Is Panama the ocean retreat for you? Many people in the U.S. are looking for more affordable locations to retire. About 80% of Americans today do not believe they have enough money saved for retirement, at least a comfortable level of retirement that allows them to live without sacrificing too much.
Panama, however, opens doors to many people who would love to have a luxury property lifestyle without the luxury price tag you might encounter in places like California, Florida or New York. Here are three things that retirees moving to Panama might want to know.
1. The Pensionado Program
Many retirees choosing to settle in Panama will be able to take advantage of the generous Pensionado Program. The benefits of the program include numerous discounts such as 30% off public transportation such as buses and boats, 25% off restaurants, and 50% off recreation (movies are an example). You can qualify for the pensionado visa in several different ways, the most common being a monthly income of $1,000 for life.
2. A Wise Investment for the Future
Investing in foreign real estate can be headache inducing. Every country is different and has its own challenges. Panama real estate is a sound investment for the future, though, so you can rest easily. The region is entering a period of economic prosperity sustained by several ongoing projects, including an expansion of the Panama Canal, as well as a prime location for international businesses interested in expansion into Latin America.
3. Property Investment Tips
If you’re going to invest anywhere in Panama, Panama City real estate should be a number one option. Why? Panama City is the country’s capital both politically and economically. This is the city where international buyers are purchasing real estate, and where the new subway system is being built. If you buy property here, you are very likely to see a good return if and when you sell later. Additionally, the area has more upscale areas that make luxury living possible.
Are you interested in the luxury property available in Panama? Let us know in the comments.
