Panama has placed itself as being one of the best places in the world to live. The publication “International Living and Modern Maturity”, for instance says Panama is a superior option over many advanced nations.
Panama has been considered the ideal country to live due to its extraordinary quality of life, excellent exoneration programs and discounts, circulation of the U.S. dollar, an economy open to investments, use of English as a second language and a modern international banking center.
The senior citizens also consider this country the ideal to live for its geographical position, its climate and temperature, its beaches, mountains, economic and political stability; adding an array of activities and services at unbeatable costs in any region of the world.
Also considered as “the number one retirement asylum”, Panama is an ideal because it provides high standards of services and medical treatment and duty free tariffs in migratory topics. The foreigners in their “golden age” consider us the ideal country to live because there are also laws that permit a countless amount of benefits to this sector like: 50% discounts on all recreation activities, and entertainment, among them: movies, theaters, sports, and other public shows; 25% on airfare; 25% at restaurants; 10% on pharmacies and prescribed medications; discounts on technical and professional services.
Panama is also promoted for its real estate market. Foreign retirees will be able to freeze property taxes as long as the property is in his name and is his only property. Also, discounts on airport tax and discount at hotels, motels plus boarding houses can apply.
In banking services it is equally the ideal country to live, since it is exempt from the stipulated tax in the special interest compensation fond (FECI), as well as discounts on points, percentages on interest rates on mortgage loans for personal use.
When it comes to health, Panama is the ideal because it provides first class attention and on point technology in hospitals such as Punta Pacifica, which is affiliated to John Hopkins in the United States, in addition to discounts on hospitals and private clinics, discount on the price of prosthesis, as well as apparatus and accessories for assistance.
Regarding the subject of migratory regimen it is the ideal country to live, since through special laws like law 9 of June 24 1987, ruling in favor of the right to a passport for foreigners and permanent status in the national territory for retirees and pensioned.
Two types of visas are offered retirees and pensioners that allows them to remain in Panama. Visas for retirees and pensioners have tax advantages and exonerations for those who plan to make Panama their permanent country of residence. These visas give you benefits such as: tariff franchises for the import of items for domestic use in the amount of $10,000; importing a car every 2 years duty plus other incentives will apply as well depending on the visa you qualify for.
The exact amount of pensioners and foreign retirees that have chosen Panama as their ideal country to live, but it is believed that it surpasses 35 thousand, and they are mainly located in sectors of pleasant climate like el Valle de Anton, beautiful Panamanian beaches like Coronado and Punta Barco, in the paradisiacal islands of the province of Bocas del Toro, picturesque regions of the province of Los Santos and the higher regions of Boquete, Volcan, Cerro Punta and the province of Chiriqui, among others.
For information on available real estate in Panama please contact us directly at Inter Panama Real Estate Agency.
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