~5.5h
Flight from Toronto or Montreal
USD
Panama uses the US dollar
UTC-5
No daylight saving time
0%
Panama tax on foreign-source income
Welcome, Canadians
In short: Canadian buyers can purchase titled property in Panama in their own name or through a corporation, on the same footing as Panamanians, with no residency requirement. Copa flights from Toronto or Montreal to Panama City take about 5.5 hours; Panama uses the US dollar, runs on UTC-5 year-round and taxes only Panama-sourced income.
Panama gives you warm weather twelve months a year, a coastline most people never get around to exploring, a culture that has room for you in it, and a cost of living that makes a Canadian budget go further than it does at home. Whether you want a winter escape, an investment that earns or somewhere to retire without the shovelling, it works.
Panama Properties is a licensed Panamanian brokerage that represents buyers. We will show you what your money actually buys here, tell you when a property is wrong for you, and walk you through the parts Canadians find unfamiliar. Start with a conversation.
Why Canadians Keep Looking at Panama
The Dollar Is the Dollar
Panama uses the US dollar as legal tender, so there is no local currency to devalue and no capital controls. You do carry CAD/USD exposure from the moment you commit, so budget for exchange-rate swings honestly.
The Flight Is Short
Copa flies from Toronto and Montreal to Panama City in about five and a half hours, and seasonal winter flights land at Rio Hato near the Pacific beaches. See flights below.
The Clock Barely Moves
Panama is on UTC-5 all year with no daylight saving. From November to March you share Toronto and Montreal time, and the rest of the year you are one hour behind.
Foreigners Own Outright
Canadians hold titled property on the same footing as Panamanians, in their own name or through a corporation. There is no foreign buyer tax, vacancy tax or residency requirement. The exception is land within 10 km of an international border.
Territorial Taxation
Panama taxes only Panama-sourced income, so income earned outside Panama is not taxed here. That says nothing about what Canada will do, so read the CRA section below.
Quality of Life
Quality private healthcare, strong private schools, warm weather and a lower overall cost of living than many parts of Canada.
Getting Here From Canada
Panama is closer than most Canadians expect, with year-round flights to Panama City and seasonal direct flights to the Pacific beaches in winter.
Year-Round: Copa Airlines to Panama City
Flights from Toronto (YYZ) and Montreal (YUL) to Tocumen International Airport (PTY)
About five and a half hours
From Panama City, domestic flights and good highways reach Pedasí, Boquete, Bocas del Toro and the beach towns
Winter Season: Direct Flights to Rio Hato
Air Transat and WestJet (which now operates the former Sunwing routes) fly direct from Toronto and Montreal to Scarlett Martínez International Airport in Rio Hato, usually once a week each
Seasonal winter service, from about the start of November into spring
New for 2026–2027: Air Transat adds Quebec City to Rio Hato on Sundays, December 20, 2026 to April 25, 2027
Rio Hato is on the Pacific coast in Coclé, close to Playa Blanca, Farallón and the Coronado beach area
Seasonal schedules change each year, so check the airlines for current dates.
FEATURED LISTINGS
Top-quality Panama real estate.
Ocean Reef Island
3-Bedroom Residence with Private Patio in Ocean Reef Park OCEAN REEF ISLAND 3583
$1,745,000 USD
Condo / Apartment
Rooms
Bathrooms
Floors
3
.png){kind=small}
3
Ocean Reef Island
Luxury 4-Bedroom Apartment with Private Pool in Skyhomes OCEAN REEF ISLAND 3589
$2,950,000 USD
Condo / Apartment
536 M2
Rooms
Bathrooms
Floors
4
4
1
How We Help Canadians Buy
01
A Call First
Before any property tour, we talk about what you actually want and whether Panama delivers it. Some conversations end here, and that is a good outcome.
02
A Season, Not a Weekend
Pick your area of Panama first, then the property. Too many buyers fall for a beautiful home and quickly discover the community around it is not for them.
