The emergence of Bitcoin and other cryptocurrencies has marked a new paradigm on how to understand money. The real estate industry does not want to be left out of this trend, so in the not too distant future more and more people.
The emergence of Bitcoin and other cryptocurrencies has marked a new paradigm on how to understand money. The real estate industry does not want to be left out of this trend, so in the not too distant future more and more people will buy and sell homes in cryptocurrencies.
Today, the market for buying and selling houses in cryptocurrencies is still small; but constantly growing. Many people are still afraid of doing operations in bitcoins because they don’t really understand how it works, but the advantages of resorting to cryptocurrencies to execute this operation are diverse, especially when the buyer or seller is not a national of the country where the property is located and the more people and businesses understand them, the more demand will grow.
The main appreciable advantage in buying and selling houses with cryptocurrencies is that, unlike bank money, there are no restrictions on the transaction. Banks have increased controls and are increasingly reluctant to allow large operations; in addition to this are the strict policies of not a few governments that try to prevent, in every possible way, that their citizens take money out of the country. For example, Russia, China and several Arab and Latin American countries impose many barriers to transactions. All of that is solved with cryptocurrencies, so people of any nationality can purchase real estate without worrying about their government or local banks.
Right now the buying and selling of homes in bitcoins is concentrated in the luxury sector, who knows why the rich are more used to looking for shortcuts. These people assume that the purchase of real estate in cryptocurrencies is one of the ways to release their crypto capital and make transactions without having to declare the real value; but it is foreseeable that, over time, other types of people will begin to use bitcoin and other cryptocurrencies for these activities.
Another advantage is in the privacy that surrounds these operations of buying and selling houses with bitcoins. While in the traditional way you have to justify the source where the income comes from, with cryptocurrencies there are no such questions. Furthermore, no government can intervene in a transaction or freeze the assets. To this is added that it is much cheaper to buy and sell houses in bitcoins, since the commissions in the transactions in the block chain are enormously lower than those charged by a traditional bank.
Currently we can see that bitcoin is used in the private purchase and sale of homes; however, traditional real estate agencies have finally understood that this financial service can be very useful to them and several have already incorporated it into their business model.
Buying Real Estate in Panama with Cryptocurrencies
In the Panamanian mountains, near the border with Costa Rica, there is a real estate project that allows buyers to purchase a plot of land of up to one hectare, paid entirely with cryptocurrencies.
The project called Agrorismo is an eco-friendly development, that integrates solar energy, spring water, with a perfect mountain climate, where the best coffee plantations, outdoor activities and a flourishing gastronomy proliferate.
In terms of business, Panama is considered the hub of the Americas for many reasons: it has a modern airport with direct flights to the main cities of the world; a powerful international business center, regional headquarters of important multinationals such as Adidas, Movistar, Nestlé, Under Armour, Huawei, Samsung, LG, among many others. You can include heavenly beaches, a large community of foreigners from all over the world, low taxes and a solid health system to the list of positive reasons.
In addition, when investing in Agrorismo, you can choose to automatically obtain residency by investment in Panama. A second residency that grants a passport and the possibility of having a fiscal domicile in the country.
