Q. Why should I invest directly with Torres Residences International (TRI) as opposed to other developers and/or brokers?
A. TRI only builds on land that we own debt-free. TRI does not borrow money from banks or lenders. TRI never puts the land at risk, therefore your investment is never at risk. Additionally, our commitment to value and quality is second to none. We only use the highest quality materials and labor. With TRI you aren't dealing with a broker who just wants to make a sale in order to earn a commission and then disappear. TRI is committed to staying involved for the long term with everything including construction, property management and even rentals and resales. Additionally, TRI is your One Stop Shop (OSS). We assist with Residency, Incorporation, Banking and any other issues related to your investment and/or new life in Panama or Belize.
Q. What is the best way to learn more?
A. Although we do our best to update this website as often as possible, the information here is only a small fraction of what we offer. The best way of informing yourself about our company and products is either via a personal meeting or video call. This is why one of our representatives may try to engage you in conversation when you visit this website. Available upon request are master plans, floor plans, renderings, construction update images and more.
Q. Why aren't the houses pre-built? Why do I buy pre-construction?
A. Some developers pre-build unsold speculation houses by borrowing money or using their own money. TRI only builds sold houses because we do not borrow money and don't put any money at risk needlessly. Many times developers risk it by using borrowed money to build unsold houses thereby putting the land at risk; and when sales don't materialize, they lose the land which negatively impacts all buyers. With TRI, your money goes directly from your pocket to the construction of your house. There are no middle men, no brokers, no excessive attorney costs and no escrow costs. Additionally and most importantly, our process allows you the benefit of designing your house and staying involved in the construction from start to finish.
Some people, especially expats who have made mistakes in Panama, promote the idea that it is best to rent first or buy something already built. Although this may be true in condominium developments, it is certainly not true with houses. Many houses currently on the market in Panama are poorly built with low skilled labour and even sub standard materials. The house may look great on the outside but inside the walls and floor is a different story and you can't see it, no matter how much due diligence you do. For example, did you know that most houses and condominiums in Panama are built with concrete block and for the concrete mixture they use beach sand? What do you think the salt will do to the reinforcement bars in that concrete mix over time? That's right, the bars will rust and expand, destroy the concrete and your walls and floors will start to crack and even worse; and that's only one example. The reality is that with an existing property you have no idea the materials and skills that went into the construction. In comparison, we only use the highest quality materials and labour, you pay as we build and you are part of the short process from beginning to end.
Q. Are any houses completed?
A. Casa TRI is 95% completed and will be sold to an investor looking for rental income. That investor will decide on the finishes and complete the final 5%. TRI will rent the house for at least 2 years to be used as a model home.
Q. Why Panama?
A. SAFETY: Panama is the home of the Panama Canal under the protection of the USA and they have a US dollar currency. Panama legislations #54 and #41 give foreign investors the highest legal protections for their investments. BEAUTY: Panama is about 30,000 square miles, just about the size of Maine, with a population of 4 million. It is blessed with gorgeous Caribbean and Pacific beaches. It is also blessed with lush jungles, majestic mountains, gorgeous waterfalls and beautiful rivers . You can drive from the beach to the mountain top in half hour and enjoy some of the most delicious tropical fruit including mango, banana, papaya, cashew, guava and much more. PEOPLE: Panama's people are some of the friendliest and most hospitable in the world. Panama also has one of the most diverse populations in the world. Today in Panama you can still meet some of the seven indigenous tribes encountered by the first Europeans.
Q. Why Las Lajas?
A. Because it is across the highway from Coronado, a well established beach and golf community with prices ranging from $500,000 to well over $5,000,000. Our location has the benefit of all the services in and around Coronado without the exorbitant prices. We price all our houses within an affordable range and still have access to everything including golf and beach! This area is also home to Panama's largest expat community. Services in and around Las Lajas now include world class restaurants, bars, cafes, casinos, movie theatres, beaches, golf, grocery stores, spas, salons, hospitals, clinics, drug stores, parks, rivers, waterfalls and more. Location Location Location! While other well known locations such as Pedasi, Boquete, David and Bocas del Toro suffer from food and gas shortages during difficult times, Las Lajas is always well supplied.