03
Independent Representation
We represent you, not the developer. That includes telling you when a project’s numbers do not work, when an ROI projection is fiction, or when a beautiful lot is rights of possession rather than titled land.
04
The Right Professionals
A Panamanian attorney for title and closing, an immigration attorney for residency and a Canadian cross-border accountant for the CRA. We introduce them; we do not pretend to be all three.
05
After Closing
Property management, rental setup, contractor introductions and utilities. The part where most brokerages stop answering the phone.
06
No Commission for Buyers
Buyers pay no agent commission when they buy with us. You pay your own attorney plus small notary and registration fees.
See every buying and closing cost.
Direct Words From Our Clients
“
From the outset, Ken was professional, approachable and highly knowledgeable about the local property market. He took the time to understand what I was looking for and provided clear, practical guidance at every stage. The process of buying property abroad can be complex, but Ken made it feel manageable and well-organised. I would not hesitate to recommend Ken Norton and Panama Properties to anyone considering purchasing property in Panama.
Darren Cruickshank
“
We purchased our home through Panama Properties. The process was stress free thanks to our realtor Ken Norton, who also provided us with other resources and advice to facilitate our transition to Panama from the USA. If you’re thinking about purchasing a home in Panama, we would highly recommend Ken Norton at Panama Properties.
Alice Ramos
Residency Options for Canadians
Canada is on Panama’s Friendly Nations list. Your visa application belongs with a licensed Panamanian immigration attorney; we work alongside several and can introduce you. Here is the landscape as of September 2026. See our Visa and Residency Guide for more.
Friendly Nations Visa
Qualify through titled real estate with a registered value of at least $200,000, a $200,000 fixed-term deposit, or a Panamanian employment contract
Two years of provisional residency first, then you apply for permanent residency
The qualifying property must be held throughout the provisional period
Pensionado (Retiree) Visa
A verifiable lifetime pension of at least $1,000 a month
Canadian government and corporate pensions generally qualify with the right documents
Well-known discounts on flights, medical care, restaurants and utilities
No property purchase required
Full details: Pensionado Visa guide.
Qualified Investor Visa
Immediate permanent residency, with no provisional stage
A qualifying investment held for five years
Real estate, as of September 2026: from $300,000 for a new or first-sale property, and $500,000 for a resale property
Rules change, so confirm the current thresholds with an immigration attorney
Where Canadians Are Buying
Pedasí and the Azuero Peninsula
A working Panamanian town on the Pacific with an established foreign community, not a resort development. Surf, sport fishing and a pace that suits people leaving a Canadian city rather than recreating one. Our home base.
Boquete
A highland town in Chiriquí, spring-like all year in the mid-teens to low twenties Celsius, with the longest-standing North American retiree community in the country. Warmth without tropical heat.
Panama City and Casco Viejo
A real capital with a real skyline, first-rate private hospitals, international schools and direct flights everywhere. Casco Viejo is the restored colonial quarter, with character property rather than tower condos.
Coronado
A Pacific beach corridor about ninety minutes from the city, with the country’s deepest concentration of services for foreign residents, and close to Rio Hato airport. The easiest place to land softly.
Bocas del Toro
A Caribbean archipelago with water-access properties, strong short-term rental demand and higher due diligence requirements. Rewarding when done carefully.
Not Sure Yet?
Most Canadians compare two or three areas before deciding. Our Panama Info Guide covers each region, and we are happy to talk it through.
Leaving Canada: CRA and Tax Basics
Panama’s territorial tax system is good news, but it does not decide what you owe Canada. These are the questions every Canadian buyer should raise with a Canadian cross-border accountant before moving.
Are You Still a Canadian Resident?
The CRA looks at your ties to Canada, not just where you spend the winter. Keeping a home, a spouse or dependants in Canada can mean you are still treated as a resident and taxed on your worldwide income. Snowbirds who keep their Canadian home usually remain residents.
