This overview outlines the real estate features, amenities, and investment benefits of the Velamar development located in Buenaventura, Panama.
Property Features and Specifications
The Velamar development consists of 26 oceanfront homes. A standard property within this development sits on a 900-square-meter lot with approximately 600 square meters of construction. These properties are sold turnkey and fully furnished.
Interior Layout
- Main Floor: Features open-concept living spaces, a kitchen with a central island, a double-sided refrigerator, a six-burner stove, a microwave oven, and a dishwasher. It includes an entrance to the service quarters, a laundry room, and an enclosed three-car garage equipped with an electric door and air conditioning.
- Second Floor: Contains a central family room/den that can be fully enclosed for privacy, along with four bedrooms.
- Master Suite: Features a large bathroom, an integrated living area, and a private terrace overlooking the ocean. Property owners have the structural option to extend a terrace or construct additional space on top of the pool house structure, provided it does not obstruct ocean views.
Stand-Alone Pool House
Each property includes a separate pool house structure equipped with a living room, kitchen, bar, television room, and a full bathroom accessible from the pool area. This structure features full kitchen hookups and can be utilized as a guest house, an additional bedroom, or a detached home office. For international buyers, such as US citizens, a detached structure may assist with tax planning regarding home office deductions while residing abroad.
Community Amenities and Infrastructure
Buenaventura is a fully residential community supporting full-time living. Local infrastructure and amenities include:
- Golf Courses: The community features an 18-hole Jack Nicklaus golf course (the first of its kind in Panama) and a second 18-hole course designed by Robert Trent Jones.
- Recreation: Includes a marina, a sports center, three existing beach clubs, and a fourth beach club under development.
- Education: An on-site school is located within the community.
- Conveniences: Located a 5-minute drive from the highway entrance are a hardware store, a Super 99 grocery store, and an Arrocha pharmacy (the largest pharmacy chain in Panama).
- Extended Services: Comprehensive shopping malls and movie theaters are located in Coronado, which is a 30-minute drive from the development.
Location and Accessibility
Buenaventura is located 100 kilometers from Panama City. The drive takes approximately 1.5 hours under standard traffic conditions, though travel times increase during peak traffic periods, such as Friday evenings.
Pricing, Immigration, and Tax Benefits
Properties within the Velamar development are priced at $4 million USD, fully furnished and equipped.
Residency Pathways
Purchasing a property at this price point qualifies foreign buyers for immediate permanent residency in the Republic of Panama. Investors can secure residency and a national identification card (cédula) through the Qualified Investor Visa or the Friendly Nations Visa programs.
Tax Structure
Panama operates under a territorial tax system. Under this legal framework, any foreign-source income generated outside of the Republic of Panama is subject to zero taxation.
