Residing in Panama
Live and retire in Panama
Panama, described by the Panamanians as being “the center of the world, and the heart of the universe” is a country that has been unfairly forgotten by mass tourism since here, in a territory that comprises little more than 75 thousand square kilometers, you can find the same variety of climates and scenery that is found in Brazil which has an extension that is 1000 times larger. But, this is also very lucky, because we can define Panama as being the best kept secret to discover. The Republic of Panama, even though relatively young—in fact, the declaration of independence only goes back to 1903—occupies a position that is politically and geographically very important, also thanks to the fact that it is a bridge that connects the Central American countries to those of South America.
The country offers great advantages to those who would like to live here. Panama is not hit by:
• Large scale earthquakes
• Hurricanes or cyclones
The government is stable, and the democratic process is consolidated.
The location between the North American and South American continents and facing the Caribbean offers the possibility of movement at a low cost.
Anonymous companies and private interest foundations, supported by offshore legislation, practically unchanged since 1932, are the best keys for protecting capital at an international level.
The government offers the best program for “pensionados” (retirees) that can be found, the only one that you can adhere to at the age of only 18. Furthermore, the country facilitates residency even for investors or simply for financial solvency and offers the possibility of getting a passport in little more than 30 days.
The cost of living is definitively low, even though this obviously depends on the life-style.
Remember also that any activity or investments from outside the national territory is not taxed.
The medical, banking and telecommunications structures are the envy of the more-developed countries. Panama is mostly known for the canal which connects the Atlantic Ocean to the Pacific and for its offshore centers, but it offers an incredible variety of attractions: tropical forests, banana plantations that stretch further than the eye can see, coffee plantations, volcanoes, trekking paths and enchanted islands and white beaches that are in no way inferior to the Caribbean—very white beaches, clear water—and then nature, folklore, culture.
The population is calm and friendly. The official language is Spanish, but English is spoken in many offices. The geographic conformation provides microclimates for all tastes. Panama City is an “Americanized” city, with the new part of the city full of skyscrapers, shopping supermarkets open 24 hours, and hotels and a Coloniale. Just go a few a few miles out of the city to find yourself on the seashore, in the mountains or in a tropical forest.
The economy avoided recession in 2009 owing to a series of mega-projects, but fiscal constraints will curb the administration's ability to follow through on election promises of massive infrastructure spending. Private consumption and fixed investment will lead an acceleration of real GDP growth, which we expect will average to 3.6% in 2010-11. Annual inflation is forecast to continue to rise moderately in 2010-11.
The Economist Intelligence Unit (EIU) have ranked Panama 52th out of 160 countries on quality of life index. Civil liberties, life expectancy and employment have improved but corruption remains high, for good or bad.
Real estate in Panama costs 50% less than it does in Europe. You can find some bargains from properties taken over by the bank (used apartments, houses and land). If you are interested in this type of investment, we offer the service of sending monthly offers to the major banks, which includes participation in your name of any auction and the orientation of what types of property you find most interesting. The cost of the service is 600 euro during six months.