If you’ve been thinking about how to retire in Panama but have been putting it off for some time now, it’s time to put the rubber to the road. Panama is a perfect, peaceful paradise that is ideal for those looking to kick back with some relaxation and adventure in their older years. Retiring in Panama can be one of the best decisions you ever make, but you’ll never know until you jump in with both feet! In that spirit, here are 5 reasons we think it’s time to stop delaying, and why you should retire in Panama this year.
1. Market Advantage:
After a tough year for both the economy and the people of Panama, things are starting to pick up again. Housing prices, however, are still relatively low. As the market picks up, it will take a bit of time for the market to correct, and that gives you a strategic advantage when it comes to real estate (both buying and renting). In fact, as a foreign retiree in Panama, you will find you have a market advantage in many sectors of the economy. Even a small investment should show favorable yields in a few years as the housing and services markets rebound. This is great news as a retiree who’s investing time and money into Panama.
2. Eternal Spring or Eternal Summer:
Pick one that you like, and choose where to retire in Panama based on your preference. In Panama there is no winter, no heating needed, no icy walks to the car, regardless of where you live. Most of the country experiences year-round summer weather, and some of the country an “eternal spring” as they like to say. Either way, who wouldn’t want to be in a pleasant climate for their retirement, particularly after the past two winters indoors? You will find that the weather lends itself to relaxation, less stress, and better health; all things that any retiree would value as top priorities.
3. Favorable Retirement Visas:
Did you know that Panama has an immigration visa made specifically for retirees? That’s right, they have a retirement-specific visa that allows foreigners to retire with relative immigration ease. It is full of tax benefits, healthcare benefits, bank benefits, and even monetary spending benefits. As an officially documented “jubilado”, or retiree, you are entitled to massive discounts (up to 50%!) off of food in restaurants, lodging, transportation, and daily goods. Panama incentivizes retirees through these visa and discount processes, and there’s no time better than the present to take advantage of them.
4. Vibrant Retiree Community:
Moving to another country can be intimidating, and that’s natural. It’s a big change and one that will spark a lot of new experiences and ways of looking at the world. That being said, it’s helpful to have some support. Thankfully, Panama has a vibrant and growing community of foreign and local retirees who share a lot of the same values, goals, and experiences. Being in a community that is supportive will help you retire in Panama with confidence. It will give you a resource for many of your questions and needs. It will help you when you want to make your own path as you retire in Panama. People who retire in Panama live all over the country, too, so no matter where you move, chances are you’ll meet similar, like-minded people.
5. Cost of Living:
One of the biggest advantages Panama has when it comes to retirement is value. To live a comfortable, good, retirement life in Panama, you need to spend about half as much as you would in many North American markets. Real estate is affordable, food is fresh and low-priced, transportation is cheap, and other goods and services are either lower cost or equal cost to similar North American markets. There are many expensive amenities you can choose from in Panama, too, if you like. However, a big budget isn’t needed to live a good life there. It’s time to enjoy the good life at a budget that works for YOU. After all, you worked hard for your retirement. You deserve it.