Q. How risky is the investment?
A. TRI has already taken the risk so you don't have to. We did the due diligence and we invested over US $5,000,000 in the development so far. This includes due diligence, land acquisition, project design, legal expenses, land preparation, EIA and permits among other hard costs. The current asset value with permits in hand, including construction, zoning/land use, residential houses and residential condominium towers is over $11,000,000. TRI is firmly committed to the success of our development in Panama as demonstrated by our initial investment and current asset value which continues to increase coupled with the fact that we continue to have zero debt.
Q. Why do I send my funds to a USA bank and not Panama?
A. US legislation extends the best protection for our buyers. Even though it is more costly, more complicated and more cumbersome for TRI to receive funds in the USA, it gives our buyers the highest and best level of legal protection while the house is built and we prefer it that way. Once your house is built, a P&S Agreement is signed with our Panama Company, P&L Corp, prior to transferring title to you. With TRI, our customers always come first!
Q. House or townhouse?
R. Most of our buyers are looking for affordable, maintenance free or low maintenance properties for use in retirement, semi retirement and/or even rental income. Our master plan design means that we deal with all post sale services including all exterior maintenance, exterior painting, lawn maintenance, street and sidewalk maintenance, street lighting maintenance, club house maintenance, 24 hour security and even rental management.
Q. What about permits?
A. The permitting process in Panama begins with the creation of the Environmental Impact Study which is presented to the Ministry of the Environment for approval. Once that approval has been obtained then you prepare and present the entire master development plan to the Ministry of Housing and Zoning for approval. Once that approval is obtained then you submit your construction plans to the municipality and fire department for final approval. Each step and sub step, which includes multiple media publications and public hearings, in this 2 year process requires a certificate of good standing for both the land title and the development company. TRI has followed the process to the letter of the law in order to obtain each approval.
Q. Can I make a passive income with my purchase?
A. Absolutely yes. A substantial percentage of our homeowners are buying either a townhouse or a condominium in order to generate rental income part time or full time. Our location in Las Lajas is just at the beginning of it's boom so the income projections are very positive. For many reasons, Investment Recovery is projected to be much better and much faster than in other similar markets. Plus, the tax advantages in Panama are absolutely phenomenal.
Q. Why can't we publicly see company documents or permits and related documents online?
A. Different from the US or Canada, company documents, property registration documents, land titles and permits are private documents not available for public viewing. In fact, the Dirección General de Ingresos (DGI), similar to the IRS, government website provides property owners a proprietary username and password in order to access data regarding its companies and properties. However, TRI has a system in place for any home buyer to view each and every document in person upon request.
Q. How do I get to/from Las Casas de Don Cristobal to the beach, golf course, shopping, Panama City, Panama City Tocumen Airport or Rio Hato Airport?
A. We will offer daily VIP round-trip shuttle-service from Las Casas de Don Cristobal to these and other places of interest.
Q. Why the name, "Las Casas de Don Cristobal"?
A. Cristobal is the name of the person from whom we acquired the land. Cristobal was a vital part of the implementation of Panama's 1961 Land Reformation Act which sought to re distribute land held by a handful of wealthy land owners. Cristobal was one of the many poor Panamanians that benefited from this Act and finally became a land owner. Bartolome de las Casas, born 1484, was the first wealthy land owner during the Spanish conquest who recognized that the feudal system was wrong and dedicated his life to changing it after giving up all his ownership rights to the peasants who worked the land. The world renowned town of San Cristobal de Las Casas in the Cristobal Valley of Chiapas in southern Mexico is his namesake. In honor of both Cristobal and Bartolome who worked tirelessly for land rights, we named the development, Las Casas de Don Cristobal. As a result of this development, Don Cristobal was finally able to benefit from his land holdings and will continue to do so from ongoing sales. We are truly honored to do business with Don Cristobal.
Q. Did the pandemic affect TRI business?
A. Yes it did as it affected most business everywhere. The great news is that all our land holdings remain unchanged and our Panama development is intact, well maintained and most importantly continues to be debt free. Our receivables by far exceed our liabilities.
Let us know your questions so that we may add them to the list.
We look forward to welcoming you as a new home owner!
Sergio Torres
CEO Torres Residences International
+1 904 800 8470