Retire in a Foreign Country – Panama
Some foreign countries have passed laws and created government policies designed to attract American retirees. Panama is one of those countries.
As an introduction, here is a video I found that features Panama as a place to retire:
The U.S. dollar is legal tender in Panama, which gives stability to the economy.
New residents who build or purchase a home pay no property taxes for 20 years.
Residents of Panama pay no income taxes on foreign earned income, i.e., you can have a job in the U.S. and not pay income taxes in Panama on that income.
If you qualify as a “pensioner” (meaning that you are over 18 and have a guaranteed income of at least $500/month from Social Security or other government pension), a U.S. retireee receives many discounts ranging from 15% to 50% on medical care, transportation costs, restaurants, and hotels.
Panama also has geographic advantages for U.S. baby boomers who might want to live there. First, Panama is easy to get to from the U.S., with regular flights from Miami, L.A., Orlando, and Houston. Second, in Panama you can find very affordable real estate in the city, in mountainous rural areas, on the ocean, and even on an island.
Here is another video about Panama as a place for retirement, produced by International Living:
Panama has a very low cost of living. Here are some examples of that:
Mrr. GoTo and I have never been to Panama. After studying these facts and figures and reviewing the videos, I want to visit.
Have any of you visited or lived in Panama? What were your impressions?
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