Places to retire in Panama
Boquete in the Chiriqui Highlands
Has a perfect spring-like climate at an elevation of a little over 3000 ft., with clean air, clear water, and a welcoming community. On the lush green hillsides gourmet coffee is grown and at times the smell of roasting coffee sends wonderful aromas through the town. If you love Colorado, Oregon or British Colombia, you will love Boquete, the right place to retire in Panama. The cost of property here can vary enormously depending on the location and availability of access and utility supplies. Land can still be found in outlying areas for less than a dollar a square meter but would probably require the installation of roads and power and water lines. Property closer to town can be priced from USD 10 to USD100 per square meter depending on location and views. Building costs vary according to requirements; a home with high end US style finishes and fittings can vary from USD 50 to USD 75 per square foot, costs for simpler construction using cheaper materials can be much lower. There are few completed homes for sale and the rental market is one of demand rather than supply. Rental property is a good investment here. Check our real estate listings for an overview of available properties in this area or contact our office.
An affordable cosmopolitan location for those who prefer city life. With a skyline reminiscent of Manhattan or Singapore, the high rise buildings tower above the ocean or rain forest. High class restaurants, first class hotels and fast food outlets, are here for all tastes and pockets. Entertainment is varied, the latest movies, concerts featuring foreign and local performers of all genres, every kind of sporting event – baseball is arguably the most popular sport and a number of Panamanian players are found in US major league clubs.
Mention Mariano Rivera and the New York Yankees and you will make friends immediately! Shopping options range from local markets to multi-million dollar super malls and luxury goods. The Amador Causeway has a number of great restaurants, yacht clubs and a duty-free shop, it is also a great place to bicycle, jog or walk with sea breezes and a great view of the stunning Bridge of the Americas.
Panama City even has a rain forest within its city limits. If you want to retire in Panama, there are two main real estate opportunities here. Beautiful apartments with fantastic ocean views are available in price ranges to suit all pockets. Many have the use of a pool, spa and children’s play areas. You can still find apartments for USD150,000.00 but be sure to check out the location before you buy, as in all big cities some areas have advantages or disadvantages that are not immediately apparent to a newcomer. Check our Panama real estate for current listings and price range or please contact our Panama City office for real estate advice, and we will be happy to help you find the right property for your new life.
The jewel of Panama City is Casco Viejo. Don’t be dismayed that many of the buildings are in disrepair, look closer and you will see many remnants of French and Spanish colonial architecture; some properties are gradually being rescued and have become restaurants, bars, studios and small hotels in an area that could well become another New York City Soho. The Presidential Palace and the National Theater are located here as well as a monument to the French who made the first attempt to build a canal. Purchase and restoration of properties in this area receive incentives from the government in the form of tax exemptions and discounted mortgages. Even your rent is tax deductible expense. In a few years this could be one of the most sought after parts of the city. From apartments to palaces the opportunities are limitless.
Bocas del Toro, the best place to retire in Panama
Is one of the last affordable areas of the Caribbean, and the archipelago of Bocas del Toro is stunning. Palm fringed islands, white sand beaches; in fact Bocas has everything you ever imagined for the picture perfect tropical retreat to hang your hammock. The best place to retire in Panama. The real estate opportunities for beachfront properties, teak plantations, and island hideaways are here in abundance. Caribbean beach front property at prices that are still affordable is too good an opportunity to dismiss. Lots here start as low as USD 25,000. Check our Bocas del Toro real estate listings for examples of properties and costs, or contact our office.
Panama’s Public Registry is well respected and shows proof of ownership and clear title to property However it is strongly recommended that you carry out due diligence on any property you wish to purchase, even in a development. Searches should be carried out in the Public Registry.
Title insurance is strongly recommended, and the BusinessPanama Group is the exclusive agent of one of the largest US title insurance companies.
The legal department of the BusinessPanama Group will be pleased to assist you with the legal requirements for all aspects of real estate purchase. The preferred method for most expatriates to hold property is in a Panamanian Corporation. BusinessPanama can offer competitive costs and efficient service to provide Panamanian or offshore corporations, foundations and trusts as required.
Below is a summary of the different Visa & Residency programs available in Panama. If you wish to view any specific program, just click in the Link.
|Self-Economic Solvency ‘Person of Means’|
One of these options:
|The program grants initial 2 years temporary residency and further the right to process the application for procurement of Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years.|
|Retiree (Pensionado)||Retiree (Pensionado) Applicant must receive a Pension (private or public) of $1,000/ month (+US 250 per each dependent)||Permanent Residency, duty free auto/ household and senior citizen discounts, plus Right to opt for Panamanian Nationality & Passport after 5 years.|
|Reforestation Investor (Option 1)||Reforestation Investor applicant must invest 100K in a reforestation plantation field|
The program grants initial 2 years temporary residency and further the right to process the application for procurement of Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years.
|Reforestation Investor (Option 2)||Reforestation Investor applicant must invest 350K in a reforestation plantation field||Immediate permanent residency with the option of work permit, plus Right to opt for Panamanian Nationality & Passport after 5 years.|
|Qualified Investor||Requires a US$ 500K in real estate/securities or US$ 750K Time deposit investment in local bank. Any option is required to be held for a minimum of 5 years||Grants immediate permanent residency status plus Right to opt for Panamanian Nationality & Passport after 5 years.|
|Friendly Country||Requires an economical asset by purchasing a real estate of no less than US$ 200K or setting up a time deposit for US$ 200K for 3 years in a Panamanian bank, or the professional link by having a formal labor contract with licensed company in Panama and conditioned to the procurement of a work permit issued by the Ministry of Labor. Applicant must come from one of the countries listed as “friendly country”||The program grants initial 2 years temporary residency and further the right to process the application for procurement of Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years.|
|Employment||Applicant must be employee by a company within the 10% of 15% (technicians or executives) Panamanian payroll||The program grants initial 2 years temporary residency and work permit and further the right to process the application for procurement of Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years.|
|Free Trade Zone Investor||Applicant that invest in free trade zone areas or call center. The investment amount vary upon the free trade area||The program grants initial 2 years temporary residency and further the right to process the application for procurement of Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years.|
|Professional Activities||Professional activities Applicant must hold a university degree for a professional activity not restricted by the Panamanian laws||The program grants initial 2 years temporary residency and further the right to process the application for procurement of Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years.|
In BusinessPanama, we have licensed real estate agents, lawyers, insurance specialists, mortgage brokers, investment advisors and other professionals to assist you on all your retirement needs.
We can help you with:
- Locating properties in Panama City, Beaches, Islands or Mountains
- Forming a company to own your property
- Legal services to purchase the property
- Applying for your residence program
- Title insurance
- Home owners insurance
For more information, please contact us.