There are many banks in Panama that offer up to 70% financing on the purchase price to foreigners (non-Panamanians). Some of these banks include; HSBC Bank, Scotia Bank, BAC International Bank, Banco Cuzcatlan (Panabank), Banistmo, Banco General, Bank Boston, BBVA Bank, Banco Continental, Credicorp Bank, Multi-credit Bank, Banco Nacional de Panama, and others.
Most banks in Panama that finance foreigners require the following 5 documentations from the applicant(s) of the loan; (1) complete photocopy of passport, (2) photocopy of one additional form of ID, such as a drivers license, (3) two original financial reference letters, (4) A recent certification of work, (5) last 2 years financial statements.
The interest rates are generally right in line with those offered in the USA. April 2007 bank rates are between 6.1% and 6.5%
An account can be set up through a lawyer on your behalf at an approximate cost of between $400 and $500 US dollars
If you have obtained a Pensioned Visa (this is a type of resident visa for foreigners who have proven that they receive a pension of at least US$500 per month) in Panama, and you are of a certain age, then you qualify for special discounts for interest rates on mortgages.