Like most adults, you look forward to the day you will finally be free of your 9-to-5 job. If planned correctly, your retirement can be the most adventurous time of your life. Part of that planning is deciding the country where you’d like to retire.
You need to consider how that will translate for your assets and other factors like the healthcare system. In this article, we shall zoom in on Panama—a popular country among retirees. How would retiring in Panama affect your assets? Stick around to find out.
Will Retiring in Panama Affect My Assets?
You don’t have to worry about your assets taking a hit once you retire in Panama. On the contrary, it is a safe and stable place to invest your money. For the last several years, the country’s economy has steadily increased, making it a force to reckon with in Latin America. There are several international financial institutions, making it a good place to grow your assets.
Panama is in the center of the Americas, which gives it a geographical advantage for global trade. You can easily diversify your investment portfolio by tapping into regional markets.
One area that is of interest to retirees is real estate in Panama. The Panamanian real estate market is still young, so there is much room for growth. Prices are currently lower than other regional markets, and the government has incentives for foreign investors. Other options you might consider are farm investments and Panama corporations.
Applying for a Pensionado Visa
If you would like to retire in Panama, you can apply for a Pensionado visa. To be eligible for this visa, you must have a monthly lifetime income of at least $1,000 USD. The income has to be from a guaranteed source, such as an annuity by a foreign government.
Alternatively, you can have a monthly income of $750 USD and a minimum investment of $100,000 USD in Panamanian real estate.
Once you become a retiree resident, you get to enjoy other money-saving discounts like:
- 50% discount on movies
- 20% discount on professional and technical services
- No import tax on household goods
- 25% discount on airline
Are There Any Other Benefits of Retiring in Panama?
Besides being ideal for your assets, there are other compelling reasons to head to Panama for retirement.
Here are some of them:
Panama has world-class medical facilities and English-speaking doctors. You don’t have to go to the capital to access healthcare. You can still find facilities for you and your pets in other parts of the country.
As we mentioned, Panama is popular with retirees. Therefore, if you choose to retire there, you can be sure to find a large community of like-minded people, especially in places like Panama City, Coronado, and El Valle. You can also be sure to find exciting activities to participate in—day or night.
Panama Uses USD
If you retire in Panama from the United States, you won’t have to get used to a new currency, since they take USD. That makes settling in much easier as you don’t have to stress about the change in currency.
How To Be Vigilant When Investing in Panama
Although Panama can be a haven for a retiree, it is important to do your due diligence. For instance, you must be careful of paying more than you should for a property. You can avoid that by working with a real estate agent. You also have to be wary of the cons. There is no code of ethics binding real estate agents in Panama. Most importantly, take your time to weigh your options before taking your checkbook out.