Panama City is also home to Donald Trump’s newest high-rise condo project.
Panama City offers dining experiences rivaling those of any other city in the world, at a far better price and with much friendlier service and fellow patrons than in many places. You can expect to find an excellent steak dinner for $35 with wine and tip, and if you are on the Pensianado plan, you of course pay 25% less. Check out restaurants in Panama.
Shopping in Panama City
Panama City is a haven for shoppers because the prices are very low compared to the US and Europe. You can find many of your favorite stores here, but you can also find local stores with unique items you won’t find anywhere else – a shopper’s delight.
There are several modern, very ritzy malls rivaling any in major US cities where you can buy luxury items, name brand clothes etc. You will think you are walking in an American mall as you shop–except for the lower prices.
Unfortunately, the beaches in the center of Panama City are not suitable for swimmers due topollution, but there are many beaches close by that are fine for swimming. The closest is the Playa Bonita Complex. There are many beachfront hotels in Panama City with very reasonable rates. With the fine dining, low hotel prices and great beaches Panama City can’t be beat as a vacation destination, even if you choose to retire in another area of the country.
There are several nature reserves near Panama City, including the Parque Natural Metropolitano and the Centro de Exhibiciones Marinas, which is much more than an aquarium.
The Panama Canal actually needs nature around it, to serve as a water catchment, so there are many excellent places to enjoy nature in and around Panama City. Along the west side of the canal you will find the Parque Nacional Soberania, and nearby is the amazing Summit botanical gardens and zoo.
Overall, Panama offers everything you would expect from a large city, with the bonuses of low crime, low prices, and beautiful, hurricane-free weather.
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Of course, if you’re thinking about retiring to an area, you want to know what the major cities are like. Even if you choose to live in an area of Panama other than Panama City, the capital (and largest) city determines a lot about the country.
A Very Old City:
Panama City was founded by Pedro Aria de Avila on August 15, 1591, which means that if the original city still existed, it would be nearly 500 years old. Unfortunately, it was destroyed by fire in 1671 after an attack and looting by Henry Morgan and his band of 1400 men.
The ruins of the old city, known as Panama la Vieja, still remain and are very popular as a tourist destination.
The city was rebuilt in 1673 in a new location about 5 miles southwest of the original city. The original location is now known as the Casco Viejo or Old Hull of the city..
Panama Is the Best Retirement Destination in the World!
Residents of Panama pay now tax on foreign-earned income, so retirees can own businesses and investments in the US, and pay no tax in Panama. This is an excellent way to boost your retirement income. Even if you have no current investments, once you’re living in Panama, with its low standard of living, you can definitely afford to invest.
Foreigners can buy and own property in Panama and enjoy the same rights and protections as any Panamanian citizen. What’s more, all new construction enjoys a property tax exemption, applied on a sliding scale according to value. So you can afford to build your dream home in Panama.
Panama Real Estate – why it’s hot… the Panama City real estate market is booming right now… discuss what’s happenning… Trump’s new tower,,,the tallest building (ice tower) – why panama city real estate is a great price compared to miami, and other us cities…
Panama real estate has achieved international acclaim for its rapidly growing market and its surging real estate development. With thousands of retirees and Americans turning to Panama for its breathtaking scenery and even more breathtaking costs of living, it is easy to understand why. For starters, the Panama City real estate market is forecasted to grow by up to 40% in the next three years because of a massive reconstruction project in Panama City.
The Panama City real estate market is going to experience a surge of new architecture in the next few years. Blueprints are calling for the construction of $600,000 homes, yacht clubs, five star hotels, golf courses, and additional buildings by some of the world’s leading real estate developers like Donald Trump. To throw out a figure, Panama City’s “Avenida de Balboa” section is going to have seven of Central America’s largest towers built there. For 2010, the Ice Tower, a 1,250 ft. 101 story five star hotel/apartment building in the busiest district, is expected to go underway. In addition, beachfront properties along the Pacific Ocean are also going to launch.
Panama City real estate is an absolute steal compared to Miami and other US cities primarily because of the cost of living. With the ability to become a resident in less than two months, retirees are eligible for discounts on top of already rock bottom prices. Need bridgework done? Expect to pay no more than $700 and avoid the $5000 fees US dentists charge. Luxury apartments could also be had for a lot less and property taxes are at all-time lows. Plus, services like Digital TV and Internet cost no more than $40 a month with basic phone service going for $3 a month in some areas. Luxury living is dirt cheap; with live in maids commanding $150 a month salaries and the average haircut costing about $1.
The best place to buy properties in Panama City are in its condos facing the ocean and those located in the Avenida de Balboa area which has become the hub for future real estate development. In addition to real estate, the Avenida de Balboa area has a dazzling array of restaurants, hotels, bars, and sporting areas. Freeways leading out of the city lead you to its international airport in as little as 10 minutes. Plus, this area has had the attention of Donald Trump and his proposed Ice Tower. Anytime one of the richest business moguls of all time takes interest in an area, real estate investors and retirees have to take that into consideration.
All in all, Panama City and the surrounding areas are an excellent place to retire. With the cost of living 1/10th or more as it is in the States along with the innumerable benefits of rising real estate properties for investors, Panama City is nothing short of a goldmine. Top real estate developers are planning projects and many are looking to Panama as their next cash cow for the better. Look to Panama as your next retirement or investment opportunity today.
Relaxing – A Short Drive to Paradise
Isla Taboga is an illustrious and history packed island that lies 12 miles south of Panama City. It has an impressive beach, a rain forest reserve, and is a wildlife refuge holding one of the largest populations of brown pelicans in the region. Also dubbed as the “Island of Flowers”, it achieved this nickname with its dazzling array of flowers during different times of the year.
Overall, it is a nice place to relax away from the hustle and bustle of Panama City. Isla Taboga itself has a long and rich history and was established long before Panama City. It is old enough to have the second oldest church in the Western Hemisphere (although debatable) and known for Pizarro’s trek from the region to Peru in 1524. Isla Taboga holds a yearly festival every July 16th with plenty of carnivals and hoopla. From Balboa, it takes one hour to get to Taboga by boat.
History and Culture
There are many historic sites and cultural attractions in Panama City.
The Museo del Canal Interoceanico is a Panama Canal museum for those interested in the history of the Canal.
The Museo Antropologico Reina Torres de Arauz conatins precious metal artifacts from pre-Colombian Panama. In addition, the museum is located in the original Pacific terminal of the Panama Railroad.
The Colonial section of Panama features colonial architecture and amazing scenic views of Panama City.
And of course there is the Panama Canal, which is worth seeing just for the magnificence of the feat of building it. Two bridges cross the Canal now, the original and well-known Bridge of the Americas, and the newer Centennial Bridge.
Panama City has many beautiful older buildings, especially those from the Colonial era, but also has some amazing newer construction that easily compares to anything in the US in terms of modern appeal. American architect Frank Gehry, who designed the Bilbao Guggenheim Museum, is working on a new structure, the Bridge of Life Museum, to be completed in 2007.