Raya del Sol · 375 m².
Raya del Sol is in Madroño, above Playa Raya, away from the Venao corridor where the rest of this portfolio sits. Three hundred and seventy five square metres at $1,200,000, which works out at $3,200 per square metre, with three to four bedrooms and three to four bathrooms depending on the configuration, and an outlook over both the ocean and the river.
It is early. One page of the developer's brochure is the entire released material: the renders on this page come from it. There is no published amenity list, no delivery date and no floor plan yet.
If this is the direction you are looking in, tell us and we will go and get those documents from the developer rather than have you wait for them to appear.
Included
- Not published by the developer
Madroño · Playa Raya.
Distances for this location are being measured.
Buying property in Panama as a foreigner
Yes, with the same rights as a Panamanian over titled property. The one constitutional restriction is land within 10 kilometres of an international land border — and it is the land border with Costa Rica or Colombia, not the coast. Los Santos is nowhere near either, so it does not apply to Playa Venao or Pedasí.
Source: Constitución Política de la República de Panamá, art. 291No. On the Pacific coast the public strip runs 22 metres inland from the high-tide line and cannot be titled at all. Titling begins at 22 m and runs to 200 m. Coastal developments carry a legal obligation to provide public beach access, enforced with fines of B/.1,000 to B/.100,000. A project can be secluded and hard to reach. It cannot be legally private, and anyone telling you otherwise is selling you something that does not exist.
Source: Ley 80 de 2009, art. 2 num. 3–5 (zona costera adjudicable) y art. 12 (servidumbre de acceso)Derecho posesorio is possession of State land, not ownership. It produces no title certificate in the Registro Público — which is precisely what a mortgage and the investor visa both require. On the Azuero coast this distinction decides whether a property is financeable and cleanly resaleable, so confirm which one you are buying before anything else.
Source: Ley 80 de 2009, arts. 2 num. 2 y 4The seller. Transfer tax is 2% (ITBI), plus a 3% advance on income tax or 10% on the actual capital gain. Both receipts have to appear in the deed or the Registro Público will not inscribe the transfer. Notary and legal fees are separate and are not set by any published official scale, so treat any quoted closing-cost percentage as an estimate rather than a rate.
Source: Ley 106 de 1974, art. 1 (ITBI) · Código Fiscal art. 701(a), reformado por Ley 49 de 2009, art. 2The widely-quoted exemption up to B/.120,000 applies only to property elected as patrimonio familiar tributario or vivienda principal. A non-resident's beach house is not that: it starts at B/.30,000 of cadastral value and runs at 0.60%, 0.80% and 1.00% by band.
Source: Código Fiscal art. 766-A · Ley 66 de 2017, art. 5No. That exoneration is closed. It survives only where it was already in force at 31 December 2018 and the construction permit issued before 1 January 2019. The only general new-build relief now is three years, first home only, on cadastral values between B/.120,000 and B/.300,000. If a seller quotes you twenty years, ask for the permit date.
Source: Ley 66 de 2017, art. 18 · Código Fiscal art. 766, Parágrafo 1The Qualified Investor permit requires a real-estate investment from B/.300,000. The operative text carries no expiry date, despite frequent claims that the figure reverts. It also allows pre-construction routes through an escrow deposit or full payment backed by an annually renewed bank guarantee. Separately, the Pensionado visa needs a lifetime pension of B/.1,000 per month plus B/.250 per dependant — dropping to B/.750 if you personally bought property over B/.100,000.
Source: Decreto Ejecutivo 193 de 15-10-2024 (G.O. 30140-B), que reemplaza el art. 3 del D.E. 722 de 2020 · Decreto Ejecutivo 320 de 2008, art. 200Yes. The 45-day minimum-stay prohibition that people cite applies only in the distrito de Panamá and only to operators without an ATP permit — it has no application in Los Santos. Tourist accommodation is subject to 10% ITBMS, and anyone grossing under B/.36,000 a year is not an ITBMS taxpayer at all.
Source: Ley 80 de 2012, art. 21 · Código Fiscal art. 1057-VNot on preferential terms. The preferential-interest regime was replaced by Ley 468 de 2025, in force since 1 January 2026: capped at B/.120,000, new principal and habitual residence only, land without improvements excluded. A beach or second home falls outside it, and published loan-to-value for that category runs 60–80% against 90–98% for a primary residence. No Panamanian bank publishes a non-resident LTV, so any figure you are quoted needs to come from the bank in writing.
Source: Ley 468 de 2025 (subroga la Ley 3 de 1985), reglamentada por Decreto Ejecutivo 23 de 12-06-2026 (G.O. 30545)Reference only, not legal advice. Every purchase in Panama should be reviewed by a Panamanian attorney before signing a promise-to-purchase.
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Want to walk it? Schedule a private visit. We host two-day trips with Tocumen pickup.
“I’ve walked every unit in Raya del Sol. I’ll tell you honestly whether it’s the right fit, and if not, what is.”