¿Did
you know that the city of Panama is one of the five cities
of Latin America with the best quality of life?
The
world ranking performed by Mercer
Human Resources Consulting puts Panama
Panama in the Top 100; qualifying each city over the basis
of an evaluation of 39 indicators, amongst them: political,
social, economic, environmental, personal security and educational
factors; transportation and other public services. The city
of Panama occupies the position 90 of the ranking, and also
figures as the fifth Latin American city of the list, after
San Juan, Montevideo, Buenos Aires and Santiago.
All this together with the enchantment
and humbleness of their people, its strategic location at
the continental level (out of reach of hurricane routes), its political stability, the low cost of life, the judicial security, first level telecommunications, the use of the US dollar as the local currency, its climate, its size, its beaches, its biodiversity and the excellent prices in the real estate market with first class finishing, make it an ideal destination to live.
Real Estate
and Projects
EIn
the last years there has been a boom in the Real Estate business
in Panama, which has focused a lot of attractive investment
projects for foreigners that wish to own a property in this
tropical paradise. Properties exist for all tastes, for example,
if you wish to live in the Old City of Panama City, a sector
with an enormous historical value and beautiful architecture,
you will find incentives for your investment (financial as
well as fiscal). You may also find properties in the modern
areas of the city, beaches and mountains.
As a foreign citizen you may obtain a bank finance for the
purchase of real estate, usually by advancing 30% of the property
value and the remaining 70% you may finance with an annual
interest of approximately 7% (march 2006), if the purchase
is for housing you should add the 1% FECI (Special Fund for
Interest Compensation). The maximum estimated years for financing
may be calculated by subtracting 75 years from the current
age of the person.
What will be required for a mortgage loan? A credit history
notarized and apostilled, the last two income returns, copy
of the passport notarized and apostilled, copy of the drivers
license, a valuation of the property, the loan request duly
signed and evidence of the income or salary. For example,
if you wish to purchase a house for US$150,000 you will be
required a monthly family income of minimum US$3,000.00.
And what about your Immigration status? Do not worry; you
may obtain a residence visa by purchasing a property of US$200,000,
which automatically exonerates you of having to open a bank
account to demonstrate your solvency.
What type of fiscal incentives may you have? You may enjoy
20 year property tax exoneration for all constructions where
their construction permits were issued before September 1st,
2006, as long as said improvements are recorded in the Public
Registry before August 31st of 2007. Those new constructions
that have construction permits issued after September 1st,
2006 may enjoy an exoneration of 15 years depending on the
value range of the construction.
It is important to point out that Panama has a reliable and
fast public registry of properties. In this country you will
not find any type of restrictions for the purchase of real
estate for being a foreigner. The property offers that you
may find have prices ranging from US$750 and US$1,800 per
square meter, with luxury real estate projects in the capital
city as well as in the outskirts of the country.
In Panama you may find an enormous variety of project offers,
below we present to you some of the most important:
Trump
Ocean Club International Hotel & Tower Panama
– First project of the renowned investor Donald
Trump in Latin America. A multifunctional investment
located in Punta Pacifica contemplates a building of
62 floors, hotel, marina, spa, shops, business center
and an international casino.
Proyecto
“Los Faros de Panamá” (Grupo Mall
de España) – Project that will
be built in the exclusive area of Punta Paitilla and
Punta Pacifica. Includes a tower of 345 meters (84 levels)
and two laterals of 290 meters (72 levels), for a total
of 1,702 apartments and 308 hotel rooms. Also, it will
have a clinic of preventive medicine, casino, auditorium
and a commercial center of 30,000mts2 with international
firms of the first line.
Proyecto
“Megapolis Panama – Exclusive condominium
project with hotel service the only one in Panama, operated
by the prestigious hotel chain of the Group “Hoteles
Decameron”. The project consists of 63 levels
with view to the ocean, Bay and/or Panama City. Also,
with hotel, social and business areas, as well as direct
access to the Multicentro Center.
