Feed Your Appetite For the Good Life in Panama

Planning an offshore retirement strategy can be a daunting proposition. Many of the basics of life that citizens from first world nations like the U.S., Canada, and Europe take for granted are not available in many offshore destinations. Not so in Panama.

In a recent poll of several hundred offshore retirees, access to quality medical care and first world grocery shopping came up number one and two in a list of the concerns voiced most frequently.

Panama is consistently ranked as one of the top five retirement destinations on earth. This is due in large part to its world class medical infrastructure. Giants of the industry like Johns Hopkins have allied with local hospitals to create one of the most desirable medical care environments on earth.

Grocery shopping anywhere in a developed area is on par with what you will find back home. The Riba Smith and El Rey chains compare with familiar brands like Stop and Shop and Winn Dixie. These stores are clean, well stocked, and you will find that your cost of eating well is lower in Panama.

When its time to line up at the check out in your local grocery store, you can find some peace of mind knowing that a big part of your bill will be funded by the money you will save by living in Panama. For example, if you plan the purchase of your retirement home correctly, you can escape the payment of property taxes for as much as 20 years. Calculate these savings against the taxes you paid back home and you will feel better about stocking up on filet and lobsters.

The financial benefits of life in Panama are well known. For starters, you will not pay taxes on income you earn outside of the country. This means that the money you earn from social security, pensions, investments, and business conducted offshore is not subject to local taxes. Panamanian law also allows you to invest and bank in absolute secrecy while providing the mechanisms required to create one of the best estate management strategies on earth.

Another big plus for retirees is called the Pensionado Program. This government backed effort provides qualified retirees with a long list of discounts like 50% off entertainment options (movies, theaters, sporting events, etc.), 50% off of the price of mid-week hotel stays, 50% off of the costs of closing your home mortgage, 30% off public transport costs, 25% off of domestic air tickets, 25% off at restaurants, 20% off of professional and home repair fees, 20% discount on already low Doctor bills, 1. 5% off of hospital bills if you are not insured, 15% off of the cost of dental and eye exams, 10% off of the local prescription prices… and more!

If you are thinking about retiring in Panama or just visiting to develop an asset protection, business, banking, investment strategy, make sure to begin by building a strong relationship with a local attorney. There are many third party sources able to help you select the best attorney for your needs. These groups provide unbiased reviews of providers in Panama’s professional community speeding you to a successful pairing.

For more useful information about moving to Panama contact one of our experts today.