Saturday 24 June 2017

Investopedia/Even Tarver: 6 Reasons Why Americans Retire in Panama

Academy

6 Reasons Why Americans Retire in Panama
By Evan Tarver | Updated March 21, 2017 — 4:48 PM EDT


American retirees have been moving out of the United States and into surrounding countries at a rapid pace. Seeking a cheaper lifestyle with better weather, Latin America has become a popular destination for retired Americans.

Panama, with a low cost of living, good health care, low language barrier and modern infrastructure, has become one of the top retirement destinations for Americans. However, before you decide to pack up and leave for Panama, understand why so many Americans are choosing to retire there.
1. Low Cost of Living

Similar to most Latin American countries, Panama has a very low cost of living. The cost of living in Panama is about 24% lower than in the U.S. (based on aggregate data), a three course meal for two at a mid-range restaurant will cost you somewhere between $25-50. Panama is considered to be an international banking center. It's possible to find banks in Panama from all over the world, and there are as many ATMs as there are in the U.S., providing easy access to funds. Further, the national currency is the U.S. dollar, so there is no need to exchange money.
2. Panama Is Used to American Retirees

Since Panama is such a desirable place for expatriates, it has been experiencing an influx of American retirees for decades, and Panamanians are used to Americans. The country offers many options for establishing a bona fide foreign residency, and it has a plethora of retirement communities. You can find almost any product or service in Panama that you are used to finding in the U.S.
3. Amazing Shopping Options for Low Prices

Panama boasts very similar stores and shops to the types of stores you can find in the U.S. The Riba Smith grocery chain, for example, resembles the big-box grocery stores in the U.S. and carries all the products you would expect to find there.

Additionally, Panama City has the Do-It Center, carrying everything you need for home repairs and general maintenance. The country also has shopping malls that feature a range of brand-name stores from around the world, including Zara, Ann Klein, Nine West, Levi’s, Tommy Hilfiger, Hermes, Tiffany and Cartier.
4. Low Language Barrier

The U.S. has had a presence in Panama for years. Many Panamanians can speak English, or at least they can understand the gist of what you're saying in English. While it's always easier to speak the local language, it's possible to retire to Panama and only speak one language.
5. Good and Affordable Health Care Coverage

Health care in Panama is up to American standards. Hospital Punta Pacifica in Panama City is the only Latin American hospital to be affiliated with and managed by Johns Hopkins International. Almost every doctor in the major Panamanian cities can speak fluent English.

Medical care in Panama is comparatively cheap, given the high level of service. In the most expensive regions of Panama, a routine doctor's visit costs $50 or less, even if you have no insurance. You can obtain great health care coverage for roughly $100 per month.
6. Modern Infrastructure

The country's infrastructure is modern and kept in good repair. Panama's system of roads and public transportation provides great travel options, and the roads are constantly being expanded and improved.

The Internet, cable television and phone services offered in Panama are all as reliable as the services in the U.S., and there are no issues with drinkable water. Panama City also provides an international travel hub that is very accessible from North America. The flight between Panama City and Miami is roughly two-and-a-half hours, making it easy to travel back and forth between Panama and the U.S.
Ads

    Compare Overseas Movers

    movers-shippers.com

    Save up to 60%.

    SurveyMonkey®

    surveymonkey.com

    More Devices Means More Responses! Get Your Surveys Seen On All Mobile Devices.

    International Moving

    intlmovers.com

    Save up to 70%

Related Articles

    Investing
    5 Ways You Can Invest in Panama From Abroad
    Learn about five ways to invest in Panama, including buying stock, ADRs and real estate, conducting business in the Pacifico Special Economic Area or by opening a business.
    Retirement
    Retiring in Panama: the Pros & Cons
    This Latin American country, with its generous retiree benefits, makes life affordable. But get comfortable with the slower pace of services.
    Retirement
    Budgeting Tips: Living in Panama on $1,000 a Month
    Discover how far $1,000 in monthly income can take you in Panama, and determine whether this Central American paradise is the place for you.
    Insights
    Panama Papers: What Advisors Need to Know
    Here is how clients may be impacted by some of the issues brought to light by the Panama Papers.
    Retirement
    What Does Retirement Abroad Cost?
    There's no set amount. Generally, smaller places and less developed countries offer the best bargains, but factor in your lifestyle and plane trips home.
    Retirement
    Top 3 Retirement Havens For Expats
    From exotic Thailand to Panama, there are many different retirement destinations for people looking to stretch their fixed income.
    Managing Wealth
    Panama Papers Data Dump: Biggest Surprises
    First of all, there aren't 214,000 entities mentioned--there are more than 320,000.
    Taxes
    Panama Papers: Searchable Database of All 214,000 Parties Now Live
    Prepare for global mayhem.
    Financial Advisor
    How Will a Re-opened Panama Canal Change Global Commerce?
    The Canal is 40% of Panama's GDP. After $5.25 billion, delays and cost overruns, ships can once again traverse from the Pacific to the Atlantic in just 11 hours.
    Retirement
    The 7 Best Countries for Retiring in Latin America
    You’ll find plenty of Latin American countries on this year’s lists of top places to retire abroad. Here’s a look at a few.

RELATED FAQS

    Why Is Panama Considered a Tax Haven?
    Learn about the offshore tax haven of Panama, and discover the legal and tax structures that make Panama a premier Caribbean ... Read Answer >>
    How can I increase my standard of living in my retirement years?
    Find out how to plan for retirement, target a standard of living and improve your financial situation once you've already ... Read Answer >>
    What role does the agency problem play in the modern Health Care industry?
    Read about the role of the principal-agent problem in the modern American health care industry, and learn why health insurance ... Read Answer >>

Trending

    The Trump Economy: News and Analysis
    Uber's Top Investors
    Investopedia's Guide to Impact Investing
    Credit Cards and the Cashless Society
    ETFs: A Derivative By Any Other Name

Hot Definitions

    Leverage Ratio
    Two And Twenty
    Market Capitalization
    Expense Ratio
    Mezzanine Financing
    Long Run

    Work With Investopedia
    About Us Advertise With Us Write For Us Contact Us Careers

© 2017, Investopedia, LLC. Feedback All Rights Reserved Terms Of Use Privacy Policy

No comments: