Due to increased cost of living, poor social security and pension programs, retirement abroad is becoming more and more commonplace in today’s society. With incentives such as tax breaks, simplified residency programs, discounts on dining, airfare and most business services, combined with a cost of living so low that it is often compared to the cost of living in the United States in the 1950’s, Panama is quickly becoming one of the World’s greatest retirement havens. In fact, Panama was recently voted one of the top 5 best countries in the World to retire abroad in by the American Association of Retired Persons (AARP), and voted the number one overseas retirement haven by International Living.
To give you an idea of the some of the price differences in Panama, a full-time maid or gardener can be hired for about 120-200 USD per month, A trip to the movie theater will run you less than 3 dollars per person, Medical Services, which are par to those in the United States cost about 30% what they would back home, and a filet mignon can be purchased in a nice restaurant for about 6-10 dollars. Cars cost about what they would in the United States, as does Gasoline.
Additional Retirement Incentives in Panama include:
- Separate (much shorter) lines in banks and public institutions
- Tax exemption to import a car every 2 years
- Import tax exemption for furniture, appliances up to US$10,000
- 25% discounts on utility bills
- 25% discount on airline tickets and 30% on other transportation
- 15% discount on loans made in your name
- 1% reduction on home mortgages for homes used for personal residence
- 20% discount on doctor's bills 15% on hospital services if no insurance applies
- 15% off dental and eye exams
- 10% discount on medicines
- 20% discount on bills for professional and technical services
- 50% discount on entrance to movie theaters, cultural and sporting events
- 50% discount at hotels during Monday to Thursday, 30% on weekend
- Import tax exemption for household goods
25% discounts on utility bills
25% discount on airline tickets and 30% on other transportation
15% discount on loans made in your name
1% reduction on home mortgages for homes used for personal residence
20% discount on doctor's bills 15% on hospital services if no insurance applies
15% off dental and eye exams
10% discount on medicines
20% discount on bills for professional and technical services
50% discount on entrance to movie theaters, cultural and sporting events
50% discount at hotels during Monday to Thursday, 30% on weekend