The Bridge
- A residential apartment complex located in the Hills
of Amador (just before the Causeway of Amador). They
offer t8 apartments (from 198mts2 to 542mt2) in three
towers of seven floors each, with beautiful and exclusive
view to the Bay of Panama and the Bridge of the Americas.
P.H. Amador
Hill - Exclusive residential project located
in Amador with spectacular view to the Old City, Bay
and Panama Canal. The building with style and European
design of six floors has 20 apartments (322mt2, 169m2
y 155 mts), social area, private parking, 2 elevators,
emergency generator, internet, parking for visitors,
24 hours security.
Naos Harbour
Island (Amador – Panamá). Project
located in the Causeway of Amador (Isla Naos). Includes
a 5 star hotels that has a beach, convention center,
casino and commercial area (restaurants, bars, terraces),
as well as a Residential condominium with excellent
view to the Pacific Ocean and of the transit of the
boats through the Canal.
Tucan Country
Club & Resort - A 424 residence project
(condominium, villas) for nature and golf aficionados
(18 holes, Par 72). An exclusive community in the banks
of the canal and borders a beautiful tropical forest.
The projects counts with a club house of world class
that includes: meeting room, social areas, spa, pool,
gym, tennis court, restaurants, bars and ballrooms and
conference rooms.
El Alcázar
de Coronado – Project located at 80kms
to the west of Panama City. Designed for the growing
community of families and foreign retirees in Panama.
They will offer 64 residences of four rooms with large
balconies with view to the Pacific Ocean and the green
mountains of the continental division.
Bijao Resort
Community & Golf - New complex located
in Rio Hato (Cocle), between San Carlos and Sea Cliff,
that will compete with its neighbors Decameron and Playa
Blanca. It will have residential villas, luxury condominiums,
a lake, restaurants, bars, beach club, ecological trail
and a golf court. The design of the project will have
five different styles of villas and two residential
buildings (with architecture of the time of the construction
of the canal).
Isla Viveros
(Archipiélago de las Perlas) –
Residential and tourist project at only 40 miles (15
minutes in plane) from the city of Panama. Exclusive
community (more that 300 residential lots, condominiums
and golf court, beach front and with view to the sea.
Includes airport, marina, 5 star hotel, restaurant,
commercial center, business center, medical center,
etc.
The
economy of Panama maintains its constant growth. Panama increased
8 points in the competitive ranking where international organisms
(such as FMI, BID, CEPAL, Standard & Poors, Moodys, Fitch
Ratings and the World Economic Forum) recognize the best growth
of the economy and fiscal management of the public debt of
the countries in the area. The increase of Panama in the index
of competitivity from the position 65 to 57 in Latin America
is above Mexico, El Salvador, Colombia, Brazil, Argentina,
Uruguay and Peru, the only countries that surpass Panama are
Chile and Costa Rica.
Based on the data of the Ministry of Economy
and Finance (MEF) and the General Controllershipof
the Republic, the growth of the Gross Domestic Product (GDP)
of Panama in the first semester of 2008, was 8.4%, as the
result of a successful economic policy, of the fiscal program,
strategies and defined financial objectives.
The Panamanian economy hopes to close 2008
year with a growth among 7% to 9%, assure independent economists
and the national government, which reflects a satisfactory
growth if it is taken into account the effects that the economic
deceleration of the United States had in other countries (EE.UU.)
and the historical rise of oil prices.
Also, the real growth of Gross Internal Product (GIP) this
year will be approximately of 8%, the main sectors that will
impel this growth are: Construction, tourism, hotels and restaurants,
banking activity, telecommunications, ports, real estates,
tributary income among others
In definite, Panama is a stimulating place for businesses
and its capacity of growth is large, inclusive some economists
indicate that it will transform into the Hong Kong of the
Americas. Due to this, the country is preparing itself with
expansion works, such as the International Airport of Tocumen,
Manzanillo International Terminal and Panama Ports will also
expand the port installations that they handle and the most
important work of all, the Expansion of the Panama
Canal.
Future Perspective:
-Modernization of the Panama Canal ($5,300 millions)
-Construction project of a private oil refinery.
