Panama is one of the world's top offshore havens and it is continuing to emerge as the next great retirement destination. Panama offers certain advantages over every other Central and South American destination. Tax advantages. Privacy advantages. Not to mention that you'll find some of the world's most beautiful mountain, beachfront, and island property here. Add to all of this what we consider the world's best incentive program for retirees, and you've got something worth paying attention to.
Even The Los Angeles Times in a recent article noted that many recent retirees "have been drawn to Panama by its low taxes, affordable housing, tropical climate and contemporary, bilingual entertainment."
Panamanian life is truly affordable. (A full-time, live-in maid costs $150 a month...first-run movies cost $3.75.) It's the safest place in Central or South America. And it's the most developed country south of the United States--home to some of the world's top companies.
Panama has a stable government, a stable currency (pegged to the U.S. dollar since 1904), and virtually no inflation. In other words, this country is the exception to the rule in Central America. As The Economist recently reported, in Central America, "Panama has stood apart, sustained by its canal, banks, and free-trade zone."
Panama is starting to get noticed by America's mainstream press: "Panama is the most beautiful retreat in the world and almost undiscovered," claimed a recent article in Harper's Bazaar.
"Known mostly for its canal, Panama is, in fact, an undiscovered tourist paradise," stated a travel article in The Boston Globe.
Even The Wall Street Journal is talking about the "new breed of intrepid retirees [that are] branching out" to Panama.
Panama's Unmatched Pensionado Program for Retirees
A final benefit of retiring to Panama that must not be overlooked is Panama's incredible pensionado (retiree) program. Panama's pensionado program, in its current form, was created with the passing of Laws No. 6 and No. 9 in June of 1987, which provide those who retire to Panama with the most appealing program of special benefits available in the world. To be eligible, the only requirements are that you are at least 18 years of age and receive a government or documented pension income from an international corporation of $500 (and an additional $100 for each dependent) each month. Those with private or non-documented pensions need to be at least 50 years old. Under the pensionado program, you will be entitled to :
- 50% off entertainment--such as movies, theater, concerts, and sporting events.
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 50% off hotel stays from Monday through Thursday
- 30% off hotel stays from Friday through Sunday
- 25% off at restaurants
- 15% off at fast-food restaurants
- 15% off hospital bills (if no insurance applies)
- 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…
As if that is not enough, pensionados also receive a one-time exemption on the importation of household goods oof up to $10,000 and will additionally enjoy an exemption on import duties every two years for a brand new car.
It is quite obvious that the government is vigorously trying to attract people to retire in Panama. You cannot ask for better circumstances, or hope to find them anywhere else in the world. Retiring to Panama is truly an unparalleled opportunity.