Thinking about Retirement?
Panama is your Place.
Posted on 2024-04-01
Why is Panama gaining in popularity among retirees, investors, and part-time expatriates?
Long overshadowed by its neighbors such as Mexico and Costa Rica where mass tourism is now the norm, Panama has been relatively unknown except for travelers with special interests such as world record deep sea fishing, birding, river rafting and rain forest experiences. All these exciting opportunities together with gorgeous beaches and great surfing, kayaking and diving, ensure Panama has something for everyone. It has an interesting cultural background, from stone age indigenous peoples the history of conquistadors and now a modern society with infrastructure that is first world.
Besides from tax and privacy advantages, you should consider the following 10 reasons to retire or become a permanent resident in Panama
Lastly, Panama is beautiful. From cool mountain retreats like Boquete, to affordable beachfront property in Coronado or Punta Barco, or cosmopolitan Panama City apartments overlooking a stunning harbor, the choice is yours. With real estate prices beginning to rise, you also have an opportunity to make a considerable return on your investment if you buy now. Rental property is in high demand particularly in the highland areas, so even if you are not looking to retire for a while this is an opportunity to get into the market and earn a return on your investment in the meantime.
More than ever before, U.S. baby boomers are considering retirement outside the USA. Having traveled far more extensively and being more active and adventurous than previous generations, they are also identifying the need to maximize their diminishing retirement incomes, so the idea of overseas retirement is appealing to many. Discovering a less stressful environment also has a definite allure! Living and retiring overseas was once an option available only for the wealthy, it is now an affordable trend. Plenty of direct flights available to most major cities.
Interest in Panama does not only come from the United States; many Canadians are heading further south than Florida for their “snowbird” sojourns – and staying for retirement. The increasing cost of living, overcrowding and higher crime rates in Florida encourages them to take a slightly longer flight south! There are direct flights to Toronto and Montreal.
Despite the distance, Europeans are not unaware of the affordable opportunities that Panama has to offer. Multiple European blogs and publications suggests an alternative retirement destination to the usual venues of Spain, France and Portugal that retirees should consider, a “warm, adventurous and inexpensive place to retire”. Again, Panama compares most favorably with the more usual European choice of retirement destinations with its lower cost of living and great climate, not to mention the tax and financial incentives. There are multiple direct flights to Madrid, Paris, Amsterdam, Frankfurt.
To view our condos or homes, visit our Real Estate Marketplace.
There has never been a better time to invest in Panama. Not only is there tremendous interest in Panama as a tourist and retirement location, but economically Panama is also gaining strength.
You will find just about every franchise from Mc Donald’s, Dominos, KFC, Pizza Hut, etc., while luxury clothing lines such as Gucci, Chanel, Polo, Hugo Boss, Tommy Hilfiger, have stores in Panama City. You will feel right at home.
Over 80 banks have full-service branches here including Scotiabank, MultiBank, Banco General, UBS, and others; there are no “brass plate” banks here. Panama is a growing international financial center with good communications and first world amenities.
Here are the top Visa & Residency programs available in Panama, of course, beginning with the Pensionado or Retiree program.
VisaProgram | Basic Requierement | Benefits |
Self-Economic Solvency ‘Person of Means’ | One of these options: • $300K CD for 3 years; or • Buy $300K property; or • Any combination which amount to $ 300,000 | 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. |
For more information, please contact us.