Why Retire or Buy a Second Home in Panama
selidra@yahoo.es
If you speak spanish: + 34 918678415
There are many good reasons why it's a smart choice to retire or buy a second home in Panama.
In no special order, here are some of the most important:
1. Panama is close. There are direct flights to Panama between 3-5 hours long from these US cities: Newark, Houston (Copa, United ), Atlanta ( Delta)..Dallas (American) Los Angeles ( Copa). Miami (Copa. American), Fort Lauderdale (Copa, Spirit), New York (United, Copa), Orlando (Copa), New Orleans (Copa) ). Las Vegas (Copa) and Denver (Copa). From Canada: Toronto ( Copa) and Montreal ( Copa). Copa is an award winning Panamanian airline with code share with United.
2. Panama is safe. Panama is one of the safest countries in the world with the same rating for tourism safety as the United States. Don’t believe us. Talk to foreigners who live here and they will tell you how safe they feel relative to other places they have lived.
3. Panama is a small, beautiful country with a wide variety of world-class attractions. Panama has a wide variety of destinations, activities and world class attractions - and since it is such a small country ( the size of South Carolina) they're in close proximity. You will never have a reason to be bored-with the beaches, mountains, nature, sophisticated captial city, fine dining, golf, sport fishing, Indian culture and history...
4. Your investment will increase in value. Year after year, Panama is rated by international indexes as one of the best countries in Latin America for business and investment. Panama;s GDP has grown an average of 5% for the last 10 years.
5. Panama has a stable democracy and Latin America’s most stable economy. Panama has a democratically elected president and has the most stable economy in Latin America. It has excellent relations with the United States and pro-business policies. President Juan Carlos Varela who took office in 2014, more than any previous president is working hard to bring down corruption - a rarity in Latin America.
6. Panama has the US dollar as it’s currency. What a "travelers pleasure" it is not have to exchange money at the airport and not to have to pull out a calculator to figure out what that meal just cost or how much that neat Panama City condo costs.
7. Panama has no hurricanes or major earthquakes. Unlike it’s Central American neighbors not to mention certain places stateside, Panama is in an hurricane-free zone. There are also no majo earthquakes.
8. Panama is a nature lovers paradise. Enjoy beautiful and fascinating nature in the rainforests, mountains and the oceans- indeed it's hard to think of anywhere as nature-rich as Panama.
9. Your family and friends will be impressed with your choice. We hear this story all the time…”my kids and family thought we were crazy when we told them we were going to buy a home and live in Panama ...they thought we were having some severe mid-life crisis etc…then they came down and were blown away by the place...”.
10. Panama is a good place for beach lovers. There’s a beach close by just about everywhere. With both a Pacific and a Caribbean coastline, Panama has thousands of miles of beaches and over one thousand islands. Water sport activities- include fishing, diving surfing, sailing and sea kayaking.
11. Panama has the best retiree benefit program in the world. Retirees get major discounts on air tickets, medicine, movies, restaurants, hotels etc. Other benefits include the importation of all your household goods free of all taxes. As a retiree you can import a car every two years free of import taxes (other taxes apply).
12. Panama has a carefree climate. In Panama City, the beaches and lowlands there’s a year-round warm climate. Some places like Panama City are humid but that is easily remedied with air conditioning… You go from an air-conditioned home, to an air-conditioned supermarket, to an aircondioned mall etc. and are hardly bothered by it. Evenings and early morning temperatures are perfect for walking or running. In the mountains and highlands weather year-round is spring-like temperatures-- no air-conditioning needed.
13. Panama has a modern American-style infrastructure. Panama City- it's Manhattan-like skyline, the buildings, stores, shopping malls and many neighborhoods will remind you of the States- this is the by-product of nearly 100 years of an influential American presence in the Panama Canal.
14. High speed internet is more available in Panama than in the United States. You can get high speed internet anywhere in Panama. Phone and other telecommunication services are excellent.
