E. As a Retiree, you benefit from numerous tax exemptions!
As a Retired person in Panama, you can benefit from numerous tax exemptions as per Law number 9 of June 24, 1987, the retiree or “pensionado” residence status requires that applicant prove a pension income of only US$500.00 per month (add $100.00 per month for each additional dependent). This law enables you to import your personal house belongings duty (tax) free. You can also import a new car (for private use) every two years tax-free. Plus, all new construction (for example, Big Creek Village ), regardless of whether the owner is a retiree or not, pays no property taxes for 20 years.
F. Panama is safe
Panama is one of the safest countries in the world. As a matter of fact, the prestigious Pinkerton Intelligence Agency gave Panama the highest rating for tourist safety in the Americas . As a constitutional democracy with no dictators and no standing army, Panama is a peaceful country with no enemies, so terrorism is not an issue here. Finally, due to the presence and international importance of the Panama Canal , Panama also enjoys international protection and monitoring by major G-7 nations.
G. Panama offers Healthy Living.
Panama ranks among the top Latin American countries in personal life expectancy (around 75 years). Most Panamanian doctors are have been trained in Europe and the United States and are fully bilingual in both English and Spanish. Panama ‘s private medical facilities and hospitals are among the best in the America ‘s and the Caribbean (many private hospitals & doctors are affiliated with major hospitals in the U.S. ). In Panama , water is potable in most of the country and in Panama City (and most other cities of Panama ) you can drink water right from the tap.
H. Panama offers an extremely low cost of living.
As a retiree, stretching your money is a major concern. Panama ‘s currency is the U.S. dollar and it has been since the country was founded in 1903. Panama ‘s banking center is the second largest in the world and just about every international bank has a branch here. The cost of living in Panama is much lower than the United States or Europe . Panama ‘s cost of living ranks among the lowest in Central America , in fact, much lower than Costa Rica . This is partly due to the fact that Panama does not suffer from inflation crisis as Costa Rica and other neighboring nations do. Inflation rates in Panama are some of the lowest known, on average between 1% to 2% per year. Also, since the Colon Free Trade Zone is the largest distribution center in the Americas , Panama benefits from low product costs as most products are assembled and/or stored in warehouses right in Panama before being shipped to other countries. In addition, retirees benefit from price discounts such as 50% on movies and cultural events, 30% on transportation, 25% on utilities, 15% on personal loans, 10% on restaurant eating, and 1% on personal mortgages. Retirees moving to Panama can expect that their expenses for day-to-day living to be much less than in “first-world” countries, such as the US , Canada or European nations. Nice apartments and homes in Panama City can be rented for $1,000 or less. Grocery prices are 25%-30% lower. A meal at a nice restaurant can be enjoyed for under $5. First-run movie tickets are $3.75. Concert tickets range from $20-$50. Maid service is around $150 per month. Gardeners cost under $10 a day. A beer is still only $0.50 and a bottled Coke is only a quarter at most stores.
I. Purchasing is easy in Panama.
In Panama , you can purchase just about anything you need. Panama offers a mixture of exotic cultures and with its’ positioning as an international distribution center, Panama offers a wide variety of top-quality goods and shopping options. In almost every major city in Panama , there is a Price-Costco, major supermarkets that are comparable to those in the US , pharmacies, and even flea markets – the choices are extensive.