and work up to a 30% tax rate for $200,000 a year. Come to Panama for the tax breaks.

f you are interested in property around Portobelo, Panama or anywhere in Panama please contact us at ABPanama. We would be pleased to help you find your own Panama treasure.