Benefits for Foreign Retirees
The government of Panama has the best incentive program in the world for foreign retirees.
Some of the benefits are:
- One-time importation duty exemption on all your personal and household goods up to $10,000.
- Importation duty exemption of a car free of taxes every two years. (Other taxes do apply)
- All foreigners (not just retirees) who purchase a home of more than $200,000 have the right to a residency visa.
- 100% Property tax exemption for sole residence
The following benefits are for all retirees - both Foreign residents and Panamanian:
- 50% off closing costs for home loans.
- 25% off both international and domestic airline tickets.
- 50% off hotel accomodations Monday-Thursday
- 10% off prescription medicines ( which are inexpensive to begin with)
- 15% off dental and eye exams.
- 30% off bus, boat and train fares.
- 25% Restaurants
- 25% Airfares
- 15% Fast Food Restaurants
- 20% Doctor visits and Surgery
- 25% Monthly energy, phone and water bill
- 15% Optometry services
- 15% Dental
- 50% Hotel from Monday thru Thursday and 30% on weekends
- 50% off entertainment including movies, concerts, sporting events and theater everyday. ( This means for example, a movie ticket will cost you $2. And Panamanian cinemas receive American movies about the same time they come out in the States.)
- In Panama all banks (mandated by law) have special express lines for Retirees.
- And don't forget, you can hire a full time maid for less than $200 a month. That is probably the most helpful “retiree benefit”.
No doubt about it- Panama is the most Retiree-Friendly country in the world.
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