Live and retire in Panama, add a sense of adventure to a special phase of your life. Living on a fixed income for many North Americans and Europeans is becoming extremely difficult. Many are choosing to become expatriates and are exploring opportunities in other countries for the thrill of adventure or to improve their quality of life.
The climate is tropical similar to southern florida. It’s location is ideal, as its close to Florida, 1100 miles from Miami. Panama’s monetary system is based on the U.S. Dollar and they use American currency.
Panama enjoys a strong economy and has recently had its investment rating upgraded. The cost of Living is lower than the United States despite the rise in Real Estate, gasoline and food prices. Over all Panama remains a good value.
Benefits To Living In Panama
1. Health System is the best in Latin America. Panama offers excellent hospitals and doctors. May doctors speak English, having been educated in the United States and Europe. All hospitals accept Blue cross insurance and Hospital National in Panama City participates in the Foreign Medical program for Disabled Veterans.
2. Beautiful beaches, islands, tropical rain forests and mountain regions.
3. Panama offers fantastic Salt water fishing. Lake Gatun that feeds the Panama canal is known for fresh water bass, sargento and tilapia. You can also enjoy snorkeling, boating, Sking, jet skis, and boat trips of the canal and the chargris river.
4. In Panama, you can enjoy, horseback riding, and a variety of outdoor activities. You can enjoy many historical sites, National Parks and the infamous Panama Canal along with a host of regional cultural festivals throughout the year.
Note: Yes there are crocodiles in Panama. I learned first hand when bending over the water untangling my fishing line, when a giant swirl broke water about 5 feet from me. Fortunately I stood up in time seeing señor crocodile, I moved away quickly as I had no intention of being his supper. They are found in the rivers, lake Gatun and back water areas off the canal.
To live and retire in Panama, the government allows for lifetime residency. Their Pensionado, (Pension) visa program gives indefinite residency to anyone regardless of age receiving a retirement or disability pension. This includes Social Security, SSI and Veterans Disability Compensation payments.
Pensionado’s receive added benefits, such as discounts on medical, dental, prescriptions, restaurants, hotels, and utilities. There is a tax exemption for shipping your household furnishings and your car into the country.
Direct deposit is now available for Social Security benefits, U.S. Government pensions and for Veteran’s disability payments. The banking institution will send your forms to the American embassy for processing. It will take about two to three months for the deposits to start. The embassy website has a list of authorized banks. www.panama.usembassy.gov
Due Your Homework
Obviously, you need to do your research. It’s very important to visit the country to discover the areas that interest you. Spending time will give you a sense for the area and a taste of the climate. Which consists of two seasons, wet and dry. Mid April to Mid December is the rainy season and late December to early April is dry and hotter.
Panama is not for everyone and yes there are benefits but living here is not the same as visiting. Many have come and left within a year as Panama did not live up to what they believed they would experienced. Do your homework determine if your goals and desires for retirement living can be met living in Panama.
Either way, at the very least a visit to Panama is memorable, and will add some adventure and excitement to your life. Explore your options, to live and retire in Panama may be just the thing for you.
Should you have questions don’t hesitate to contact me, I am happy to answer them for you.
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