Mortgage Loans for Non-Residents

The following information pertains to the terms and criteria for Mortgage Loans for Non-Residents of Panama.


Mortgage Purpose Mortgage Amount Financing (maximum) *Term (maximum)
Purchase or construction of a second residence < $500,000 75% 25 years
$500,000 to $1.5 million 70% 25 years
$1.5 million to $2.5 million 65% 25 years
Purchase of Lot < $750,000 50% 15 years

General requirements:

  • Assessment of the pledged property
  • Life Insurance Policy under the name of the debtors for the amount of the loan, with a mortgagee endorsement in favour of Scotiabank as the first beneficiary
  • Fire Insurance Policy with catastrophic coverage extension for 100% of the value of the improvements on the pledged property, duly endorsed to the Bank
  • Payment of the expenses for the notarization and registration of the deed at the Public Registry

Required documentation:

  • Work letter, copy of Social Security card, and proof of payment
  • Two (2) last personal income statements. If you are self-employed, we require two (2) recent tax returns or the business' audited financial statements for the past two (2) fiscal years
  • Two (2) banking reference letters written to Scotiabank
  • Copy of passport and of a second form of ID
  • Verification of personal assets (bank statements, property records, bonds, share certificates, etc.)
  • Copy of the sales contract
  • Credit report in your country of origin: Equifax, Trantunion, Experian, or Credit Data (non-residents)

We can help you achieve your dream of becoming a homeowner in Panama. We have a program in place to finance your second home or vacation property in Panama. 

For more information

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