Panama is a Treasure Trove of Retirement Benefits
REASON #2
Panama is a Treasure Trove of Retirement Benefits
Many consider Panama as having one of the best – if not the best – retiree incentive programs in the world. Retirees who qualify for the program can expect to receive the following benefits:
• Every 2 years, you are tax exempted when importing a car for private use.
• When importing household goods, you are tax exempted up to the amount of $10,000.
• You get discounts in hotels, motels, and pension houses.
• In addition to hotels and motels, pharmacies also offer discounts on prescription medicines.
• If you are not insured, private hospitals and clinics also give discounts on their bills.
• Medical services are often discounted.
• Even movie theaters, recreation, cultural and sports events are discounted.
• Utility bills, such as electric, water, residential phone, and cable, are discounted as well.
• You get discount on lawyers, architects, nurses, physical therapists, etc.
• You also get discount on the expenses or closing commissions on loans.
• Your personal and commercial loans are exempted from the taxes stipulated by the Special Interest Compensation Fund.
• On top of that, you also get a discount on the maximum interest rate on personal and commercial loans.
• If you took a mortgage on housing, you also get a discount of percentage points on interest rates.
• Home furnishings are tax exempted.
• If your house is your sole residence, you are exempted from property tax.
