Retirement in the capital of the Republic of Panama is very appealing. The city is the main commercial area of the country but it is still considered to the retirees. Panama City has all the characteristics of a modern city but lacks the high prices, which is a great advantage. Panama City is amongst the best areas in Panama to retire to. Other towns in the Republic of Panama which are perfect for retirement include Boquete, el Valle, Bocas de Toro and Soro. All these areas including Panama City have great real estate options.
Panama has been ranked as one of the best places in the world to retire to. Panama City is amongst the world’s five least expensive cities. Panama City is a favorite for retirees from Canada, Europe and the United States. With the cost of living in Panama City being lower that the most United States and Western European cities retirees find it easier and more cost effective to live off their pensioner’s salary. Food is cheaper in Panama especially locally grown foods, meat and vegetables which are always in stock at the local markets. Eating out is also very inexpensive. One can eat three reasonable meals for US30 or less per day. Health care in Panama is of high quality and standards; in fact health care in Panama reaches United States Standards but only for a fraction of the price. The low prices at the shops in Panama City makes shopping for furniture, appliances, household items and clothing very affordable.
Real estate in Panama City, Panama is always on hand for sale or rent. Retirees who have the intentions of planning their retirement in Panama City can have their pick of real estate property on the real estate market. Propertied include condo units, and properties with excellent views of the Pacific Ocean. Retirees can also have their pick of gated communities in Panama City; Costa de Este, located near the international airport is one of Panama’s largest gated communities, Costa Sur in the Canal Zone area with its magnificent garden homes. Land also becomes available in and around Panama City area for sale. There are rental properties available but are restricted to mainly apartments and homes.
Foreigners can purchase land and other real estate properties and receive the same protection and rights as locals. Retiring to Panama City has many advantages. The Government of the Republic of Panama is offering a tax incentive to persons who have received their permits to build and will have completed by December of 2011. These people will pay no Property Taxes for a 20 year period.
Panama has a very attractive program for pensioners. To qualify for the program an individual must be 18 or older and e able to show documented proof that they will receive a pensioner’s income of US1000 monthly from a government institution of private Panama company. The monthly payments must be for lifetime. With that the individual can apply for a retirement visa with which a retiree qualifies for discounts and tax exemptions on the following: hotel accommodations, transportation, medical services, professional and technical services, restaurant bills, the importation of a vehicle for personal use every two years among others.
Panama City is a historical city with Unesco World Heritage Sites. Retires will have fun exploring the historical areas of Panama Vieja and Casco Viejo. A tourist destination Panama City is a dream. Lots of entertainment, great restaurants, and nightlife make the city a great place to retire.