More people than ever are considering retiring to Panama - and it's already one of the top destinations for adventure and eco-tourism - and it's now becoming a top retirement destination. In the USA 78 million Baby Boomers will reach retirement age in the next 10 years - and they'll be looking to maintain their standard of living by retiring abroad, where their pensions will go much further. Many of these future retirees are already considering retiring to Panama to get more for their money. Panama comes of Age Panama's status as a retirement destination has come of age - as a recent poll on Modern Maturity Magazine shows. The magazine concluded that retiring in Panama was the fourth best retirement destination in the world - and International Living rates put Panama at number 1. Should you consider retiring in Panama? Let's look at the advantages: 1. Panama has a stable democratic government, and a strong economy. 2. Residents and people retiring to Panama pay no tax on income from overseas. 3. Foreigners can buy and own property in Panama, with the same rights as Panamanian citizens. 4. An incentive program for retiring to panama is available - and it's one of the best in the world. 5. Property tax exemptions apply to all new construction on a reducing scale - according to the value of the property. 6. The US presence In Panama has always been strong, due to the canal - and this has led to the availability of a lot of products and services that make Americans feel at home. 7. The Panamanians are some of the friendliest people in the world - and the expat community is growing - so the social life is lively. 8. Panama has excellent communications and it also a good infrastructure that reflects the growing prosperity of the country. 9. Property is affordable - less than half the price of similar properties in Florida or Arizona. Panama also has easy access, being just a few hours flying time from the southern states of the USA. 10. Panama is one of the most beautiful countries in the world, with something for everyone. There's much more to Panama than the canal bounded by the Caribbean and by the Pacific - it's one of the most beautiful countries in Central America. Panama has everything from stunning beaches to mountains, as well as rainforest and an abundance of wildlife. When you retire to Panama you get a whole host of discounts promoted by the Government (Pensionado or Retiree) including: . 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 . 20% discount on doctor's bills, and 15% on hospital services, if no insurance applies . 10% discount on medicines . 20% discount on bills for professional and technical services . 50% discount on entrance to movie theatres, cultural and sporting events Is Panama the best place to retire to in Central America? In terms of living standards and stability, the only real rival to Panama is Costa Rica. While Panama was cheap like Mexico it's no longer an undiscovered location - in fact there's keen interest in retiring to Panama due to the many benefits - and this has pushed up prices. Panama has the same problems as many of the new emerging Central American property hot spots - namely, the government has budget problems - and a need to expand employment, and improve social services. Panama is still a relatively young nation, and it's still in transition - but great strides are being made - and the expat community is largely unaffected by these problems. However, as an alternative to retiring in Panama, you should also consider Costa Rica - you get a great standard of living, as costs are low. While property prices in Costa Rica are not cheap, they're very affordable - and there are bargains available in the right locations. If you're considering retiring to Panama, then there's many plus points that are hard to ignore. |
