Debbie Fishell knows what it’s like to travel internationally, take up a new residence abroad and invest in offshore real estate.

She recently sat down with Viva Tropical to chat about why now is the right time to move, invest, play, and “escape” to Puerto Armuelles, Panama, probably one of Panama’s most hidden up-and-coming investment hotspots.

Debbie Fishell

Why does Puerto Armuelles make a good place to invest?

Beautiful beaches! Puerto Armuelles is the second largest city in the Chiriqui province, with about 22k residents, and the only city on the Pacific side of Panama that is actually right on the beach.

Beachfront property is still affordable in this area, but don’t expect it to stay that way as more people hear about Puerto. I’ve seen beautiful Panama Real Estate beachfront lots here for $35k!

Puerto was a bustling town in the 1950’s when Chiquita Banana operated here, providing many jobs and building infrastructure. The banana company pulled out about eight years ago, leaving most of the town’s people unemployed, which is currently evident in the many homes and structures that are in disrepair. Many of these buildings can be purchased for a very low price and rehabbed for re-sale. I have seen older homes as low as $15k! Negotiations have been ongoing and, it looks like Chiquita will soon be up and running in Puerto Armuelles again.

A few miles south of town is a company called Petro Terminal Panama (PTP). The PTP facility has the capacity to pump over 850,000 barrels of crude oil per day through the pipeline from the Pacific shore to the Caribbean shore. There is currently a plan by American Occidental and Quatar Petroleum to build a multimillion dollar refinery close to the existing PTP facility, which could potentially bring millions of dollars into the local economy and become one of the area’s main employers.

There is also talk of a new Deep Container Port just outside of Puerto Armuelles. This future port would have 217 storage facilities, a deep-water container area, cruise ship landing, and a marina with a dry dock.

In addition Puerto Armuelles was designated a Free Trade Zone in 2001 (Baru Free Zone) for business and commerce, to make the area more attractive to private capital investors. There are currently numerous incentives to establish businesses in the area. Baru is the second largest free trade zone, after Colon, in the entire country.

Major highways are being built, a new large-scale cement plant is almost completed, the new and proposed businesses I mentioned above, all mean thousands of jobs and opportunities are being created for locals and foreigners. These people are going to need places to live and local business to help support their needs. Business opportunities abound!

Debbie Fishell

Are expats living there?

It’s tough to pin down exact numbers. Informal estimates are that there are about 400 expats living in the area. Most of these are concentrated at the beach or in Las Palmas, a neighborhood that was once the gated community for the Chiquita Banana Company executives.

There are about 45 homes in Las Palmas and I’ve been told that about 40% of those are owned by expats. There is an active Yahoo group where expats post questions and there are occasional gatherings. Right now there is a group working together to restore the old community swimming pool in Las Palmas, which is scheduled to open in December 2014. There is also a tennis court in the neighborhood!

Debbie Fishell

What are the main attractions to the area?

There are currently only a couple of very small hotels and decent restaurants (entrepreneurs: hint-hint) in Puerto Armuelles. There are numerous opportunities to attract visitors however. The beaches are fabulous and there are no crowds there, for now. Swimming, surfing, and canoe paddling are perfect sports for Puerto’s beaches.

Fishing offshore is some of the best in the world – yes, I said world! Chiriquí Bay has been featured in international fishing magazines for the amazing sport fishing here. There are a couple of fishing lodges in the area that cater to fishermen. The bird watching in the area is amazing! I have about 50 Amazon parrots and numerous other birds, that come by my house daily. Hiking and horseback riding offer great ways to see the beautiful, tropical countryside and exotic wildlife.

All of the amenities a person needs are here. There are supermarkets, hair salons, retail stores, gas stations, a hospital, and several banks. There is even an alternative medical clinic! Puerto is only about a half hour drive to Costa Rica and one hour to David, the second largest city in Panama. The best part of Puerto is the sense of community here. Everyone smiles and says “hola” or “buenos” when they pass. It is a town known for being “tranquilo” – no stress!

Debbie Fishell

Are there any major infrastructure changes underway or coming?

The road from the PanAmerican Highway (Paso Canoas) has been under construction to expand it to a four-lane road and is nearing completion. President Varela recently signed an agreement to improve the road going out to the beach community of Limones, south of Puerto and heading towards PTP.

New water and sewer pipes are being installed soon; we’ve see the surveyors out marking the streets recently. There is also a new, very large, commercial cement plant that is almost completed on the road coming into Puerto. A new hospital expansion is also underway.

Who would enjoy living in Puerto Armuelles?

Puerto Armuelles is a great place to live if you are an entrepreneur and have the vision to help create businesses as they are needed or build and/or rehab homes to sell to the new residents who are coming. I believe there are many opportunities available for the foreseeable future.

Puerto is also a perfect destination for anyone who wants to truly immerse themselves in the Panamanian culture; very few locals speak English here but they are genuinely friendly and eager to help you. The beaches are beautiful, with amazing fishing and even good surf sometimes.

There are fertile nearby “fincas” (farms) for sale on the outskirts of the town for very low prices. I recently looked at a one-acre farm with a house, fruit trees and gardens, water, and three new cement pig pens for $29K. These can easily be set up as a self-sufficient homestead for anyone who desires quiet seclusion or a perfect “bug out” location.

Is it a problem buying property so close to the Costa Rican border?

I wouldn’t call it an issue, but I would recommend using an attorney that is knowledgeable about real estate law here, or anywhere in Panama for that matter.

There are laws regarding how title can be held within a certain distance from beaches and the Costa Rican border. In Panama, real estate is typically Titled (able to get title insurance) or what is call R.O.P. (Right of Possession) property.

There are pros and cons to buying ROP real estate, so it should be investigated thoroughly before purchasing to see if it fits your expectations. Some of the ROP properties, which are generally near beaches and borders, can be a safe investment and many can be titled for a fee. Personally, I bought property that I could get a clear title on.

Learn more about Debbie, through her postings on Escape Artist.