WARNING . If you are planning to retire, or to buy a vacation site in any part of the world, you will certainly need an attorney at law to help you.and the Republic of Panama is no exception!, But especially at Bocas del Toro, please be advised that real estate transactions on islands are severely restricted by Panamanian law. Possession Rights on Islands in the Republic of Panama, and on areas called non-adjudicables,(adjudication) is a scam where you could become victim. you must be aware that before you sign any contract, or give your money to anyone, you must hire a competant ATTORNEY AT LAW to assists you. They must issue to you in writing an abstract title of the land in which you can see exactly what liens, mortages, covenants, and other incumberances are on the property. And finally, DO NOT SIGN any contract in THE ENGLISH LANGUAGE, Panamanian Law on Real Estate Transactions WILL NOT RECOGNIZE THIS AT ALL!. All contracts in which the transfer of any real estate property is made, MUST be written IN THE SPANISH LANGUAGE on a formal PUBLIC DEED, and signed BEFORE PUBLIC NOTARY in order to legally enforce the contract, and enable it be deposited at the Public Registry in Panama City. And finally, never accept or BELIEVE any representations made by persons who are not REGISTERED REAL ESTATE BROKERS.
THE COMPANIES
GRUPO CAYO NANCY, S.A. This is a Panamanian Corporation formed specifically to serve as a front for the "sellers" of a project named BAY VISTA and others. This company does not own any real estate in Panama, They have no land or assets, All payments made to them have to be wired to a Bahamas Corporation, named Tropical Island Properties Inc.This corporation has been illegaly selling "Possession Rights" over land that belongs to the Panamanian Government located in places specifically declared by the authority of the Panama Ministry of Farm Development, (Reforma Agraria) as NON ADJUDICABLES AREAS and not subject to adjudication or development by anyone. If you have signed and agreed any "Purchase Contract and Depositor Receipt" for possession rights, YOU MAY HAVE BEEN A VICTIM OF FRAUD, and you have the RIGHT to get your money back! ( OR EVEN DOUBLED) Ask a COMPETANT lawyer, not those "strongly recomended" by the developer?
GRUPO ISLAS TROPICALES, S.A. This is another corporation, that effectively holds titled land at Isla Solarte, BUT ALL THESE LANDS HAVE A LIEN of TWO MILLION DOLLARS in mortgages. and because they are unable to sell titled land, they are now selling "promises to purchase and sell", and stating that these "lots" are a "resale". Once you sign one of these contracts you can also become a victim of FRAUD, and it will be a NIGHTMARE to get any refund of your money! even on TITLED LAND. You first need to go to Panama City and request a full title abstract in order to be certain that the land is, (a) owned by the seller (b) has no liens and encumberancies (c) that the possibility exists for it to be transferred to the new owner.
TROPICAL PROPERTIES INC. This corporation is not registered under the Laws of the Republic of Panama. As far as we can ascertain this is a Bahamas Company registered only to serve as a front for Grupo Cayo Nancy, S.A., and Mr. Sheppard M Johnson, an American citizen who declares himself as "the biggest owner of land in Bocas del Toro, and a developer of the major tourist projects in Bocas del Toro",and to RECEIVE wire transfers from the "sales".
BE ADVISED BY AN EXPERT LAWYER BEFORE YOU MAKE ANY TRANSACTIONS IN BOCAS DEL TORO!
In Panama there exists ONLY one way to acquire properties! TITLED LAND!. Possession Rights on Islands are restricted to Panamanian Nationals. Don`t be fooled by "Panamanian Corporations" that appear to give entitlement to you? and promises and prices that appear" to good to be true on islands". This is a Fraud in law, and NO RIGHTS WILL be granted to you at all! If you own ANY of these corporations, that "entitle you" to these possession rights because the corporation is the owner of the land .YOU HAVE BECOME A VICTIM OF FRAUD! Please call a competant lawyer inmediately!
If you are the OWNER of the SHARES in the following corporations:
KALALA CORPORATION INC., WAYNAKOA INC, COCOA MAR, S.A., BLUE CALIPSO INC., TROPICAL BEAUTY CORP, LINDO COCO, S.A. or PINEAPPLE KEY INC. IMMEDIATLY REVIEW ALL OF YOUR DOCUMENTATION AND CALL A LAWYER TO ADVISE YOU!
