« Honduran Quesadillas: Holiday Food For ANY Day! | More Reasons Why Costa Rica Is The Perfect Retirement Location »

Panama Offers Numerous Incentives for Retirees

By Jane Goodwin | August 7, 2007

Whether you are a retiree, investor, or simply a person who is tired of paying out the nose just to live modestly, Panama has numerous incentives to offer you. The Panamanian government has made a point to offer numerous incentives to attract foreign investors. These including new construction property tax exemptions, a very lucrative Pensionado (retirement) program that includes discounts such as 50% off entertainment prices, 25% off airline tickets, 25% off restaurant meals, 20% off doctors consultations, 50% off home loans, 15% off dental and eye exams, etc.

Panama is also one of the best, if not the best, residency deals in the world today. For the price, the benefits are incomparable. For instance, you can invest $40,000 in a government approved and potentially very lucrative reforestation project. This will yield a visa to the investor, spouse and dependent children.

Panama’s modern amenities are similar to that of North America, making life a bit easier day to day. The communications work, you can drink the water from the tap, there’s no currency exchange issue, and it feels like home. Visitors and residents alike value the diverse choices Panama has to offer, having the opportunity to escape to a pristine beach but not sacrificing the modern conveniences such as a contemporary road system, high speed internet access and cable television.

Panama has one of the lowest costs of living in all Central and South America: A U.S.-style home can be built for about $40 per square foot; unskilled labor costs $6.40 per day; a full-time live-in maid costs $120 to $160 a month; a beer at a bar costs 35 cents; a cup of coffee, 30 cents; a haircut and shave can cost as little as $2; an afternoon at a beauty salon is $8; electricity is about 10 cents per kilowatt-hour; water bills are $18 per year; telephone service costs roughly $30 a month; Internet access is $14 a month; wireless is available for a bit more; cellular-telephone service costs about $30 a month plus a per-minute charge of around 22 cents; and cable TV will cost you about $30 a month.

All in all, living in Panama is almost like living in the States, except it’s cheaper, offers more diverse geography in a small area, and did I mention how much cheaper it is? In fact, Panama has one of the lowest costs of living in all Central and South America: A U.S.-style home can be built for about $40 per square foot; unskilled labor costs $6.40 per day; a full-time live-in maid costs $120 to $160 a month; a beer at a bar costs 35 cents; a cup of coffee, 30 cents; a haircut and shave can cost as little as $2; an afternoon at a beauty salon is $8; electricity is about 10 cents per kilowatt-hour; water bills are $18 per year; telephone service costs roughly $30 a month; Internet access is $14 a month; wireless is available for a bit more; cellular-telephone service costs about $30 a month plus a per-minute charge of around 22 cents; and cable TV will cost you about $30 a month. Things are much more expensive even here in southern Indiana!

Sphere It

Topics: Prices, Recreation, Utilities, Panama, Pensionado, Culture, Language, Healthcare, Money and Taxes, Lifestyle, Travel / Relocation, Real Estate |

Comments