The benefit for retirerees in PanamaThe cost of living is extremely low, and the criminality rate is very low also, the weather is warm and pleasant during the year, Health Care services are excellent, even Panama has a new John Hopkins Hospital, the food is delicious, the airport offers worldwide flights, It’s only 2 ½ hours to Miami, the roads and Highways are excellent, the cell phone telephonic services, the high speed Internet service and Cable TV are great also.
All that is required to qualify as a pensionado is that you must be in good health, AIDS-free, have an up-to-date passport from your country of citizenship and a verifiable monthly income of at least $500 per month for an individual, $600 for a couple. Foreigners who become pensionados can buy and own Panama property and enjoy exactly the same rights and protections as Panamanians, not always the case in many nations and an important point people often forget to consider. As for income taxes, you will be pleased to know that in Panama you pay no taxes on income earned outside of Panama.
Panama has created the most attractive special Benefits programs for foreigners and retirerees, please see and example of these benefits as follow:
As a pensionado [retiree] in Panama, you receive:
- 50% discount at most recreational, movie, and sporting events
- 30% discount off public transportation (including buses and ships)
- 25% discount off Copa airline flights
- 50% discount off hotel stays on weekdays (30% on weekends)
- 25% discount at selected restaurants
- 15% discount at fast food restaurants
- 10% discount off prescription drugs
- 20% discount on doctor's visits
- 15% discount on dental work
- 25% discount on your electric bill (if less than $50)
- 25% discount on your telephone and water bills. In addition, you can bring in all your household goods free of taxes and import a new car every two years for private use.
And there are other incentives for foreigners to invest and retire in the republic of Panama:
- Residents pay no taxes on foreign-earned income.
- Tourism investments have 20-year exemptions from import duties, fees for construction materials and equipment, and income, real estate and other taxes.
- The U.S. dollar is legal tender in the republic of Panama
- For those not eligible for a retirement visa, invest just $40,000 in a reforestation program and you are entitled to a residency visa.
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