What needs to be done after the purchase.
the project idea we had was about making a 5 floating water bungalows to receive couples who were looking forward to an amazing and relaxing away from the world vacation. The market research made showed very high percentage of occupational rates for Bocas del Toro. with 5 cabins the workload is still easily manageable and you should get your investment back in about 3 to 5 years depending on your marketing strategy and price per night / cabin.
Your own project
First, you have to make clear what project YOU want to do here. A private house, a rental house, a Bed & Breakfast, or Bungalows? If you want, we'll give you our project's drawings.
Still, you need to do your own research on the type of project you want to do.
We can help you with finding a local arquitect.
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Concesion
You'll have the rights of possesion of the Island and the brand new Island Catastral plan made in 2024..
You still need to ask for the concession with the Instituto Nacional de Administracion de las Tierras (ANATI)
This includes a list of requirements that will cost up to $12,000.00 US
The island can easily get a 90 years renewable concession but, because of its size and mangrove surroundings it is not possible to get a title.
Concessions in Panama are legit and reliable.
Government offer many benefits when you apply for a concession with a touristic project because it helps the national and local economy.
​A trusted lawyer specialized in Real Estate from the area is your best option to get this done.
We can help you with this process.
Environemental Study
In Panama there is an obligatory environemental impact study that needs to be made for any project or future construction.
Depending on the complexity of the project the costs will vary.
A Category 1 (basic) study (like for floating cabins) can start arround 4500.00$ US and a Category 2 could start arround 20,000.00 $ USD
A consultor will help you determine what is the best suitable Category to aim for depending on your project ideas.
Your building plans
Have your building plans made with a local Arquitect. They will provide with the Master Plan and cabins or house plans. Fees are usually associated with value of the project. Simple project like ours was initially quoted for 5000$ USD
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Construction permits
Your lawyer and your arquitect can help you with the paperwork for the building permits. Make sure you do your research to find a contractor that is registered and well-referred by other local ex-pats. They might be more efficient and less expensive as far as getting construction permits
Summary
We calculated the approximate costs of the still needed work to do before being able to start the construction for our project and we estimated a 35000.00 USD total. This included for the total inspections, plans, permits and paperwork needed. The time length for getting all and everything ready is of about 6 months,