Home Retirement in Panama

Retirement in Panama

Simple ways to finally retire in Panama

You come across a reasonable amount of money, thanks to years of faithful service to your company. Now that you have achieved a milestone wherein you need not worry about your work and that you have monthly pension to spend, all you have to do is think where you will settle for good.
Retirement is just the beginning of a peaceful phase for you. You suddenly decide to pack up your stuff and go to a place you’ve never been in and stay there for good. The best choice – Panama!
However, before you start finalizing your decision, make sure that you have come across the best decision. After all, it is always sensible to make sure that you are about to embark in a meaningful and momentous adventure.

So here are some of the ways that you can do before you finally say “Yes, I am going to live here in Panama for good!”

•    Arrange a vacation trip: You can always arrange a vacation package to Panama. This will give you enough time to tour around the city and see if this is the environment that you have pictured yourself to be in. You can avail of property tours care of travel agencies near you or you can actually do-it-yourself. What’s good about having a travel agent arrange your itinerary is that you need not go through the hassle of researching or reserve your plane tickets. The agent will basically do everything and all you have to do is get on the plane and start the adventure!

However, you can do the reservations yourself and still have the time of your life.

•    Tour the city: Once you arrive in Panama, start making arrangements with the locals like getting a qualified tour guide so that when you go around the city, this person can actually tell the history of the place and as to why it is good to settle here. However, if you are willing to take the risk of doing this adventure yourself, you can always hire yourself a taxi and go around the city. Surprisingly, the taxi fares in Panama are cheap and they are willing to accept U.S. currency. You can also rent a car so that you can actually drive around the city by yourself.

There are specific agencies that offer property tour packages. You may want to avail of this because this is a type of tour where you get the chance to see the buildings that still have available condo units. Since your main goal is to see if Panama is the best place to stay, check if the properties compliment with what you have in mind.

•    Do an impromptu survey or interview around your preferred neighborhood in Panama. You can talk with the people who live nearby and ask what makes this a great place to say. These people will always give conflicting answers at times. However, always bear in mind that you will have the final say. Always follow your instinct but make sure that you also do your part in researching.

•    Now that you have come across your ideal condo unit or property, you can now start hiring a qualified real estate agent from a reputable licensed company. Before you do so, always remember that you need to have a lawyer in order to guide you in certain agreements that may arise. It is always good to put major agreements in writing in order to avoid chaos and confusion in the near future.

•    At this point, you may have finally decided that Panama is the best place to be. You will now start thinking about acquiring a resident visa in order for you to legally transact business here in Panama. You may consult a lawyer specializing in these matters to cut off your processing time. Different types of visas have been discussed in detail in previous articles. Always consult with the Panamanian consulate for more information.

•    For the purpose of discussion, you may need one of these two visas in order to proceed with the purchase. Since you are now a retired employee, you can avail of the Retired Persons Visa. In order to get this one, you need to show proof that you are earning a minimum amount of about $500 per month. Another visa that you can get is the Home Buyers Visa. This is when you purchase a property that is worth $200,000 and above. By doing so, you are qualified to get the residency visa. Remember, you need to get yourself a lawyer in order to process this visa.

•    If you find getting a residency visa very taxing. You have the option of getting a tourist visa instead. In this scenario, you need to renew your visa every three months (or 90 days). A number of people have been doing this process. You need to make a trip outside the country for a short while and return then the process starts all over again.

You need to produce the following documents in order for you to continue processing your visa application. This applies to all kinds of visas in Panama.

•    AIDS test certificate: You need to undergo an HIV test because the country is strict with this.
•    Health certificate: You need to undergo other medical checkups with a Panamanian doctor. You can also procure this through your doctor but considering that you are now in Panama, the first option may be the faster one.
•    A certification that you have no police record. You need to coordinate with the police department from your homeland.

Now, you need to be informed about the two types of real estate here in Panama. These are titled and “rights of possession” properties.

•    Titled: Obviously, this is in reference with a property that has proper documentation or “title.” The property will certainly be included in the government’s public registry system. The information about these kinds of documents may be acquired at Public Registry itself. However, you will have to fulfill the requirements set. Your lawyer will have to submit a letter request for the property abstract title that you are interested to acquire.

•    “Rights of Possession:” There’s a different process involved when purchasing a property that has been acquired through “rights of possession.” This means that the property does not have a title and is not included in the Public Registry records. The government currently is coming up with a system that will make this process as easy as the first type.

There are two basic steps that you need to follow when conducting real estate transactions. First, there should be the so-called “Promise to Purchase” agreement. This is a document signifying the intention of the buyer (you) to purchase the property from the seller (owner). This also signifies the owner’s awareness on this transaction. The lawyers should be present to determine if the agreement was properly drafted and that both parties have good intentions at hear.

The second document is called “Purchase and Sale Agreement,” basically the contract itself. This will be registered at Panama’s Public Registry which signified that you are now the new owner of the property.
Meanwhile, the transaction of the payment may involve the participation of the bank. The bank may conduct the transfer of funds from the purchaser (you) to the seller (owner). The latter may need to open an account so that the funds from your end will have a smooth transition.

This may be a lot to absorb at such short notice. However, you should always bear in mind that you are about to make a major decision. Having decided to settle in Panama is probably one of the best decisions you will do. The place is generally safe, the people are friendly and you get to spend your retirement days peacefully. Good luck in your new adventure!

Popular News