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Retiring Abroad Panama | Retiring to Panama |
A New Life in Panama Panama welcomes expatriate retirees with open arms. It offers the Pensionado Program, a neat package of the best incentives for retirees in the whole wide world. You don’t have to be sixty to qualify. You can be 19 years old. All you need to do is show that you have a monthly pension of $500 plus $100 per dependent to qualify for the program. You are also qualified to receive most of the benefits of the Pensionado Program if you are a female foreign resident who is at least 55 years old or a male foreign resident who is at least 60 years old. The benefits include but are not limited to the following:
Panama’s starts with the Pensionado Program but doesn’t end there. That is the reason why it is presently considered by many to be the world’s leading retirement destination. Climate in Panama | Panama Government | Medical Care in Panama | Tax in Panama | Panama Real Estate | Shopping in Panama | Cost of Living in Panama Climate in PanamaThe temperature is relatively constant in Panama. Panama City is warm and humid during the day but it is cooler at dawn and in the evenings. It is also cooler at areas in higher elevations. Air conditioning is used widely in Panama City. Temperatures range from 32 degrees C during daytime to 21 degrees C at night. The rainy season is fairly short, from October to November. From December to March the weather is generally cool and dry.Government in PanamaThe strategic value of the Panama Canal has brought both benefits and disadvantages to the people of Panama. The U.S. has made its presence felt in the country, especially in the 1989 U.S. invasion that brought down Panama’s president, General Manuel Noriega. In 2004, Martin Torrijos was elected president, with a program to enlarge the Panama Canal staring in 2008 and to strengthen the country’s economy through the Colon free trade zone. The U.S. remains Panama’s leading trading partner and user of the Canal. U.S. bases also contribute $250 M a year to Panama’s economy. In 2006 the U.S. and Panama inked a free trade agreement. A section of Panama’s population have long protested the strong U.S. influence and occasional intervention in the country’s internal affairs.Medical Care in PanamaPanama offers expatriates high quality medical care delivered by U.S.-trained doctors and other health professionals at half what it would cost them in the U.S. A patient can avail of world-class hospitals, medical treatment, and medications in what is considered the safest city in the Americas. Even tap water in Panama is considered safe to drink. Finally health professionals in Panama are known for their empathy and tact in dealing with doctor-patient relations.Tax System in PanamaExpatriates who are Panama residents do not have to pay taxes on income earned outside the country and do not have to pay property taxes for 20 years after you purchase or build your home. Personal income tax ranges from 4 to 30 percent. A five to ten percent VAT is imposed on most products and services. The seller pays transfer taxes on real estate. No inheritance or gift tax is collected by government.Real Estate in PanamaForeigners and Panama’s citizens enjoy the same rights and protections in buying and owning property. There are no legal barriers to an expatriate who wants to buy a house or apartment for his residence or for investment purposes. In addition, the country’s Public Registry is mandated to show proof of ownership and clear title to property.In Panama City, there are well appointed apartments with an ocean setting and available in various prices to suit your budget and needs. The city is also undergoing a construction boom, featuring new office buildings, hotels and condominiums. Rental property in the cooler mountainous areas is highly prized and has real advantages as investments. Real estate can vary in price from less than one dollar per square meter in less accessible areas to areas closer to town costing $10 to $100 per square meter. Construction costs are less than in the U.S. The Boquete Mountains, the Pearl Islands beaches and Panama City itself are considered to be the prime areas for real estate. The Boquete Mountains are famed for their cool weather and unspoiled beauty while the Pearl Islands are noted for their clear water, white sand beaches, coral formations, and all the other ingredients of nature at its best. Shopping in PanamaYou can avail of duty free high-end goods in Panama and save at least a third of what they would ordinarily cost. Various malls have risen in the past years, offering great bargains in jewelry, clothes, handicrafts, perfume, art and antiques, and even custom made wooden doors. Jewelry includes copies of the pre-Columbian gold and silver ornaments as well as orchids, seashells and other objects of nature. You can also buy emeralds as loose stones or ready-made jewelry or you can have your own design executed by talented artisans. Panama is also known for quality leather goods, rugs, lamps, crystal, porcelain, woven baskets, and the like. Ibiza is a well-known chain that offers various lines of fragrancesCost of Living in PanamaYou can live in Panama for a fraction of the cost in the U.S. and Europe. You pay 10-12 cents per kilowatt-hour of electricity. You pay only $18 A YEAR for water. Your trash will be collected for $7 a month. Fruits, meat, vegetables, eggs and other food items produced locally are much cheaper. You pay 30 cents for a can of local beer and the same amount for a cup of coffee. Housemaids and other help are paid less than a dollar an hour. You can build a home in Panama for about $40 per square foot. Once upon a time, you had to be rich to be able to retire in another country. Now retirees have to pursue their retirement plans abroad to be able to live comfortably on the pensions that they receive. PartnersDescription: Welcome to Fertur Peru, a tour operator and full-service travel agency that since October 1994 has built its reputation on reliable, personalized service. Striving always to provide the best prices, our pledge is to offer you a truly unforgettable South American vacation. |
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