Retire in Panama - the benefits of retiring to Panama

Retire to Panama. Maybe you never even thought about retiring in Panama; maybe you’ve considered it heavily. Or maybe you are making your arrangements now to come to the “Crossroads of the Americas”. In any case, there are a multitude of reasons to leave behind the cold, snowy winters of your hometown and come to the tropical paradise of Panama and retire.

Panama has beautiful cities from border to border ... Bocas del Toro, Boquete, Volcan, Panama City, just to name a few. And the beaches! Panama’s eastern coast is the Atlantic Ocean and the western coast is the Pacific. It is difficult in this incredible country for you to find yourself more than 45 minutes from a gorgeous beach. Panama also has numerous islands, offering visitors more choices for satisfying their need for sand and sun.

Will the retiree in Panama only find beaches? Far from it! The country has been shaped through the centuries by volcanic activity. Although the volcanoes here are extinct, the mountains that remain give the country an incredible view. Most notable for this are the cities of Boquete and Volcan, two prime attractions in the interior for Panamanian tourists and retirees alike. The elegant mountains also provide these cities with sufficient altitude to enjoy a moderate climate as well. It is no surprise that Panama has topped International Living’s Retirement Index for six straight years, suggesting that even when the experts think retirement, they think Panama as well!

Maybe you are thinking to yourself, “If Panama has such a good tourism industry, it must be expensive.” Think again! Panama is extremely affordable, and as a pleasant surprise for most Americans, the official currency here is the US dollar. It only takes one trip out of the country to appreciate not having to exchange, or calculate, the currency rates. As far as the cost of living, the difference will amaze you. While some of the “finer things” in Panama are expensive, those retiring in Panama will find the cost of many things to be incredibly reasonable. Most restaurants, clothing, utilities and items for the home are priced well below the same items in the US. American restaurants tend to be similarly priced with those in the US, but it is possible to dine in nice Panamanian restaurants for $2.00 or $3.00 per person.

In addition, housing costs are amazing; you can get a new home in a new subdivision for $20,000, although not in Panama City. Utilities, cable and Internet are priced will below the US. Unskilled labor can be hired for a fraction of the cost in the United States; for example, a live-in housekeeper can be hired for as little as $5 per day, or about $200 per month in Panama City.

Furthermore, the benefits for retiring in Panama are the best in the entire world. Obtaining a retirement visa for Panama, known as a pensionado, will entitle you to:

Retirement benefits such as NO TAXES on your property for 20 years
Insurance costs below average
Health care equal to the U.S
Tax Exemption to import a car every 2 years
Import tax exemption for Furniture, appliances and fixtures up to $10,000
50% off discount in movie theaters, and cultural and sporting events
30% discount on train, bus, and boat transportation
15% discount on loans made in your name
1% reduction on home mortgages for personal use
25% reduction on your water, telephone and electricity bills (off base unit price, not off total bill)
20% discount on doctors visits
50% discount weekdays on hotels, 30% discount on weekends

So the real question is, what are you waiting for? Retiring in Panama makes sense. Beautiful country, incredible climate, amazing beaches, world-class benefits to retire to Panama. Make your plans to make Panama your retirement home and don’t forget that swimsuit….the beach is waiting for you!

We offer a whole range of services to make your visit or your move to Panama as smooth and hassle free as possible, contact us for more information and tell us what services you need to make Panama your retirement home.