Panama Retirement Benefits

Over the course of the past couple of decades, an ever increasing number of foreign nationals are electing to move to Panama permanently or to at least spend part of each and every year in Panama.  During the 1980s, when it came to Central American nations, Costa Rica was the prime retiree draw.  In times, Panama has taken the crown when it comes to the destination of choice for retired men and women from different locations around the world, including from the United States and Canada.

Retirement Benefits for Panamanians and Foreigners

The Panamanian government actually has taken concerted and affirmative steps to attract foreign retirees into the country, again for all or for part of the year.  In this regard, culminating with legislation that was enacted by the Panamanian government in 2001, the nation formally extended a significant number of benefits that were enjoyed by Panamanian nationals to foreign retirees as well.  These included:

• 15% discount on hospital as well as health center services
• Panama Hospitals – Panamanian doctors and nurses are highly trained; many are trained in the US. All Panama hospitals feature state of the art facilities, equipment & technology. There is a substantial savings in medical costs when compared to the US and other countries throughout the world as well. 
•  Punta Pacífica hospital, affiliated with Johns Hopkins Medicine International
•  The Paitilla Medical Center hospital, affiliated with the Cleveland Clinic and the San Fernando and Nacional hospitals
• A total discount of 25% percent on various public services including electrical power, water and telephone.

These significant benefits are extended to women 57 years of age and older as well as to men who are 62 years of age and older.
In addition to the specific governmentally authorized and established benefits outlined a moment ago, many restaurants and entertainment venues have notable discounts for retirees who patronize these establishments.   

The Climate in Panama

The climate in Panama (virtually the year around) is also idyllic.  The temperature nearly the entire year around is temperate and enjoyable.  Moreover, the natural beauty of the country itself is also a draw to many people who are looking for a little slice of paradise in which to spend at least a part of the latter years of their lives.

Political Stability

Finally, Panama is one of the most politically stable of all countries in Central and South America.  It is a democracy with three branches of government: “executive and legislative branches elected by direct, secret vote for 5-year terms, and an independent appointed judiciary”. With a President, two Vice President’s, a 72-member unicameral Legislative Assembly, nine-member Supreme Court, and required voting, Panama’s political stability remains strong.

In addition, natural disasters that do seem to plague much of the region never endanger Panama.  Hurricanes, volcanoes and earthquakes are completely foreign to Panama.

Most experts who have considered Panama as a retirement haven have concluded that an ever growing number of men and women who have retired will be drawn to Panama through at least the next couple of decades.
 
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