Retirement in Panama
If you are wishing to get a feel of scenic charm and delight, you can come to Panama. It is a well known nation in Central America and is also a popular tourist destination. Panama City is the capital of the country while the other major cities are Gamboa, Boquete, David, and Colon and so on. Panama manages the Panama Canal which connects the North Atlantic Ocean with the North Pacific Ocean through the Caribbean Sea. This ranks among the busiest shipping routes in the world. The country experiences huge inflow of travelers from various parts of the world due to its scenic beauty and cultural diversity.
Why is Panama the Chosen Location for Retirees?
- This country has amongst the world’s most beautiful mountains, beachfronts, and island properties.
- The country has a good incentive program for retirees.
- You can have a comfortable standard of living by spending only $2000 per month. You can even rent a home for only $150 a month.
You get American-style houses, quality foods and consumer products you have been always used to.
- As a retiree, you will be exempted from income tax in Panama. Otherwise, the common income tax rate varies between 7% and 27%.
- Most doctors in Panama are U.S.-trained, and the standard of hospitals in Panama are as good as in developed countries. As a retiree in Panama you will have the advantage of discounts on medical bills.
- Whether you want to buy an apartment or a condo, the home price is much less than in the US. You can expect to have a comfortable home in the temperate mountain regions for a few thousand dollars.
Pros:Tropical beauty and lack of chances of hurricanes and earthquakes. The country is politically stable. It has international class healthcare facilities.
Cons: The cost of real estate in Panama is increasing rapidly. The crime rate is higher than many places in the US. Driving conditions can be hazardous.
Panama is being hailed as the next “French Riviera.” The southernmost country of Central America, Panama provides the most attractive ‘special benefits’ program for foreign residents and retirees you’ll find anywhere in the world. Panama can just be a home away from home for US retirees, as English is commonly spoken in the country and the US dollar is the main currency.
The unending expanse of unspoiled white-sand beaches, cascading waterfalls, lush mountain valleys, tropical islands and untamed wilderness make Panama a retirement haven, where you can enjoy a luxurious tropical retirement at a fraction of what you would have spend in the US.
Panama has the fastest growing economy in the region (expanded by 10% in 2007 and the trend is expected to continue through 2008); and a booming international banking industry can soon transform Panama into a First World country.
Besides, Panama boasts of a world-class healthcare system, backed by globally recognized hospitals, highly proficient doctors, dentists and surgeons, with several of them having undergone professional training in the US. The “pensionado” system in Panama makes pensioners eligible for 15% discount on hospital services in private health centers, 20% discount on medical consultations and surgical treatments, 10% discount on medicine, and 15% on dental and optical services.
Enjoy low-cost benefits at Panama where you can still afford a taxi ride across town for one or two bucks, get a hair cut done for a couple of dollars or enjoy fine dining and a bottle of wine at a premier restaurant in Panama City for $30. Also indulge in various activities ranging from jazz clubs to art galleries to theater performances in English.
US retirees who’ve bought property in Panama can apply for a permanent resident status a year after having applied for a residence visa. You can only be eligible for permanent residency if the total value of your property and local bank accounts equal at least $200,000 USD.