Questions about Retiring in Panama

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.

Retirement Properties in Panama

Lately, I've been looking at properties in Panama. I’m just sitting here on my balcony, reading the paper – La Prensa, practicing my Spanish, drinking my coffee in Panama City, enjoying my retirement in Panama. It’s a Sunday morning, early, about 8:30. It rained for about five minutes earlier this morning but the day is warming up to it’s usual humid, beaming down on your head heat. I like that, much better. Rather have the heat and humidity than the freezing cold wind in your face and trudging over the snow as it squeaks underfoot. Brrrr!

Currently, I’m renting an apartment in Panama, getting adjusted to life in Panama and perfecting my Spanish. I am searching for a property in Panama, but I’m looking around before I buy because I don’t want to make the wrong choice. I want to buy the right house or condo for me. I actually want beach front property, but that’s just my personal choice. There are real estate agents in Panama who are all leaping up to help me. Tomorrow, I am headed up to Bocas del Toro to look at properties there. There’s plenty of websites available about properties in Panama and if you have a look, you can see there are all prices ranges for property, varying locations all over the country, both beachfront and mountain and city locations. The price ranges I’ve seen go from anywhere like as low as $70,000 and up. Much cheaper to retire in Panama than in the United States and there are deals to be had, for sure. I’ve got an appointment tomorrow with one who is going to show me some of the properties in Panama that are available for me to my exact specifications.

So far, I’ve looked at properties in Panama in Playa Serena, Vista Mar, Santa Clara and Coronado and Tucan Country Club on a real estate tour of Panama. I decided to take to get a good overview of what’s available. I want a beachfront property in Panama, nothing too big, just two bedrooms – that’s all I need. An extra bedroom for an office space and perhaps some of my guests. I could get a three bedroom place, depending on whether I think my kids are going to come down often enough. I’ve already got friends emailing me telling me they are coming down to visit when I get my place.

There are lots of benefits added to retire in Panama and the government of Panama made it pretty easy to do so with the Panama Retired or Pensioner visa – the Visa Pensionado. The Visa Pensionade allows foreigners to get legal residency in Panama if they have a pension or are retired. The minimum age is 18. You have to show that you earn at least $500 US per month with your retirement income and that this income last for life. The complete rules for immigration to Panama for retirees are pretty standard and simple to follow. Sometimes you can get a real estate company in Panama or a Panamanian lawyer to handle all this for you.

The Panama government also allows all kinds of discounts and for retirees in Panama which is an added bonus. I haven’t heard of any other country in the world that makes it this easy for you to retire in their country.

Here’s a list of the discounts you can get if you are a retired pensioner in Panama, age 55 or over:

• 50% off entrance to recreation and entertainment activities, such as theaters, movies, sports and other public productions
• Public transportation
• 25% discount off the price of airfares
• Discounts at hotels and motels
• 25% discount at restaurants
• 15% discount at fast food restaurants
• 20% discount for consultation fees for hospitals and private clinics
• 15% discount for dental services
• 15% discount for optometrists
• 20% discount for technical and professional services
• 50% discount for passports
• 25% discount for electricity
• 25% discount for phone services
• 25% discount for the water bill

So, as far as my decision to retire in Panama goes, I’m one happy guy. The prices for property in Panama are very reasonable, the people are friendly, the weather is great. I can’t complain. It’s safe here and the music is drifting out from somewhere. The sun is starting to beam down hot. Living in Panama is a dream come true.

What’s So Great About Retiring in Panama

Well, like I said before in a previous article, one of the first great things about retiring in Panama is the weather. Escaping from the freezing cold of a North American city in the winter has to be one of my main reasons from getting the hell out of there in my old age, if you call 54 years old, old. My bones feel the cold too much now, so that’s why I decided to retire in Panama.

There were other reasons why I decided to retire in Panama. You can get some great deals on property in Panama and the government of Panama makes it relatively easy for foreigners to retire in Panama. Other countries make it kind of difficult to retire or else they’ve got political instability and who the hell needs that when you retire? So I like the hot weather, the beaches and the people of Panama. And, I kinda like a peaceful environment for my retirement and who doesn’t. Your working life is full of struggles and who needs the hassle. Retirement in Panama was an obvious choice.

What’s some more great things about retiring in Panama? Well, it’s got a lot to offer. Business wise – Panama has great business capabilities. There’s the Panama Canal the gateway to the Pacific to the Atlantic. Its got some economic free trade zones, which is good for business and shopping.

It’s got an abundance of luxury resorts, spas and hotels which are open for tourism in Panama and also close to Panama City. The Intercontinental Playa Bonita Resort and Spa is only 15 minutes away from the capital city of Panama. There are some fantastic rainforest properties and resorts near at hand. There are properties available in the mountains and villages such as Boquete in Chiriqui province. There is thriving and lively cultural scene in Panama and lots of history.

The way of life is a blend of Latin American/American. The people are so friendly and laid back. It might be the fact that they are close to the beaches, they have a sense of enjoyment of life. It might be because of the time when the Americans were here. They love the festivals, the good life. They call Panama City – the “second Miami”. Sounds good to me.

There are plenty of beach front properties available for your retirement in Panama. Many of the best properties are a couple of hours’ drive from Panama City. The beaches are stunning, and if you like sunbathing, swimming, snorkelling or even surfing, you’ve come to the right place. One thing good about the beach front property in Panama is the price – it’s still affordable and you can even find properties for under a $100,000 US. If you’ve got more in the bank, you can afford higher end real estate, townhouses, villas and more luxurious condos in Panama.

You can buy property on the Atlantic coast of Panama and one of the most popular places to buy is in Bocas del Toro but the property prices are climbing and sometimes you will have title issues on some parts of the Atlantic/Caribbean side. There are still some good deals in real estate on this side of Panama, but you’ll have to take your time in finding them. Buying beach front property on the Pacific side is easier and the prices are more reasonable.

Oh, if you’ve stopped by here recently, you’ll notice that I put up a couple of nice photos from Panama which I found on the web. They are taken by a guy named Seracat. I emailed him and he said it was okay to use them. To me, they are the perfect retirement real estate properties in Panama – I guess I like the simple life. A little hut on the beach in Panama, close to the water, fishing, peace and all the modern amenities, a spoiled old guy like me needs is perfect for retiring in Panama.