The Republic of Panama has been looked upon in recent years as a preferred place for those that seek a place to vacation,spend the winter or retire . The low cost of living, the use of the American dollar as official currency, the international financial center, the modern shopping centers and the good communications and the health care are some of the reasons for which many pensioners have chosen to live and to invest in Panama. All this remains supported by the bulletin of the AARP (American Association of Retired) that has considered Panama as one of the 4 best places in the world to live .

Other benefits that are found in Panama are its virgin beaches , forests, flora, fauna, mountains, islands, rivers, and lakes. There is of course the famous Panama Canal and historic places like the Metropolitan Cathedral, the National Theater, the Presidential Palace, the Museum Of Religious Art, the Museum Reyna Towers of Araúz, the Museum of Natural Sciences and the Volcano Barú etc.
Laws exist that benefit retired people and pensioners in Panama.

An extract of the law is as follows;
The Panamanians or foreign residents in the national territory that are fifty-five (55) years or more, if they are women; or sixty (60) years or more, if they are males; and all them retired and pensioners of any kind, will enjoy the following benefits:
1. Discount of 50% of the prices that are charged for the entrance to activities of recreation and entertainment, such as movies, theaters, sports and other public spectacles. .
2. Discount in the rate of public transportation according to the following classification:
A. Intercity buses, 30%
b. Trains, 30%
c. Launches and ships, 30%;
d. A 25% in air passages of public or private businesses both
national and foreign.
3. A discount in the prices of hotels, motels thus:
A. 50% from Monday to Thursday.
B. 30% Fridays, Saturdays and Sundays.
4. Discount from 25% of the value of the individual consumption of food in any restaurant, except those considered as inns, that do not require a business license to operate.
5. A discount of 15% in the fast food establishments with national and international franchises.
6. Discount of 15% of the total account by services of hospitals and private clinics.
7. A discount in the pharmacies of 10% of the value of the medicines.
8. Discount in the following medical services :
A. 20% of the fees for consultations in surgical and medical specialists
B. 15% for odontológicos services;
C. 15% for optometry services.
9. Discount of 20% for the fees by professional and technical services.
10. Discount of 20% for the price of all the prosthesis, apparatuses and accessories .
11. Discount of 50% of the expense or commission of closing transactions in financial institutions of credit..
12. The transactions of loans in banks, financial,and lending institutions, will be exempt of the payment of the on-rate as stipulated in the Special Fund of Compensation of Interests (FECI).
13. Discount of 15% of the maximum interest rate that the law permits to charge in banks, financial, and lending institutions for personal loans.
14. Discount of 1% in the interest rate for mortgage of dwelling for own use, in which the person is fifty-five (55) years of age (woman); or sixty (60) years of age if is male; or if pensioner and retired.

IF YOU WISH TO INVEST IN CHITRÉ OR PLAYA EL ROMPIO, BUY A HOUSE FOR YOUR RETIREMENT OR AS A VACATION PLACE, SEND US A MESSAGE AND WE WILL HELP YOU. maxben@vif.com