When Conde Nast Traveler Picked 6—Panama Was Number One

In recent years Panama has become a media favorite among the world’s most elite retirement venues. Conde Nast Traveler narrowed the field to six “To Die For” destinations and Panama took top honors.

Modern Maturity magazine has positioned Panama as best in the world for 6 years now, and the AARP consistently ranks Panama in the top 5 of all retirement destinations.

One of the key factors behind all of this excitement is Panama’s low cost of living. You can enjoy a great life here on an as little as $2,000 to $3,000 per month. This includes a comfortable home with no property tax to pay, and a domestic worker able to lend a hand when one is needed. Where else can you still find an apartment in an oceanfront luxury tower for $200,000 and a live in maid for $300 a month?

The climate in Panama is among the best on earth. You can enjoy sun drenched beaches in the morning then relax with a cool mountain breeze in the afternoon. In a recent “World Values” survey, Panama was ranked as the 15th best place to live in the world. The U.S. limped in at 150th.

When planning your move to Panama remember that your life here can help you stretch your retirement dollars in many ways. For example, when you retire to Panama, you will no longer have to pay taxes on income you earn outside of the country. In addition, if you buy your retirement home with the right guidance, you won’t have to pay property taxes for up to 20 years. These two factors alone will usually save upwards of 30% of the dollars you are now spending back home.

It is also important to remember that Panamanian law allows you to invest and bank in secrecy. The mechanisms that make this financial privacy possible have also produced one of the best estate management jurisdictions on earth.

The people of Panama want you to retire here. As proof, the Panamanian government has instituted one of the most generous senior discount programs on earth. Panama’s “Pensionado Program” provides qualified retirees with discounts on a wide range of good and services. You’ll save up to 50% off of regular ticket prices for entertainment options like movies, theaters, sporting events, etc. Qualified seniors also save 50% off of the price of mid-week hotel stays, 50% off of the cost of closing your home mortgage, 30% off public transport costs, 25% off domestic air tickets, 25% off at restaurants, 20% off of professional and home repair fees, 20% off the already low cost of a Doctor’s care, 5% off of your hospital bills if you are not insured, 15% off of the cost of dental and eye exams, 10% off on local prescription prices… and more!

If you are thinking about retiring in Panama or just visiting to develop an asset protection, business, banking, or 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 one 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.