Living And Retiring In Panama
By Phillip Townsend, Thu Dec 8th
Inexpensive real estate, a low cost of living, breathtakingscenery and world-class perks should put Panama at the top ofyour list if you're considering a life outside of your country. Home to Central America's most vibrant and attractive capital(Panama City), Panama is slightly larger than the state ofFlorida. Bordered by the Caribbean Seas and the Pacific Ocean,it is one of those places that can seduce you through its sheernatural beauty. The seemingly endless stretches of picturesquecoastline, lush green valleys, near-perfect weather and friendlypeople make it one of the most livable places in the world. Ifyou like Florida, the Caribbean and South America, you'll lovePanama. Outside of its scenic charms, Panama is one of the best placesanywhere for expatriate and retirees today, offering one of theworld’s best discount programs for retirees. AARP rated Panama"the fourth best retirement place in the world."
When stacked up against traditional retirement havens such asMexico, Costa Rica and the Dominican Republic, Panama has moreamenities, lower costs and less crime, red tape and governmentinterference. In addition, Panama has put together an impressive list ofincentives to attract newcomers. For example: Expatriates who buy or build a new home won’t be liable for anyproperty taxes for 20 years. Residents pay no taxes on foreign-earned income (includingbusiness proceeds, Social Security or pensions). Investments in the tourism industry are exempt from importduties, construction materials and equipment costs, and income,real estate and other taxes for a period of 20 years. The pensionado program You don't need to be retired to qualifyfor the program (anyone
over 18 may apply for benefits). Theonly requirement is a guaranteed income of $500 per month ($600for a couple). It must be a pension from a company or governmentagency (e.g. Social Security, disability, military pay, etc.). After becoming a Panamanian resident “pensioner,” you areimmediately eligible for the most comprehensive program ofexpatriate benefits in the world, including: 50% off entertainment anywhere in the country (movies, theaters,concerts, sporting events, etc.) 50% off hotel stays Monday through Thursday, 30% off Fridaythrough Sunday 50% off closing costs for home mortgages 30% off public transportation (bus, boat, and train fares) 25% off airfare for domestic travel 25% off restaurant meals 20% off professional and technical services (home utilities,etc.) 20% off doctor’s visits 15% off hospital bills (if you don't have insurance coverage) 15% off fast-food eateries 15% off dental and eye exams 10% off prescriptions Other perks of life in Panama: Panama City is only a 2½-hour flight from Miami. The US dollar is the de facto official currency in Panama. Spanish is the official language, but English is widely spokenand understood in major cities. Right now, the three best places to purchase real estate inPanama are Panama City, the capital which boasts First-worldinfrastructure and is home to virtually every large Americanbrand-name chain; Boquette, a scenic and growing expatriatehideaway in Panama's mountainous region; and the Pearl Islands,a chain of over 90 islands and 130 islets in the Caribbean. For more information about Panama, visit: www.thegloballife.net.
About the author:Phillip Townsend is the author of Living & Retiring in Panama,an e-Report available at: www.thegloballife.net |
