Panama is becoming increasingly popular as an expat destination, especially amongst retirees. It’s a tropical paradise and a popular tourist destination and while it might be a small country, it has a diverse landscape including rainforests and magnificent mountain ranges, a plethora of culture and activities and over 1000 islands to explore. Here are some reasons to put Panama on your list of possible destinations to explore as an expat:
Why people immigrate to Panama
A strong economy and infrastructure
A move to Panama should not mean that you have to compromise on your quality of life in any way. Expect a thriving economy with a great transport infrastructure and developed healthcare system. Known as an international financial and business hub, it has very developed telecommunications and business services.
A welcoming attitude
Panamanians are very friendly and welcome all foreigners to their shores. Home to a large expat population, most Panamanians can speak English and are proud to introduce their beautiful country to newcomers.
A safe haven…
Crime rates in Panama are at an all-time low and expats often report how safe they feel in the country. Unlike many Latin American countries where tourism crime can be common, you can wander through Panama, confident your chance of being accosted by petty thieves is extremely low.
…And a tax haven
Unlike many countries, if you live in Panama, you don’t have to pay tax on any income you earn outside the country. So if your business in Panama conducts business overseas – all the income earned will be free of tax. Panama’s high-speed fibre optic Internet connection means this is a very real possibility and many expat entrepreneurs who can work remotely are eyeing Panama with interest.
Low cost of living
Panama combines a modern infrastructure with a low cost of living. Shopping in Panama is mostly duty-free and transport and healthcare costs are low when compared to North America and Europe.
A sunny, tropical climate
If you love the sun, then Panama is the perfect choice, as you’ll see the sun nearly every day of the year. Despite having high humidity levels and a tropical climate, there are also no hurricanes!
Excellent benefits for retirees
Panama is renowned for being a popular destination for retired expats who are drawn to the warm weather, wonderful beaches and the low cost of living, which makes their pensions go further. Panama also offers excellent benefits to resident retirees including:
- 50% off entertainment
- 30% off bus, boat and train fares
- 25% off medication
- 10% to 20% off healthcare costs.
This makes the cost of living so affordable that in some parts of Panama a couple can enjoy a good quality of life on as little as US $1 600 a month including their rent or mortgage!
If you thinking of moving abroad to Panama or any other destination, and need any advice about your financial migration, contact us today and we’ll help you on the path to financial freedom in your new home.
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