Departure Tax
When you become a non-resident, the CRA treats many of your assets, such as non-registered investments, as if you sold them at market value, and you may owe tax on the gain. Canadian real estate and registered plans like RRSPs, RRIFs and TFSAs are generally exempt.
Income From Canada
As a non-resident, Canadian payers generally withhold tax on pensions, RRSP and RRIF withdrawals, CPP and OAS, often at 25%. Canada and Panama have a tax information exchange agreement, and your accountant can tell you whether you can reduce the withholding or file an election.
Taxes in Panama
Panama taxes only Panama-sourced income, such as rent from a Panamanian property. Property tax is based on the registered value, and selling triggers transfer tax and a capital gains payment. See our Property Tax Guide.
This is general information, not tax advice. Tax rules change and every situation is different, so speak with a qualified Canadian cross-border accountant before you move or buy.
Healthcare, Pensions and Practical Matters
Healthcare and Provincial Coverage
Provincial health plans have limits on how long you can be away. In Ontario, for example, OHIP generally requires you to be in the province for at least 153 days a year, so living in Panama usually means giving it up. Panama has excellent private hospitals in Panama City and good clinics in the main expat areas, so plan for private international or Panamanian health insurance.
CPP and OAS
CPP is paid wherever you live. You can keep receiving OAS outside Canada if you lived in Canada for at least 20 years after age 18. Canadian pensions can also help you qualify for Panama’s Pensionado visa.
Banking and Moving Money
Opening a Panamanian bank account takes time: bring bank and professional references, proof of income and plan for an in-person visit. When you transfer funds for a purchase, compare a specialist currency service with your bank’s rate, because the difference can be thousands of dollars.
Driving, Pets and the Embassy
You can generally drive on your Canadian licence as a tourist, and residents switch to a Panamanian licence. Pets need a veterinary health certificate and advance notice to Panama’s agriculture ministry. The Embassy of Canada is in Panama City.
FAQ for Canadians Looking at Panama
Can a Canadian legally own property in Panama?
Yes, outright and in your own name. Foreigners hold titled Panamanian property on the same legal footing as Panamanian citizens, registered in the Public Registry. There is no foreign buyer tax, no non-resident speculation tax, and no vacancy tax. The main restriction is land within ten kilometres of an international border.
Do I need residency or a visa to buy?
No. Ownership and immigration status are completely separate. Many of our Canadian clients have owned here for years while entering on a tourist stamp. Residency becomes relevant when you want to stay longer than your stamp allows, import household goods duty-free, or deal with local banks more easily.
Should I buy in my own name or through a Panamanian corporation?
Both are common, and the right answer depends on your situation — how many owners, whether you plan to rent, your estate plans, and your CRA position. Corporations carry annual franchise tax and registered agent fees of several hundred dollars a year. Some visa routes require the property be held personally. Decide this with your attorney and your Canadian accountant before you sign anything, not after.
What is the difference between titled property and rights of possession?
Titled property is registered in the Public Registry with a clear chain of ownership. Rights of possession, or derecho posesorio, is an occupancy claim over untitled land — common in rural and coastal areas, cheaper, and carrying real risk. It can sometimes be converted to title, but the process is slow and not guaranteed. We will always tell you which one you are looking at. If a broker doesn’t volunteer that distinction, find another broker.
Is title insurance available in Panama?
Yes, through international underwriters, and for a significant purchase it is usually worth the cost. A proper title search by your own attorney is the non-negotiable part. Title insurance is the backstop, not the substitute.
What are typical closing costs for a buyer?
Buyers pay no commission to their real estate agent. Budget about 1% to 1.5% of the price for your attorney, plus small notary and Public Registry registration fees. The transfer tax and advance capital gains payment fall on the seller in a standard Panamanian transaction, though everything is negotiable.
What should make me walk away from a deal?
