If you’ve been planning your retirement, and you’re ready to take the next step, retiring in Panama will be the best decision you’ve made in a long time. Retiring in Panama has so many positives, and so many opportunities, no matter what your budget or lifestyle choice. Of course, like anywhere, Panama isn’t perfect, and you may hit some speed bumps along the way. However, all in all, there’s no place like Panama when it comes to retiring. Here are five reasons to back it up.
1. Panama Has Great Legal Perks for Retirees.
Under Panama’s “pensionado” program, those who retire in Panama are legally entitled to a variety of benefits. These include discounts on food, domestic airfare, hotels, medicine, and more. As a foreigner, a retiree or person (over 18) with “lifetime” pensions may qualify for the Panama pensionado visa. You will also automatically receive these pensionado benefits if you’re a resident or citizen over 55 (women), and 65 (men).
2. Climate.
If cold weather’s not for you, and you’re looking to spend your best years in the sun and the sand, then Panama is perfect. While many retirees find the cooler climates (65-75F, 18-24C) in the Panama highlands of Boquete and El Valle to be ideal, it still pales in comparison to what winters are in almost all of the northern hemisphere. Also, the rest of the country is considerably hotter, meaning that if you’re into the tropical heat and the beach lifestyle, most of Panama will suite you well. It rains a fair amount in Panama, too, however, it’s resigned mostly to one season, and seldom lasts for more than a few hours a day.
3. Easy Access to Services.
Panama is fairly modern when it comes to services, and you’ll find that everything you need is pretty easy to get if you know where to get it. Medical services are always within reach, as is shopping, food supplies, and tons of fun activities and excursions to help fill your retirement with fun. There’s a wealth of things to do, see, and buy, and none of it is far away, no matter where in Panama you choose to retire.
4. Banking/Currency.
Finances are important when you’re planning your retirement. After all, you’re done working! Panama has some great banks that you can use as a resident retiree for savings, checking, credit, or a number of funds. Panama operates with US currency, meaning that keeping your finances in two countries won’t be a problem either, should you need to. Panama has a stable economy, and with the currency and banking advantages, investing in Panama is much safer than any other country in the region, for retirees or otherwise.
5. Travel Hub.
One of the biggest advantages of retiring in Panama, ironically, is the ease and convenience by which you can travel in and out of it. Retiring abroad is a rewarding journey, but we’re all human, and many of us still want to make time to travel and see family regularly. With over 100 direct flights from Panama City, and a location that’s square in the center of the Americas, Panama is the perfect travel hub, even if you don’t travel that often. It’s a 5-hour flight to New York, 2.5-hour flight to Miami, and an easy jumping point to places like Colombia, Ecuador, and the Caribbean islands.