-Construction of sky scrapers of 70 to 100 floors ($3,200
millions until the year 2009), as well as various buildings
of more that 50 floors and other construction projects (including
tourist projects).
-Sanitation of the Panama Bay and the City ($310 millions)
-Panama-Colon Highway (180 millions), extension of the North
Corridor (($90 million), Expansion of the highway Arraijan-Chorrera
(&66 millions)
-Construction of a Mega Port in Palo Seco ($600 millions)
Located in the entrance of the Panama Canal,
in the Atlantic sector, it is considered the second largest
Free Zone in the World and the largest in the Occidental Hemisphere.
It is a Global Logistic Center for the world where annual
commercial transactions generate eleven thousand million (US$)
in importation and re-exportation of goods. You may find there
more that 2,000 established companies, of which 72% are companies
created in Panama and the rest are representing foreign trademarks.
The number of persons that visited the Free Zone during the
year 2005 reached 109 thousand 790, and it is estimated that
75% of the buyers arrived by air transportation, the rest
travelled by ground transportation. The Free Zone counts with
the infrastructure for transportation services, such as the
France Field Airport, the Rail Road Terminal of Panama, access
to the Panama-Colon highway, cruise terminals and one terminal
of ground transportation.
The existence of an international finance center, the efficient
maritime infrastructure, the largest logistic and cargo redistribution
center in the Americas, the free circulation of the US dollar
as legal local currency, the security inside and on the surrounding
areas, modern display rooms, commercial deposits and offices
and a great variety of available labour hand work, specialized
and at a low cost, a great number of tax incentives and a
sophisticated communication networks are some of the factors
that contribute to facilitate the operations from the Colon
Free Zone and that make the latter an ideal center for International
Commerce.
The International Banking Center of Panama
(IBC) is conformed by 75 banks of which 17, including official
banks, are Panamanian, one multinational and the rest are
foreign. The International Banking Center present a total
of assets in an individual basis of US$43,366 millions (to
the month of October of 2006) distributed almost in equal
parts between the local and foreign banks, this is equivalent
to a growth of 14.24% with respect to the same period of the
year before, and US$49,467 in net consolidated assets to the
month of September of 2006. To September of 2006 the net profit
on a consolidated basis of the banks reached US$677 millions,
which represents an increase of 23.3% and an output over average
assets (ROAA) of 2.50% and an out put over patrimony (ROE)
of 19.02%. The financial liquidity of the International Banking
Center to September of 2006 was maintained at a level of 21.7%,
considering the liquid interbanking positioning in proportion
to the total of all the collection of the Center. The financial
sector, of the CBI it is its principal component, representing
more than 10% of the Internal Gross Product; the CBI is conformed
of thirteen thousand employees, with a payroll that exceeds
US$165 million dollar a year, and an investment in fixed assets-
buildings, equipment and household goods – of more that
US$350 million dollars.
The characteristic advantages of Panama,
in some cases, for banking businesses as well as for other
financial and commercial activities, national or international,
are the absence of a central bank and currency authority and
of currency paper, and the use of the north American dollar
as legal tender, have contributed to shelter the Panamanian
IBC of the financial crisis that practically afflicts all
the markets and financial systems in the world, the IBC has
always maintained absolute stability and inclusive, various
local banks have responded by issuing financial instruments
to a median term in the international markets. Firms and analysts
qualify the Panamanian IBC as a safe haven for its permanent
stability and the financial integration of the center.
For more information about the banking center
and the Security Market of Panama you may visit the following
sites:
The IBC (International Banking Center) currently
enjoys, in general terms, a highly satisfactory qualification
from international agencies and institutions, inclusive from
the International Monetary Fund (IMF), it offers a reliable
place and a safe haven for deposits and banking and financial
operations, including the administration of patrimonies and
private banking. The established banks in Panama have the
conditions to provide all types of banking and financial services,
traditional or innovative, to the national and foreign investors.
