Retirement in Panama: It Just Makes Cents
Panama has long been considered the best place to retire and in 2015 that hasn’t changed much. Centrally located between North and South America it’s a central hub for travelers and retirees from two continents and provides boundless culture. Panama uses the U.S. dollar (and has since 1904), making exchange rates a non-issue, and it offers retirees endless opportunities to explore all it has to offer without breaking the bank. With discounts provided on entertainment, travel, accommodations, restaurants, healthcare, and home loans it’s hard to find a reason not to retire to Panama.
International Living has ranked Panama the best retirement destination in the world seven times in a row, and this year gave it the highest score possible of 100 for retiree “benefits and discounts”. This highly sought after retirement location has been in the lead for years and is holding steady. Through all kinds of changes, it continues to flourish and prove itself time and time again that it is still the place to be for retirees.
Panama has it all. From beautiful beaches and perfect weather to friendly locals and boundless culture, Panama is one of the safest countries in the world and has medical facilities on par with the United States. Retirees can easily obtain residency in Panama and reap the benefits of the best pension program in the world. You can move there, buy a home and car, and start living the life of a local for a mere fraction of what it costs to live in the United States.
If you can prove you have income of a certain level, you will be granted legal residence and provided with discounts that include but are not limited to:
- 50% off home loan closing costs
- 50% off entertainment
- 30-50% off local transportation fares
- 30% off hotel stays
- 25% off domestic airline tickets
- 25% off utility bills
- 15-25% off restaurants
- 10-25% off healthcare expenses and prescriptions
- Various tax exemptions on buying cars locally and imports of household goods
Oh, and did we mention no taxes?
When you figure in these discounts to the already low cost of living and affordable real estate in Panama, it seems like a waste of money to not retire and move there now! When was the last time you got a $5 haircut you weren’t ashamed of or took a taxi to dinner and spent less than $25 in sum for both? Have you seen a movie in a theater for $2 during this decade?
Setting up house in Panama allows you to fully blossom into retirement like you always dreamed you would. With your newly established citizenship there, and discounts on pretty much everything imaginable, you are free to use your hard-earned money to invest in businesses, property, tourism or whatever else your heart desires. In Panama, your money does all the work for you so you have time to play. Take in the scenery, soak up the culture, sunbathe on the beaches. It’s all right there for your taking.