Retirement in Panama – a Viable Option

For many people, where to retire is an issue. I’m suggesting a retirement in Panama for you to consider because I’m here and assured I have made the correct decision with my life and retirement plans. Most of use would like to retire in sunny Florida or California. However, both these places have become to be very expensive, housing has gone up exorbitantly in cost and the daily cost of living is continuing to increase. Also, Florida is congested with too many tourists, too many retirees and also has many hurricanes- which is okay but one has to have expensive home insurance.

One of the newest places to retire is Panama Central America. If there is paradise, then it has to be this country. With two oceans on either side of the country, this peaceful haven is a much sought after destination for many Americans and Europeans. The country has a heavy Spanish/American influence but has all the amenities of the North America lifestyle. The country is blessed with year around warm weather, a lush countryside, minimal crime and wonderful scenery. Some call Panama City the Paris of South America, others call it “the second Miami”.

For North Americans, there is no difficulty in getting a visa for retirement. The country, in fact, encourages people to buy Panama property and to retire in Panama. Property is much cheaper than most North American real estate. For a first time visitor, buying property is not the first thing to do. One must go and get to know the place first. There are ample real estate agents in Panama City. The laws of buying Panama real estate are similar to North America and there are safe guards to prevent fraud. However, it is wise to conduct all real estate dealings with the help of a Panamanian lawyer. It also helps if you speak a bit of Spanish which isn’t difficult to learn. Any foreigner who purchases a home which is worth more than $200,000 is entitled to a residency visa.

Since the country is situated on the Panama Canal, it has some of the best banking facilities in all of America. There are, at last count, 85 international banks located in Panama City. Money transfers, withdrawals, ATM machine and credits cards are widely used.

Moving to Panama is not a big deal; most airlines fly to Panama City from major cities in North America. For those thinking about retirement in Panama, there are no taxes on household goods up to $ 10,000. Even a car can be shipped. Shopping is very similar to North America and the prices are the lowest because of the lowest tariff rates in all of the Americas. This is because of the free trade zone and the Panama Canal. However, Panama does not have as many furniture stores and not many sales or discount stores. Because some parts of the countryside still have power outages, it is best to buy American products which can withstand the abuse of these power surges.

Living in Panama is easy. Grocery shopping is even better than North America, hey, it’s cheaper! Panama grows a wide variety of tropical fruits, vegetables, locally grown coffee and most North American foods are readily available at a lower cost. One of the other great benefits of retiring in Panama is that the cost of a maid is less than $200 a month.

The country has a solid infrastructure and both transportation and communication are first rate. High speed internet is easily available in the country.

For the retiree, the Panamanian government has created lots of perks, making retirement in Panama simpler, irrespective of citizenship. One is entitled to many discounts on loans, airline tickets, hotel accommodation, dental and prescription medications, health care services, monthly energy and phone bills and so on.

Currently there are thousands of North Americans who have made the choice to retire in Panama and they love it. It’s been a warm day, I read some online news about how cold it’ been in Canada and the northeastern United States. It’s been a warm day here, a little on the warm side. I see the beach, serene, always there, with those lush palm trees. The sky is a gorgeous blend of pinks, purples, and blues. It’s early evening, now, and I’m watching the sun set from the verandah, laptop on my table, updating my blog with this article, really, really enjoying my Panama retirement. You couldn’t pay me to miss the snow.