Diverse agents located in Panama, such as Banks, Trust Companies,
Law Firms, Security Brokers, Investment Managers, Insurance
Companies, Voluntary Pension Funds or Investment Managers,
Real Estate Broker and other type of entities offer to the
international community multiple financial and efficient legal
services, of quality and competitive prices compared to other
countries. As follows we mention the following: The incorporation
of corporations (which only pay taxes in Panama if they perform
operations within the national territory), Private Interest
Foundations, Incorporation of Trusts, opening of bank accounts,
opening of fixed deposit account, granting of loans to foreigners
or foreign entities, leasing and factoring operations, legal
and financial consulting, purchase and sale of securities
through the local or foreign stock exchange, capital market
consulting, purchase and sale of foreign currency, investment
banking, advising and purchase of real estate, mortgage registrations,
structures for the issuance of financial instruments, insurance
and reinsurance, debt qualification and of financial instruments,
deposit and custody of securities, risk centers, issuance
of credit cards, registration of ships and vessels, etc.
The offshore jurisdiction constitutes an
instrument for persons who wish to plan their financial matters
with the purpose to preserve their inheritance, transmit it
to their children, maintain privacy or reduce confiscation
risks by the government or for any other activity. The key
characteristics of the offshore operations are the strict
secrecy and privacy. The assets are kept through an instrument
in the national territory where they are not subject to taxes
in said jurisdiction.
Panama is known as a tax haven and an offshore service center,
specially based on its taxing system based on the territoriality
principle.
Legal Services
In connection to the variety of legal services
that are offered in Panama, we mention below some links of
recognized law firms in Panama.
As
you may observe, Panama is not only a tourist destination
to visit, it also represents and attractive opportunity for
investments to acquire a second home/property where eventually
you may enjoy your retirement. For example, based on calculations,
living in Panama only represents 20% of what it costs to grow
old in the United States or Europe. Panama is recognized at
an international level for having one of the best incentive
programs, exonerations for retirees and pensioners in Panama.
Law 6 of June 1987 that benefits the pensioners and retirees
in Panama titled “BY WHICH MEASURES FOR THE BENEFITS
OF RETIREESOR
PENSIONERS, FOR THIRD OR FOURTH AGE ARE ADOPTED AND THE STAMP
TAX DENOMINATED OF SOCIAL SECURITY IS CREATED AND ADOPTED”.
Panamanians or resident foreigners in the national territory
that are 55 years or more if they are women; or sixty (60)
years or more if they are men, and all the pensioners and
retirees of any gender, will enjoy the following benefits:
A 20 year exoneration of
Real Estate Tax.
Exonerations over household goods, if
it is the only property of the retiree.
Importation tax exoneration over personal
effects (home) up to $10,000.00.
The personal and commercial loans will
be exonerated from the taxes stipulated by the special
interest compensation fund.
Discounts on maximum interest rates for
personal and commercial loans.
Discount on medical and pharmaceutical
prescription medicines.
Discounts on public utility services
(electricity, water, residential telephone, transportation).
Discounts on restaurants, hotels, air
fares, movies, cultural, sport or recreational activities.
Exoneration of importation tax for one
automobile for personal use every 2 years.
Under the Constitution national and foreigners
have the same rights.
Are
you thinking on spending your retirement in Panama? Currently
the regions in the city of Panama, Altos del Maria, Bocas
del Toro, and specially the area of Boquete (Province of Chiriqui)
have transformed in preferred destinations of many baby boomers
who plan to retire and live their last years in these beautiful
places. Approximately 70 to 80 million baby boomers (Americans
that where born between 1946 and 1964, during the years of
economic and demographic growth after the second world war,
that enjoy a high purchasing and consumer power) will retire
in the following 10 years in the United States, this based
on statistics of the government of said country that indicate
that these persons will not be able to maintain the way of
living with their savings and pensions.
It is estimated that approximately 30 thousand baby boomers
are in Panama, in 10 to 15 years it will be possible to sell
around 3 thousand residential lots available in the area of
Boquete, that will be able to host up to 6 thousand foreigners
and around 50% of the latter will live in Boquete only one
part of the year.
Below we recommend some attractive projects to live your golden
years in a peaceful place enjoying spectacular nature. (this
list of projects may be complemented with the projects presented
in the section Real Estate and Projects).
