Reasons to Retire in Panama

Reasons to Retire in Panama

Last Updated on September 10, 2023 by Retire in Panama

People all over the world are searching for places to retire. Whether they’re looking because they feel their country is unstable or there’s a lack of affordable healthcare services in their area, they are tired of harsh winters. They want to stretch their retirement pension; people want to know where they can live the rest of their lives with peace, good weather, and security. Panama is one such place that might interest you! In this blog post, we’ll discuss reasons to retire in Panama and some benefits of living here.

reasons to retire in Panama CityA Bit About the Country of Panama

Panama is located in Central America, bordered by Costa Rica and Colombia on either side. This country has more than 40% of its land covered in lush forests and rainforests, the Caribbean Sea bordering the north, and the Pacific to the south.

It’s a country that is the most stable and democratic in all of Latin America, with a GDP of 76.5 billion USD (2022). It has an excellent infrastructure for retirees living within its borders, including one of the best healthcare systems in Latin America. There are many reasons why this is a retiree’s dream destination, but here are five of the most significant.

The country’s capital city and largest metropolis is Panama City, which has over 2 million residents in the city and surrounding areas, almost 1/2 of the county’s population. This bustling cosmopolitan center offers all the amenities you need for modern life, including luxury hotels to accommodate your every whim and access to the most up-to-date medical and dental services.

These are some of the reasons that people are retiring in Panama

  • The most accessible retirement visa program with a generous discount program for retirees
  • Mild all-year-round weather
  • Affordable housing options
  • High diversity in culture and ethnicity
  • Safe environment with a low crime rate

The Weather in Panama San Blas Panama

The weather in Panama is mild all year round, with an average temperature of about 82°F (28.0°C). Panama boasts the best climate in Latin America due to its location on the isthmus that divides North and South America. Panama is outside of the hurricane belt and is one of the most ecologically diverse countries in the world, with a high rate of biodiversity. Read more about the climate in Panama HERE.

Panama’s Ethnic Diversity

Panama is ethnically diverse, with a population of mainly mixed European/Native American descent (mestizo). The primary language in Panama is Spanish, which isn’t surprising considering it’s a Latin American country. English speakers will be able to get by reasonably well here due to the country’s proximity to North America and the influence the US had during its operation of the Canal.

Panama’s Economy

Panama offers a stable economy, with an average growth rate of about four to five percent over the last 15 years. This is due to the country’s resource diversity, agriculture, the Panama Canal, and service sector. Panama also has one of Latin America’s best business climates, making it appealing for entrepreneurs or those interested in starting their own businesses.

Panamas Lifestyle and Quality of Life Panama’s Lifestyle and Quality of Life

Another reason to retire in Panama is the quality of life it provides. The country boasts a high literacy rate, low unemployment rates, a large middle class that has grown over the last decade, and high levels of income equality, ranking among some of Latin America’s best performers in this area.

Panama is a country that has a culture and ethnicity that is very diverse. This diversity can be seen both on the streets of Panama City and throughout the countryside. The culture here is more than just Spanish-speaking countries; many have described it as “The United Nations” because people from all over the world have come to call this country home.

The Pensionado Visa in Panama

This is a retirement visa that you can qualify for permanent residency in Panama as long as you have a pension of $1000 USD or more; this visa is for life.

The best part of the Pensionado Visa is that you will never have to pay Panama taxes. Panama does not tax foreign income. There are also other benefits for retirees in Panama, such as discounts on restaurants, entertainment, airfare, prescriptions, healthcare, and more.

The visa process is very affordable, with a total cost of about $2300 for a single and $2800 for a couple, and the visa is for life. Suppose you were looking for affordability of permanent residency as one of your reasons to retire in Panama. In that case, the county of Panama may be for you. Read more about the Pensionado Visa HERE.

Panama Housing Options

Panama has many affordable housing options. Panama City is the most expensive place for housing in Panama, with condos with ocean views starting at about $1000 a month. You can rent two-bedroom Panamanian homes for $500 a month in the country’s interior.

Crime in Panama

Crime is not a significant issue in Panama. There is no need to fear for your safety when visiting or living here. Crimes like murder are rare (outside of gang-related incidents), and the statistics show you are as safe here as in countries like the United States, Canada, and France. The most common crime is theft. This often includes bicycles stolen from parks and beaches, usually not accompanied by violence. This is not to say you need not be vigilant; always be careful when traveling to another country.

Retire in Panama Reasons
Image by 2HourAppreneur from Pixabay

Reasons to Retire in Panama Conclusion

Retiring in Panama is an excellent option for those looking to retire abroad. This Latin American country offers low crime rates, affordable housing options, and mild all-year-round weather without worrying about hurricanes or tropical storms. The Pensionado Visa program provides retirees with discounts on entertainment, airfare, prescriptions, and more while never taxing foreign income.

Plus, there are many other incentives like affordable housing that suits your needs and being able to retire without paying taxes! If these reasons to retire in Panama sound appealing but overwhelming, don’t fear; we are experts in the relocation business who can help make it easy by taking you on one of our Retire in Panama Tours.

 

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