Retirement Heaven: Panama

While it is still too early for my wife and I for a physical retirement, we have been thinking about where to retire for some time already. About 10 years ago, I first heard about Panama as one of the retirement heavens but I did not take it seriously. After all, it is in Central America which seemed too strange to us and I doubted about the quality of life there which might not be matched to our expectations. A big mistake at the hindsight! Since then, I have kept hearing about Panama from various sources and it has always been among the top 3 of best retirement places in the world per International Living. Since we are much closer to the retirement age now and since our son has grown up who can speak fluent Spanish and he is greatly interested in Latin America, we finally decided to go to visit Panama 2 years ago for a family vacation. Everything has changed since then almost immediately with respect to how we look at Panama. We fell in love with Panama instantly and the vacation trip was quickly turned to be a house hunting venture. In a nutshell, you can find almost everything you can find here in the US but with much lower costs. The infrastructure and the overall quality of life are nothing inferior to the standards here and the weather is great for elderly people. With what many of us can earn here, we can really live like a king there. The life is simply so easy and convenient in Panama. Since we loved what we had seen so much, we decided to buy a high-rise condo apartment on our second trip last year. It is located in a great area with all the convenience and amenities around: minutes of walking to one of the largest shopping malls in Panama City or to a newly built large and very modern hospital affiliated with Johns Hopkins Medical School, or to the shoreline with a great view to ocean and city. In other words, this is a property that has all the features you can find in Manhattan here but with a fraction of the cost you would need to buy such an apartment in Manhattan. In addition, the property has a 20 years of property tax abatement, for which we still got 18 years remained when we bought. I cannot say we would simply move there in just a few years but I'm pretty sure we will keep going back to visit and eventually will consider to move there for long-term. In addition to the good life aspects, the potential of business opportunities appear to be enormous as well in Panama. Contrast to what is happening here that it becomes increasingly difficult to start small business, the Panamania government is quite friendly to business activities. The country is apparently booming at the moment as you can see constructions everywhere. This is much like what we had seen probably 15-20 years ago in Pudong Shanghai, when the new economic zone was started. In the most recent trip, I was told that many Chinese companies are starting to come in to set up offices, even though currently there is still no diplomatic relation between the 2 countries. Think about what will happen when the diplomatic relation is established, which to me is just a matter of time. Panama to us is going to be HongKong or Singpore in Latin America!

Of course, I don't want sound like I'm selling you the idea based on my personal taste and favor. So I posted a writing below I saw from the International Living. You may also be interested to read a publication from the New York Times on Rising Panama. Most importantly, if you are also becoming interested in this idea, go there to see for yourself!! Panama is at least a great place to visit and enjoy your vacation. From NY to Panama is just a 5 hour flight with no time difference (or one hour difference during the summer time).

For further information on Panama, I suggest you start with International Living on Panama. It has abundant information in almost all the aspects.

Retired and Bored: Panama May Not Meet Your Expectations
By Jessica Ramesch

As International Living's Panama Editor, I travel several times a year to speak at conferences. Often the image people have is of a country with pretty beaches, plenty of palm trees...and not much else. One of the questions I get most is: "Will I be bored there?"
       
If you're expecting to take it easy and have a quiet retirement, you may want to think again. Bluntly speaking, it's nearly impossible to be bored or even inactive here.

Near-constant sunshine and the world's most modern conveniences make Panama a social and happening kind of place. Retiree expats tend to be busier here than they were back home. There's something about Panama that makes residents—retired or otherwise—want to get out there. The difference is, we're all busy doing things we want to do—not competing in the proverbial rat race.
When the roads are excellent and distances small, it's hard to turn down fun invitations. And in parts of Panama City, the sleek metro line can have you there in minutes. Even if you're new, it's easy to sign up for events and make friends. Getting on mailing lists online or at museums and the like is easy. Now I get up to a dozen notifications a week. They arrive to my email inbox courtesy of Panama's excellent telecommunications coverage (and that includes cell phone signals).
       
Free gallery openings, restaurant inaugurations, irreverent plays, beach parties, sporting events... There's so much going on, I'm hard-pressed to choose. I've been to see everything from Mixed Martial Arts (MMA) to Madame Butterfly. Outside of the city the options are no less varied, though more centered on the great outdoors. Take your pick: there's rock climbing in Boquete, hiking in El Valle, white-water rafting, surfing, birding, tennis, biking, golf...everything imaginable. Oh, and over 700 fairs and festivals a year. If you're interested in folklore, local art, traditional music and dance, or even eating your way through Panama (my personal favorite), the fiestas and carnivals are the places to do it!

To me, it's no wonder Panama currently ranks number one on International Living's annual Global Retirement Index. Sure, it comes as a surprise to many to learn that a place this safe, modern, and inexpensive exists...just a three-hour flight from Miami. But I've been living in and writing about Panama for over eight years now and I've seen the truth first-hand.
Not only is Panama close to home for many potential expats, but it's also a major flight hub. If you have a hankering to see the world—or need to travel for business—there's no better base. I've flown direct to Chicago, Las Vegas, Los Angeles, New York, and Quito. What I'm really itching to do is try direct flights to Boston, Paris, Amsterdam, Madrid, Toronto, Montreal, Buenos Aires, and more. I'll get around to them all...eventually.
       
For every trip I buy excellent travel insurance from a local provider. Insurance plans here—for travel, health, home, auto, and more—are high quality, and can cost 50% less than what you'd pay in the U.S. If you're a resident under the age of 65, health insurance can cost you as little as $80 a month. And I'm talking a good plan, with immediate discounts on already inexpensive consults, procedures, medication, lab work, and more. I use my plan to get 20% off every time I buy medication. I simply make sure to go to a participating pharmacy (they're quite conveniently located).

As for doctors, I've been able to find general practitioners and specialists I really like—for myself and for family members, too. We've seen allergy specialists, dermatologists, ear-nose-and-throat doctors, even neurosurgeons at Panama's top hospitals. With an insurance co-pay, I've shelled out just $10 to $17 for these visits. I'm fluent in Spanish by now, but many of the doctors I've met speak English. That means I've been able to recommend them to not-so-fluent friends.

If you have a pension, you can save even more than I do in Panama. Simply apply for your Panama residence via the famed Pensionado Program. It's easy to qualify if you receive a pension of at least $1,000 a month. Once you're a resident member, you will have instant access to the same discounts Panamanian pensioners enjoy.

Transportation, dining, lodging, entertainment, health care...Panama's retiree discounts cover every area imaginable. Get 20% off medical consults, 25% off your monthly power bill, 25% off restaurant meals, and 50% off movie tickets. If you spend a lot on these things (and most of us do), it's not hard to imagine how these savings could add up.

So what will you occupy your mind with when you no longer have to worry about being able to afford health care and other needs and wants? Do as we do: throw yourself into Panama's rich social and cultural life. You'll find that here it's easy to gravitate toward other, more enjoyable pursuits.

Those of us who live here full-time are involved in every kind of activity imaginable. Charitable organizations, national or religious societies, game and sports clubs...you name it, you can find it here. I divide my time between my Boozy Book Club, my Professional Women's Group, and a new interest: watching futbol (formerly known to me as soccer) with a few die-hard fans.

Sure, if you want to be retired and bored, you can do that here...or anywhere, really. But I'm warning you, Panama is full of temptations. And most of us who live here ended up giving in without a fight.