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Retirees enjoy
some of the world’s most beautiful beaches and other tourist
attractions like adventure and eco tourism. Language is not
a problem as English is widely spoken and understood and
Panamanians are a friendly people. American expats can feel
at home as most of the products and services available in U.S. are
available in Panama as well. It has good communication and
other infrastructure facilities. It is a safe
destination. Perhaps most
importantly, the Panamanian government offers attractive incentive
schemes to woo foreign retirees. To
receive expatriate retiree benefits, Panama sets the age at 55 for
women and 60 for men. All you need is a guaranteed pension
income of $500 per month ($600 for a couple). It must be a pension
from a government agency (e.g. Social Security, disability, armed
forces, etc.) or a defined-benefit pension from a private company.
Sorry, but an immediate, fixed annuity doesn't qualify.
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Retirees planning to settle
down in Panama can bring $10,000 worth of personal effects
without paying duties
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One automobile every 2 years is
allowed to be imported without taxes
- Discount of 50% of price charged for entrance to recreation
and entertainment activities, such as movies, theaters, sports
and other public productions. This discount is not
applicable for those events marked as benefits for the youth,
homeless or those specifically authorized by the competent
authorities.
- Discounts for the following means of public transportation:
- Inter-Urban buses, 30%
- Trains, 30%
- Launches and boats, 30%
- 25% discount in air fares in public and private national
and foreign Airlines.
- A minimum discount of the regular prices of hotels and
motels:
- 50% from Monday to Thursday
- 30% on Friday, Saturday and Sunday
- 25% discount of food consumed by the individual in all
restaurants except for the Fondas which do not require license
to operate.
- 15% discount in those rapid food establishments.
- 15% discount in the total cost for services of hospitals and
private clinics.
- 10% discount in pharmacies for those medications obtained
with a medical prescription.
- Discounts in the following medical services:
- 20% in consultation fees of general medicine
doctors and medical and surgical specialists.
- 15% for dental services.
- 15% for optometry
- Insurance companies that include in their policies health
benefits for illness shall adjust their fees to include the
necessary adjustment so that the benefits of these discounts
are transferred in the payment of the premiums when the
insured is 55 years old if female, and 60 years old if male
- 20% discount for technical and professional services.
- 20% discount for all prosthetic devices as well as those
items and accessories of personal assistance.
- 50% discount in cost of passports.
- 25% discount in monthly electrical consumption of private or
public entity up to 600KW's and the normal tariffs will be
applied to anything above that amount.
- 25% discount to the basic phone service charges when:
- the phone service is in the name of the individual
- is for a residential phone
- is for one and only one phone. The normal tariffs
will apply for anything more.
- 25% discount in the water bill as long as:
- the consumption does not exceed $30.00
- by bill is in the individuals name
- the bill is residential and is the prime residence.
The normal tariffs will apply to all other residences.
The only country that comes close
to Panama in terms of costs and standard of living in Central
America is Costa Rica. Panama is a young and growing country and
is making great strides economically.
Types of Property in Panama
Foreigners can buy real
estate. Panama has three different types of property;
the Titled Property, Possession Rights Property and Concession
Property. The Titled Property is under the jurisdiction of the
Panamanian Public Registry and the existence and value of a
particular property can be verified through this channel. Titled
Properties obligate the owner to pay taxes in Panama if property
is worth more than $30,000. If you are currently building, you can
get tax exemptions proportionate to the value of your real estate.
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To purchase a Titled
Property, you will be required to make a down payment,
accomplish a contract as well as formalize transfer of
title through appropriate certification with the
Panamanian Public Registry. This will start the procedure
of changing the title of the property to your name. Before
all the rigmarole that all these entail, you should not
forget to run a check on the property you want to buy. If
the property is not registered, then you are beings
scammed by the person selling you the property.
Possession Rights is ownership of property after the fact.
This type of ownership is granted by the government to
people who have been occupying or using part of its land
for a long period of time. Thus, to qualify for buying a
Possession Rights property, you must get a certification
from your local officials that you are indeed staying
where you say you are. |
Concession Properties are properties that are
owned by the government but are leased out for a long period of
time such as 20 years, sometimes even 40 years. You can actually
take advantage of this because governments do intend to develop
locations still sparingly visited by tourists.
Do not forget to read the contract before signing on the dotted
line. You should use a trustworthy Panamanian lawyer to explain
the contract to you. This is because by necessity, the contract is
written in Spanish.
With all the plus points listed
above, Panama must be in any retiree’s radar for migrating and
leading a peaceful retired life.
~ Jean Bouttet (www.panamaexpertos.com)
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