A person retiring to Panama will be able to live comfortably on a moderate pension. Panama has a lot going for it.
It is a stable country that uses the US Dollar as its currency. It has a low cost of living, warm weather year round, beautiful beaches, exotic jungles, fascinating historic sites and a modern infrastructure.
What Does One Have to do in Order to Retire to Panama?
As Panama is a sovereign country, one will need to obtain a passport and a visa from the Panamanian Embassy. Panama offers retirement visas for Americans who can show either proof of income, a pension or sufficient savings. One will need to present proof of savings or income at the embassy, along with a passport, health certificate, police record and two passport size photographs.
Where Should One Live in Panama?
Most people retiring in this country opt to live in Panama City and it’s not hard to see why. Panama City was built by American companies and has many of the same stores, malls and restaurants that one would find in his or her hometown in the United States. The city also offers high quality medical care. Many people who live in here speaks English, so one would not necessarily need to learn Spanish.
How Much Does Retiring Here Cost?
One can either rent or purchase an apartment in Panama. The rent for a one bedroom apartment in Panama City would be around $578 per month. Apartments for sale cost an average of $1,550 per square meter and the mortgage interest rate is set at 6%. Utilities cost about $170 per month; this includes water, gas, electricity, garbage, prepaid mobile phone cards and internet.
A person retiring in this country can save money by either eating at inexpensive restaurants or cooking at home. An inexpensive meal out costs a bit under $5 and groceries are quite affordable. The average cost of entertainment would come to about $100 a month; this includes fitness center fees, weekly movie theater tickets and the cost of renting a tennis court on a weekly basis.
Retiring here in Panama is a good option for an American who wants to retire abroad and yet still remain close to home. Panama is an inexpensive place to live and is fast becoming a popular retirement destination. Retiring to Panama has many advantages and many retirees have found that this small Central American country is a great retirement destination.
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