When You Retire to Panama, Pick Your Friends Carefully

Getting a good start in any new community relies heavily on the guidance you receive from your friends there. As such, it just makes sense that investing some time in choosing the right friends can save you money and possibly a lot of heartache down the road.

Getting a good start in any new community relies heavily on the guidance you receive from your friends there.

When you get serious about shopping for a retirement home in Panama it is important to remember that all real estate agents are not equal here. Most are hard working and honest, but some are not.

To make sure that your first real estate experience in Panama is a good one, insist that your agent be a licensed, bonded member of the Panamanian Association of Real Estate Agents and Promotors as well as a member of either the “ACOBIR” or “UNACOBIN” real estate unions. These organizations take an active role in policing the ethics and professionalism of the industry, and their guidelines are strictly enforced.

You will find that most Panamanian real estate agents are friendly and anxious to help, but make sure that your new friend offers a proven track record as well. Your relationship with your Panamanian real estate agent will be an important one, so choose wisely.

When planning your move to Panama remember that your life here can help you stretch your retirement dollars in many ways. For example, when you retire to Panama, you will no longer have to pay taxes on income you earn outside of the country. In addition, if you buy your retirement home with the right guidance, you won’t have to pay property taxes for up to 20 years. These two factors alone will usually save upwards of 30% of the dollars you are now spending back home.

It is also important to remember that Panamanian law allows you to invest and bank in secrecy. The mechanisms that make this financial privacy possible have also produced one of the best estate management jurisdictions on earth.

The people of Panama want you to retire here. As proof, the Panamanian government has instituted one of the most generous senior discount programs on earth. Panama’s “Pensionado Program” provides qualified retirees with discounts on a wide range of good and services. You’ll save up to 50% off of regular ticket prices for entertainment options like movies, theaters, sporting events, etc. Qualified seniors also save 50% off of the price of mid-week hotel stays, 50% off of the cost of closing your home mortgage, 30% off public transport costs, 25% off domestic air tickets, 25% off at restaurants, 20% off of professional and home repair fees, 20% off the already low cost of a Doctor’s care, 5% off of your hospital bills if you are not insured, 15% off of the cost of dental and eye exams, 10% off on local prescription prices… and more!

If you are thinking about retiring in Panama or just visiting to develop an asset protection, business, banking, or investment strategy, make sure to begin by building a strong relationship with a local attorney. There are many third party sources able to help you select the best one for your needs. These groups provide unbiased reviews of providers in Panama’s professional community speeding you to a successful pairing.

For more information on retirement and real estate in Panama… click here.