In recent years it has emerged as a preferred destination for European as well as American retirees looking to spend their golden years living comfortably. This small country has a tropical climate, beautiful beaches, and wonderful local cuisines.
For retirees who want to retire to Panama, the primary concern is finding a high quality retirement facility. It is very important to know how to find one at an cost. Retirees who are looking to buy a house or other property should pay attention to the cost of property in the area they wish to move to. Property in Panama generally costs about half what it does in America and Europe so the savings made can be significant. Also, a knowledgeable real estate agent will be able to help prospective buyers with the cost of incorporating Panama into their American or European tax return.
When considering a place to retire to Panama, one should consider both the cost of buying a residence and the cost of maintaining it after retirement. Buying a residence in Panama is relatively inexpensive compared to retirement in America or Europe. In Panama, the cost of housing is generally lower than in any other Latin American country. One drawback to buying a residence in Panama is that the cost of maintaining a residence there is generally much higher than in any other country. A retiree in Panama may have to contend with extra taxes on imported goods such as automobiles. These taxes are generally only a few hundred dollars per year, but a person who buys a home pays thousands of dollars in taxes.
A major expense involved in retiring to Panama is the cost of travel. Most people who live in Panama prefer to travel around the country rather than the larger cities. The cost of air travel is around half the cost of driving alone and taxis are quite affordable for most retirees. A Panama vacation is also ideal because the cost of living is much lower than in other countries. Food is also cheaper and retirees can enjoy more meals than they would in America or Europe.
Panamanians generally want to retire to the countryside, so the best places to live while still retaining American citizenship are the coastal cities of Quito and Panama City and the capital city, Panama City. Retirees can find work in these cities easily by spending time networking with retired persons in these areas. Retirees also may desire to visit their former neighbors in Cuba and the Dominican Republic. The cost of vacationing in these areas is relatively inexpensive, so retirees can travel and enjoy the places that they want to visit.
Living in Panama is relatively inexpensive compared to other countries such as the U., Canada cheap places retire or Europe. Retirees will enjoy many of the same activities available to them in these countries at a fraction of the cost. Retirees should take advantage of their low cost of living by shopping for bargains wherever possible. Retirees in Panama should always be aware of their retirement age and look to adjust to life in Panama before they retire, as this will ensure that they receive their full pension when they reach the age that they should