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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Introduction- At the end of October the Panama Assembly passed a new law called Law 45, Article 77 that is of special interest to real estate investors. This law allows the real estate investor to recover their deposit or down payment as long as they have not yet taken possession of the premises. If the dwelling is not yet complete and is lacking a certificate of occupancy taking possession would not be possible. This legislation came into effect right after the failure of the Ice Tower project and the Government of Panama became swamped with complaints from people who had invested in Ice Tower. The law does not cover purchases or contracts entered into prior to the end of October 2007.
Discussion – The law is designed to protect consumers from abusive practices of sellers of goods who have abusive clauses in what is best translated as an adhesion contract. Adhesion contract means a contract that sticks or keeps you in it with penalties of all sorts if you try to exit the business arrangement even if the developer is seriously behind schedule. The law sets asides penalties in the agreement that would go against the consumer. The law also applies to other goods and services as long as they were never delivered. So the consumer can thus affect a full refund if they unilaterally elect to back out of the agreement for any reason as long as the agreement was entered into after Oct. 31, 1948.
Article 79 – This is another article that is designed to bear down on the real estate developer in Panama. It creates a guarantee scenario regarding books, flyers, videos, ads, and other promotional material used or distributed by the developer. Their promotional materials become evidence and this evidence can be used to collect damages from the developer if there is misrepresentation of any material sort. The developer must state specific dates of delivery. If these dates cannot be met generally the buyer is free to depart from the agreement without penalty. If there is a substantial change of specifications the consumer can demand proportionate discounts. So if you order Brand A appliances and wind up with Brand C appliances a refund can be in order. Same would apply if you order marble floors and got tile. Just in passing we are all anxiously awaiting the final completion of the residential condos and want to see how the consumer come out with appliances and flooring. We are having a hard time picturing the developers getting 200 condos in a building correct with the right cabinets, doors, appliances and floors. We will see.
The Real Estate Industry in Panama – They are of course trying to have the law modified or rescinded since they suffer under it. They asked for this law to be created by generating so many consumer complaints, which could be construed by a reasonable person to possibly be the result of abusive practices in the industry. We hope this new law tends to create a more level playing field between buyer and developer.
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