Panama as an ideal destination for retirees
Posted By: Panama Expertos on 09.04.2007
Views: 497, Published in sections: Life in Panama ::
Panama is becoming a popular destination for retirees as a poll
conducted by American Association of Retired Persons showed Panama as
the 4th best destination in the world for retired persons.
International Living magazine rated Panama as the premier place for
retirees to settle down. The reasons are not far to seek – Panama
offers a decent living at affordable cost. Thus retirees can stretch
their dollars a little more by migrating to Panama. It is a safe
democratic country with stable government and offers salubrious climate
with low wages and taxes.
Some of the advantages of choosing Panama as a retirees’ destination are:
High quality and at the same time affordable medical facilities
Low taxes, in fact all foreign income, capital gains, interest income are completely tax free
Property prices are low – about half of that prevailing in states like Florida
Easy connectivity by air – Panama is just a few hours away from southern parts of U.S.
Foreigners enjoy the same property rights as Panamanians and there is no discrimination
Tax exemption is available for new constructions
Panama is an ideal tourists destination with some of the world’s
most beautiful beaches and other tourist attractions like adventure and
eco tourism
Language is not a problem as English is widely spoken and understood and Panamanians are a friendly people
Americans can feel at home as most of the products and services available in U.S. are available in Panama as well
The Panamanian government offers attractive incentive schemes to woo foreign retirees
Panama enjoys tropical climate with rainforests, wildlife,
mountains and sunny beaches. It has good communication and other
infrastructure facilities. Some of the incentives offered by Panamanian
government to foreign retirees are:
Retirees planning to settle down in Panama can bring $10,000 worth of personal effects without paying duties
One automobile every 2 years is allowed to be imported without taxes
25% discount on utility bills; 25% on airline tickets and 30% discount on other forms of transportation
20% discount on doctor’s fees; 15% on services provided by hospitals in the absence of insurance and 10% discount on medicines
50% discount on entrance tickets to movies, sports and other cultural events
15% discount on loans and 20% discount on professional services
The only country that comes close to Panama in terms of costs and
standard of living in Central America is Costa Rica. Panama is a young
and growing country and is making great strides economically. Panama
government however, does face budgetary problem and the need to provide
employment to the growing population and also increase social spending
but these factors have not affected foreign retirees so far.
With all the plus points listed above, Panama must be in any retiree’s radar for migrating and leading a peaceful retired life.
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