Retiring in Panama
When you consider Panama's low cost of
living, affordable real estate, world class health care and most of
all, benefits to retirees, it's no wonder Panama has been rated the
number one retirement destination in the world by numerous publications.
Panama offers its
residents, both foreigners and locals, the good life on a silver
platter, without the red tape and bureaucracy that usually accompanies
immigration. Perhaps what has given Panama that reputation is the Visa
de Turista Pensionado program for international residents, a plan that
is second to none. It allows for maximum benefits, yet demands little
effort from participants. A person does not need to be retired to
qualify. The only requirements are that the applicant is over 18 years
old and receives monthly foreign income of at least $500USD/month,
either from public pension, social security, disability or a private
corporate pension plan.
In return, participants of the program receive:
- Indefinite residency in Panama, regardless of duration of stay in the country
- Exemption from property taxes for up to 20 years
- Exemption from taxes on foreign income still being earned
- Exemption from taxes on imported household good or cars
- Up to 50% discounts on airfare, popular restaurants and fast food chains and entertainment
- Up to 50% discounts and advantages at the bank with loans, mortgage interest rates and closing costs
- Up to 25% discounts on all professional and technical services
- Up to 20% discounts on drugs and health care services including hospital, dental and optometry
Applying to the Pensionado Visa is simple. With
the help of an attorney, a one-time application is usually processed
within a month and there is never the need to renew your Pensionado
Visa. No additional fees are ever required.
Panama’s health care system is just as convenient
and beneficial for retirees. Almost all of Panama’s doctors speak
fluent English, as most have been trained in the United States. Health
care standards are on par with what is expected from the United States
and Canada and private health insurance is extremely affordable.
It’s not only Panama’s incentive package that makes
it such a viable retirement destination. A warm culture, year-round
tropical weather, virgin wildlife and breathtaking environment make
Panama a veritable paradise for the young and old alike. Panama is the
ideal destination for the both nature lovers and urbanites. Whether
it’s the city, the mountains or beaches that grab your interest, the
country offers everything from world-class dining, exquisite golf and
unlimited opportunities for bird watching, fishing and a luxury
lifestyle most people only dream about.