Panama offers one of the best retirement programs in the world. Combined with the low cost of living, great climate, lowest crime rates in Latin America, notable tax advantages, and great infrastructure, these incentives are making Panama a destination of choice for retirees world-wide – including the 80 million U.S. baby boomers scheduled to retire over the next ten years.
A partial list of retiree incentives available through the Panama Pensionado retirement program include:
- Import tax exemption on household goods
- Tax exemption to import a new car every two years
- 25% discounts on utility bills
- 25% discount on airline tickets and 30% on other transportation
- 15% discount on loans made in your name
- 1% reduction on home mortgages for homes used for personal residence
- 20% discount on doctor’s bills 15% on hospital services if no insurance applies
- 15% off dental and eye exams
- 10% discount on medicines
- 20% discount on bills for professional and technical services
- 50% discount on entrance to movie theaters, cultural and sporting events
- 50% discount at hotels Monday thru Thursday and 30% on weekends
In addition, there are many more discounted items not listed here. The main requirement to qualify for the Pensionado retirement program is proof of a minimum income of $500 per month plus an additional $100 for each dependent ($600 for a couple). This program is not age related – you simple need to show proof of steady income from a corporate pension, social security, or government supported pension plan to qualify for the visa.
- Panama City has a modern, American style infrastructure due to the near 100 year presence of the Americans in Panama.
- High-band Internet connectivity, cellular phone networks and ADSL in-home phone capability are readily accessible throughout most of Panama. Full-service satellite and cable TV are also very common.
- Panama’s cost of living is a fraction (approximately 1/5th) of the United States.
- Panama has an ideal climate.
- Panama has medical facilities on a par with the United States.
- Panama is close to the United States with direct flights to Panama from 5 major US cities.
- Retirement visa requirements are minimal.
- Foreigners can buy and own property in Panama enjoying the same rights and protections as Panamanians.
English is the second language in Panama and is widely spoken.