Tips on Equipping Your New Life in Panama

Every new Expat retiree faces the same dilemma when making choices about how to handle their first international move. The big question is always whether to move your existing possessions or replace them with something new when you arrive in Panama?

When making these decisions, it is important to note that shopping for goods of any kind can be accomplished with the same level of ease and convenience in Panama as it in the U.S., Canada, or Europe. Panama offers an abundance of first world shopping options including three of the largest malls in the region.

If you run the math, you will find that shipping most larger sized items will cost you about half of what you would spend to replace it. In most instances, new arrivals opt for an out with the old, in with the new, strategy. They will use the money garnered from an estate sale back home to purchase all new appliances, furnishings, and even automobiles. You will find all of the brands you are comfortable with and pricing in Panama is on par with most first world countries.

When planning the economics of your move, don’t forget that your new life in Panama will begin providing come very substantial financial benefits from day one. 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 this savings against the taxes you paid back home and you will have more than enough to furnish your new home.

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 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