Retirement Incentives
Due to its low cost of living, great climate and tax advantages, Panama is the number one choice of retirement destinations.
The following are the benefits and privileges for all those classified as “Jubilados” (retirees):
- Household goods up to $10,000 can be brought in to Panama free of taxes.
- New cars can be brought in duty free every two years.
- Panama is a safe country.
- Panama City has a modern, American style infrastructure due to the near 100-year presence of the Americans in Panama.
- Panama's cost of living is a fraction (approximately 1/5th) of the United States.
- Panama is close to the United States with direct flights to Panama from 5 major US cities.
- Retirement visa requirements are minimal.
- Foreigners can buy and own property in Panama enjoying the same rights and protections as Panamanians.
- English is the second language in Panama and is widely spoken.
- Discount of 50% of price charged for entrance to recreation and entertainment activities, such as movies, theaters, sports and other public productions. This discount is not applicable for those events marked as benefits for the youth, homeless or those specifically authorized by the competent authorities.
- Discounts for the following means of public transportation:
Inter-Urban buses 30%
Trains 30% - 25% discount in airfares in public and private national and foreign Airlines.
- A minimum discount of the regular prices of hotels, motels and pensions:
50% from Monday to Thursday
30% on Friday, Saturday and Sunday - 25% discount of food consumed by the individual in all restaurants
- 15% discount in fast food establishments.
- 15% discount in the total cost for services of hospitals and private clinics.
- 10% discount in pharmacies for those medications obtained with a medical prescription.
- Discounts in the following medical services:
15% for dental services.
15% for optometry
20% in consultation fees of general medicine doctors, medical and surgical specialists. - 20% discount for technical and professional services.
- 20% discount for all prosthetic devices as well as those items and accessories of personal assistance.
- 50% discount in cost of passports.
- 25% discount in monthly electrical consumption of private or public entity up to 600 KW’s and the normal tariffs will be applied to anything above that amount.
- High-band Internet connectivity, cellular phone networks and ADSL in-home phone capability are readily accessible throughout most of Panama. Full-service satellite and cable TV are also very common.
