Hello World! Welcome Friends! If you or a loved one is close to reaching the amazing retirement milestone, the question on your mind is likely wonderment as to what comes next. There are obviously dozens of incredible options in terms of where to go once you reach retirement, but Panama is a country that stands out among the rest. Though there are many reasons to retire in Panama, here are some of the most appealing.
Affordable Cost of Living
Once retirement is reached, you have access to all of those savings. However, you have to be careful, as some common retirement destinations are designed to be intentionally overly expensive. Panama, fortunately, is not one of those places.
Compared to many other popular retirement destinations, such as Mexico, Costa Rica, or even some parts of the United States, housing in Panama is quite affordable. Retirees can find comfortable, modern apartments in Panama City for as little as $1,000 per month or even less in smaller towns or rural areas.
Warm Climate and Natural Beauty
Another factor that makes Panama a major draw for retirees is their naturally warm, sunny climate. Throughout the year, the weather in Panama is known to stay gorgeously clear. If you’re someone who enjoys outdoor activities, whether they be active ones like hiking and biking, or more calm ones like birdwatching, Panama will be able to accommodate these hobbies year-round.
Excellent Healthcare System
The World Health Organization ranks Panama’s healthcare higher than many other countries in the region, including Costa Rica and Mexico. Additionally, many of the healthcare professionals in Panama speak fluent English, making for easy communication if an emergency occurs.
Panama also has a universal healthcare system that is incredibly affordable and even accessible to foreigners so long as they have a legal residency status in the country. In fact, the cost of healthcare in Panama rivals both the United States and many parts of Europe.
Very Welcoming Culture
Panama is known for a very friendly, welcoming culture that has the valuable benefit of easy integration. In addition, it is an opportunity to immerse yourself in an entirely new culture and way of life. Panama has a very rich history and diverse cultural heritage, so retirees who choose to live in Panama can immerse themselves in this cultural tapestry, learning about the customs, traditions, and values of the local people.
If you’re unsure, you can also take a relocation tour while you’re in the process of deciding to live in Panama, so you can experience the friendly environment for yourself before making any kind of commitment.
Pensionado Program
A very exclusive benefit to retiring in Panama is access to its benefits and programs specifically designed for this demographic of people. The Pensionado program is a special visa program designed for retirees. To qualify, retirees must have a pension income of at least $1,000 per month, and they are entitled to a range of discounts and benefits, including 25% off airline tickets, 25% off hotel stays, and 50% off entertainment expenses, such as movies, concerts, and sporting events.
This program comes with a range of tax benefits as well. Those who obtain residency in Panama through the Pensionado program are exempt from paying taxes on foreign income, including pensions and retirement accounts. Plus, you may also be eligible for a property tax exemption for up to 20 years.
Panama Is an Excellent Option
Panama’s retirement benefits have an incredibly broad range, from tangible benefits like a low cost of living and a beautiful environment, to more intangible ones such as friendly locals and an immersive cultural experience. For those who want to use their retirement savings on an exciting and gorgeous adventure, Panama is an excellent place to settle down.
Every retiree has a unique set of preferences and needs, so be sure to take all factors into consideration before making a decision. For many, Panama offers a winning combination of affordability, quality of life, and incentives that make it a top choice for retirement abroad. We encourage you to explore all this welcoming community has to offer and see if Panama is the special place for you to spend the next chapter of your life.
Click the links below for any posts you have missed:
5 Benefits to Owning a Popcorn Machine
Important Steps to Take When It Comes to Selling Your Property
How to Effectively Combat Pesky Insects
The Ins and Outs of Home Warranty Coverage
Why You Need a Lawyer Experienced In Food Poisoning Cases to Pursue Your Claim
Tips For Hosting a Memorable Pizza Party
I’d love for you to join my email list! You’ll receive a notification straight to your inbox which will include links to my latest home project posts! Simply enter your address below.
Thanks for stopping by! Have a wonderful day/night depending on where you are in the world! Go with God and remember to be kind to one another!
Toodles,
[…] Top 5 Reasons to Retire in Panama […]