PostHeaderIcon Real Estate for Retirement in Panama

Panama real estate for retirement is quickly developing due to Panama’s affordable cost of living, exciting night life opportunities, infrastructural development and beautiful natural features. Panama’s healthcare services are widely available throughout the country and are provided by a number of trained healthcare professionals. Traveling to and from Panama is facilitated by a number of airlines that fly to Panama’s international airport on a regular basis. Panama has a wealth of real estate for retirement opportunities. Real estate for retirement in Panama covers a variety of private housing developments, high rise buildings, condos, townhouses, villas, colonial style houses and country houses.

Prices of Panama real estate for retirement vary and depend on many different factors that may increase of decrease the cost of real estate for retirement in Panama. In addition to this, Panama’s economy is growing steadily, while the country enjoys greater political and social stability. Panama has advanced telecommunications facilities, which is one of the major contributors to the country’s real estate for retirement. This is coupled by a developed banking system that counts about 75 banks that offer an array of local and international banking services. Conducting Panama business in Panama whether through Panama real estate for retirement or the tourism sector is greatly welcomed and fcialitated by the Panamanian Government.

Panama real estate for retirement gives access to a low tax jurisdiction that burdens its residents with minimal tax liabilities. Persons that build or purchase Panama real estate for retirement or otherwise are exempt from property tax should the property be valued at USD30, 000 or less. Additionally, persons who would have built or purchased real estate for retirement or investment in Panama up till 2006 or were issued occupancy permits and had registered their real estate development by September 1, 2007 are free from property taxes for a period of 20 years. Currently, Persons buying Panama real estate for retirement or business property valued at USD100,000, USD 100,000 to USD250,000 and USD250,000 and above enjoy property tax exemption for 15, 10 and 5 years respectively.

Temporary residents are only required to pay taxes on income derived from within Panama, hence there are no taxes on monies earned internationally.

The Panama Pensionado Visa is one of the means by which retired persons acquiring Panama real estate for retirement and hold a lifetime Panamanian visa. Pensioners applying for this visa can request one for their dependents if there are any. The Pensionado Visa program was implemented by the Government of Panama as a means of attracting people from all over the world to Panama real estate for retirement and provides many benefits and discounts. Some of the discounst and benefits to which Panama pension visa holders are entitled include tax exmption on the importation of household items that are valued at up to USD10, 000, discount on medical services, lawyer and medical visits, prescribed medicine and mortgage interest, among others. The Pensionado Visa proram has no minimum age and persons can apply as young as 18 years of age.