Benefits for Retirees
A final benefit of retiring to Panama that must not be overlooked is Panama's incredible pensionado (retiree) program. Panama's pensionado program, in its current form, was created with the passing of Laws N°6 and N°9 in June of 1987, which provide those who retire to Panama with the most appealing program of special benefits available in the world. To be eligible, the only requirements are that you are at least 18 years of age and receive a government or documented pension income from an international corporation of $500 (and an additional $100 for each dependent) each month. Those with private or non-documented pensions need to be at least 50 years old. Under the pensionado program you will be entitled to :
- 50% off entertainment--such as movies, theater, concerts, and sporting events
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 50% off hotel stays from Monday through Thursday
- 30% off hotel stays from Friday through Sunday
- 25% off at restaurants
- 15% off at fast-food restaurants
- 15% off hospital bills (if no insurance applies)
- 10% off prescription medicines
- 20% off medical consultations
- 15% off dental and eye exams
- 20% off professional and technical services
- 50% off closing costs for home loans
- And more…
As if that is not enough, pensionados also receive a one-time exemption on the importation of household goods of up to $10,000 and will additionally enjoy an exemption every two years from duties for the importation of a car.
It is quite obvious that the government is vigorously trying to attract people to retire in Panama. You cannot ask for better circumstances, or hope to find them anywhere else in the world. Retiring to Panama is truly an unparalleled opportunity.
Inexpensive Real Estate and Health Care
Consistent with the generally low cost of living in Panama is the affordability of available real estate. Whether you are looking to live in a Panama City high-rise apartment, a condo in a gorgeous beachfront community, or a house in the temperate mountain regions, you will find very reasonably priced real estate to suit your needs and desires. Most people who come to retire in Panama find themselves enjoying the property that they have always dreamed about but have never been able to afford.
Health care in Panama is also both inexpensive and modern. Many people considering a retirement in Panama often fear moving to a location with a substandard health care system, but such worries are unfounded here. Good quality health care and modern hospitals are available throughout the country. Many Panamanian doctors are U.S.-trained and hospital standards are on par with what you would find in North America or Europe. Particularly appealing to those looking to retire in Panama is an important additional advantage: both private health insurance and prescription drugs are readily available - and much less expensive than their U.S. equivalents.
