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Retiring to Panama – 10 Reasons you should consider
it
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Retiring
to Panama – 10 Reasons you should consider it
More people than ever are considering retiring to Panama - and
it’s already one of the top destinations for adventure and eco-tourism
- and it’s now becoming a top retirement destination.
In the USA 78 million Baby Boomers will reach retirement age
in the next 10 years – and they’ll be looking to maintain their
standard of living by retiring abroad, where their pensions will
go much further. Many of these future retirees are already considering
retiring to Panama to get more for their money.
Panama comes of Age
Panama’s status as a retirement destination has come of age
- as a recent poll on Modern Maturity magazine shows.
The magazine concluded that retiring in Panama was the fourth
best retirement destination in the world - and International Living
rates put Panama at number 1.
Should you consider retiring in Panama? Let’s look at the
advantages:
1. Panama has a stable democratic government, and a strong
economy.
2. Residents and people retiring to Panama pay no tax
on income from overseas.
3. Foreigners can buy and own property in Panama, with
the same rights as Panamanian citizens.
4. An incentive program for retiring to panama is available
– and it’s one of the best in the world.
5. Property tax exemptions apply to all new construction
on a reducing scale - according to the value of the property.
6. The US presence In Panama has always been strong, due
to the canal - and this has led to the availability of a lot of
products and services that make Americans feel at home.
7. The Panamanians are some of the friendliest people
in the world - and the expat community is growing - so the social
life is lively.
8. Panama has excellent communications and it also a good
infrastructure that reflects the growing prosperity of the country.
9. Property is affordable - less than half the price of
similar properties in Florida or Arizona. Panama also has easy access,
being just a few hours flying time from the southern states of the
USA.
10. Panama is one of the most beautiful countries in the
world, with something for everyone.
There’s much more to Panama than the canal bounded by the Caribbean
and by the Pacific – it’s one of the most beautiful countries in
Central America. Panama has everything from stunning beaches to
mountains, as well as rainforest and an abundance of wildlife.
When you retire to Panama you get a whole host of discounts
promoted by the Government (Pensionado or Retiree) including: .
Tax exemption to import a new car every two years
. 25% discounts on utility bills
. 25% discount on airline tickets, and 30% on other transportation
. 15% discount on loans made in your name
. 20% discount on doctor's bills, and 15% on hospital
services, if no insurance applies
. 10% discount on medicines
. 20% discount on bills for professional and technical
services
. 50% discount on entrance to movie theatres, cultural
and sporting events
Is Panama the best place to retire to in Central America?
In terms of living standards and stability, the only real rival
to Panama is Costa Rica. While Panama was cheap like Mexico it’s
no longer an undiscovered location – in fact there’s keen interest
in retiring to Panama due to the many benefits – and this has pushed
up prices.
Panama has the same problems as many of the new emerging Central
American property hot spots - namely, the government has budget
problems - and a need to expand employment, and improve social services.
Panama is still a relatively young nation, and it’s still in
transition - but great strides are being made - and the expat community
is largely unaffected by these problems.
However, as an alternative to retiring in Panama, you should
also consider Costa Rica - you get a great standard of living, as
costs are low. While property prices in Costa Rica are not cheap,
they’re very affordable - and there are bargains available in the
right locations.
If you’re considering retiring to Panama, then there’s many
plus points that are hard to ignore.It doesn’t matter if you're buying property in Costa Rica, or
anywhere else for that matter, you need to choose the right location
to maximize your capital growth.
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