One of the biggest draws to living in Panama as a retired person is the Pensionado Program. This program, which is backed by the government, offers a long list of discounts for qualifed retirees. These discounts include such things as 20% discount on already low doctor bills, 20% off of professional and home repair fees, 50% off of the price of mid-week hotel stays, 30% off public transport costs, 25% off of domestic air tickets, 10% off of the local prescription prices, 50% off entertainment options, 50% off of the costs of closing your home mortgage, 15% off of the cost of dental and eye exams, and 50% off of the costs of closing your home mortgage to name a few.
In addition to this, foreigners living in Panama are not required to pay taxes on any money that is earned outside the country. So, if you are receiving social security, doing business abroad, receiving a pension, or have other investments you are free from taxes on all of it.
One of the most important things to remember when relocating is to have a good attorney. They will be able to help you navigate the law to your advantage, ensure that you are setting up any business according to the law and help you develop a good investment strategy.
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