Valle
Escondido – Exclusive residential project
for retirees of 150 houses developed in an area of 50
hectares of what used to be a coffee farm. Located in
Boquete (Province of Chiriqui) a 10 minute walk to the
center of Boquete.
Cielo Paraíso
– Exclusive Residential Project developed in an
area of 300 hectares, located in Boquete (Province of
Chiriqui). It will be conformed by 72 rooms, suites
and villas, as well 200 residential units in spacious
lots constructed around a golf course of 18 holes.
Hacienda
Los Molinos – Private and exclusive residential
project located in Boquete (Province of Chiriqui), developed
in an area of 82 hectares, with a spectacular view of
the Baru Volcano. This project offers its residents
a private to forests preserved naturally, rivers, cascades,
rural and ecological trails, and much more.
Montaña
de Caldera – Private Residential project
located at 1,100 meters over sea level, at 12 km south
of Boquete and 28 kms north of the city of David, Chiriqui.
It counts with a variety of natural and ecological trails
that circle the property. Also, it has: a golf shooting
range, equestrian club, bar and restaurant, tennis court,
church, convenience and artisan shop, pool with tempered
water, 24 hour security, fishing area and cabins in
the river area.
Nuare-Boquete
Panamá – A project located in
high Boquete (Province of Chiriquí). Exclusive
lots of 1,200 mts2 and 2,900 mts2- strategically located
along the Los Playones stream and the Canyon over the
Caldera River, in the middle of gardens, trails and
vegetation.
Altos del
María – Project located in the
highlands of Sora, 86kms to the west of the city of
Panama. Country residential project with an altitude
between 550mts over sea level, with a spring climate
temperature all year around between 20 and 16 degrees
Celsius (61-68F). The city of La Chorrera, the town
with the highest rate of growth in the region, is just
at 45 minutes by car.
Isla Viveros
(Archipiélago de las Perlas) - (Las
Perlas Archipelago), an exclusive community (houses,
lots, condominiums, golf houses), beach front with view
to the sea. Includes an airport, marina, 5 star hotel,
restaurant, commercial and business center, medical
center, amongst others.
Islas Secas
- Project located in the Archipelago of Las Secas, in
Chiriqui. Sixteen (16) small islands exist that can
only lodge a maximum of 12 guests per day.
Costa Blanca
Golf & Villas - An exclusive residential
beach project located in Playa Blanca, Farallon (Pacific
Coast). It is conformed by a select group of villas
that circle a beautiful professional golf course of
18 holes. Also, counts with a Beach Club exclusive for
residents, Jacuzzi, bar, restaurants, pool, tennis court,
ecological trails, casino and much more. All this under
the guarantee and experience of the hotel operators
of the Group Decameron Hotels.
In
Panama, the health and medical tourism is growing rapidly.
Various factors are attracting health tourists to Panama.
A combination of climate, scenic beauty, cultural diversity,
our strategic geographical position, one of the leader centers
of offshore trading, the hub of the Americas for international
flights and the use of the US dollar as legal tender have
made Panama an attractive destination. However, the most important
fact is that our professional doctors have been trained around
the world, using the latest technologies and medicines; also
they have the well deserved reputation as high quality professionals.
The majority of the doctors in Panama are bilingual, certified
by the Medical Board and are used to the most advanced technologies
and medical equipment that are used in the United States and
Europe. The tourists that come to Panama may receive a treatment
and lodge in a five star hotel during their recovery at a
much lower cost that in the Unites States and Europe.
The development of medicine in the country is in vanguard,
inclusive in the research level. Panama has signed an agreement
with the United States to create a Commemorative Gorgas Institution,
a laboratory of high security, with the purpose to treat extremely
dangerous viruses. This will be a laboratory that will serve
as reference in Latin America for respiratory diseases like
the bird flue. It also counts with hospitals aligned with
renowned hospitals in the United States, for example the recently
inaugurated Punta Pacifica Hospital in allegiance with the
John Hopkins International Medical Center offer innovative
medical services, with intelligent operation rooms, that will
allow the realization of operations through the video conference
system, direct consultations with specialists of the United
States, technology applied in radiology rooms and internal
communication for the delivery of laboratory results to the
clinics.
