SAN EXPEDITO CASCO VIEJO BUILDING DETAILS

San Expedito: Who is Him?

San Expedito in the Catholic religion is known as the saint of just and urgent causes. Usually, Catholics ask him for help to intercede before Jesus Christ to come to the aid of whoever invokes him.

The San Expedito Casco Viejo building has a rectangular floor plan of approximately 150 m2 and has (5) levels. Commercial ground floor and (4) residential levels, culminating with a rooftop ideal for commerce.

Therefore, the San Expedito Casco Viejo building has an RMH2-C2 zoning. Consequently, this zoning allows residential, commercial, office, educational, and cultural uses, that is, a wide variety.

San Expedito Casco Building Land use

RMH2 – C2 Zoning

East-to-West orientation

Level 000 106.27 m2

Level 100@500 157.70 m2

Total Area 894.77 m2

Characteristics:

Ready to remodel.

900m2 of useful area

Spectacular rooftop with views of Cerro Ancón and the Bay

San Expedito Casco Viejo Business Plan

We plan to invest the amount of $600,000 in remodeling the entire building and being able to rent it to generate long-term income.

Casco Viejo is the most tourist area of Panama City, with rising demand and an exceptional future projection. For this reason, dedicating the building to commercial use would be the most appropriate.

Firstly, we plan to rent the commerce ground floor at street level. Secondly, levels PB+1, PB+2, and  PB+3. Besides, remodel with high-quality finishes to create one. Also, two-bedroom apartments, and rent them for short stays through platforms such as Airbnb or Booking.

Finally, the PB+4 and the rooftop will be used as a commercial space. For this reason, the rooftop is ideal for a restaurant with drinks with spectacular views of Cerro Ancón. Of course, the Panama Bay views and Casco Viejo.

The minimum investment in the Historical Monumental Complexes is USD 50,000.00. All these investments need the approval of the National Historic Heritage Directorate. This governmental department has the responsibility to authorize investment in the Old Quartier. Also, they approve a minimum amount investment of USD$50,000 excluding the land, to receive the following incentives:

The San Expedito Casco Viejo or Casco Antiguo

The Casco Antiguo (Old Quarter), or Casco Viejo in San Felipe, Panama City, is the right decision to make investments and receive incentives and tax exceptions. The new Panama City construction was in 1673 after the pirate Henry Morgan destroyed the first City in Panama. The location of the new City was 13 kilometers from the first Panama City.

After the Casco Antiguo was designated a World Heritage Site in 1997, the Panamanian government created a law to encourage the development of the Old Quartier. The Casco Antiguo law incentivizes the construction, reconstruction, purchase, and restoration of the Old Quartier estate and commercial activities.

San Expedito Casco Viejo Investment Incentives

• Banks have incentives to offer preference interest rates in loans issued to restore, construct, rebuild, or purchase real estate assets in Casco Antiguo and adjacent areas until 3% under market interest rate.
• Commercial or Residential mortgages have preference interest rates until 3% under the market interest rate.
• (10) Ten years tax exemption from the property tax on the land and, for thirty (30) years, on the property improvements.
• Tax exemption from income tax on company profits during the first five (5) years of commercial activity.
• After the period of the point before, during the following five (5) years, you may deduct as an expense the losses suffered during the three (3) fiscal years following the fiscal period in which such losses occurred.

San Expedito Casco Viejo Investment Incentives for Tenants and Owners

• The tenants of a building constructed, restored, or rebuilt strictly for living purposes will be able to deduct from their income declaration the rent expenses for (5) years from the issue of the occupation permit.

The property owner that constructs, restored, or rebuilt properties in El Casco, partial or total, will be exonerated from Income tax regarding the income received from commercial activities, sale, or transfer of part or all of the property for (10) years.

Besides, a person (owner or tenant) who operates public areas like parking lots will be exonerated from tax income regarding the income received from said commercial activity for (10) years.

Incentives for Particular Persons and Corporations

• Natural or legal persons who, as owners, promoters, or tenants, allocate fourth-order buildings or vacant land and buildings that comply with the regulation’s manual of the Old Town of Panama City in whole or in part to serve as parking areas for vehicles. Will be exempt from the income tax generated by this activity for (10) years, counted from the occupancy permit or the land in question.

If you want more information on the law and incentives, contact us! For additional information like scheduling an appointment or financial facilities, contact us by WhatsApp: +(507) 6179-5869