International Living Magazine has come out with their Annual Retirement Index 2014 and Panama tops the list as the best place to retire. This year it beats out last year’s winner, Ecuador, by a hair. Here’s why.
Panama is the only country in the Central America with a true First World city: Panama City. It is only 2.5 hours away by plane from Miami, and there are direct flights to Panama City from all over the US.
Living in Panama is quite convenient for those from North America, particularly the US. They use the dollar as their main currency, English is widely understood and there is a large and welcoming international community there. Panama grocery stores have ingredients you are familiar with – malls have clothing brands you’ll recognize.
Panama also has all of your favorite activities. You can go golfing, hang out on the beach, hike in the highlands and make lots of friends. The potential to have a life that closely mimics the one you had in your country is there. You can also disconnect from it all, go off the grid, and spend a lot less money in your retirement than you would back home.
Of course, all of these things have made Panama an attractive destination for retirees for many years now. So, what puts Panama at the top of International Living’s 2014 index?
Last year the government rolled out two new residence programs that make it easier than ever for foreigners to legally move and live in Panama.
Panama has always been quite accessible to retirees. Their Pensionado program basically enabled anyone with a pension from the government of at least $1000 a month to live and move in Panama.
And what about the rest of us with no pensions in play? One of the new visas, nicknamed the “Friends of Panama” program offers residence to citizens of over 40 countries including the US, Canada and the UK. This program is aimed at getting professionals and entrepreneurs to relocate to Panama. Its requirements are pretty straightforward – you must open a local bank account with a balance of at least $5000 dollars and buy real estate, open a business or get a job in Panama.
For those who are from countries not eligible for the Friends of Panama program, you may be able to qualify for the Professional Residence Visa. Starting
requirements are to have a university education and to steer clear of jobs reserved for Panamanian citizens.
Panama is also in the process of overhauling its infrastructure. Is is currently the only country in Central America with a metro line, and that is just the beginning. Panama is at the top of the list for technology and Internet coverage, clean drinking water and reliable public transport. It is consistently stable in business, banking and politics.
Not convinced yet? Come and see for yourself what Panama has to offer.
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