In Panama, you may also benefit from the inexhaustible sources
of natural health such as thermal waters that are found in
different regions of the country. Amongst the multiple preventive
and curative benefits of the thermal treatments we may mention:
for treatment of chronic respiratory, locomotive and digestive
diseases. The principal areas of thermal water manifestations
in Panama are Agua de Salud, Cerro Hornito, Los Pozos (Catalina),
Santa Cruz (Pejeperro), El Valle del Anton and Pozo de Aguas
Termales de Caldera.
Below we mention certain links of interest for Heath Tourists:
Medical Centers and Hospital
Centro Médico Paitilla
Calle 53, Ave. Balboa, Paitilla
507-269-2377
Clínica San Fernando
Vía España, Carrasquilla
507-278-6305
Consultorios Médicos Royal Center
Calle 53, Urbanización Marbella
507-263-3464
Consultorios América
Via España, Vista Hermosa
507-229-4388
Hospital Punta Pacífica
Punta Pacífica, Paitilla
507-321-1455
Hospital Nacional
Bella Vista, Calle 38 y Ave. Cuba
507-207-8100
Hospital Santa Fe
Vía Transístmica
507-227-4733
Hospital Santo Tomás
Bella Vista y Ave. Cuba
507-507-5600
Hospital del Niño
Avenida Balboa
507-512-9800
Hospital Integrado San Miguel Arcángel
Vía Ricardo J. Alfaro
507-523-6906
Instituto Oncológico Nacional
Antiguo Hospital Gorgas, Ancón
507-512-7000
Mobil Medical Attention
Servicio de Emergencias Médicas
Móviles (SEMM)
Ubicados en Calle 50 y Ave.
Federico Boyd. Servicio de Atención Médica rápida
y especializada, compuesto por personal altamente calificado, servicio
de ambulancias, las 24 horas del día, durante 365 días del
año
507-264-1122
EMI Panamá
Ubicado en Calle 4ta. El Dorado, en frente de Nikos Café.
Servicio de atención de emergencias y urgencias médicas
a través de personal capacitado, las 24 horas del día, durante
365 días al año.
507-236-6060
Atención Médica
Total (AMT)
Servicio de asesoría y atención
médica las 24 horas al día
507-214-7575 /
263-0230
Médico Express
Servicio de atención médica
las 24 horas al día
507-266-2519
Dental Services
Eisenmann & Eisenmann Clínica
Dental
Ubicado en Calle 53, Urbanización
Obarrio.
507-267-2750 /
223-3198
Clínica Ford
Ubicado en Consultorios Royal Center, Piso
10
507-223-4742 / 1187
Corro y Maduro Clínicas
Dentales
-Calle 54, Edificio Marbella Tower, PB,
local #1- #2.
-Avenida Ricardo J. Alfaro, Centro Comercial Aventura, Local #10-11
-Consultorios Médicos Paitilla, Piso 6
-Centro Comercial Bella Vista, PB, Local #8-9
507-323 8080 /
236-8692
Clínica Arango Orillac
Calle 54 y Urbanización Obarrio
507-263-8166 /
315-1881
Clínica Dentales Arrocha
Via España y Calle 44
507-264-0631 / 7903
Clínica Rojas Pardini
Avenida Ramón Arias
507-269-6312
Clínica Dental Bullen
Avenida Fernández de Córdoba
507-229-7145
Clínica Dental Denti Láser
Via España
507-229-8900
Clínica Dental Vallarino
Calle 50 y Vía Israel, Centro Comercial
La Colmena
507-264-0237
Optical Services
Clínica de Ojos Orillac-Calvo
Ave. Balboa, Edificio Balboa
Plaza, Oficina 201-202, arriba de American Airlines. Pioneros en la técnica
del EXCIMER LASER en Panamá. Son especialistas en enfermedades
y cirugías de ojos y párpados
507-269-7475
Óptica Sosa y Arango
S.A.
