Are you looking to retire overseas and enjoy a quality of life much better than you currently have? Maybe even retire much earlier than you were expecting to? If so, you should consider retiring to Panama. In fact, Panama remarkably topped International Living’s annual Global Retirement Index for six years straight.
The amazing benefits of retiring to Panama used to be secret, but not anymore. IL is no longer the only voice encouraging people to retire to Panama; respected publications including SmartMoney, TheStreet, and The New York Times have published articles featuring Panama’s many attributes.
Retire to Comfort and Luxury in Panama
Panama offers a very comfortable retirement, in part because the nation is much more developed than most visitors expect. Many who attend International Living’s conferences and real estate tours are shocked by the modernity of Panama and the clusters of skyscrapers that define Panama City’s skyline. All of the amenities you could wish for are all readily available in Panama.
Not only will you have access to all of the luxuries and comforts of your current life, but you will also have access to more of them because of Panama’s lower cost of living. By retiring in Panama, you will enjoy the benefits of a developing economy where you can still take a taxi across town for under $4, get your haircut for $5, or enjoy dinner with a bottle of wine at a trendy Panama City restaurant for under $20 a person. There are also lots activities for you to enjoy, from jazz clubs to art openings to English-language theater performances. You may be wondering what you will do when you retire…but when you retire in Panama, you will never find yourself bored.
Inexpensive Real Estate and Health Care
Consistent with the generally low cost of living in Panama is the affordability of available real estate in Panama. Whether you are looking to live in a Panama City high-rise apartment, a condo in a gorgeous beachfront community, or a house in the temperate mountain region, you will find very reasonably priced real estate to suit your needs and desires. Most people who retire in Panama find themselves enjoying the property they have always dreamed about but couldn’t afford in the U.S., Europe, or Canada.
Health care in Panama is also both inexpensive and modern. Many Panamanian doctors are U.S.-trained, and hospital standards are on par with what you would find in North America or Europe. In fact, Panama City’s major facilities are all affiliated with prestigious U.S. hospitals. Perhaps the most appealing advantage is the private health insurance and prescription drugs that are readily available and much less expensive than their U.S. equivalents.
Panama’s Unmatched Pensionado Program for Retirees
A major benefit of retiring to Panama that must not be overlooked is Panama’s incredible pensionado (retiree) program. Panama’s pensionado program was created via Law No. 6 and Law No. 9, both passed in June 1987. Today, the program still provides pensioners with the most appealing special benefits the world has to offer.
Under the pensionado program, you will be entitled to :
- 50% off entertainment, such as movies, theater, concerts, and sporting event
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 30 to 50% off hotel stays
- 15% off hospital bills
- 10% off prescription medicines*
- 20% off medical consultations*
- 15% off dental and eye exams*
- 20% off professional and technical services
- 50% off closing costs for home loans
- And more…
*Unless insurance applies
Pensionados also receive a one-time exemption on the importation of household goods of up to $10,000, and, additionally, will enjoy an exemption from duties for the importation or local purchase of a car every two years. Get more details on this and other residency options here
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