| In a world of increasing air travel and fluid borders, | | | | Residents are not required to pay taxes on any |
| retiring to one of the many developing countries with | | | | foreign-earned income, including proceeds from |
| year-round pleasant weather and a burgeoning | | | | business transactions, pensions or Social Security, and |
| economy is becoming a popular trend, and Panama is | | | | new homeowners are exempted from property taxes |
| at the forefront of the phenomenon. | | | | for 20 years. |
| With the boom of so-called 'second-world' countries, | | | | Age Knows Best |
| the mass migration among those of retirement age to | | | | Even without the pensioned tourist visa, seniority is a |
| places like Central America has reached an all-time | | | | plus. Women over the age of 55 and men over 60 |
| high. The warm, tropical weather, affordable land prices | | | | can take advantage of an array of discounts, including: |
| and political stability of countries like Panama, Costa | | | | Transportation |
| Rica and Belize have lured growing numbers of | | | | - 25% off airfare |
| middle-class to affluent baby boomers, eager to stake | | | | - 30% off all public transportation (including bus, boat |
| claim on their piece of paradise -- at a fraction of | | | | and train) |
| first-world costs. | | | | Medical/Dental |
| Best of Both Worlds | | | | - 20% off medical consultations and surgeries |
| The emergence of 'Second-World' countries is | | | | - 15% off hospitals (in the absence of insurance) |
| relatively new, an effect of global trade and | | | | - 15% off dental and eye exams |
| commerce and an array of new technologies aimed at | | | | - 10% off prescription medication |
| rural and under-developed areas. Access to modern | | | | Loans |
| telecommunications has fueled the rapid expansion of | | | | - 50%off closing costs for home loans |
| previously depressed economies, bringing advanced | | | | - a 1% reduction on personal home mortgages |
| technologies to pristine natural environments. | | | | - 15 % off personal loans |
| This has created a unique setting: unspoilt beauty with | | | | Services |
| access to first-world amenities. | | | | - 20% off professional and technical services (including |
| Panama City in particular boasts modern infrastructure, | | | | lawyers, architects, nurses, physical therapists, etc.) |
| excellent health care services and a dollar-based | | | | - 25% off utility bills |
| economy, allowing for an easy transition and | | | | Entertainment/Accommodation |
| comfortable lifestyle for expatriates. But just minutes | | | | - 50% off all entertainment (including arts, recreation, |
| from the convenience of the city, serene white-sanded | | | | cultural, sporting events, etc.) |
| beaches flank lush rainforests, thriving with wildlife. | | | | - 50% off hotel accommodation Monday-Thursday, |
| Best in the World | | | | and 30% off Friday-Sunday |
| With its low cost of living, a simplified immigration | | | | - 25% off eat-in restaurants and 15% off fast-food |
| process and an impressive incentives package, | | | | restaurants |
| Panama has consistently ranked among the best | | | | Best Bang for your Buck |
| places in the world to live and retire, securing top | | | | In addition to a wealth of incentives for settlers, |
| marks from the American Association of Retired | | | | Panama's economy is strong and growing. The |
| Persons and such magazines as International Living, | | | | average growth rate of the GDP over the past three |
| Conde Nast Traveler and Modern Maturity. | | | | years is 5.1%, much of it fueled by a boom in the |
| So how does one go about settling in this tiny, tropical | | | | construction sector. Property values, while very low by |
| haven? | | | | North American standards, are appreciating steadily, |
| Retirees can apply for residency in Panama as | | | | and investment in real estate is proving very lucrative. |
| pensionados, or pensioners. In order to be eligible for a | | | | Foreigners are allowed (with few exceptions, such as |
| pensioned tourist visa, applicants of any age must | | | | near borders) to own any of the three kinds property |
| show proof of a $500 monthly pension (plus $100 for | | | | -- titled, possession rights and concession-- in Panama, |
| each dependent) from a foreign government, | | | | and share all the same property rights as nationals. |
| international organization or private company. | | | | The diversity of properties available is staggering, |
| With an assured monthly income, pensioners are | | | | suiting all tastes and budgets. Whether you are looking |
| granted tax exemptions on the import of their | | | | for a tranquil, mountain retreat, an ocean-view |
| belongings, up to $10,000, which can be a significant | | | | condominium in the bustling metropolis of Panama City, |
| advantage over many other countries which tax | | | | or the languor of seaside life along this tiny country's |
| foreign imports heavily. Most notably, residents with | | | | extensive coasts, retirement has never looked so |
| pensionado status can important a motor vehicle | | | | good. |
| tax-free every two years. | | | | |