Posted on 07/07/2009 7:26:21 PM PDT by SeekAndFind
Prospective retirees: Panama wants you. The pitch? A plane ride just 21/2 hours from Miami enables the newly poor to swap a wretched retirement in the U.S. for one befitting a royal in the balmy Central American nation. Cash out! Emigrate! Feel rich! Panama—the new Florida.
Spin aside, Panama is increasingly popular among retirement-age types looking to hedge against—or skip out on—the recession. The Migration Policy Institute, a Washington-based think tank that studies the movement of people around the world, says the chief factors prodding professional-class Americans to flock to Panama include its First World health care available at Third World prices and the country's pensioner program, which offers some of the deepest retiree discounts in Latin America. Seniors get up to half off on nearly everything, including movies, motels, doctors' visits, plane tickets, professional services, and electric bills. Expats also pay no tax in Panama on foreign income. Nor are they required to pay property tax for the first 20 years.
The fact that a luxe beachfront manse can be had for the same price as a dump in Daytona doesn't hurt, either. "We would have been looking at $3 million in Miami," says Jon Nickel of his 3,000-square-foot oceanfront penthouse in Panama City. Nickel and his wife, Gretchen, bought the place in late 2007 for $250,000, right after Nickel retired from his corporate law job in Portland, Ore., and sold the family's mortgage-free home for $800,000.
The skinny isthmus—nearly all coastline, with a mountain range slicing through the middle—boasts some of the best weather and lowest crime rates in Latin America. Other draws include guilt-free conspicuous consumption, with laughably low prices—by gringo standards—on splurges such as a day of beauty ($10) and a maid ($15 a day).
(Excerpt) Read more at businessweek.com ...
FYI - The FARC control 1/5 of the country
Probably more English-speakers in Panama, too.
I’ve heard good things, but I’m too paranoid these days about living overseas. My wife is Filipina and that goes for her country as well lol. Maybe when CW2 starts.
Sounds like it’s Americans who are now bailing out. Thanks Bambi!
I hear the place is crawling with snakes.
Are you serious? Are they moving there from Colombia?
Dumb ass Americans.
Been there. Hot, dirty and full of snakes and jungle.
I will be in Panama this October.
Just seeing the Canal.
Do the Clintons and Obamas have homes down there?
Yes, compared to Miami.
I lived there (Howard AFB) from ‘76-79 and went back last year for first time in 30 years. I turn 40 next month, so I have a way to go until retirement, but Panama would be on my list if I retired today. I walked all over Panama City at all hours and had no problems. The dollar still goes far there and the US dollar is still the official currency. I met a 70 year old retiree who had his hip replaced there for 10k cash. My 65 year old friend had the same operation and Medicare was billed 250K.
I went and looked at Panama this year! Expensive! Better places out there do your homework
Reminds me of that scene in Godfather II where Hyman Roth tells Michael Corleone how good the business environment is in Cuba. And a few days later, Castro takes over.
I know someone who lives there....He says it’s America in the l950’s.
Can we bring our guns?
My elder kid is leaving for Panama in a few hours. Doing a mission trip with her church.
On a separate note, check out Bocas del Toro on the Caribbean side (to the north, near Costa Rica) if you get a chance. It’s supposed to be a really nice place for expats.
Replace the name Castro with Obama and tell me the difference besides his effeminate structure and lack of military khakis.
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