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.
- 10% off prescription medicines ( which are inexpensive to begin with)
- 15% off dentistry.
- 30% off bus, boat and train fares.
- 25% Restaurants
- 15% Fast Food Restaurants
- 20% Doctor visits and Surgery
- 25% Monthly energy, phone and water bill
- 15% Optometry services
- 50% Hotel from Monday thru Thursday and 30% on weekends
- 50% off entertainment including movies, concerts, sporting events and theater. ( 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.
Click here for Resort Communities and Real Estate listings.
What is Required for a Retirement Visa?
- A clean police report from where you currently reside.
- A health certificate from a Panamanian doctor.
- Proof you receive a minimum income of $1000 a month and $250 each for any dependents
Any of the law firms listed on our Legal Services page can take care of your legal work for a reasonable fee.