Why retire in Panama? That is a question only asked by those
who don’t know everything that Panama has to offer.
Amazing beaches and wildlife abound, but that’s only
part of the story. Here’s a “Dave Letterman”
type list of reasons why Panama is the perfect country for
your retirement plans.
10 – Panama is a thriving democracy with actual freedoms
2004 presidential election was contested by half a dozen different
political parties, and it didn’t have the verbal brutality
of the elections in the USA, which were held at the same time.
Freedoms of press, speech, and religion are honored, and free
enterprise is central in Panama's economic life. Freedoms
such as these are taken for granted in the USA, but provide
a great reason why to relocate and retire in Panama.
9 – Panama has no military
Panama has a national police force, and no more. The independence
of Panama is guaranteed by the United States. After the bloody
regime of General Noriega, Panamanians have the good sense
to know they don’t want a military. The security of
the US military without the international backlash is another
great reason why to retire in Panama.
8 – Panama has the Panama Canal...and more.
The Panama Canal provides 10%
of Panama's GDP (Gross Domestic Product – the total
economy). The canal provides Panama with a non-tourist based
income and it also provides thousands of well-paid jobs for
Panamanians. A multi-year, $8 billion expansion of the Panama
Canal is being considered and will add thousands of great
paying jobs. International banking, manufacturing, and shipping
combine to provide more jobs and tax revenue than the canal.
Panama also has the second-largest free trade zone in the
world (after Hong Kong) and this has an impact on the economy.
The stability Panama's economy provides great security for
Panamanians and is far more modern and service-oriented than
you might expect. This means stability not only for Panamanians
and it a great reason why to retire in Panama.
7 – Panama has a thriving middle class
With the previously mentioned jobs that are available, Panama
has a growing middle class. As seen in so many other countries,
a vibrant middle class is the foundation for both the economy
and the democracy of the country. Stability provides another
basis for why to retire in Panama.
6 – Panamanians accept Americans and Europeans
In spite of the worldwide press and their Venezuelan neighbors
South America, Panamanians are accepting of people of other
countries. As a country with a growing tourism trade, they
actually welcome “extranjeros”. (Or foreigners)
Finally, with 14% of the people fully literate in English,
the transition is easier than you might think. Spanish education
is advised, however, and its instruction is readily available
and inexpensive. Retiring in Panama is a much easier transition
than most countries.
5 – Panama’s currency is the US dollar
Not important you say? Anyone who has traveled to Europe or
other foreign countries will quickly disagree. Exchanging
money and mentally converting currency for reference sake
can make anyone crazy. Panama has unique coinage, called the
Balboa, but the Constitution forbids the printing of additional
paper money. This helps to stabilize the economy. Not having
to figure the conversion for Costa Rican Colonnes is reason
enough to retire in Panama!
4 – Panama’s climate and habitat are incredible
Oh the beaches! Without selecting an island, it is nearly
impossible to find another country where you are no more that
an hour from the ocean. (Or in Panama, two oceans; the country
is bounded by both the Atlantic and Pacific Oceans) The volcanic
mountains provide both rich soil for an abundance of tropical
vegetation and more moderate climates at higher altitudes.
Such a variety of climate and habitat have already been drawing
people to retire in Panama for years.
3 – Panama’s cost of living in Panama lower than
both the US and Europe
This is a matter of lifestyle and choice, but for the vast
majority of people, Panama is an incredible value in cost
of living. Housing, produce, and local cuisine in most areas
are an exceptional value. This has always been, and still
is, a prime reason to retire in Panama.
2 –Panama’s people are friendly
The comfort level with foreigners and the relative prosperity
of Panama put its people in a position to be friendly and
comfortable with foreign residents and tourists alike. Panama
does not have an abundance of desperate poverty like so many
other nations; therefore, the people tend to be more relaxed
and pleasant. Such an environment makes this an excellent
place to retire.
And the top reason to retire to Panama is…
1 - If you are retiring, Panama wants you
If you receive your pensionado,
or retirement visa, Panama offers a stunning array of
benefits. This is not United States, AARP type of benefits!
Such discounts include 50% for movies and sporting events,
25% for Copa airline flights, 50% for weekday rates at hotels,
and 15% to 25% and medical expenses and utilities. As an added
feature, you pay no taxes on income earned outside of Panama,
which is a great feature for those wishing to retire in Panama.
With such a list, it’s easy to see why Panama is a
great retirement destination. Great climate, low cost of living
and pleasant people make this a virtual tropical paradise.
It’s time to finalize those retirement plans and come
Please contact us for
more information or click the link below for our special discounted
legal fees for obtaining a Panama retirement visa / pensionado.