Benefits of retiring in a country like Panama

Retirement is an exciting time in life, and choosing the right place to live during this stage can make all the difference.

Panama, our beautiful country located in the heart of Central America, has become an increasingly popular destination for retirees from North America and Europe. In fact, at our law firm in Chiriquí, we consistently assist foreign clients who decide to move to Panama to experience a fulfilling life after retirement, and who require legal advice on immigration matters, real estate acquisition, insurance, tax obligations, administrative processes, and even litigation.

Reasons to move to Panama after retirement

– Warm and pleasant climate

With average temperatures ranging from 24°C to 30°C and a dry season that extends for much of the year, Panama provides an ideal climate for enjoying outdoor activities such as beach walks, hiking, and golf.

– Affordable cost of living

Compared to North America and Europe, the cost of living in Panama is generally lower. Housing, basic services, food, and entertainment are often more affordable, allowing retirees to stretch their budget and enjoy a comfortable life without exceeding their income.

– Quality healthcare system

Panama offers a quality healthcare system with modern facilities and trained professionals. Additionally, healthcare costs are often lower compared to other countries. This provides peace of mind to retirees seeking access to quality medical services, especially considering the increased need for health prevention and treatment as one gets older.

– Variety of entertainment and culture

From the vibrant Panama City with its modern architecture and thriving cultural scene to beautiful beaches on the Caribbean and Pacific coasts, the country has something for everyone. Additionally, Panama hosts numerous festivals and events throughout the year, allowing retirees to immerse themselves in Panama’s rich traditions and the joy of its people.

– Retirement programs and tax benefits

As if all of the above weren’t enough, Panama offers attractive retirement programs that provide tax benefits and excellent conditions for foreign retirees. Specifically, the retirement program known as “Pensionado” offers advantages such as discounts on medical services, transportation, hotels, restaurants, and more. Additionally, foreign retirees can benefit from tax exemptions on the importation of their personal belongings, including vehicles.

Moreover, the country offers the Retiree Visa, which allows pensioned foreigners to obtain legal residency. At Candanedo Correa, we have specialized attorneys who can guide you through the process of obtaining the Retiree Visa in Panama, and the requirements are quite straightforward. To learn more about the details, please contact us for more information. We would be happy to assist you.