Mexico and Costa Rica are old news and there is a new tropical hotspot for retirement. Panama is the new destination where retirees are flocking to and with good reason. As one of the safest countries in Central America with near perfect weather, and the world’s best pensionado program for retirees, Panama is currently the best choice for retirees.
Unlike many of the great retirement havens of the past where foreigners had to sacrifice a number of modern conveniences, Panama is able to offer top benefits that ordinarily can only be found in industrialized countries. This is due to the fact that while the U.S. was operating the Panama Canal, everything was built to their standards; therefore Panama has all of the advantages of Caribbean living with none of the disadvantages including smooth roads, state-of-the-art infrastructure and services, fast internet access, and excellent healthcare.
The cost of living in Panama is one of the most affordable in Central and South America. Everyday necessities will cost you nearly a fifth of what they would in the United States, allowing foreigners to live much more luxuriously than they would back home. A US style home can be built for about per square foot. As a foreign resident, if you buy or build a new house, you won’t pay property taxes for 20 years. Panama’s pensionado program for foreign residents is one of the best in the world and includes benefits such as tax breaks, discounts on public transportation, medical care, prescriptions, restaurants, airfare, and much more. In addition, the US dollar is the local currency in Panama, which protects its economy from global financial distress and makes it a stable place to invest your money.
Panama is extremely accessible from the US which makes it attractive for retirees with family and friends in the states. There is a frequent nonstop service to Panama City’s International Airport from major US cities. Flights are relatively inexpensive and can be as short as two hours when flying from Miami.
The weather in Panama is another advantage. With day averages around 85F, beach days are an option year round. Nights are cooler with year averages around 65 F, providing for a comfortable night’s rest. Panama is conveniently located outside the hurricane belt and the rainy season lasts only two months of the year. The only disadvantage is the humidity, which lasts about 80% of the year.
There are three very different areas where foreigners usually look into buying real estate in Panama. If you want to live in a quiet, nearly deserted area, then the Mountains of Boquete are where you should look to build or buy a house. If you prefer lounging on the beach and basking in the sun, check out the turquoise waters and white sandy beaches of the Pearl Islands. And if city life is what you enjoy, settle down in Panama City, the least expensive first class city in the world to live.
If retirement is in your near future or you just like to plan ahead, take a trip down to Panama to check out the highest quality of life at astoundingly low prices. Explore the different areas and see if this diverse and beautiful country is the right place for you to enjoy your golden years.