The government of Panama has the best incentive program in the world for foreign retirees.
Some of the benefits are:
- One-time importation duty exemption on all your personal and household goods up to $10,000.
- Importation duty exemption of a car free of taxes every two years. (Other taxes do apply)
- All foreigners (not just retirees) who purchase a home of more than $200,000 have the right to a residency visa.
- 100% Property tax exemption for sole residence
The following benefits are for all retirees – both Foreign residents and Panamanian:
- 50% off closing costs for home loans.
- 25% off both international and domestic airline tickets.
- 10% off prescription medicines ( which are inexpensive to begin with)
- 15% off dentistry.
- 30% off bus, boat and train fares.
- 25% Restaurants
- 15% Fast Food Restaurants
- 20% Doctor visits and Surgery
- 25% Monthly energy, phone and water bill
- 15% Optometry services
- 50% Hotel from Monday thru Thursday and 30% on weekends
- 50% off entertainment including movies, concerts, sporting events and theater. ( This means for example, a movie ticket will cost you $2. And Panamanian cinemas receive American movies about the same time they come out in the States.)
- In Panama all banks (mandated by law) have special express lines for Retirees.
- A full time maid/housekeeper/cook can be had for $350 per month and a full time caretaker, gardener, maintenance person for $500 per month. That is probably the most helpful “retiree benefit”.
In 2014 Panama was named the #1 place to retire in International Living’s Retirement Index calling it “Convenient, Easy and Affordable”. No doubt about it- Panama is the most Retiree-Friendly country in the world.
Panama City condos with ocean views, homes in resort communities in the coffee growing highlands, the Caribbean and Pacific islands and beaches, and homes in golf resort communities are Panama’s most popular real estate buys for foreigners seeking a second home or to retire. In all the same places, there are also real estate investment opportunities.
What is Required for a Retirement Visa?
- A clean police report from where you currently reside.
- A health certificate from a Panamanian doctor.
- Proof you receive a minimum income of $1000 a month and $250 each for any dependents
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