6 Things You Should Know About Retiring to Panama
The day is here—sweet, sweet retirement. All your scrimping, saving, and savvy financial management has brought you to a point where you can retire comfortably. But where will you retire to? Florida? No, that’s too old fashioned. If you’re considering retiring to Panama, you probably have many questions. Here are 6 things you should know about retiring to Panama.
1) About The Panama Canal
If you’ve spent any amount of time researching Panama, you may have noticed that the Panama Canal Expansion Project is a topic that comes up everywhere—and reasonably so! This massive expansion project has been in the making for years and is on track for a 2016 completion. The Panama Canal is the lifeblood of Panama’s thriving economy and its completion promises to bring thousands of new jobs. But why should this matter to you? Well, more jobs can only mean a better economy, which will, of course, benefit everyone!
2) Democratic Lifestyle
Expats moving from the United States will be thrilled to know that the lifestyle in Panama, from a political standpoint, is not unlike what most Americans are used to. Panamanians are open about their feelings and concerns, and elections are free and transparent. Moreover, Panamanians are a very welcoming people and enjoy the company of Americans and Europeans.
3) Panama Operates on the US Dollar
At this point life, nobody wants to learn a new monetary construct. Nobody wants to learn an entire new concept of valuation and proportion. For example, a meal in the Czech Republic is something like 120 crowns. Seems like a lot, but it isn’t. Sure, you’d get used to it eventually, but who has the time? Aside from day-to-day convenience, there are plenty of benefits that come from the country’s use of the US dollar. Because the Panamanian Constitution explicitly forbids printing paper currency, Panama must earn their currency from the world market using good old fashioned hard work. Unlike many other Latin American nations, nasty inflation issues are virtually impossible.
4) Panama Loves Retirees
Panama loves retirees, and their benefits reflect that! Retirees need very little to qualify for benefits.
All you need as an expat to qualify as a retiree are the following:
- You must be in good health
- You must be AIDS-Free
- You must keep an up-to-date passport
You must have a verifiable income of $1,000/ month by the way of pension
Retirees can benefit from a wide array of discounts and benefits, such as: 50% off at most movies, sporting events, and recreational facilities; 25% off of Copa Airline flights; 30-50% off of hotel stays; 25% off at restaurants; 20% off of doctor visits; and much, much more!
5) There’s Always Something to Do
One of the biggest fears that any retiree have is getting bored. And that’s only natural! After all, when you spend so many years working, it feels strange suddenly having so much free time. There’s always something to do in Panama—from hiking, to exploring natural wonders, relaxing by the beach, or even joining a group of other expats! You’ll be hard-pressed to find a boring day in Panama.
6) It’s Just Beautiful
Economical and political reasons aside, you were probably first attracted to Panama because of its stunning natural and metropolitan beauty. Yes, Panama is a gorgeous place to live. From the crystal clear waters to the softened volcanic mountains to the exotic fauna, Panama is a celebration of natural beauty. Best of all, the Panamanian government has been very protective of its country’s natural beauty, enacting many ordinances to make sure that it stays healthy and untouched.
Still not convinced?
Why not come out to Panama and check it out? Use my booking page to set your arrangements today! And as always, if you have any questions, feel free to contact me directly and I’ll be sure to get back to you!