Unclear title, a seller who cannot produce a current paz y salvo tax clearance, pressure to wire funds before your attorney has completed due diligence, guaranteed return projections in writing, and any request to under-declare the purchase price on the deed.
How long does a purchase take from offer to closing?
Typically four to eight weeks for a straightforward titled resale, longer for anything with title complications, bank financing, or a developer contract. Public Registry inscription adds time at the back end.
Do I have to be in Panama to close?
Not necessarily. A properly drafted power of attorney allows your attorney to sign on your behalf, which is how many Canadians handle closings around work schedules. That said, we strongly prefer you have seen the property in person, whatever the closing logistics.
What happens tax-wise when I sell?
The seller pays a 2% transfer tax and a capital gains payment of 3% of the sale price or registered value, whichever is higher. Most sellers accept the 3% as the final tax, or you can file on your actual profit with the 3% credited. Foreign sellers who have never been resident may need a non-resident taxpayer number. Build this into your return expectations from the start.
Is there a reliable MLS in Panama?
There is an MLS, but coverage is incomplete and listing data quality varies widely. A meaningful share of good inventory never appears online at all. This is one of the real arguments for working with a brokerage that is physically present in the market you are shopping.
Can I get a mortgage in Panama as a Canadian?
Yes. Through our mortgage partner, loan programs are available for non-residents to buy homes, condos and land, or to build, with up to 75% financing and terms up to 25 to 30 years. Many Canadians also pay cash or borrow in Canada against existing assets, such as a home equity line of credit. See our Mortgages and Loans page for details.
Will my tax bill go up every year like in Canada?
Not the way you are used to. Assessment is based on registered value at the time of purchase rather than an annually reassessed market value, so the bill is far more stable than a Canadian municipal tax bill.
Can I open a Panamanian bank account?
Yes, though it takes work. Panamanian banks apply thorough know-your-customer requirements, typically wanting bank references, a professional reference, proof of income, and an in-person interview. Having residency makes it substantially easier. Budget several weeks and expect to provide more documentation than you would at home.
How do I actually move the money from Canada?
International wire, but do not use your Canadian bank’s retail exchange rate without comparing it. On a $400,000 purchase, the spread between a retail bank rate and a specialist currency service can amount to thousands of dollars. Plan the conversion as its own decision, separate from the purchase.
Will I lose my provincial health coverage?
Usually, if you move to Panama full time. Each province limits how long you can be away; in Ontario, for example, OHIP generally requires at least 153 days a year in the province. Plan for private health insurance in Panama.
Are there direct flights from Canada to Panama?
Yes. Copa flies from Toronto and Montreal to Panama City year-round, and in winter Air Transat and WestJet fly direct from Toronto and Montreal to Rio Hato, near the Pacific beaches. Air Transat also flies from Quebec City to Rio Hato from December 20, 2026 to April 25, 2027.
How do I ship my belongings from Canada to Panama?
We recommend ContenedorPro, our first choice for moving household goods to Panama. They are licensed in Panama and handle the whole import for you: full or shared containers from Canadian ports, customs clearance and paperwork, supervised container opening, cargo insurance and vehicle imports. You deal with one personal agent from start to finish and get an all-inclusive quote within 24 hours, so there are no surprise fees at the port.
Ready to Start the Conversation?
Most Canadians who end up owning here started the same way: a conversation, months before they were ready to buy. Before you look at a single listing, it is worth working out what you want from Panama, which part of the country delivers it, and whether the numbers hold up against your situation at home.
We represent you, not the developer, and we will connect you with the Panamanian attorney, immigration lawyer and Canadian cross-border accountant you need. Buyers pay no agent commission.
Panama Properties
Unit 1 Plaza Pedasí (Super Pedasí Plaza)
Avenida Dr. Belisario Porras
Pedasí, Los Santos 7401, Panama
WhatsApp: +507 6169-2453
Email: ken@panama-properties.com