Move to Panama: Options for Retirement and Relocation
Retirement and Relocation in Panama
Panama consistently ranks among the top destinations for retirement in Latin America, a distinction found in numerous international magazines and newspapers. While such recognitions can be subjective and depend on individual preferences, the undeniable advantages of retiring in Panama are worth exploring.
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.
Below, we list some of the main advantages of retiring or relocating in Panama, to assist you in making an informed decision. Trust in our experience as we guide you through this exciting new chapter of your life.
- No property taxes for 15, 10 or 5 years depending on the property.
- Import tax exemption on household goods and/or cars. Other taxes apply.
- 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, theatres, lodging, utility bills and other services.
Affordable cost of living.
This is rapidly changing, however, 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.
Solid and stable economy.
- US dollar as legal currency.
- Panama economy is based since its beginning on the services sector.
- The Panama financial and banking center is one of the highest rated in the region.
Crossroads of the Americas.
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 2 and half hour flight from Miami, there are also daily direct flights from/to LA, NYC, Orlando, Houston, Atlanta; also Paris, Madrid, Amsterdam, Frankfurt, Toronto and Istambul. Panama is also a hub for international flights in the region connecting daily South America with North America.
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 in 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 in small houses or apartments at attractive prices, up to more exclusive options with all comforts and security.
Health and care services.
Modern and trustworthy private medical services and facilities are available. Medical treatments and procedures are considerable lower than 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.
Certainly, normal safety practices are necessary as in any capital city worldwide, nevertheless, Panama is considerable safer than many countries and far safer than any most of the region. In addition, due to its geographical position, natural disasters such as earthquakes or hurricanes are not common in Panama.
Travel, culture, recreation.
Panama offers a wide selection of places to visit including beautiful islands, a modern city, a booming night life, excellent and varied gastronomic options, good shopping, highlands, rain forests and beautiful beaches on the Pacific and Atlantic Ocean.
Temperature in Panama is basically the same all year, this is kind of boring for us Panamanians, however a good thing for those with long cold winters, the only difference is that we only have a dry season and raining season; however, even at raining season we can enjoy a beautiful sunny set of days. Temperatures are typically hot and humid in the lowlands (between 24C and 34C /70F and 90?F) and somewhat cooler in the mountains (between 15-24/50-64F).
Spanish is the official and standard language, however, English is widely spoken and you should not find trouble obtaining assistance in English.
Panama is not by far a perfect place, however, it is always moving forward and improving. Due to the fact it is a small country with still a low population substantial changes can be accomplished in shorter terms, the service industry (hotels, tourism and restaurants) are getting better and the recent booming competition and new businesses would always bring better alternatives for the consumers. With the right attitude hopefully it would not take long for you to get used to the country rhythm.
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