What is so wonderful about Panama?
Unlike most places in North America, Panama is very affordable. The country is blessed with year round warm weather and it does not have a winter season- just hot summers sprinkled with a rainy season. The entire country is developed and all social and governmental services available in North America are readily available in most parts of the country. Panama City, the capital of the country, has often been compared to Paris. Panama is just like Europe, but with a North American landscape. On either side of the country are two large oceans connected by the world famous Panama Canal.
Should one stay in the city or countryside?
This is strictly a personal preference. While the city has more of everything, the country side also has its benefits. Most of the property in the Panama country side is large, cheap and exceptionally beautiful. By North American standards, one can have a mansion like house for $150,000. The country side is also peaceful, has beautiful surroundings, less traffic and lots more to see. Food is cheaper and there are plenty of agricultural products.
What is the average cost of living for those retiring in Panama?
Well, most Panamanians live under $1000 per month. However, you can do the same but will have to forego many luxuries. One can definitely live comfortably under $1,000 but like anywhere else, you will have to be careful how you spend your money. Besides cheap food; transport, energy and maid services are also quite cheap. If you have anywhere form $1500-$2000 a month, you can live like royalty here.
Can I work part time in Panama?
Unfortunately no. The rules on working in panama are strict and it is rare for a foreigner to get a working visa. With the downturn in the economy, this issue has been made even more complex. For those who would like to work in order to support themselves in Panama, this is not recommended. The average daily wage in Panama is about $10 - $15 a day.
Is the countryside safe?
Definitely. Crime is very low in this country. However, one should always use caution and have the home secure. One does not even have to worry about snakes. Even though poisonous snakes are found in panama, these are generally only found in the jungles. Just like a rattler is not seen in any American city, a Bushmaster is not seen in the towns and cities in Panama.
Is decent medical care available in Panama?
Yes, infact all retirees, irrespective of citizenship get government discounts for health care. Health care is on par with what is seen in America. Even prescription medications are much cheaper than what one pays for in America. Besides health benefits for the retirees, the government also has special services at banks, restaurants, dentists and air travel agencies.
Should I bring my car from North America to Panama?
This is not recommended. Panama has everything and things are a lot cheaper. Even though one can bring in a car and furniture duty free, in the long run this gets to be expensive. Buying or leasing a car in Panama is generally cheaper.
If you have more questions about retiring in Panama, please email me at PanamaJoe [@] ymail [dot] com and I'll answer your questions in another posting.
'til later, Panama Joe.
Thursday, February 12, 2009
Sunday, February 1, 2009
Benefits to Retiring in Panama
Many North Americans now have another place to retire. Besides Florida and New Mexico, Panama Central America is now one of the best places to retire. So what is the big deal with Panama?
Economy in Panama:
The North American economy has taken a big downturn and costs of living have risen drastically over the last decade. Not so in Panama. The country’s economy has proven rock stable and with more ships passing through the Panama Canal, foreign trade has never been better. Further, Panama has established a solid infrastructure in its backing and agriculture industries.
The American dollar is widely used all over the country. One does not have to worry about currency conversions and other charges.
Climate in Panama:
The climate of Panama is exceptionally beautiful. All year warm weather along the sea and nice cool air high in the mountains. Of course, there is no snow in this tropical country. For both young and old, Panama has a little of everything.
People in Panama:
The people in Panamaare very friendly and accustomed to foreigners. Having had an American presence in the country for many years has also resulted in the availability of many North American products.
Cost of Living in Panama:
The cost of living in Panama is much lower than most countries in Europe or America. The quality of life is high and the government offers many social services for retirees.
For the retiree in Panama, one can get discounts on shopping, air flights, prescription drugs, dental visits, electric bills, telephone and water bills. In addition, one can bring in all the household goods free of tax and import a new car every 2 years- as long as this is for private use.
Most of Panama is well developed and basic services like hospitals, banking, shopping and postal services can be found in all towns. For those who are interested in buying real estate in Panama, there are some rules and regulations that need to be followed. It is best to get a local lawyer before investing in any property in Panama. While it is not difficult to buy property, one should be well read and knowledgeable about the basics of real estate laws.
The qualifications for a retiree to come to Panama include that he or she be in relatively good health, have a valid passport and have an income of at least $1,000 US per month.
Foreigners who buy property in Panama enjoy the same rights and protection as native Panamanians. Panama has no income tax on whatever you bring from outside the country.
The best advice to all people who want to retire in Panama is to go and see the country first. Take a trip and visit the many towns and cities. Ask questions, go slow and be informed. Panama, unlike many other South American countries has a stable government, and is an inexpensive country and friendly. The best advice can be obtained from retires who already live in Panama. You will see only happy faces!
Economy in Panama:
The North American economy has taken a big downturn and costs of living have risen drastically over the last decade. Not so in Panama. The country’s economy has proven rock stable and with more ships passing through the Panama Canal, foreign trade has never been better. Further, Panama has established a solid infrastructure in its backing and agriculture industries.
The American dollar is widely used all over the country. One does not have to worry about currency conversions and other charges.
Climate in Panama:
The climate of Panama is exceptionally beautiful. All year warm weather along the sea and nice cool air high in the mountains. Of course, there is no snow in this tropical country. For both young and old, Panama has a little of everything.
People in Panama:
The people in Panamaare very friendly and accustomed to foreigners. Having had an American presence in the country for many years has also resulted in the availability of many North American products.
Cost of Living in Panama:
The cost of living in Panama is much lower than most countries in Europe or America. The quality of life is high and the government offers many social services for retirees.
For the retiree in Panama, one can get discounts on shopping, air flights, prescription drugs, dental visits, electric bills, telephone and water bills. In addition, one can bring in all the household goods free of tax and import a new car every 2 years- as long as this is for private use.
Most of Panama is well developed and basic services like hospitals, banking, shopping and postal services can be found in all towns. For those who are interested in buying real estate in Panama, there are some rules and regulations that need to be followed. It is best to get a local lawyer before investing in any property in Panama. While it is not difficult to buy property, one should be well read and knowledgeable about the basics of real estate laws.
The qualifications for a retiree to come to Panama include that he or she be in relatively good health, have a valid passport and have an income of at least $1,000 US per month.
Foreigners who buy property in Panama enjoy the same rights and protection as native Panamanians. Panama has no income tax on whatever you bring from outside the country.
The best advice to all people who want to retire in Panama is to go and see the country first. Take a trip and visit the many towns and cities. Ask questions, go slow and be informed. Panama, unlike many other South American countries has a stable government, and is an inexpensive country and friendly. The best advice can be obtained from retires who already live in Panama. You will see only happy faces!
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