Panama Paradise for Retirees

By: Rolando A. Guevara Alvarado, Esq.

When you are looking for a paradise to be retired, surely Panama shall be on the top of your list as one of the best spots in the world for retirees today and for tourist destination too. Some have referred to Panama as the most accessible retirement heaven for Americans, and why not for Canadians and Europeans as well. Perhaps, the very first thing to know about Panama is that living here costs far less than retirement anywhere in the USA or Europe.

Panama has one of the lowest costs of living in all Central and South America, combined with near-perfect weather, a state of the art medical equipment and technology, also offering an attractive incentive and discount programs for retirees. If you are searching for sun and sand, Panama has that in abundance. Here, time moves at a more leisurely pace but being able to achieve your goals.

This small country of almost 3 million inhabitants has a perfect location for almost every taste; from a cosmopolitan capital city with luxurious skyscraper buildings as in Manhattan or Singapore overlooking the ocean, to palm fringed beaches with turquoise waters and white sand like Bocas del Toro, San Blas, Isla Grande; cool mountain climates like Boquete, Altos de Maria or El Valle, and tropical resorts such as Coronado Beach and Contadora Island, at pretty affordable prices, thus the choice is yours.

Numerous international publications are describing Panama as “the most beautiful retreat in the world” if you are looking for a second home or a retirement option where English is widely spoken. In addition, Panamanians are some of the friendliest people that you will ever meet.

Panama has driven the attention to baby boomers which are considering retirement outside the United States, identifying the need to maximize their diminishing retirement incomes in a less stressful environment.

Real estate prices in Panama are a fraction of the U.S. and Europe. Panama City is often referred to as “the second Miami” due to its sophisticated business district, the American-style infrastructure and the elegance of many of its neighborhoods.

Panama has the highest level of communications infrastructure for telephone, fax, internet, and cellular phone in all of Central and South America, including the Caribbean. It has a reliable communication system with fiber optics telephone lines and ADSL internet.

As the healthcare system is becoming increasingly expensive and patient waiting lists are ever longer in North American and European Nations, in Panama health and medical tourism is growing rapidly. Getting world-class medical service and vacation time in a luxury setting is affordable in Panama. You may stay at a five –star hotel during your convalescence, at prices bellow those in the United States. An important factor for this growth is that Panama offers savings of over 50% compared to the U.S. and Europe. Usually, Panama’s doctors are bilingual, board certified, trained around the world and familiar with the use of the latest technology and medications, thus have earned the reputation as high-quality professionals.

Panama City is Latin America’s location for the Johns Hopkins International Medical Center, which currently the only other country outside the United States having this hospital center is Singapore. More and more people are traveling from around the world for high-quality healthcare at accessible prices and at the same time discovering Panama’s crystalline Caribbean waters, luxury beach, mountain and rainforest resorts.

Panama is gaining international popularity among those foreigners who wish to apply for the tourist pensioner visa and retiree visa mostly because of the attractive incentives and benefits offered. A short list of incentives for retirees for living in Panama, are:

Panama is a safe and political stable country.
Panama has an ideal tropical climate almost all year around.
Panama’s cost of living is basically a fraction of the United States and Europe.
Panama City is a modern cosmopolitan capital, with American style infrastructure.
The currency is the US dollar since 1904, so a minimum risk of inflation and of currency fluctuations.
Panama has medical facilities which may be found in the United States.
High-band internet connectivity, ADSL in-home phone capacity and widely use of cellular phone networks.
English is widely spoken by local Panamanians as a second language.
Geographically speaking and being the “Crossroads of the Americas”, Panama is well located, near the United States with direct flights to Panama from 5 major US cities.
Newcomers who purchase or build a house will not be subject to any property taxes for a 20 years period.
The requirement applications for tourist pensioner or retiree visas are minimal and not complicated.
Residents pay no taxes on foreign-earned income.
Tourism investments have 20-year exemption from import duties, equipment and construction materials, as well as income and real estate taxes.
The possibility of hiring “full time maids” in your residency for less than US$300.00 a month.

Find in the next page the benefits of being a retiree in Panama.

Panama Paradise for Retirees

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