Relocating and Retiring in Panama

Panama consistently ranks among the top destinations for retirement in Latin America. Various undeniable advantages of retiring in Panama are worth exploring.

In the game of global geography, Panama holds a high card for centrality. Positioned at the intersection of the Americas, it serves as a convenient midway point between North and South America. On a hemispheric scale, it’s equidistant from Europe, Asia, and Africa. Panama City’s Tocumen Airport welcomes direct flights from an impressive range of over 85 cities in 37 countries, and countless two-step journeys connect it with major global metropolises.

Our firm, with its extensive experience in Panamanian law, offers not only insights into the benefits of retirement in this beautiful country but also comprehensive real estate brokerage services. One of our partners, a licensed realtor, lends their expertise to negotiate and close real estate deals. From reviewing contracts to filing sales at the Panama Public Registry, we are here to provide the necessary legal guidance and make your transition to Panama smooth, secure, and successful.

Our team is available to discuss banking in Panama, retiring in Panama, and any other significant decisions concerning Panama’s legal affairs. Below, we list some of the main advantages of relocating or retiring in Panama to assist you in making an informed decision.

TAX ADVANTAGES

• Low property taxes
• Import tax exemption on household goods and/or cars (retirees only)
• No income tax for businesses and operations performed outside of Panama

RETIREMENT DISCOUNTS

• Discounts on prescription drugs, health care services, hospitals, and dental services
• Discounts on airfares, restaurants, movies, lodging, utility bills, and other services

AFFORDABLE COST OF LIVING

The standard monthly cost of living, including domestic and professional services, food, entertainment, real estate, and additional expenses are substantially lower than in many countries, particularly Europe and North America. This makes retiring in Panama an attractive option for foreigners.

SOLID AND STABLE ECONOMY

• For banking in Panama, the U.S. dollar is recognized as a legal currency
• Panama’s economy is based mainly on the services sector
• The Panama financial and banking center is one of the highest-rated in the region

ACCESSIBLE LOCATION

Panama is perhaps the most accessible retirement spot for Americans in the region. There are frequent nonstop flights to Panama City’s Tocumen International Airport. It’s a two and half hour flight from Miami, there are also daily direct flights to/from LA, NYC, Orlando, Houston, and Atlanta. There are also flights to/from Paris, Madrid, Amsterdam, Frankfurt, Toronto, and Istambul. Panama is also a hub for international flights connecting South America with North America. Retiring in Panama has never been easier with the abundance of accessible travel options available.

INFRASTRUCTURE AND REAL ESTATE OPPORTUNITIES

Panama’s modern infrastructure is constantly evolving and includes highways, up-to-date communication systems, shopping centers, top-tier hospitals, and highly-rated banks.

The number of housing options for real estate projects in Panama is continually increasing, encompassing residential proposals for all types of budgets and preferences. This includes luxurious gated communities in the city, cozy residences in the mountains, or beautiful beachfront properties. Depending on each client’s preferences and budget, there are exceptional opportunities to purchase small houses or apartments at attractive prices, as well as more exclusive options that are comfortable and secure.

HEALTHCARE SERVICES

Modern and trustworthy private medical services and facilities are available throughout Panama. Medical treatments and procedures are lower than those in other countries. Panama has been one of the countries in the region that have most quickly vaccinated the majority of the population against COVID-19.

SAFETY AND SECURITY

Normal safety practices are necessary in any capital city around the world, but Panama is considerably safer than many countries worldwide and far safer than most countries in the region. Due to its geographical position, natural disasters such as earthquakes or hurricanes are rare in Panama.

TRAVEL, CULTURE, AND RECREATION

Panama offers a wide selection of places to visit, including beautiful islands and modern cities. We also feature a booming nightlife, excellent and varied gastronomic options, good shopping, highlands, rain forests, and beautiful beaches on the Pacific and Atlantic Oceans.

CLIMATE

The temperature in Panama is comfortable year-round, making it ideal fro retirement. We have a dry season and a rainy season, yet even during the rainy season, we can enjoy beautiful, sunny days. Temperatures are typically hot and humid in the lowlands (24–34 C/70–90 F) and somewhat cooler in the mountains (15–24 C/50–64 F).

LANGUAGE

Spanish is the official and standard language, yet English is widely spoken and visitors can easily obtain assistance in English. Don’t let the language deter you from retiring in Panama. You can easily navigate our beautiful city no matter your native language.

CONTINUAL ADVANCEMENTS

Panama is always moving forward and improving. Since it is a small country with a low population, substantial changes can be accomplished in shorter periods. The service industry (hotels, tourism, and restaurants) is quick to implement new changes and advancements to bring better products and services to consumers.

Seek Retirement Opportunities in Panama

If you are considering retiring in Panama, get started with the help of the Mata Pitti team. We are here to help make the process as seamless and stress-free as possible. Contact us today to learn more about Panama’s retirement benefits.