When you are ready to retire, you can choose to relocate to a new country. Panama offers a beneficial retirement location with multiple options to achieve residency. Here are four advantages of retiring in Panama:
1. Convenient Location and Travel Options
Retiring in Panama provides additional travel options, as Panama is midway between North and South America and equidistant from Europe and Asia. Panama City’s Tocumen International Airport offers an accessible location for flights. This makes it simpler to travel between the U.S., Panama, and international locations. International flight options allow you to visit family members and friends and explore additional countries during your retirement. There are often direct daily flights to Los Angeles, New York, Atlanta, and other U.S. cities. Flights to Paris, Madrid, Istanbul, and Frankfurt are also available.
2. Multiple Residency Programs
Several residency programs and visas are available to allow you to settle in Panama. These include the Qualified Investor Visa, the Panama Friendly Nations Visa program, and the Pension Visa. With the Qualified Investor Visa, you can receive a visa in 30 days and apply for citizenship in five years. Owning property or a business in Panama can help you qualify for the Panama Friendly Nations program. If you qualify for the Pension Visa, you can become a resident and receive discounts on travel, health care, and living expenses.
Panama attorneys can walk you through the available programs to help you determine which ones you qualify for. They can also assist you with visa requirements and help you obtain the necessary documents. Eligibility for the Qualified Investor Visa requires investing in Panama’s banking, stock, or real estate markets. Our team at Mata & Pitti can offer referrals for investment opportunities to help you meet the requirements.
3. No Taxation on Foreign Income
The U.S. dollar is frequently used in Panama. It has the same value as the Panamanian balboa, making banking, investments, and other financial transactions more convenient. Tax policies in Panama do not require taxes to be paid on income made outside of Panama. This means no taxes will be charged on your pension or the Social Security you receive from your country of origin. Panama also provides lower property taxes and other tax breaks for residents. Retirees may receive import tax exemption for their household goods.
4. Opportunities for Exploration
With its tropical beaches, mountains, and national parks, Panama offers a range of leisure and outdoor activities. Retirees can relax on tropical Panama beaches and hike rainforests. You can also go shopping or try various Latin American dishes at one of the urban centers. Panama provides high-quality health facilities and services, with many healthcare providers speaking English.
Learn More About Retiring in Panama
Our lawyers at Mata & Pitti are knowledgeable in Panama migration laws, real estate services, international banking, and Panama corporations. We help you avoid processing delays and other difficulties during the residency and visa application processes. To learn more about retiring in Panama, fill out our online form or email us today.