Panama Living

Pensionado (Retiree) Benefits.

Panama has one of the most generous retirement programs offered any where in the world. It’s a country that respects its elder residents and it shows. Go into any public building, find a long line preceding you, and go directly to a special window marked “Jubilado” (Pensioners) for express assistance -- especially nice when visiting your bank.

If you’re over 62 (men) or over 58 (women), you’re eligible for pension benefits as long as you can prove outside retirement income of at least $500 per month plus $100 per month for each dependent. Or you can qualify at any age with a medical disability or military pension -- you’ll find a lot of American retired military because of the long time U.S. presence in Panama. You’ll need to be in good health and free of AIDS (blood test at local lab is $25 and a doctor’s exam is $10) plus an up to date passport from your current country of residence.

** Import your household goods up to $10,000 duty free
** Import a car every two years for personal use duty free
** 25% discount on utility bills (telephone, cable and water) -- electric if under $50
** 25% discount on airline tickets within country
** 30% discount on all other public transport (train, bus and boat)
** 15% discount on personal or commercial loan maximum interest rates made in your name
** 1% discount on mortgage expenses, closing costs, and percentage points on homes used for personal residences
** 20% discount on doctor’s and surgery bills
** 15% discount on hospital services if you have no insurance
** 15% discount on dental and eye exams
** 10% discount on prescription drugs
** 20% discount for professional and technical services, i.e., lawyers, architects, accountants, nurses, physical therapists
** 50% discount on movies, sports and cultural events
** 50% discount at hotels Monday to Thursday -- 30% on weekends
** 25% discount at regular restaurants
** 15% discount at fast food restaurants
** Your property tax stays at a fixed rate (doesn’t increase as the neighborhood value increases) until you sell the property
** Build or buy a new home and receive a 20 year tax holiday on new construction -- stays with the property not the owner so helps when you resell
** No tax on home furnishings if it is your personal property
** No tax on foreign earned income

No where will you find such generous retirement benefits ... especially when the service (doctor, bank, mortgager, etc.) is usually to U.S. standards and the personnel often American trained.

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