Panama has been recently rated by many international magazines and newspaper articles among the top places for retirement in Latin America.
Said statements can be very subjective due to the fact that at the end it will depend on each person point of view; however, in order to make your decision, we are listing below some of the main advantages for retiring in Panama.
- 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 soon the world longest flight to Dubai. Panama is also a hub for international flights in the region connecting daily South America with North America.
Panama modern Infrastructure is evolving every day and includes highways, up to date communications systems, shopping centers, hospitals and some of the highest rated banks.
Health and care services.
Modern and trustworthy private medical services and facilities are available. Medical treatments and procedures are considerable lower than other countries.
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.
For cost information or further information about the different visa alternatives, kindly contact us at firstname.lastname@example.org. One of our attorneys will get back to you as soon as possible in order to guide you through the requirements and process to become a Panama resident.