Panama is one of the most diverse and beautiful countries in the Western hemisphere. Home to gorgeous scenery, from mountain ranges to tropical islands, some of the world’s most diverse plant and wildlife and a vibrant culture, Panama is sure to turn in to your perfect home, or home-away-from-home.
Although, more than just the beautiful setting will make you want to move to Panama. Many business, tax, real estate and other related benefits make living in this Central American paradise worthwhile.
1. Affordable Living – The cost of living in Panama is lower than the United States, Canada and Western Europe. The price of restaurants, grocery stores, retail stores and entertainment is reasonable in Panama and these amenities are never hard to find. Tourism is on the rise in Panama, so some locations and popular tourist spots may have somewhat inflated prices. However, locals and those re-locating in Panama quickly learn tourist areas to avoid and where the best deals are.
2. The US Dollar as the Official Currency – Panama’s official currency is the US dollar. With the dollar being the recognized legal tender, it virtually eliminates any currency exchange risks and increases the ease for purchasing in the foreign country.
3. Tropical Climate & Natural Paradise – Sunshine, warm temperatures and leisure time are known to improve quality of life, and Panama is a tropical paradise offering just that. Tropical islands, rainforests, beach and ocean activities and cool mountain ranges provide all of the recreation, relaxation and rejuvenation one could seek. Also, climate-wise, Panama doesn’t see hurricanes, earthquakes or other natural disasters neighboring countries deal with regularly.
4. Safety – Panama is one of the safest countries in Latin America, with the lowest crime rate and strong emphasis on maintaining order and security. Police are visible throughout the cities and are sure to make you feel safe and secure. Panama ranks high among ratings for tourist safety in Latin America, and the stable political climate and friendly population make this a welcoming area for visitors and locals alike.
5. Medical Care – Panama has a healthcare system similar to that of the United States. As long as you have the appropriate health insurance, first class medical care is readily available. Johns Hopkins Medical Institutions has a sister facility located in Panama.
6. No Income Tax on Foreign Income – All income generated outside of Panama’s borders and then brought into Panama is tax-free. On top of this, Panama has no capital gains tax and is home to some of the most secure banking in all of Latin America.
7. First World Infrastructure – Panama has a first world infrastructure that will make the transition from home easier and much more comfortable. Roadways, waterways, sewage and other public systems are well-maintained and kept in working order. The Panama Canal is a great contributor to the business and trade sectors of Panama and helps keep Panama’s healthy and free economy.
8. Affordable Real Estate – Many areas of Panama, namely Panama City, have seen recent real estate inflation due to an increased number of foreign tourism and investment in the country. However, compared to real estate in the United States and Western Europe, land and property is still extremely affordable in Panama. Outside Panama City, it is possible to find land for $1 per square meter!
9. Permanent Residency Benefits – To get permanent residency in Panama is fairly inexpensive. For business investors seeking permanent residency the Business Investor Visa is the way to go. For retirees seeking Panama as a retirement location the Pensionado Visa Program offers great benefits, such as discounts of up to 50% on airfare, hotels, restaurants and much more.
10. An Easy-to-Reach Destination – With many direct flights to Panama from several locations throughout the world, Panama is an easy-to-reach destination. Panama is only 2.5 hours from Miami, Florida by plane and several of the popular cruise ships have vacations to Panama and hubs located in Panama. With so many quick, easy ways to reach Panama you are never too far from “home” and it is never too difficult to get family and friends to Panama for a visit!
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