Where is Palacio Del Mar located?
Palacio Del Mar is located on Isla Colon in Bocas Del Toro, Panama.

What is Palacio Del Mar?
Palacio Del Mar is a luxury residential resort nestled between the unspoiled beachfront of Panama's Caribbean Sea, the placid tides of Almirante Bay, and flanked by the pristine rainforest of historic Bocas Del Toro, Panama. Palacio Del Mar will set a new standard for vacation living, providing everything that the discerning buyer has come to expect and so much more. As one of Christopher Columbus's first points of arrival located just 24 miles from Costa Rica, Bocas Del Toro has remained a quaint island paradise filled with some of the world's most exotic plants and animals. Residents will enjoy privileged access to a private world class marina and yacht club as well as the full use of an exclusive spa, professionally equipped gym and first class restaurant. Palacio Del Mar will combine the ultimate in refined, sophisticated design with an abiding respect for both the social environment and the natural beauty of the area. The units at Palacio Del Mar range from one to three bedrooms, and will each feature a water view, comfortably elegant, expansive layouts and state of the art appliances. The Caribbean Beach Residences will boast wooden doors harvested from sustainable forests and large glass paneled walls - perfect for viewing breathtaking sunrises.

What are the buildings constructed of?
Steel frame building with concrete floor designed to U.S. standards

Who are the developers?
Six Diamond Resorts International is the premier real estate development company in Central America, blending environmental responsibility with vacation luxury. Headquartered in Houston, Texas, Six Diamond Resorts International is led by Mr. Frank DeLape, Chairman of the Board. Our communities are dedicated to providing extraordinary lifestyle experiences in unrivaled locations of Panama with unsurpassed master planned communities, beaches, spas, marinas and club amenities. Our dedication is to excellence. The combination of skill, talent, and seasoned management will allow Six Diamond Resorts International to provide a complete solution for the development, architecture, building, sales and management of premier resort and vacation/retirement properties in Panama.

Are the condos titled?
Yes. All condo units are titled, with public deeds registered in the public registry of Panama. Condos can be registered in your own personal name, joint name, or in the name of a corporation, private interest foundation or trust.

What are the property tax exonerations?
The new property tax laws establish that properties over $300,000 price range qualify for 20 year property tax exoneration.

How much do I need to put down to purchase a unit?
30% of the contract price with contract

What will the closing costs be and what do they include?
The closing costs will be approximately US $1500 which includes the legal fees (promise to purchase contract, purchase contract, title transfer, etc.).

Will there be a rental program?
Palacio del Mar is a luxury upscale community whereby each condominium unit is individually owned through a registered property title. Palacio del Mar has set up their own management company which will oversee the management and administration of the rentals. Condominium owners can rent their condos when they are not using them, earning them a residual income. Rental terms and conditions will be disclosed prior to finalizing the construction of the buildings.

70% of the nightly room rate will go to the investor

What are the ongoing maintenance charges?
$2.50 per sq m per annum

Are furnishings or appliances included?
Yes. All furnishings are included in the purchase price. There are three furniture packages to choose from. This is a completely turnkey community. Everything is furnished down to your linens, dishes, glassware, towels, etc. The Appliance package includes stainless steel refrigerator, dishwasher and trash compactor as well as ice machines in wet bars, undermount sink with in-sink disposal and undercounting lighting.

Will financing be available? If so, what will the rates & requirements be?
Yes. Financing rates and terms will vary depending on international lending rates as well as the buyer's particular circumstances of residency stats. (Panamanian citizens qualify for a lower rate).

Can I include the furniture package in the Financing?
Yes, depending on what bank you select.

Can I qualify for a Panamanian resident visa by purchasing a condo at Palacio del Mar?
Possibly. The self-economic solvency visa law (visa desolvencia economica propia) establishes that investors can qualify for a permanent resident visa if they: (a) invest US $200,000 in a titled property in Panama, (b) invest US $200,000 in a 2 year time deposit or CD with a Panamanian bank, or (c) invest a combination of US $120,000 in a time deposit and US $80,000 in a titled property. Please note that to qualify for this type of resident visa, the property and/or CD account must be in your personal name. Also, the property must not be financed by a local Panamanian bank. Therefore, if you purchase a unit that is priced at US $200,000 or more, and you buy without local Panamanian bank financing, then you can qualify for a resident visa. There are also other types of visas that you may qualify for such as the Pensionado Visa, which requires that you prove that you have a pension income of at least US $500 per month (add US $100 per additional dependant).

Is there boating and marinas?
Yes. There is a full yacht club and marina complete with a beautiful old world style full service bar, antique chandeliers, 54" high ribbon mahogany & copper top bar, private billiards room, outdoor logia, full service, 140-seat ocean view restaurant, world class wine list, yacht or sports fishing boat berth, sports fishing boat or yacht rentals, 50-72 slips.

Will there be transportation available to Bocas downtown?
Yes

Will there be a hotel?
Yes. The project is residences and there will be a 5 star luxury hotel and world class restaurant

Will the hotel offer room service and maid service?
Yes, at additional cost to the owners.

What will the finishing of my condo include?
Beach and Bay frontage with spectacular views, lpe wood balconies (Bay Residences), dark hardwood merbau floors. Kitchens will include light wood stained cabinets, granite countertops, natural stone backsplash, upgraded refrigerator, dishwasher, trash compactor, ice machines in wet bars, undermount sink with in-sink disposal and undercounter lighting. Bathrooms will include designer brushed nickel fixtures, body and rain head spray (dual control), dark mahogany wood vanity and light granite countertops.

What type of water filtration system is being used?
General Electric has created a package system.

What type of sewage treatment system is being used?
Aerobic system package plant created by General Electric.

Is title insurance provided or available?
Palacio del Mar has a title insurance policy issued by several title agencies in Latin America. Title insurance for your individual condo unit is also available for an additional cost of approximately 1% of the value of your purchase.

How does the rental guarantee work?
The rental guarantee is offered to the first 20 clients who purchase through PRV2 International. After this, the rental guarantee will NOT be offered. It is for a 12 month term from completion.