Panama, best known for the Panama Canal which connects the Pacific and Atlantic Oceans, has a lot to offer and those are are ready to retire. Panama offers a lower cost of living and the affordable healthcare system. Panama has a stable government, strong economy, and Panama uses the US dollar. Perhaps the best features include the natural beauty, miles of white sandy beaches, beautiful towns, and the hurricane free tropical weather. So why do people from all over the world flock to Panama to retire? The answer is quite simple. Panama has something for everyone. Here is a look at what Panama has to offer:
Couples Live the Good Life on As Little as $2,000 a month
The strong stable economy in Panama is ideal for people living on a fixed income. The culture here is rich, and many of the cities are beautiful. There is such a large population of retired North Americans and Europeans living in Panama, that it’s not hard to find someone who speaks English. There are many nice restaurants where a meal for two is less than $20… including a glass of wine or beer! Groceries are affordable. Fresh produce is available all year. This is the tropics so fresh fruits are available every day and affordable too. You can enjoy fresh fish from two Oceans.
Some areas of Panama are more expensive than others and they will require a larger monthly budget. But if you are on a tight budget, there are certainly many places where a couple can live a very comfortable lifestyle in Panama for as little as $2,000 per month. Less stress! I know many singles who live the good life in Panama on less than $1500 per month. Just today, a couple from a Panama Relocation Tour rented a beautiful fully furnished 2 bedroom 2 bath house for $750 with all utilities included.
Beautiful Beach Communities and Mountain Towns
Panama is a nation that has it all. There are two oceans, mountains, miles of coastlines, jungles, culture, and modern cities. Panama City, the capital of Panama, sits along the shores of Panama Bay along the Pacific side of the nation. Panama City has a population approaching 2,500,000, it is the largest city in Panama. Also on the Pacific side is Coronado, which is west of Panama City. Coronado, Gorgona and Playa Blanca are perfect for people who want to live in close proximity to Panama City but with white sandy beaches and a relaxing lifestyle. Panama City.
Those who prefer cooler weather will enjoy Boquete or Volcan. These mountain towns enjoy spring like weather year round with average temperatures around 76 degrees. Boquete is home to thousands of expats so it helps to make the transition to expat life a soft landing.
The Cost of Living is Much Cheaper than The US or Europe
Panama is a magnet for retirees because it is much more affordable than other countries. In Panama, a domestic bottle of beer costs 65 cents. You can rent a one bedroom house or apartment for $400-$600 per month (depending on where you live in Panama) — in comparison to an apartment in Los Angeles which costs $1,621 per month. A domestic beer in Los Angeles runs $5. When it comes to comparing Panama City to London, UK the savings are profound. People save 35 percent off mid-range meals in Panama City and 56 percent off of the rental of an apartment in the city center.
Panama has modern hospitals, well-trained doctors and outstanding health insurance, all at affordable prices. Even in the smaller cities, modern health care is available, and most of the medical doctors in Panama go to the US for training. Expect to pay $10 to $20 for a routine doctor visit and $40 – $50 for a specialist… without insurance. Four hours in the emergency room at a hospital will cost about $150… without insurance. At the public hospitals, you can save even more because a general doctor visit is only $2 or a specialist is $5.
Because Panama is still considered an emerging market, there are many business opportunities for expats. No matter where you go in Panama you will spot services or products you wish Panama had but they are not available yet. You could cash in by providing that service or product.
An online business can be run from anywhere. This is one reason expats of all ages are flocking to Panama.
It is fairly easy to get a visa which comes with a work permit that allows you to work in Panama. You’ll need to work with a Panamanian attorney to get all the necessary permits and licenses to start a business and work in Panama. Taxes are much lower in Panama than they are in other countries. If you are from the United States, you can earn about $100,000 per year (per person) tax-free with the Foreign Earned Income Exemption. Luckily, most other countries do not tax you on income you earned outside of your home country.
Panama For Retirees
Panama is an opportunity to live a better life for less money, and many Americans are cashing in on that opportunity. Panama is a safe country and Panamanians are very friendly towards foreigners. Panama welcomes retirees by offering their Pensionado visa with even more savings, including:
• 50% off on recreation and entertainment such as movies, theaters, sports, etc.
• 50% off hotels Monday through Thursday (30% off on weekends)
• 30% off public transportation like buses, trains, and boats
• 25% off airfare
• 25% off restaurants (15% off fast food)
• 25% off electrical, telephone, and water service
• 20% off doctors and specialists
• 20% off prosthetics and other personal assistance devices
• 15% off hospitals and private clinics
• 15% off dental and optometry services
• 10% off prescription medications
The great weather is present 365 days per year, and the unique geological makeup of Panama makes it naturally hurricane free. Where can you move and find a better deal? Not very many places offer as much for retirees as Panama. If you want to discover for yourself how wonderful Panama is for you, take a Panama Relocation Tour. You may not want to go home because you will discover that you already feel at home as soon as you arrive in Panama.