Is The NAOS Project Legit?
Naos Harbor Island established contracts with many Canadian and U.S. Citizen consumers to build and develop Naos Harbor Island which is still advertised to include a 400-Room Hotel & Conference Center, 250-Room Hotel & Casino, a 122 Unit Apart-Hotel, Commercial Center with offices, retail & entertainment venues, Hotel and Residential Tower Marina. In 2014, eight years later after signing many of the buyer s’ contracts, the three residential towers which were promised are still not finished, the area is still a construction site and none of the promised amenities exist. Naos Harbor Island’s developer is continuing to try to sell units under the original promises.
In 2014 NAOS HARBOUR ISLAND, INC did begin releasing the condos one at a time, however in order to take possession, NAOS HARBOUR ISLAND, INC presented buyers such as myself to sign a new contract which nullified all previous agreed signed contracts.
This tactic very feels very much like coercion; with the raising the closing price by as much as 25%, changing the terms of title, changing terms of ownership and management and making buyers responsible NAOS HARBOUR ISLAND, INC debt to the Panamanian government in the case that the developer defaults on obligations with the government Panama. NAOS HARBOUR ISLAND, INC has never notified or discussed these changes with the existing signed contracts. There whole thing appears to be a hijacking and cohesion scheme which has become all too common in Panama. Foreigners and local citizens who bought into Naos have been afforded no legal protection under legal structures of Panamanian law and have been left to find their own means to remedy the situation.