11 reasons why Panama is the best place to retire in 2022
After all the hard work you put in to establish your legacy and leave a little something behind for your loved ones, retirement should be the time when you can do all of those things you always wanted to do but never had time for.
For more than a decade, Panama has been acclaimed as the top retirement destination by prestigious international publications that highlight the immense benefits that the country offers to nationals and foreign residents – without distinction – when reaching the age of retirement.
Panama has one of the most attractive benefits program for retirees in the world. And it not only applies for Panamanians, it also applies to expats. Having access to these benefits is simple; you only need to process the residential visa and you are done!
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Furthermore, there are various reasons why retirees have chosen Panama...
Which country would you choose to retire to?
— World Economic Forum (@wef) February 1, 2022
Learn more about retirement around the world: https://t.co/fRhkBawmHP pic.twitter.com/2gAp2Qhvmd
1. Cost of living
Since you'll probably stop working when you retire, you'll want to spend the rest of your days somewhere that has a lower cost of living. Real estate, hotel rooms, restaurants, entertainment, and living expenses cost less overall and may even be lower in rural areas. Even living in urban areas in Panama can be relatively lower than in other countries. If you want to make the most of your retirement savings, Panama offers a lower cost of living than other countries in the Americas and Europe.
2. Huge benefits program for retirees
Since 1986 The Retirees Program is one of the main attractions for retirees that are looking to live in a country that has it all. A person who earns at least $1,000 per month in pension in their home country may qualify for a retiree visa, which offers attractive benefits and incentives to foreigners who retire here.
The retired person can enjoy a series of discounts in entertainment, tourism, gastronomy, public services, medical expenses, etc. Here we present some of these benefits:
- 25% discount on monthly electrical energy consumption, Telecom and Water services.
- 50% discount in entertainment such as movie theaters, theater showings, sports and other shows.
- Discount of 20% of the value of drugs in pharmacies.
- 30% discount in bus, metro, ferry and train fares. The only Central American country with a metro system in the city.
- 30% to 50% discount on hotel stays.
- 15% to 25% discount in restaurants.
- 15% discount on the total bill of hospital or private clinic services
- Discount in medical services
- An many other benefits
3. Security
Panama presents one of the lowest criminality rates in the region. For those that live here, you can breath an air of tranquility. Panama does not have an Army, being one of the countries with no standing army. It is a country where you can safely enjoy outdoor activities both during the day and at night.
4. Political and Economic Stability
Panama is one of the most important business centers in Latin America, ideal for international business. Panama is a country with the best GDP per capita in all of Latin America, thanks to its high economic growth rate and low inflation. Thanks to the Panama Canal and the country's strategic geographical location, its economy boasts a wide array of opportunities and stable job creation.
5. World-Class Travel Hub
Over 29 commercial airlines operating in the country with over 400 daily flights to 39 countries in America, Europe and Asia, with a flow superior to 16 million people that pass through Tocumen Airport on a daily basis.
Tocumen has been recognized by multiple international organizations as the medium sized airport with best punctuality worldwide (approximately 93%), as well as the airline that bears the country’s flag, COPA, recognized as the most punctual airline in the world.
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6. Fantastic Weather
The weather in Panama is exceptional. With two main seasons, the area is far from the “Hurricane Alley”, thus the probability of a climatic catastrophe, apart from heavy thunderstorms, is very low. Additionally, depending on the selected area, the temperatures are increasingly more refreshing.
The weather is characterized as tropical: it is very hot throughout the year, mainly in coastal areas and the lower parts of the country. But as locals well know, the rainy season can be regularly found between the months of June and November. For this reason, the best time to visit Panama would be between December and May: when the likelihood of rain capable of ruining a good day is practically non existent.
The average temperature in Panama is around 29 degrees celsius all year long. This brings with it the advantage that it will not be necessary to bring heavy coats even for the higher areas such as Anton Valley and Boquete, where the temperature can be colder. Panama can be a great refuge during the North or South winter time.
7. World Class Health Care
Panama is rapidly becoming a medical tourism destination in the region. This is due to the quality of services offered, the level of professionals, the excellent infrastructure and the great relationship between price/technology/service.
Many Panamanian doctors have graduated from the best universities in the United States, thus the language barrier is non existent.
8. Sports
Panama has a long tradition in baseball, soccer and boxing. Panamanians are also passionate about the NFL, NBA and they also qualified to the last World Cup of soccer.
There are few places in the world where practicing a sport early in the morning is so enjoyable. Walking through Parque Omar or the Cinta Costera as the sun rises can be both a physical and relaxing experience.
Or play golf. You do not need to travel far from the airport to find the first golf course in the city, Santa Maria one of the +10 golf courses. With a spectacular design, it is the youngest course in the country, with over 7,153 yards built with the best technical specifications that challenge the player to really think through each play.
Panama is one of the preferred destinations for sports fishing. In its waters, you can find a great variety of fish during different seasons in the year.
You may also enjoy a hike through the tropical forest at our national park located within the city limits “Parque Metropolitano”, where bird watchers gather to spot the multiple species that live there. Panama's bird species are more numerous than the United States' and Canada's combined.
9. Real Estate
Panama has developed a highly coveted real estate market. A modern city with first class tourism projects that provides both the investor and those looking to live here a wide range of opportunities with the same benefits as the local citizens.
With a dollarized economy, real estate in Panama is both stable and safe. Similar to how some have decided to invest in permanent residences, there is another group of foreigners that, taking advantage of the benefits that the country provides and its stability, aim for investing in some sort of housing through what is known as ‘residential tourism’.
There are not only options available for purchase and rent in the modern city of Panama but also in beach and mountain projects.
10. Expat Communities
The ‘Expats’ have adopted Panama as their own and it is common to find them in certain areas of the city and spending time with friends. They also organize different groups and plan activities for the community.
Music festivals, cultural, gastronomical and social gatherings, are some of the activities which connect Panama to the world through foreigners that have chosen the country as their place of residence.
With the beautiful and wide variety of fauna and flora in Panama, it is easy to feel more relaxed, healthy and adopt habits that contribute to a less stressful and happy life.
For these and many more reasons, Panama has become one of the preferred retirement destinations in the world.
If you need more information or would like to retire in Panama, we at C.Corro Lawyers can help with all the legal and relocations services.
Send us a message for more information and start living the best moment of your life.
