Panama is ranked No. 1 destination for retirement according to recent New York Times article. If you have a pension of $1,000. per month, you can obtain permanent residency in Panama.
CONTACT US to proceed with your pensionada residency NOW!
BENEFITS OF RETIRING IN PANAMA
Panama provides a great deal of benefits & discounts to retirees including;
- Up to 25% discount on health care and medicine
- 25% discount on food in restaurants
- 25% discount on utility bills
- Tax exemption for importing household goods
- Tax exemption importing a new vehicle every two years
- 25% discount on airline tickets
- 50% discount at hotels
- 50% discount on movies & theaters
ATTENTION US CITIZENS: The Panama Consulate in Washington DC apostiles FBI Report & Social Security Benefit Letter at a cost of $30. per document.
CONTACT US TODAY to receive full instructions on how to apostile your documents.
HOW TO OBTAIN RETIREMENT RESIDENCY?
We have made it simple & easy for retirees to relocate to Panama and obtain Permanent residency. Simply contact us today and we advise you of the documents required.
RETIREMENT RESIDENCY IN PANAMA. 3 EASY STEPS TO PERMANENT RESIDENCY:
- GET IN TOUCH WITH US TO RECEIVE THE RESIDENCY APPLICATION FORM
- SEND US THE 2 REQUIRED DOCUMENTS
- COME TO PANAMA AND CLAIM YOUR RESIDENCY
CONTACT US IF YOUR PENSION IS $1,000. / MONTH OR MORE AND TAKE ADVANTAGE OF OUR SPECIAL PENSIONADA RESIDENCY DISCOUNT.
WHY TO RETIRE IN PANAMA?
We summarize reasons why to retire in Panama;
- Panama is a secured country and crime rate is very low
- Cost of living is much lower when compared to USA, Canada and Europe
- Panama currency is US dollar
- Its proximity to US ( 3 hours flight to Miami )
- Friendly people of Panama welcome foreign citizens
- Tropical climate all year around
- Stress free environment to enjoy golden years
FREQUENTLY ASKED QUESTIONS
Why are people retiring in Panama?
Panama is beautiful and is very affordable for retirees. Friendly people of Panama welcome Expats and Panama offers great discounts to retirees.
Where is the cheapest place in Panama to retire?
Affordable living options include El Valle, San Carlos and Chiriqui areas.
Is Panama a safe place for retirees?
Panama is one of the safest countries in Central America. That’s why it is home to thousands of expats and international businesses.
Does Panama welcome expats?
Beyond a shadow of a doubt, Panama welcomes foreigners.
Where is the best place to retire in Panama?
Panama has many great locations to retire. See our article on this subject.
How much do you need to retire in Panama?
Panama is affordable and a retired couple can live very well in Panama with less than $1,500. a month.
TOP 10 PLACES TO RETIRE
|
Bocas Del Toro Las Tablas Pedasi Isla Grande Taboga |
Coronado Boquete San Carlos El Valle de Anton Santa Catalina |
HEALTHCARE SYSTEM FOR US EXPATS
US expats have many options to choose from;
- Public healthcare: Panama’s government offers two primary health insurance options:
- The public system is managed by the Social Security Fund, which covers those whose payroll taxes contribute toward the fund
- A low-cost system run by the Ministry of Health for anyone
- Private healthcare: Many expats opt for private insurance, as private facilities provide better service and no need for a long wait.
- International coverage: Premiums for insurance plans with international coverage are typically between $100 to $1,000. a month
DO RETIRED AMERICANS PAY TAX IN PANAMA?
US Taxes
All US citizens and permanent residents, even those living abroad, are subject to taxation on their worldwide income. There are tax breaks that can offer relief for expat retirees, such as;
- Foreign Earned Income Exclusion (FEIE): Allows those who qualify to exclude up to $120,000 of foreign-earned income (for tax year 2023) from taxation
- Foreign Housing Exclusion: Expats who meet either the Physical Presence Test or the Bona Fide Residence Test can use the Foreign Housing Exclusion to write off qualifying housing expenses like rent, utilities, property insurance, and more
All withdrawals from post-tax retirement accounts, like Roth IRAs and Roth 401(k)s, are tax-free. Additionally, only up to 85% of your Social Security payments are subject to taxation.
PROS & CONS OF RETIRING IN PANAMA
Some of the pros include:
- Lower cost of living
- No risk of double taxation on income from outside of Panama
- Beautiful, diverse landscapes
- Great tropical weather
- Safer country to retire
- Government discounts for retirees
- High-quality healthcare
- Close proximity to the US
- Relax & stress free living
ESTIMATED MONTHLY EXPENSES TO RETIRE IN PANAMA
| MONTHLY LIVING EXPENSES | Single | Couples |
|---|---|---|
| Furnished Rental Condo in Panama City | $500 | $700 |
| Electricity | $70 | $130 |
| Water | $20 | $30 |
| Gas | $10 | $15 |
| Cleaning services | $25 | $50 |
| Internet 150 Mbps speed | $50 | $50 |
| Cellphone | $25 | $50 |
| Cable TV | $50 | $50 |
| Healthcare Insurance | $100 | $200 |
| Public Transportation | $50 | |
| Gasoline | $50 | $100 |
| Car Maintenance ( in case owns a vehicle | $100 | $200 |
| Groceries | $150 | $400 |
| Entertainment (dining out & other activities 3 times weekly) | $100 | $200 |
| Other expenses | $100 | $200 |
| Total monthly expenses | $1,500. | $1,800. |
RETIREMENT RESIDENCY REQUIREMENTS
- Minimum of 18 years of age
- A Valid Passport
- Proof of pension of $1,000. per month, apostiled & authenticated
- Original Police Report, apostiled & authenticated ( FBI report for US citizens )
COMPLETE DOCUMENTS REQUIRED FOR PENSIONADA RESIDENCY
- Applications must be submitted by a Panamanian attorney
- A power of attorney
- Applicant must be present in Panama
- A valid passport
- 5 passport size photos
- Applicant must be 18 years of age or older
- Certificate of good health
- All documents must be translated to Spanish
- Authenticated Proof of income of $1,000. per month
- Authenticated police report ( FBI report for US citizens )
CAN I BRING MY FAMILY TO PANAMA?
Panama Pensionado retirement program allows retirees to bring their family with you. Spouses and minor children of retirees can obtain Permanent Residency as well.
You should also provide the following documents:
- Marriage certificate authenticated by apostille stamp by Panamanian consulate.
- A notarized and authenticated FBI report.
- Children’s birth certificate authenticated by the Panamanian consulate.
- Copies of Passport
- Five photographs of each family member
- Health certificate
WHY CHOOSE PANAMA LEGAL CENTER ATTORNEYS?
WE ARE EXPERIENCED & EFFICIENT
WE HAVE SERVED PENSIONADA COMMUNITY FOR THE PAST 15 YEARS AND OFFER THE BEST PERMANNET RESIDENCY PACKAGE TO RETIREES.