Panamanian Retirees Enjoy Unique Visa Privileges

At a time when seniors from around the world find themselves under increasing financial pressure, finding a dollar stretching venue that offers all of the comforts retirees crave is becoming harder everyday. The good news is several great options are still available. At the top of this list is sun drenched Panama.

Competition for the revenues associated with the retirement community has resulted in a dramatic paring down of viable options. Just a handful of genuinely high value destinations have emerged. The AARP has identified them in a well researched short list. The top 5 nations on this list are in Latin America. Among the highest ranked, is Panama.

Panama is a first world nation that feels a lot like home for American Ex-Pats. Ties between the U.S. and Panama have been close for more than a century. When you complete your homework, you will still have a lot of questions. The best way to answer these is to plan an extended visit so that you can get the feel of your new home. If you intend to stay a while, you will need a Visa.

If you will be in country for less than 30 days, you can handle the paperwork required for your visit on your way through the airport. If you intend to stay longer, you will need a Visa.

When you make your move to Panama, you will discover that obtaining a Visa is relatively easy to accomplish. You will be required to work with a Panamanian Attorney. When you choose the right one, your Visa process can be accomplished with ease. In most instances, all you need to demonstrate is that you will provide some benefit to the people of Panama in exchange for their willingness to host you in your golden years. Various programs allow long term residency based on proving that you have a place to live, an income of as little as $600/month, and the ability to pass a background check. Other Visa options allow you to use the purchase a retirement home worth more than $200,000 as a speed lane to residency.

Another very significant benefit to purchasing your retirement home in Panama arises from legislation offering up to 20 years of property tax exemptions on certain kinds of real estate. This is very important when you consider that property tax payments can easily exceed mortgage payments for many retirees.

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!

The U.S. and Panama have a long history of living and working together. The people of Panama feel a tie to folks from the U.S. The U.S. Dollar is the standard currency in Panama and English is the predominant second language here.

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 information on retirement, banking, estate management, taxation, employment, forming a Panamanian foundation or corporation, real estate, trade policy, corporations, tax benefits, local economics, vessel registration, obtaining legal counsel, or any other topic related to doing business in Panama… click here