If you’ve followed any of the major survey agencies around the world that rate places for retirement, Panama has been at the top of the list in many, and for a few years running. Therefore, if you are looking for a place outside the US borders to retire, Panama should be given very serious consideration.
Panama has a lot going for it, and even if you don’t plan on retiring or living in Panama, Panama also ranks highest in real estate investment opportunities for those of you looking to earn money remotely. Here’s what some of the biggest players in the real estate market are saying about Panama: “Real estate in emerging and developed markets outside the United States offers some of the best investment opportunities in the world right now.”
– Ricardo Griffin – the offshore guru at OMA. Ltd, international offshore consultants, located in Panama. “Global real estate will be the only major asset class that could deliver double-digit returns in the next five years.”
– Barton Biggs, Chief Global Strategist and Chairman of Morgan Stanley Investment Management, Pensions and Investments “The good news in global real estate: It’s no longer just for the mega-rich!”
– Lief Simon – Editor, International Living and Global Real Estate Investor You can invest in property or buy a place to invest in any region of Panama, but for Expat World your money is in property in Panama City. We have been there more than a few times and personally rank Panama City among the top three metropolitan cities in the world where one can afford to live and enjoy the good life. Panama City has world-class restaurants, five-star hotels, international banks, hundreds of multinational companies, a Manhattan-like skyline, every luxury imaginable… all at half the price you’d pay in Miami. And it’s just a few minutes or a few hours from Panama’s beaches, mountains, and countryside. It has all the infrastructure one could wish for!
AT HAND and within walking distance of the romantic idea of paradise within walking distance On the aesthetic side, few places in the world offer year-round spring weather, low cost of living, safety, security, tranquility, beautiful scenery. It has flower-covered, coffee-strewn slopes and beautiful waterfalls… not to mention the best pensionado program (retirement program for foreigners) in the world. We tell you more about that later. It is a real benefit to the retired expat as it makes their money go a long way. And we mean dollars, since the US dollar is the official currency of Panama.
PANAMA IN OPPORTUNITY
Since the US military and Panama Canal personnel withdrew (in 1999), thousands of houses and apartments have flooded the market. Abundant supply…limited demand. so the prices are cheap. You’ll find bargains galore. Bargains on properties, both for sale, for rent and for investment are available. You can find a luxury three-bedroom apartment in the city center with a terrace, private parking, a swimming pool, all ball of wax in the $70-$80,000 range and most properties in this range have ocean views.
And if you’re the fixer-upper type, you may find the proverbial theft. You can own your own apartment or bungalow or some investment property by heading to Panama and hitting the streets and looking for bargains OR you can use a company that EW recommends to find you and offer you the best deal on real estate or real estate investment properties. More on that later, but first let’s continue with why we believe Panama is THE place for the best real estate purchases today. Panama is elite because of its sheer natural beauty and, most importantly for many, because of the privacy it provides in financial matters combined with its great foreigner retirement program!
: RETIRE IN PANAMA AS A PENSIONER AND SEE WHAT YOU GET
- 50% discount on entertainment anywhere in the country (movies, theaters, concerts, sporting events, etc.)
- 30% discount on bus, boat and train fares
- 25% discount on airline tickets
- 50% discount on hotel accommodation (Monday to Thursday)
- 30% discount on hotels from Friday to Sunday
- 25% discount in restaurants
- 15% discount at fast food restaurants
- 15% discount on hospital bills (if no insurance applies)
- 10% discount on prescription drugs
- 20% discount on medical consultations
- 15% discount on dental and vision exams
- 20% discount on professional and technical services
- 50% discount on closing costs for mortgage loans
We have presented our image of “Why Panama?” In addition to this, here are some reasons why international gurus think that Panama is THE place:
- Foreign direct investment in Panama during the 5 years ending in 2001 was approximately $3.5 billion.
- The currency is the US dollar.
- low inflation
- Excellent tax benefits
- Strictly enforced secrecy laws
- Equal treatment of foreign and local citizens
- Favorable incorporation laws
- Great bilingual workforce
- Diverse economic base including banking, shipping, insurance, tourism and free zone
- Ranked first in the region for low cost of living by the Tripartite Committee
- stable political system
- The Organization of American States (OAS), the Inter-American Development Bank (IDB), and the Economic Commission for Latin America and the Caribbean (ECLAC)
AND WHY PANAMA CITY AS A SPECIFIC INVESTMENT AREA
- It is at the convergence of two continents at the Bridge of the Americas
- Qualified as the “Most International City” in Latin America
- It is poised for tremendous growth in the next decade.
- It’s an hour away from some of the best fishing and bird watching in the world.
- An hour’s drive from pristine beaches and cool mountain oases
- Located on the Pacific coast, yet only 45 minutes from the Caribbean.
- Growing number of expats
- One of the safest cities in the hemisphere
- Excellent infrastructure (internet, telephone, roads, water, etc.)