Move to Panama: Options for Retirement and Relocation
Relocating and Retiring in Panama
Panama consistently ranks among the top destinations for retirement in Latin America. There are various undeniable advantages of retiring in Panama that are worth exploring.
In the game of global geography, Panama holds a high card for centrality. Positioned at the intersection of the Americas, it serves as a convenient midway point between North and South America. On a hemispheric scale, it’s equidistant from Europe, Asia, and Africa. Panama City’s Tocumen Airport welcomes direct flights from an impressive range of over 85 cities in 37 countries, and countless two-step journeys connect it with major global metropolises.
Our firm, with its extensive experience in Panamanian law, offers not only insights into the benefits of retirement in this beautiful country but also comprehensive real estate brokerage services. One of our partners, a licensed realtor, lends their expertise to negotiate and close real estate deals. From reviewing contracts to filing sales at the Panama Public Registry, we are here to provide the necessary legal guidance and make your transition to Panama smooth, secure, and successful.
Contact our team to discuss banking in Panama, retiring in Panama, and any other significant decisions with regard to Panama’s legal affairs. Below, we list some of the main advantages of relocating or retiring in Panama to assist you in making an informed decision.
- Low property taxes.
- Import tax exemption on household goods and/or cars (retirees only).
- No income tax for businesses and operations performed outside of Panama.
Discounts on prescription drugs, health care services, hospitals, and dental services
- Discounts on airfares, restaurants, movies, lodging, utility bills, and other services
Affordable cost of living.
The standard monthly cost of living, including domestic and professional services, food, entertainment, real estate, and additional expenses are substantially lower than in many countries, particularly Europe and North America. This makes retiring in Panama an attractive option for foreigners.
Solid and stable economy.
For banking in Panama, the U.S. dollar is recognized as a legal currency
Panama’s economy is based mainly on the services sector
The Panama financial and banking center is one of the highest-rated in the region
Panama is perhaps the most accessible retirement spot for Americans in the region. There are frequent nonstop flights to Panama City’s Tocumen International Airport. It’s a two and half hour flight from Miami, there are also daily direct flights to/from LA, NYC, Orlando, Houston, and Atlanta. There are also flights to/from Paris, Madrid, Amsterdam, Frankfurt, Toronto, and Istambul. Panama is also a hub for international flights connecting South America with North America. Retiring in Panama has never been easier with the abundance of accessible travel options available.
Infrastructure and Real Estate Opportunities.
Panama’s modern infrastructure is constantly evolving and includes highways, up-to-date communication systems, shopping centers, top-tier hospitals, and highly-rated banks.
The number of housing options for real estate projects in Panama is continually increasing, encompassing residential proposals for all types of budgets and preferences. This includes luxurious gated communities in the city, cozy residences in the mountains, or beautiful beachfront properties. Depending on each client’s preferences and budget, there are exceptional opportunities to purchase small houses or apartments at attractive prices, as well as more exclusive options that are comfortable and secure.
Modern and trustworthy private medical services and facilities are available throughout Panama. Medical treatments and procedures are lower than those in other countries. Panama has been one of the countries in the region that have most quickly vaccinated the majority of the population against COVID-19.
Safety and security.
Normal safety practices are necessary in any capital city around the world, nevertheless, Panama is considerably safer than many countries worldwide and far safer than most countries in the region. Due to its geographical position, natural disasters such as earthquakes or hurricanes are not common in Panama.
TRAVEL, CULTURE, AND RECREATION
Panama offers a wide selection of places to visit, including beautiful islands and modern cities. We also feature a booming nightlife, excellent and varied gastronomic options, good shopping, highlands, rain forests, and beautiful beaches on the Pacific and Atlantic Oceans.
The temperature in Panama is comfortable year-round. We have a dry season and a rainy season, yet even during the rainy season, we can enjoy beautiful, sunny days. Temperatures are typically hot and humid in the lowlands (between 24–34 C/70–90 F) and somewhat cooler in the mountains (between 15–24 C/50–64 F).
Spanish is the official and standard language, yet English is widely spoken and visitors can easily obtain assistance in English.
Panama is always moving forward and improving. Due to the fact that it is a small country with a low population, substantial changes can be accomplished in shorter time periods. The service industry (hotels, tourism, and restaurants) is quick to implement new changes and advancements to bring better products and services to consumers.
Immigration and Real Estate Inquiries?
For information on different visa alternatives, guidance on becoming a Panama resident, or assistance with real estate opportunities, our team of attorneys and licensed realtor are at your service. Whether you’re interested in legal support for residency or buying and selling properties, we offer the expert legal guidance necessary to make your transition to Panama secure, and successful.
Feel free to reach out to us for all your legal needs related to retiring or relocating in Panama, our team will get back to you as soon as possible.
Get in touch with us!
Advanced Tower, 1st Floor
Panama City, Panama
+507 264.5570 | 264.5931