How much does it cost to retire in Panama?

 How much does it cost to retire in Panama?

Rodrigo Molina

Panama is one of the favorite places to retire in the world. For the eleventh time is in the number one spot, of the best places to retire according to the Global Retirement Index. There are so many advantages, but for retirees, there are more.

If you are a woman 55 years of age or older or a man 60 years of age or older, you can enjoy a lot of discounts and privileges, just the same as if you were a Panamanian.

Here is the list of all the benefits:

1. 50% discount on recreation and entertainment activities, such as cinemas, theaters, sports, and other public shows. Here we include the presentation of artists, tickets to museums, shows, plays, and the like.

2. Discounts on the public transport rate, which will depend on whether it is a bus, boat or plane.

3. Minimum discount on the regular prices of hotels, motels, and pensions, which will depend on the rate of the day you stay.

4. Discount of 25% of the value of the individual consumption of food, as long as the place was chosen to eat food is not an inn.

5. 15% discount in fast food outlets, as long as they are national and international franchises.

6. Discount of 15% of the total account for services of hospitals and private clinics.

7. Discount of 20% of the value of medicines in pharmacies.

8. Discount on medical services, such as consultations, dentistry, and optometry, which will depend on which of the services described above is used.

9. Discount in the payment of the premium in health risk policies, because the insurance company must transfer to the insured the benefit of the discounts described in points 6, 7, and 8.

10. 20% discount on fees for technical and professional services.

11. 20% discount on the price of all prostheses and all aid devices and accessories.

12. Discount of 50% of the expenses or closing commission in personal and commercial loans transactions.

13. Exempt from payment of the FECI in personal and commercial loan transactions.

14. Discount of 15% on personal and commercial loans in your name at the maximum interest rate that the law allows you to charge financial entities, such as banks, finance companies, cooperatives, and credit institutions.

15. 1% discount on the interest rate on home mortgage loans for your use.

16. Freezing property tax.

17. Exemption from payment of the valuation rate.

18. Discount of 50% of the value of passports.

19. 25% discount on monthly electricity consumption.

20. Discount of 50% of the airport tax or fee.

21. The properties of associations, federations, and confederations of retirees, legally established, will enjoy discounts in the valuation rate, real estate tax, and any other benefit granted to non-profit associations, as provided by the laws of the Republic.

22. Discount of 25% of the fixed charge for telephone service.

23. Discount of 25% of the rate for water consumption, public or private entity.

24. Exemption of 100% in the Public Registry from the payment of the registration fee of the boards of directors, of certifications and registration of new legal entities, of the non-profit organizations of retirees, pensioners, and the elderly.

25. 20% discount on the purchase of coffins and urns.

 

But how much does it cost to live here? Well, it depends on many factors, and of course your lifestyle.

Here we are going to present you an average of how it cost to live in Panama as a retiree, and the many advantages it has to be a baby boomer in Panama.

If you choose to live in the vibrant Panama City, for a couple, you will need a monthly budget of $2,650 and it might look something like this:

 

  • Rent or mortgage on a two-bedroom apartment: $1,500
  • Utilities with moderate use of air conditioning: $250
  • Food and household items: $300
  • Maintenance and fuel for a small car: $200
  • Entertainment for two for movies twice a month and dinner four times a month: $150
  • Communication costs for telephone, Internet, and cable television: $100
  • Health care: $150

But if you prefer a more calm environment and prefer to live in a small village by the sea or the mountains, your budget will be a little bit lower.

  • Rent or mortgage on a two-bedroom apartment or small house: $1,300
  • Utilities with moderate use of air conditioning: $200
  • Food and household items: $250
  • Maintenance and fuel for a small car: $200
  • Entertainment for two for movies twice a month and dinner four times a month: $100
  • Communication costs for telephone, Internet, and cable television: $100
  • Health care: $150

If you want to learn how you can apply for a Retiree Visa, please check our article, where you can learn more about the conditions to apply for this visa.

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