Numerous publications have listed Panama as one of the best places to retire –but why? In short, Panama’s low cost of living, the affordable real estate in Panama, world class health care, and most importantly, benefits to retirees – and this is just the tip of the iceberg when it comes to wonderful real estate in Panama available for retirees.
What you get with real estate in Panama, as a local or a foreigner is a lifestyle of luxury and relaxation without the difficulty that usually comes along with acquiring real estate in such a place. Quite simply, the reason for this is a special tourist pension program for international residents, and this program is second to none. When pursuing real estate in Panama, this program gives you incredible benefits with very little effort done on your part. A potential buyer of real estate in Panama doesn’t even have to be retired to qualify for this program. All you have to do is be at least eighteen years of age, and make at least five hundred dollars a month in foreign income, from either a public pension, social security, disability, or a private corporate pension plan.
When you participate in the program you get indefinite residency in Panama, no matter how long you stay in the country. As far as taxes go you get an exemption for property taxes up to twenty years, exemption from taxes on foreign income still being earned, and exemption from taxes on imported household goods or cars.
In addition to this you get up to fifty percent off on airfare, some restaurants, fast food places, and entertainment. You can get up to fifty percent discounts and advantages at the bank for loans, mortgage interest rates, and closing costs. You can also get up to twenty-five percent discounts on professional and technical services, and twenty percent off on drugs and health care services that include hospitals, dental, and optometry.
Applying to the program is very easy. A one-time application takes about a month to process with the help of an attorney, and you never need to renew it, or pay any additional fees in the future.
You should know that Panama’s health care system is very convenient for foreign retirees. Panama’s doctors usually speak fluent English, because most of them have been trained in the United States. Private health insurance is very affordable, and health care standards are similar to the standards held in the United States and Canada.
You can’t talk about real estate in Panama being a good investment for retirees without mentioning the incredible weather, tranquil terrain in the highlands, and waterfront and beachfront property available. Real estate in Panama is truly ideal for retirees.
If you’d like to learn more about real estate in Panama, you’ll find many more articles on real estate in Panama throughout this site.