For many years now, Panama has been consistently included in the list of best places for retirement. There is no question about this since it is strategically located in Central America bordering both the beautiful Caribbean Sea and the breathtaking Pacific Ocean. Panama boasts of having the finest beaches and many other scenic places that attract not only tourists but retirees as well. But now Panama is being promoted not only as one of the finest retirement havens but one of the cheap places to retire.
Because of Panama’s geography, its economy mostly relies on tourism and commerce. Tourism, especially, plays a big role in keeping this country afloat despite political turmoils. As a way of further improving its tourism industry, Panama offers very affordable vacation packages and now, retirement deals for those who want to live here for good, especially the middle class who want the cheap places to retire, more than anything else.
The most affordable beachfront lots are in Panama-and this is no ordinary beachfront. These are what you see on most travel magazines-or even better. If you love the warm tropical climate and want to see powdery-white beaches stretching along dazzling blue waters of the Caribbean or Pacific, mystical coves, bright-colored fishing boats and flowers, a lot of greeneries, several species of birds and many other exciting sights, come to Panama. Aside from being one of the cheap places to retire, it has the loveliest sights you have always longed to behold.
One world-class city in Panama is Boho-chic Casco Viejo, considered as the oldest European settlement in the Pacific Coast. Here the local government strongly promotes the place as one of the cheap places to retire and world-class tourist destination by giving tax exceptions and other deals to visitors, investors and immigrants who want to settle here permanently. Houses and buildings are offered in very low prices to encourage foreigners help the local government preserve or renovate old and historic places.
However as one of the most sophisticated cities of Panama, you can find here a very finely equipped two-bedroom condo unit with an inspiring view of the city skyline at about $141,000. This already cheap compared to other top tourist destinations in major U.S. Cities as well as in Europe, though.
If you want a less chic and urbanized way of life, you can go away from the city and find very cheap lots that sell for only about $20,000. Bocas del Toro has these very affordable lots, making it one of the cheap places to retire. This place is not yet fully developed, that is why almost everything here is offered at very low cost; however, this doesn’t mean that it’s not worth seeing. Wherever you go in Panama, you are assured to find pleasure in seeing most picturesque places on Earth.
Also a lot of pensioners and retirees consider Panama as one of the cheap places to retire because the government offers a lot of discounts on basic commodities from food, to transportation and medication. Even movies, theaters, concerts and sporting events have discounts. Form Monday through Thursday, for example, tourists can enjoy 50 % discounts in some hotels and from Friday through Sunday, you can enjoy 30% discount. If you happen to be hospitalized, don’t worry, because Panama offers 15% discounts for tourists. Loan homes are also provided, making Panama indeed one of the cheap places to retire in the world.
Panama passed Law No. 8 of June 14, 1994-the most modern and comprehensive law for the promotion of tourism investment in Latin America and the Caribbean. Law 8 offers incentives such as 20-year exemptions from import duties, fees for construction materials and equipment, and income, real estate, and other taxes. This certainly attracts thousands of tourists and retirees who are looking not only for beautiful places to visit but most especially, for cheap places to retire.
Furthermore, what makes Panama one of the cheap places to retire is it uses U.S dollar as its legal tender. Panama has been using this as their currency since 1904; however, they call it Balboa for nationalistic reasons. Because of this, currency exchange risks is prevented. Also, this makes Panama’s economy one of the healthiest in Latin America.
But even if you are not looking for cheap places to retire, Panama has a lot to offer-things that even surpass your standards of a top tourist destination and excellent retirement destination. The tropical weather is perfect, economy is very progressive and stable, banking laws are very favorable, and geography is diverse. Whether you are looking for the cheap places to retire or the best place for retirement, Panama confidently passes world-class standards and of course, your own.