Panama Retirement: Cost Of
Living
Cheap real estate, a
low cost of living, fabulous scenery and relaxed pace should put
this gem at the top of the list for Americans on a fixed income.
Panama is one of the best places in the world for retirees today,
combining a low cost of living, near-perfect weather and one of
the world’s best discount programs for retirees, with up to 50%
off everything from public transport to movies, mortgage rates,
doctor’s visits, electricity, restaurants and airfares.
When you compare Panama with its neighbors, you’ll see that it has
more amenities than traditional retirement spots such as Mexico
and Costa Rica, but costs and crime rates are lower. In Panama,
you’ll encounter less red tape and less interference from local
authorities.
To encourage long-term foreign investment, Panama requires no
special authorizations, permits or prior registration for foreign
investors. The Investment Stability Law, passed in 1998, protects
foreign investors from any change in tax, customs, municipal and
labor rules for a period of 10 years after an investment is
registered. Major companies doing business in Panama include
Federal Express, DHL, Sears, Price Costco, BellSouth, Kansas City
Southern Railways, Continental and American Airlines, Warranty
Company of the Americas and Hutchison Whampoa. Plus, you’ll find
just about every American franchise you can imagine on the streets
of Panama City. Check out your options. Find the best rate before
you borrow.
And there are other incentives for foreigners to spend time here,
invest here … or even live here. For example: If you buy or build
a new house, you won’t owe any property taxes for 20 years.
Residents pay no taxes on foreign-earned income.
Tourism investments have 20-year exemptions from import duties,
fees for construction materials and equipment, and income, real
estate and other taxes.
Panama uses the U.S. dollar as its legal tender, which insulates
its economy from global shocks. During the Asian monetary crisis
of 1998, Panama became one of the healthiest economies in Latin
America.
Panama’s pensionado program
Once you become a resident “pensioner” of Panama under the Tourist
Pensionado Visa, you are eligible for the most appealing program
of benefits for retirees available anywhere in the world right
now.
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