Retiring in Panama, represents and attractive opportunity for investments to acquire a second home where eventually you may enjoy your retirement. For example, based on calculations, living in Panama only represents 20% of what it costs to grow old in the United States or Europe. Panama is recognized at an international level for having one of the best incentive programs, exonerations for retirees and pensioners in Panama. Law 6 of June 1987 that benefits the pensioners and retirees in Panama, titled BY WHICH MEASURES FOR THE BENEFITS OF RETIREES OR PENSIONERS, FOR THIRD OR FOURTH AGE ARE ADOPTED AND THE STAMP TAX DENOMINATED OF SOCIAL SECURITY IS CREATED AND ADOPTED”. Panamanians or resident foreigners in the national territory that are 55 years or more if they are women; or sixty (60) years or more if they are men, and all the pensioners and retirees of any gender, will enjoy the following benefits:
- A 20 year exoneration of Real Estate Tax
- Exonerations over household goods, if it is the only property of the retiree
- Importation tax exoneration over personal effects (home) up to $10,000.00
- The personal and commercial loans will be exonerated from the taxes stipulated by the special interest compensation fund
- Discounts on maximum interest rates for personal and commercial loans
- Discount on medical and pharmaceutical prescription medicines
- Discounts on public utility services (electricity, water, residential telephone, transportation
- Discounts on restaurants, hotels, air fares, movies, cultural, sport or recreational activities
- Exoneration of importation tax for one automobile for personal use every 2 years
- Under the Constitution national and foreigners have the same rights
Are you thinking on spending your retirement in Panama? Currently the regions in the city of Panama, Altos del Maria, Bocas del Toro, and specially the area of Boquete (Province of Chiriqui) have transformed in preferred destinations of many baby boomers who plan to retire and live their last years in these beautiful places. Approximately 70 to 80 million baby boomers (Americans that where born between 1946 and 1964, during the years of economic and demographic growth after the second world war, that enjoy a high purchasing and consumer power) will retire in the following 10 years in the United States, this based on statistics of the government of said country that indicate that these persons will not be able to maintain the way of living with their savings and pensions. It is estimated that approximately 30 thousand baby boomers are in Panama, in 10 to 15 years it will be possible to sell around 3 thousand residential lots available in the area of Boquete, that will be able to host up to 6 thousand foreigners and around 50% of the latter will live in Boquete only one part of the year.
Below we recommend some attractive projects to live your golden years in a peaceful place enjoying spectacular nature. (this list of projects may be complemented with the projects presented in the section Real Estate and Projects).
- Valle Escondido – Exclusive residential project for retirees of 150 houses developed in an area of 50 hectares of what used to be a coffee farm. Located in Boquete (Province of Chiriqui) a 10 minute walk to the center of Boquete.
- Cielo Paraíso – Exclusive Residential Project developed in an area of 300 hectares, located in Boquete (Province of Chiriqui). It will be conformed by 72 rooms, suites and villas, as well 200 residential units in spacious lots constructed around a golf course of 18 holes.
- Hacienda Los Molinos –Private and exclusive residential project located in Boquete (Province of Chiriqui), developed in an area of 82 hectares, with a spectacular view of the Baru Volcano. This project offers its residents a private to forests preserved naturally, rivers, cascades, rural and ecological trails, and much more.
- Montaña de Caldera –Private Residential project located at 1,100 meters over sea level, at 12 km south of Boquete and 28 kms north of the city of David, Chiriqui. It counts with a variety of natural and ecological trails that circle the property. Also, it has: a golf shooting range, equestrian club, bar and restaurant, tennis court, church, convenience and artisan shop, pool with tempered water, 24 hour security, fishing area and cabins in the river area.
- Nuare-Boquete Panamá – A project located in high Boquete (Province of Chiriquí). Exclusive lots of 1,200 mts2 and 2,900 mts2- strategically located along the Los Playones stream and the Canyon over the Caldera River, in the middle of gardens, trails and vegetation.
- Altos del María – Project located in the highlands of Sora, 86kms to the west of the city of Panama. Country residential project with an altitude between 550mts over sea level, with a spring climate temperature all year around between 20 and 16 degrees Celsius (61-68F). The city of La Chorrera, the town with the highest rate of growth in the region, is just at 45 minutes by car.
- Isla Viveros (Archipiélago de las Perlas) – An exclusive community (houses, lots, condominiums, golf houses), beach front with view to the sea. Includes an airport, marina, 5 star hotel, restaurant, commercial and business center, medical center, amongst others.
- Islas Secas – Project located in the Archipelago of Las Secas, in Chiriqui. Sixteen (16) small islands exist that can only lodge a maximum of 12 guests per day.
- Costa Blanca Golf & Villas – An exclusive residential beach project located in Playa Blanca, Farallon (Pacific Coast). It is conformed by a select group of villas that circle a beautiful professional golf course of 18 holes. Also, counts with a Beach Club exclusive for residents, Jacuzzi, bar, restaurants, pool, tennis court, ecological trails, casino and much more. All this under the guarantee and experience of the hotel operators of the Group Decameron Hotels.