Retiring or Relocating in Panama
Information on Retiring or Relocating in Panama.
Panama has been recently rated by many international magazines and newspaper articles among the top places for retirement in the Americas.
Said statements can be subjective due to the fact 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:
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 including 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 worldwide.
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?-hour flight from Miami, there are also direct flights from/to LA, Orlando, Houston or Atlanta. Panama is also a hub for international flights in the region.
Panama modern Infrastructure is evolving everyday and includes highways, up to date communications systems, shopping centers, hospitals and some of the highest rated banks.
Health Care Services:
Modern and trustworthy private medical services and facilities are available. Medical treatments and procedures are considerable lower than other countries.
Normal safety practices are necessary as in any capital city or country worldwide, nevertheless, Panama is considerable safer than many countries and far safer than any country 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, highlands, rain forests and beautiful beaches on the Pacific and Atlantic Ocean.
Temperature in Panama is basically the same all year, 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 in the lowlands (between 23C and 32C/70F and 90F) and colder in the mountains (Aprox. 18C /Aprox. 64F).
Spanish is the official and standard language, however, English is widely spoken and you should not find trouble obtaining assistance in English