15. If you are an investor or businessman, you will find Panama's entrepreneurial class good to work with. People starting small companies or major investments find doing business in Panama easier than in other foreign countries. This is because Panama is business friendly and because so many Panama businessmen are American-educated. They understand Americans and know how to work with them.
16. Medical care is on a par with United States Medical facilities. It's easy to find a Panamanian doctor or dentist that;s US trained and speaks English. Prices run about 50% less than the US.
17. Panama has one of the best road infrastructures in Latin America.
It is not perfect, - this is the "third world"- but pretty darn good.
18. You will likely get along well with Panamanians One of the most common things you will hear from retirees is how friendly and helpful most Panamanians are. - this means the man-on-the-street, neighbors, maids, taxi drivers, the mall security guards…etc. They feel safe and welcome
19. A Retiree Visa is easy to get. You can get a retiree visa in about a year for a reasonable price.
20. Foreigners can own property in Panama and have all the same legal rights as Panamanians. Unlike some other Latin American countries, foreigners in Panama have all the same property rights as its citizens.
How to do it
While there are several ways to immigrate to Panama, the most popular methods
are the Retiree and Investors type Visas.
Retiree (Pensionado) Visa: Having a lifetime, minimum monthly $1,000 foreign government or private entity pension (additional $100/month per spouse and dependants) qualifies for a Pensionado visa. There is no minimum or maximum age requirement. Alternatively a person who buys a $100,000 property and can show a pension of $750 will also qualify for this visa. If a couple both receive pensions the sum of which is $1,000 they also qualify.
The benefits include a one-time exemption from duties when importing household goods (up to $10,000) and a tax-exempt car.
In addition, a Pensionado is able to get discounts in restaurants, movie theaters, hotels, and many other products and services in Panama. You will receive permanent residency within three months, but you will not be able to become a Panamanian citizen.
Self-Economic Solvency Visa: This type of visa allows anyone with a minimum of $300,000 to obtain permanent residency and become a full Panamanian citizen. There are three options available:
(1) Purchase a minimum value of $300,000 real property in your personal name.
(2) Purchase a three year $300,000 CD at a Panamanian bank.
(3) A combination of the above – a Panamanian bank CD plus a real estate purchase with both totaling $300,000.
Business Investor Visa: The Panama Business Investor Visa requires an investment of $160,000 in a new business, or a new corporation.
Three temporary two-year resident visas will be issued before permanent residency is acquired.
Reforestation Investor Visa: Panama Reforestation Large Investment Visa requires a minimum $80,000 investment plus the purchase of 5 hectares in a Panama government certified reforestation project. This visa can lead to permanent residency after two years and eventual Panama citizenship.
Agricultural Visa For this visa a foreigner must invest a minimum of $60,000 in a Panama agribusiness or a Panama aquaculture business. Investors will have temporary resident status for six years, renewable every two years.
Short stay visa This visa is designed for those who need to stay up to 9 months in order to visit relatives, have medical attention etc. It requires payment of $100 to the National Service of Immigration for migratory services plus a guarantee deposit of $500. Other documentation is required depending on the reason for seeking the visa. It is best to consult a lawyer on this. Conditions for stays of longer than 90 days to complete business transactions are more stringent. Again it is best to consult a lawyer.
Friendly Nations Visa Panama has designated 47 Friendly Nations who do not need visas to enter the country and who, in addition, can be granted fast resident visas.The formal wording of this permanent residency visa is for “citizens of friendly nations with professional and economic ties with the Republic of Panama”.
The words “professional and economic ties with the Republic of Panama” means that citizens of these 47 countries must establish professional or economic relationship with Panama. This can be accomplished by starting a new business or purchasing an existing business or being hired to work for a Panama company. Other visas
Other visas include Tax-free Processing Zone Visa, Student Visa, Specialist Worker Visa, Domestic Worker Visa. For more information on what is required for these visas it is best to consult a lawyer.
If you speak spanish: + 34 918678415
