Top 5 reasons to retire in Panama in 2022

 Top 5 reasons to retire in Panama in 2022

Rodrigo Molina

Panama has become one of the world's most popular ex-pat destinations. Panama was just named first in the World's Best Places to Retire in the 2022 index published by International Living. It provides pleasant weather and a decent lifestyle at a considerably cheaper cost than where you are today. It also helps because Panama encourages international migration by providing large tax benefits and other incentives.

Discover here the top 5 reasons to retire in Panama in 2022:

 

 

#1 Costs of Living

Many people relocate to Panama because they can no longer afford to live in their own country. Health-care, tax, and utility bills continue to rise, but their income remains stagnant or even declines. They eventually understand that staying in their nation will force them to work until they die because they will never be able to retire.

To be clear, you won't be able to live like a king on a shoestring budget in Panama. However, if you are willing to live in a modest but comfortable first-world environment, a single person may live on $1,800 to $2,100 per month, and a couple can live on $2,500 to $3,500 per month. If you can afford it, go for it.

 

#2 Natural Beauty & Weather

Panama has pleasant and warm weather all year. The temperature rarely exceeds 90°F / 32°C for significant periods. Natural calamities and extreme weather are also uncommon. In places like Panama City, Coronado, and Bocas del Toro, the temperature is hotter near the ocean, but in mountain villages like Boquete, El Valle de Anton, and Volcan, the weather is cooler and spring-like.

With rich greenery, miles of coastline, white sand beaches, mountains, vast rainforests, and a seemingly limitless variety of flora and animals, Panama has a spectacular beauty.

Are you looking for a property with a view of the ocean in Panama City? A beach house in a coastal town or a Swiss-style chalet in the mountains? In Panama, you'll find a wide range of rental and for-sale properties to meet any budget and wish list. 

 

#3 Quality of life and healthcare

Panama's reputation as a world-class destination has been established on a strong foundation of reliable infrastructure and modern amenities. As a result, if you live in Panama, you'll have access to products and conveniences that you're used to. Because of cheaper healthcare, insurance, transportation, entertainment, and other costs, you'll be able to indulge in more of life's little luxuries.

Panama is rapidly becoming a hub for medical tourism in the region. This is due to the quality of its services, the level of professionals, the excellent infrastructure, and the good relationship between price/technology/service.

Many private clinics have the best technology available and comply with all the best certifications in the world.  Also, many Panamanian doctors are graduates of the best universities in the US, so language is not a communication problem.

Panama has a good infrastructure. For the most part, Panama's energy, internet, and water services are reliable. It also is one of the best countries to live and do business in because of its government's stability, location for shipping, international banking, and wealthy outlook. Foreign investment interest continues to rise year after year, and the population reflects this diversity.

 

#4 International Hub

The ex-pat community has always been strong in Panama, but because of the new resident programs, it is expanding at a greater rate than ever before. Locals are being introduced to new meals, hobbies, procedures, and more newcomers. Panama has benefited greatly from it.

Some ex-pats come to Panama in quest of adventure or a good retirement destination, while others want to take advantage of everything the country has to offer in terms of business. From all over the world, there are well-established ex-pat populations (as well as several clubs and organizations) in Panama.

The vibrant culinary and culture sectors, as well as the flashy, inventive architecture and new industries, are diversifying the local economy. Panama now has its own International Film Festival. The yearly jazz festival is well-known. Panama's huge, sophisticated convention centers host major international meetings.

With the inauguration of Terminal 2 of the Tocumen Airport, Panama consolidates itself as the most connected point in the region. 29 commercial airlines are operating in the country, which carries out more than 400 daily flights to more than 89 destinations in 39 countries in America, Europe, and Asia.

 

#5 Retiree visa

The country has one of the most attractive benefits programs for retirees worldwide. And it is not only for Panamanians, but it also applies to resident foreigners. Accessing the benefits is not complex. All you have to do is process the residence visa. 

The benefit is valid for every Panamanian woman (55 years old) or man (60 years old) or legal resident in the country. The retiree can enjoy a series of discounts on entertainment, tourism, gastronomy, public services, medical expenses, etc.

Here are some of these benefits:

  • 50% discount on entertainment such as cinemas, theaters, sports, and other public shows.
  • 30% discount on bus, metro, ferry, and train fares. 
  • 25% discount on air tickets (with a national point of origin). 
  • 30% to 50% discount on hotel stays
  • 15% to 25% discount in restaurants
  • Discount of 15% of the total bill for services of hospitals and private clinics.
  • Discount of 20% of the value of medicines in pharmacies.
  • 20% discount on the price of all prostheses, as well as all aid devices and accessories.
  • 1% discount on the interest rate on home mortgage loans for your use.
  • Freezing property tax and exemption from payment of the valuation rate of the property.
  • 25% discount on monthly electricity consumption.
  • Discount of 50% of the airport tax or fee.
  • 25% discount on the fixed charge for telephone service.
  • Discount of 25% of the rate for water consumption

We hope that these 5 reasons have convinced you to retire in Panama. To make your dream much more accessible, ask about our services to help you process your retirement visa, relocation, and real estate advice.

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