The Benefits of Being a Retiree in Panama

By: Rolando A. Guevara Alvarado, Esq.

Now, if you are a “Pensioner or Retiree in Panama, you are eligible and qualified for the following benefits and discounts:

Households goods up to US$10,000 can be brought in to Panama free of taxes.
New cars can be brought in duty free every two years.
Foreigners can buy and own real estate property in Panama enjoying the same rights and protections as Panamanians.
50% off entertainment anywhere in the country, i.e. ticket prices for admissions to movies, sporting events, concerts and other public shows.
25% off airplane tickets bought in Panama.
30% off in transportation (buses, trains, ships) fares.
20% off doctors’ or physician consultations.
50% off hotel stays Monday through Friday, 30% off Friday trough Sunday.
25% off restaurants bills except those who do not require commercial license.
15% off fast food franchise meals.
15% off on hospital services and other health services when it is covered by health insurance.
10% off in drugstores, even prescription medicines.
15% off on dental and eye exams.
20% off on prosthesis and health products.
50% discount on costs or commissions of personal and commercial loans.
15% discount on loan rates for personal and commercial loans.
1% discount or no payment on the interest rate for mortgages obtained on real estate property for personal use.
20% off on professional and technical services.
50% discount on the cost of the passport.
25% off on public utilities (power electricity, telephone services and water bills.
No real estate tax if you hold a property in your own name and you have only one (1) property in Panama.
Special or express lines and accommodations in all banks and public offices for retirees, thus free from waiting in long lines.

And the list goes on and on. All the above mentioned benefits are legally enforceable and supported by Law 6 of 1987, which regulates the benefits for retired citizens, pensioners, and elderly persons. These are some of the reasons why the Immigration authorities of Panama have reported that they doubled the amount of special retiree visas issued from the year 2003 up to this year.

Consequently, we may summarize this article by saying that while retiring in Panama, you will experience the fact of living like royalty without spending a king’s fortune. Panamanians are kind and foreigners are welcomed. This country has much to offer, how much you chose to do depends on your thirst for a new living experience and the search for your slice of paradise.

Khalaro Investments is willing to assist you in every aspect related to opening a bank account in Panama. Contact us now for more information.

The Benefits of Being a Retiree in Panama

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