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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.

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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.

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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.

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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.

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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.

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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.

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Real estate in Panama is a booming industry. It is an industry propelled by the right combination of tropical weather and diverse landscapes, favorable business environment, a politically stable and democratic government, safe environs, and a cosmopolitan people. This boom is not just happening in Panama City, real estate in Panama is becoming more attractive from Bocas del Toro and Colon Beaches. Indeed, Panama combines the soothing beauty of Mother Nature and the exciting lifestyle of Modern Man.

Bordered on its sides by the Pacific Ocean and the Caribbean Sea, Panama experiences alternating periods of rainy seasons and dry seasons throughout the year. The variety of climactic conditions in Panama has enabled the country to offer a variety of outdoor activities from land to sea from sun bathing to jet skiing, from hiking to diving, from bird watching to hang gliding.

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The landscapes are diverse ranging from lush forests to bustling metropolises, from wide plains to high mountains, and from flat land to rolling sea, offering a wide variety of sceneries to choose from. Also, the country is almost natural disaster-free, which makes real estate in Panama doubly attractive to investors. Real estate in Panama is cheaper than those offered in the region including Costa Rica, the Dominican Republic, Bahamas, Mexico City, Buenos Aires, Sao Paolo, Mexico City, and Rio de Janeiro but at the same quality. Due to the dollarized economy and the low cost of living, a U.S. dollar buys more than it would in the United States, especially with U.S. recession.

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With the Investment Stability Law providing for 100% foreign ownership, tax exemptions and the absence of heavy business restrictions paving the way for lower costs of property development, multinational companies are expected to relocate to Panama thus increasing the demand for residential and office spaces to accommodate these new entrants. Lower property development costs would, in turn, result to lower real estate prices in the market.

Panama has a low crime rate, making it as one of the safest countries in the region particularly from terrorism. It has a politically stable and democratic government committed to promoting Panama as an international business center, second only to Hong Kong and as an international finance center second only to Switzerland. Thus, real estate in Panama is not only protected from natural disasters, it is also protected from volatile national security concerns, market movements, and asset confiscation. As purchasing real estate in Panama involves getting a residency visa, people buy property in Panama because of the ease with which one can get a Panamanian visa. There is the Retired Tourist visa, the Self-Economic Solvency visa, and the Small Business Investor Visa, among the numerous visas issued by Panama. With all the advantages such as tropical climate, favorable business environment, lower cost of living affording a better quality of life, tax freedom, stable society and government, and warm and friendly people, it comes as no surprise that Panama is a booming country with a rapidly growing real estate industry.

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