I can’t tell you how many emails I have received, over the lifetime of Chiriqui Chatter, from victims of investment and development schemes. Many have been from people that came to Panama and chose to live in some new development and made large down payments only to have the developer go bankrupt or leave the country with many people’s money.
Many have told me that they purchased land and when they were getting ready to build found out that the title was not good or that the land was titled to multiple people.
For some reason, the majority of the emails I have received were related to development or investments that were under the development of foreigners, i.e not Panamanians. I am not saying that all Panamanians are good and foreigners are bad. I am only saying that there are a lot of carpetbaggers that come from outside Panama to take advantage of people trying to escape from the North.
There is currently a thread running on Boquete Ning and that has been written up on Boquete Guide that have many people worried. I have received a few emails as to what I know.
I know nothing about the credit union in question. At one time I had money in Panama in Banistmo and even received my social security check here. When Banistmo was bought by HSBC, I moved my social security deposit back to the U.S. I now have no holdings in Panama. I worry less that way.
I have met several so called investment experts here, that are peddling “good investments”. The ones I have met are from the U.S or Canada. To this point, I have not met a single one that I would give a dime. If they were really such hot shot investment brokers, why have they chosen to live in Panama. My opinion is that they ran out of gullible clients in the U.S. or Canada. If you are considering one of these investments, do Internet searches on the principals involved as well as the ones brokering the deals. If there are too many red flags, that should tell you something.
I will tell you that if you are planing on making any real investment in Panama that you need to consider it carefully. If it seems too good to be true, it most likely is. Panama has many flaws that will not be seen on a two week visit.
You would not buy a pair of shoes without trying them on. The same should be true when considering moving to Panama. See for your self if Panama is right for you. Live here for six months before you put money down on anything. Talk to everyone you can that has made the investment decision you are considering.
If you think it is stressful in the U.S., just come down here and lose your life savings and see what real stress is. There are many good things about Panama, but for many Panama will turn into a living hell.
I love it here. I can’t think think of living any other place. However, that wasn’t the case when I moved here. I have learned to live with less and feel like I have more. I can more easily detect true friends and those that are only interested in money.
Due diligence is required for Panama to be right for you. Some come and stay and some say, “What was I thinking”.
If you come and try it out and like it and decide to buy, then you are going to need a good lawyer. That is sometimes easier said than done. I have used several and have only one that I trust.