There is much to attract a retiree to Panama - this tiny Central American country offers safety, affordability and accessibility packed into a beautiful, tropical landscape, bounded by the bluest seas and thriving with natural wonders.
It's no wonder then, that so many North Americans are heading southward to spend their truly 'golden' years.
In fact, Panama has been ranked the number one retirement destination in the world for six consecutive years by International Living.
In looking at real estate prices, special benefits for retirees, cost of living, safety and stability, health care, climate, culture & entertainment, and infrastructure, this oversees living and retirement specialty publication has time and again named Panama the place to be.
"It is quite clear why this country is so appealing for North American retirees: Panama boasts the world's most generous program of special benefits for retirees, it offers easy access from the US, its cost of living is low, the landscapes and coastlines are beautiful, its population is friendly and warmly welcomes foreign residents and investors, and its capital, Panama City, is without peer in the region."
International Living, Sept. 2006
So how do you qualify to retire to Panama? There are two programs for retirees: the Pensionado Visa, and the Private Income Retiree Visa .
Both are considered non-immigrant status, which means you are granted indefinite residence in Panama but cannot apply for a Panamanian passport or naturalization. Contact us to find out which program best suits your particular retirement situation.
Both entitle you to generous discounts and benefits while living in Panama:
Entertainment and Transportation
• 50% off all entertainment, including movies, theatres, concerts, as well as recreation, cultural, sporting events, and more.
• 25% off restaurant prices
• 25% off airfare with private or public, national or foreign companies
Health and Professional Services
• 15% off hospital and private clinic services
• 20% off general and specialist medical consultations and surgeries
• 15% off dental and eye exams
• 20% discount for technical and professional services (lawyers, architects, nurses, physical therapists, etc.)
• 20% off the price of any prosthesis, device and assistance accessories
Taxes
• Total one-time tax exemption for the import of personal or household goods up to US $10,000
• Total tax exemption every two years for the import of a motor vehicle for personal or family use
• No income taxes on income earned outside Panama
Real Estate and Utilities
• Freezing of property tax on sole personal residence (application required)
• Exemption of appraisal fee for sole personal residence
• 25% off electricity bills up to 660KW
• 25% fixed phone charge for sole, residential telephone line
• 25% off water bills up to $30, for personal residence
Loans
• 50% off closing costs of personal and commercial loans
• 15% off maximum interest rate on personal and commercial loans
• 1% off interest rate for home loans on personal residence (age requirements drop 2 yrs for men / women; all pensioners & retirees qualify)
* As per Panama's Law Regulating the Benefits of Pensioners and Seniors, women over 57 years of age, men over 62, and all pensioners and retirees of any type qualify for the above discounts. |
