scuba diving, golf, fishing, ecoturism, shopping, holidays, Bocas del toro, National Parks,

When you think of retirement in America, what comes to mind is usually paradise and unending relaxation, with time under your control. Of course, the cost of retirement also comes to mind, like how much of the retirement pay will go where? The best thing to consider for retirement to be less stressful and more relaxing is to find a place where retirement is beneficial. In most international and tourism magazines, Panama is always quoted as one of the best places to retire in the world.

There are plenty benefits to retiring in Panama. The Panama real estate market has greatly attracted retirees due to Panama’s temperate climate, incredible lush landscape, a myriad of beaches and a welcoming culture.

Cruise and Car Rental Reservations. Tips for the traveler about PANAMAs Nature, Adventure,

One of the main benefits of retiring in Panama is Panama’s pensionado program. Under Panama’s Tourist Pensionado Visa, you need to be a resident pensioner to get the benefits of retirees in Panama then you become eligible for the program. To get this eligibility, you simply have to have a guaranteed pension worth 500 dollars every month for singles or 600 dollars for couples. The pension should either come from government agencies such as the Social Security System, Military, Federal, and disability, or from private company that defined the pension benefits. Under the pensionado program, the pensioner is entitled to discounts on public and private amenities that range from accommodation, health care, entertainment, transportation, property acquisition or loan, and technical or professional services.

The benefits of retiring in Panama are that it carries two major languages in the world, Spanish and English. You can easily relate to the locals in these languages and they are hospitable to foreigners. Also, they use the dollar currency for bills and the Balboa coins can easily be converted.

Culture, History and Geographics. Visit our news section for the latest news about Panama

Another inclusion on the benefits of retiring in Panama is the low cost of living. Panama has the lowest cost of living among other countries in Central America. Because prices for goods and services are generally low and cheap, you get more savings especially if you earn foreign income. Aside from the goods and services included in the benefits of retiring in Panama, you also get affordable properties with their favorable tax incentives such that if you are a foreigner who decides to reside in Panama, you can get property that’s free of taxes, and real estate in Panama such as this is not difficult to find.

Aside from pensioner’s benefits of retiring in Panama and low cost of living, Panama offers wonderful places to stay. You can choose to stay on beaches, mountains and the modernized city. Panama has stunning beaches where properties are also developed. Retirees can do surfing, sailing, fishing or simply feeling on the sea breeze when you live in places near the beach. There are also properties that are located near mountains where it offers beautiful landscapes and interesting ecosystems like birds. Panama also offers activities with their mountains like camping and mountain climbing. If you choose the city life, you will see skylines, modern constructions, and high technology in telephone, cable and Internet facilities that are also available in all of Panama. With these various locations plus affordable properties and good tax incentives, you will get the needed relaxation you would require if you were to choose to retire in Panama.

the latest news about panama and communicate with others and us in our forum and blogs

Canal, Hotels, Beaches, business, touristic, information, maps, adventures, tour operators, vacations,

Financing in Panama is relatively easy to understand considering that Panama is an international finance center, a development fueled by its banking system that has come to be known as the “Switzerland of Latin America” for its modernity and stability. Moreover, financing in Panama is convenient for foreigners as it is a dollarized economy (the only country authorized to use the US dollar at its par value), thus eliminating conversion and valuation risks. Many international banks have set up regional headquarters, as well as offshore centers in Panama City, due to a growing demand by international investors to move their asset portfolios under Panama’s jurisdiction, which offers many tax and asset protection benefits.

Financing in Panama most often means going to the extensive international banking network, which makes it a matter of finding the right bank to suit your needs. However, banks in Panama require that an account be opened or is existing before bank financing can begin. Be warned that Panama banks are very vigilant about opening an account, with a stringent process requiring numerous documents, a face-to-face personal interview, and a sizable initial deposit (as much as $5,000), Documents requirements to complete among many others.

surf, bird watching, flowers, Colon free zone, meetings, virtual tourism center, guide, what to do

The best reasons accepted in opening a bank account in Panama include purchase of real estate, business establishment, and a legitimate project. As can be expected, financing in Panama differs from bank to bank depending on specific policies being implemented by the bank. Here is a Panama financing 101 for you. The average terms and conditions for mortgage financing in Panama are 60 to 70 percent of the fair market value or the purchase price, whichever is lowest, or in the cases of those with two years’ residency, as much as 89.99 percent financing. Loan rates range between 5 to 7 percent, with FECI of 1 percent per annum. Borrowing period can be up to 30 years depending on borrowers’ age and net worth for residential purchase, with only 1½ years for construction. As to chattel security, there should be first mortgage over the property.

travel health, maps, travel photography, hotels, hostels, travel literature,Panama travel

The insurance, which must be issued by a Panamanian insurance company is generally paid for by the borrower, and endorsed to the bank that gets a 1 percent bank commission. As with opening a bank account, financing in Panama requires numerous identification documents such as passport, financial documents like trade reference letters, employment information like salary slips, and property information like deed title; the borrower meets with a bank officer at least once. These requirements might seem at complete odds with the strict bank secrecy laws, but they are meant to assure client transparency with the bank while ensuring the protection of the bank’s interest.

Panama is an international finance center because of many reasons such as bank secrecy laws, investment stability, equal rights and protection among foreigners and Panamanians alike, relative tax freedom, dollarized economy, and a democratic government, among others. These are factors that make financing in Panama a convenient and a wise decision, a second best alternative to actually living there.

Panama city, Panama headline news weather, Panama woman, people, Panama

Panama Travel Guide and Travel Information - Lonely Planet, travel advice, itineraries,

According to this article in China View, the Ministry of Commerce officials and the President believe Panama has not yet felt the economic problems of the rest of the world and give some reasons for that sentiment. Lets just hope this continues!

From the China View;

Special Report: Global Financial Crisis 

The impact of the ongoing global financial crisis has not emerged in Panama, said Carmen Gisela Vergara, Panamanian minister of commerce and industry, on Friday.

    Panama, one of the biggest financial centers in Latin America, has suffered less losses in the worldwide financial crisis due to its sufficient liquidity in the banking system, Vergara said in a trade forum held in Tokyo.

    Panama's economy is based on regional financial services, which is different from any other countries in Latin America and the Caribbean region, the minister added.

The official website of the Panama Institute of Tourism ICT with information in spanish, english,

    The country's banking system becomes even more stable with the growth of local and foreign savings after the crisis broke out in the United States. However, Vergara also noted that the impact of the financial downturn is not clear yet as the country's economy is largely dependent on the United States.

    Panamanian President Martin Torrijos said earlier that his country's banking system was ready to face the global financial crisis. The extension project of the Panama Canal was provided with a loan of 2.3billion U.S. dollars, showing the confidence of the international community in his country.

    Panama has no central bank. The absence of foreign exchange risks and foreign currency control, tax-free bank savings, the free flow of remittance and low interests on bank loans have made this Latin American country one of the most important financial centers for international banking and commerce in the region.

travel health, maps, travel photography, hotels, hostels, travel literature,Panama travel