The laws and local economy makes it easier to choose Panama as their new home.
In the golden years, those who worked to carve out a path and started a family, now wants to take off and make lifestyle changes. The stage in which homes begin to be empty. Retire couples start dreaming of traveling and living a well-deserved eternal vacation. A time to take care of yourself, relax and improve the quality of life as active adults.
In the region, Panama stands out as a retirement destination according to International Living Magazine. In a list called Annual Retirement Index, where they stood out – six out of ten Latin American countries – Panama stood out in the first place in 2019. And it has obtained this position ten times. The magazine International Living added positive factors such as the ease of buying or renting a residence. Add to these advantages, its Caribbean climate (far from the hurricanes of the Atlantic), legal and financial factors, good infrastructure, and some benefits that can be enjoyed.
Another great attraction is that the currency that circulates is the dollar, and if you want to travel to other continents or make connections, Panama has a “Hub of the Americas”, from where flights to all parts of the world depart. More cruise ships are coming to sail at the Causeway Cruise Terminal so in their community.
The main reason why Panama is the best investment to buy a property to retire, is due to the creation of Law 6 of June 16, 1987, on the benefits of retirees or pensioners. This Law was modified in 1989 by Law 18, Law 15 of 1992, Law 37 of 2001, Law 14 of 2003, Law 51 of 2005 and Law 30 of 2008. The law allows retirees to receive discounts of 50% in the prices of recreation and entertainment tickets (cinemas, theaters, concerts, hospitals and hotels, among others), as well as a 30% discount on the value of bus tickets and 25% on air tickets, as well as on the consumption of meals in restaurants, electricity rates and water consumption.
Everything related to the management of property, visa, government and development paperwork will have generous discounts, for being a retired investor, who will have rights to a low tax burden, since they leave pensions received abroad exempt from taxation.
Today the country has several ideal development poles outside of Panama City for foreigners to come and live their best years of their lives. Among the best sectors to retire are:
Coronado Beach: It is the most developed beach community, with more than 30 establishments in this sector on the Pacific Coast. More than 600 permanent residents live here, between Panamanians and expatriates. This is one of the most valuable options in real estate.
Chame, West Panama: The tenth province is a very popular place among tourists as well as nationals, due to its proximity to Panama City and the Pacific beaches. Couples who want to live close to the sea will find in Chame cost of living options that can range from $1,500.00 to $2,000.00.
Las Tablas, in Los Santos Province: it is considered the cultural center for Panamanians. It is a very picturesque place where you can still enjoy a relaxed life, except during carnivals or patrons, when the town gets involved in a big party. It takes around $1,000.00 a month as a fixed budget for a retired couple to have a high quality of life.
Santa Fe de Veraguas: it is a beautiful region where the cool weather and its inhabitants live at a slower and healthier pace. It is a small town where tourism is growing, so the value of your real estate will increase. The cost of living for a retired couple can ranges from $500.00 to $1,000.00 per month.
Boquete, Chiriqui: The weather is very pleasant, and there is a large, established expat community that make this mountain town very attractive. The real estate market has been very stable in recent years. Boquete can be reached in a 45 minutes flight from Panama City to David, Chiriqui, and from there to Boquete it is 30 minutes by car. Here a retired couple can live, enjoy a comfortable life with $ 2,000.00 a month, being one of the places with the highest cost and with the best quality of life in the country.
Retirees or pensioners who wish to apply for permanent residence must demonstrate their economic solvency to invest in the country. Foreigners who buy property in Panama will enjoy the same rights and protections that Panamanians receive.