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!