Escape the never ending recession – move to PanamaFebruary 23rd, 2010 by The JetSetter Team | Comments Off on Escape the never ending recession – move to Panama
Hereâ€™s the problem for the prospective U.S. retiree. As the American dollar and economy continue their neck and neck free fall towards an inglorious splat, couples who were planning on a decent retirement lifestyle are now feeling like the newly poor. Go south, old man, go south.
Florida? Keep going. Mexico? Not quite far enough. Stop when your map says Panama. This tiny Latin Caribbean isthmus of a country is primarily two coastlines flanking a high mountain ridge. And what beautiful coastline it is. But thatâ€™s not a good enough reason to flee the â€œsafetyâ€ of the good old U.S.A.
The Migration Policy Institute is a Washington DC think-tank that studies the movement of people around the world. According to them, the growing trend of professional Americans heading to this tropical hotspot is no accident. Expect to find First World health care at Third World prices. Like your senior discount at the local cafeteria? Check this out: In Panama, seniors receive half off things like movies, motels, doctor visits, plane tickets, professional services, and electric bills. As an expat, you pay no tax on foreign income and no property tax until the 21st year of ownership.
The money you will save cannot be overstated. What would be a $1 million home in Miami will cost in the neighborhood of $90,000 in Panama. Baby Boomers paying $1,200 monthly for health insurance back home can expect to pay about $800 yearly for the same coverage.
Best of all, no more Manuel Noriega!
The JetSetter Team
Flickr / Carlos Adampol