Panama is known as one of the world’s top retirement locations, and it’s easy to see why. Hailed for its beautiful scenery, white beaches, spectacular mountains, and a bustling capital city, Panama and the surrounding islands have a lot more to offer than just the infamous canal. If you’re looking for a new adventure in a luscious landscape, then look no further. But don’t just take our word for it — International Living also agrees, having recently ranked Panama as the world’s best retirement haven!
Here are the top reasons why Panama is the perfect retirement destination.
THE CURRENCY IN PANAMA
Did you know that the official currency of Panama is the U.S. dollar? The Panamanian Constitution, states that the government is forbidden from printing their own currency — because of this, Panama has adopted the U.S. dollar as their currency. This has helped Panama avoid falling into the inflation trap that most other South American countries have over the last decade. Most importantly, even in the event that the U.S. dollar is devalued, Panama has the Balboa, a coined currency, with a 1:1 value with the dollar. This gives retirees and investors untold peace of mind when purchasing Panama real estate.
LOW COST OF LIVING IN PANAMA
Panama has a very low cost of living. According to Investopedia, a typical retied couples could expect to comfortably cover their housing and living costs for around $2,000 per month. Compare this to the U.S. average of $46,000 a year, and it’s easy to see which option is more affordable. Plus, Panamas pensionados program gives retirees many discounts on every day expenses, which brings us on to our next point.
VISA BENEFITS FOR RETIREES IN PANAMA
Panama offers special benefits for retirees – including those from abroad. The Pensionado Visa is available to anyone If you’re over the age 18 and have a lifetime pension, access to Social Security or an annuity income of $1,000 per month or more, you could be entitled to Panamas Pensionado Visa. Plus, if you buy real estate in Panama valued at $100,000 or more, the minimum monthly requirement is reduced to $750. The many benefits of the Pensionado Visa include; discounted domestic and international flights, discounted public transport, 25% off utilities and restaurants, and much more!
If you’re thinking about retiring in Panama and want more information on owning a slice of paradise, click here.