Living in Panama Advantages There
While there are a number of destinations that come to mind when you think of settling after retirement, living in Panama perhaps is not one of them. If you are the type of a person who loves adventure and you have special interests in deep sea diving, river rafting, rain forest experiences, kayaking and surfing, then living in Panama provides you with all these experiences. For a long time not so much had been known about Panama. Having been overshadowed by its famous neighbors (Mexico and Costa Rica), Panama was left to keen travelers in love with adventure.
There are numerous advantages of living in Panama. Top of the list are financial incentives for retiring in Panama. With the usual retirement destinations of Spain, France and Portugal, Panama is proving to be popular among retirees. Retirees are looking for a destination with lower costs of living, great climate, lower crime rates, and financial incentives. Living in Panama seems to offer these advantages thus making it a favorite among retirees.
Panama is not only popular among retirees but also among part-time expatriates and investors. Besides the tax advantages, privacy advantages and more amenities one could consider living in Panama due to the following.
- A retiree incentive program (Pensionado program) which is the best in the world, with considerable benefits and not necessarily age related.
- A stable government and a promising economic growth whose economy is based on the US Dollar.
- No tax payments on foreign earned income by residents.
- For the US citizens, the US Dollar is the legal tender thus no currency exchange risks if your income and retirement benefits are in dollars.
- Property ownership for foreigners in Panama attracts the same rights and protections as the citizens.
- English is widely spoken and thus not necessary to learn a new language.
- New constructions attract property tax exemptions on a sliding scale according to value.
- Real estate investors get to enjoy exemptions from import duties on tourism investments, construction materials, equipment, incomes etc.
- Presence of familiar US style infrastructure and businesses due to the US's influence on the country for many years.
- A reliable communications system with ADSL Internet and fibre optic telephone lines across the country.
- Due to the presence of the US in the country for many years, the country has US trained English speaking doctors and US standardized health care facilities.
- The country has an easy access both from North and South America and also from Europe.</LI></UL> <P>With all this financial incentives for living in Panama, the country becomes one of the world's best offshore destinations.
Other benefits that accrue to retirees living in Panama are include: 50% off closing costs for home loans, hotel accommodation from Monday to Thursday and a 50% off entertainment including theatre, concerts movies etc. 30% off boat, train and bus fares. Together with this there is a 25% off restaurants and international and domestic airlines costs and 10% off prescription medicine as well as 15% off eye and dental exams.
Panama being a world business and transportation crossroads, Panamanians have a long history of working with foreigners. Coupled with its peace loving and friendly citizens, it becomes one of the best havens to live in.
Families with school going children do not have to worry about their children's education. Apart from there being three American accredited private schools, there are excellent teachers and amenities for your children's education. In order to take advantage of the exciting experiences that come with living in Panama, you will need to learn a little Spanish for you to communicate with the maid or the car dealer who does not speak English.
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