Does your version of the perfect retirement haven have a low cost of living, modern amenities, great healthcare, and excellent weather? Would you like to spend your hard-earned golden years travelling, exploring new cultures, making new friends, and enjoying the fruits of your labor without worrying about burning through your funds?
Your dream retirement doesn’t have to be only a dream. Meet Panama.
Located safely outside the hurricane belt and only a few hours by plane from the United States, Panama has been booming as a top international retirement choice in recent years. While low-cost destinations can be found around the world, here are some of the reasons Panama stands above the crowd.
Low Cost, High Quality
Typically, a person must choose between cost and quality and cost, but not in Panama! Panama retains affordable housing prices even in areas with many amenities and beachfront vistas. Forget “roughing it”, these homes have American-style floor plans with amenities comparable to those found in luxury buildings throughout the United States.
One of the biggest concerns for most retirees is “Will I outlive my money?” This, understandably, can cause a lot of anxiety, but rest assured Panama is here to help! Panama offers a “pensionado program” a special discount just for people who have a lifetime pension or retirement fund of at least $1,000 per month. This program does not have any age minimums or maximums and offers discounts of 15-50% on everything from utility bills to hotel stays to bus fares to movie tickets. Additionally, the requirement for monthly income falls to $750 per month if you own Panamanian property valued at $100,000 or more.
An Opportunity for Additional Income
Not everyone who purchases property in Panama wants to live there year round. Sometimes it’s more appealing to spend only the coldest parts of our North American winters, or perhaps you’re looking for an opportunity to stay somewhere for only a short time, but without the restrictions of a timeshare. A popular choice in situations such as this is to rent or sublease your property. In Panama, you can choose to purchase property in a development that is set up to facilitate this sort of transaction. Property owners can opt to have their apartment building coordinate this meaning little hassle with the potential for a great return on investment. If you are a U.S. or Canadian citizen, you may qualify for additional tax credits due to your foreign property investments. Make sure to consult with an experienced tax professional to learn exactly how a purchase would effect you.
True Tropical Paradise
Cost isn’t the only reason to choose a home in Panama. On average temperatures range from highs of 85-90°F to lows of 76-78°F throughout the year. The country has more than 1,500 miles of coastline, more than 500 rivers, and is considered a hotbed of biodiversity in a lower-risk environment. Situated safely outside the hurricane belt, Panama has never been hit by a hurricane and while the country is home to three volcanoes, the last volcanic eruption was in the 17th century.
A Taste of Home
Another reason Panama makes a great place to retire is how familiar it feels. Many people compare Panama City to Fort Lauderdale and Miami, Florida while the islands often remind visitors of Galveston Island, Texas. The U.S. dollar is the official currency in use and hold the same value (although it does stretch much farther), vehicles drive on the right side of the road (although driving in Central America does come with a learning curve!), and while Spanish is the official language, English is widely spoken, especially in the major cities.
Interested in learning more about how you can take your retirement to a new level? Check out the amazing properties for sale now in Panama and be on your way to living la vida Panama!