Urbanización Marbella, El Dorado,
Albrook Mall, Via España, Colón, Justo Arosemena
507-223-2035 /
260-7215
Óptica López
Calle Las Acacias, y Calle 31 8-53
507-227-2422 /
263-7600
Clínica Óptica
Chevalier
Avenida Balboa
507-302-4100 /
303-6058
Specialized Services
Clínicas Urológicas
S.A
Consultorios Médicos
Paitilla, 3er. Piso, Oficina 312-313. Y Centro Especializado San Fernando,
8tavo. Piso, Oficina 8-8.
507-229-2477
Instituto de Cirugía
Plástica de Panamá
Ubicado en los Consultorios Médicos
Paitilla, Local #513
507-215-2718
Clínica de Venas de Panamá
Via España diagonal a Via porras,
antiguo Policentro médico
The
world ranking performed by 
its political stability, the low cost of life, the judicial security, first level telecommunications, the use of the US dollar as the local currency, its climate, its size, its beaches, its biodiversity and the excellent prices in the real estate market with first class finishing, make it an ideal destination to live.
EIn
the last years there has been a boom in the Real Estate business
in Panama, which has focused a lot of attractive investment
projects for foreigners that wish to own a property in this
tropical paradise. Properties exist for all tastes, for example,
if you wish to live in the Old City of Panama City, a sector
with an enormous historical value and beautiful architecture,
you will find incentives for your investment (financial as
well as fiscal). You may also find properties in the modern
areas of the city, beaches and mountains.
The
economy of Panama maintains its constant growth. Panama increased
8 points in the competitive ranking where international organisms
(such as FMI, BID, CEPAL, Standard & Poors, Moodys, Fitch
Ratings and the World Economic Forum) recognize the best growth
of the economy and fiscal management of the public debt of
the countries in the area. The increase of Panama in the index
of competitivity from the position 65 to 57 in Latin America
is above Mexico, El Salvador, Colombia, Brazil, Argentina,
Uruguay and Peru, the only countries that surpass Panama are
Chile and Costa Rica.
of
the Republic, the growth of the Gross Domestic Product (GDP)
of Panama in the first semester of 2008, was 8.4%, as the
result of a successful economic policy, of the fiscal program,
strategies and defined financial objectives. 
As
you may observe, Panama is not only a tourist destination
to visit, it also represents and attractive opportunity for
investments to acquire a second home/property where eventually
you may enjoy your retirement. For example, based on calculations,
living in Panama only represents 20% of what it costs to grow
old in the United States or Europe. Panama is recognized at
an international level for having one of the best incentive
programs, exonerations for retirees and pensioners in Panama.
Law 6 of June 1987 that benefits the pensioners and retirees
in Panama titled “BY WHICH MEASURES FOR THE BENEFITS
OF RETIREES
OR
PENSIONERS, FOR THIRD OR FOURTH AGE ARE ADOPTED AND THE STAMP
TAX DENOMINATED OF SOCIAL SECURITY IS CREATED AND ADOPTED”.
Panamanians or resident foreigners in the national territory
that are 55 years or more if they are women; or sixty (60)
years or more if they are men, and all the pensioners and
retirees of any gender, will enjoy the following benefits:
Are
you thinking on spending your retirement in Panama? Currently
the regions in the city of Panama, Altos del Maria, Bocas
del Toro, and specially the area of Boquete (Province of Chiriqui)
have transformed in preferred destinations of many baby boomers
who plan to retire and live their last years in these beautiful
places. Approximately 70 to 80 million baby boomers (Americans
that where born between 1946 and 1964, during the years of
economic and demographic growth after the second world war,
that enjoy a high purchasing and consumer power) will retire
in the following 10 years in the United States, this based
on statistics of the government of said country that indicate
that these persons will not be able to maintain the way of
living with their savings and pensions.
It is estimated that approximately 30 thousand baby boomers
are in Panama, in 10 to 15 years it will be possible to sell
around 3 thousand residential lots available in the area of
Boquete, that will be able to host up to 6 thousand foreigners
and around 50% of the latter will live in Boquete only one
part of the year.