5 Reasons Why Panama is the Best Place to Retire

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Panama is Ranked as the #1 Place to Retire…Again

For the second time in three years, Panama has been ranked and recognized as the best place to retire for expats. And while the ranking is clearly subjective (from International Living), it does a good job of promoting the benefits of retiring in Panama. For years now, Panama has been on the radar for many expats as a safe, affordable, and comfortable place to retire. And the reasons are numerous. Now, as we dig into 2016, it’s good to take a fresh look at why retiring in Panama is so popular. So, we decided to help you get more info, just in case you want to get started on the process.

Here are five solid reasons why you should consider retiring in Panama.

Quality of Life for Retirees

When it comes to retirement, being comfortable is not just about price or location; it’s about your quality of life. Being happy where you are, and enjoying each day is what retirement’s all about, and Panama is well known for both. Panamanians are considered (and surveyed as) some of the happiest people on earth, and for good reason. Life is simple in Panama. Less stress, more rest, and a happier outlook will make any retiree smile: and it does.

Low Cost of Living

Panama is definitely not the cheapest country to retire anymore, but it still offers an amazing value to expats who choose Panama as their destination. In retiree-friendly towns, it is possible to rent a simple house and cover your food/utility bills on social security alone. However, this isn’t the case in the capital, or some of the wealthier suburbs. Basically, if you’re on a tight budget, you can find something that suits you in Panama without much hassle. You just need to know where to look, and how to plan accordingly.  Check out our past post on cost of living in Panama.

Easy Access Location

For North American expats, Panama’s location is second to none. Not only are you right between two oceans in a tropical climate, but you’re also a mere 2.5-hour flight from the US. So, getting from Panama back to see family and friends at home is much easier than you think. Panama also has a great location for retirees who like to explore other countries in the region, with an international airport, which offers over 100 destinations worldwide.

Tropical Climate

In Panama, there is no winter. There is no snow. And if you are a fan of summertime, you’ll be pleased all year round. Many retirees choose Panama because of its warm climate, as a compliment to the overall quality of life. You can be outdoors practically every day (unless it’s raining), which is great for exercising, planning social events, or just kicking back and relaxing.

Benefits for Retirees

If you do decide to retire in Panama, one of the biggest draws is the “pensionado visa,” also know as the Panama retirement visa. This visa is designed for foreigners to receive federally mandated benefits when retiring in Panama, and include healthcare, tax breaks, and discounts on goods and services nationwide. Pensioner benefits have been the backbone for drawing in retirees, and for good reason. It makes the transition to a new country and culture much easier, as well as giving you a financial leg up when you retire. And that’s something that all retirees, both foreign and local, can appreciate.

About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, POLS Attorneys offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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