Retire On $400 A Month At Age 45, No Tax.....

[Artamus]

..............in Panama

There's a lot of discussion on this board about the requirements, rules and regulations required to retire in Thailand.

I came across this interesting article this morning

http://news.bbc.co.uk/2/hi/uk_news/7130524.stm

seems they are eager to attract retirees. Personally, I have no interest, but thought others might......and it's interesting to contrast the two.

Artamus

[sweetchariot]

Do you have to bring your own canoe?

[Jingthing]

You need a PENSION there though, and most people at 45 don't have one. Otherwise. you have to bring in a big chunk of money into a Panama account and let it sit there; 200K USD the last I checked. Haven't been there, but Panama City has been compared to Hong Kong, but it is very hot and humid, I think worse than Thailand that way.

Edited December 8, 2007 by Jingthing

[begsaresponse]

I have just read the BBC report above. I found it really interesting.

Its another country to move to should Thailand become impossible for us! (me and the wife)

It appears from the article that it actually possitively encourages retired people to live their and has import duty exemptions to that end.

Excellent

begs

[Jingthing]

Yes. they do indeed welcome us, but if you don't have a pension, I think 200K sitting in a bank there is TOO MUCH to ask.

Other countries are also welcoming and don't ask for that much moolah.

BTW, I have read on good authority that it was the US government that pressured Panama to up the bank requirement to fight US criminals from easily fleeing to Panama. It offends me that my government ACTIVELY pressures foreign governments to suppress expatriation. It is bad enough the constitution is being trashed inside the US; now they want to stop Americans from leaving? The end result of that is one big prison.

Edited December 8, 2007 by Jingthing

[Naam]

You need a PENSION there though, and most people at 45 don't have one. Otherwise. you have to bring in a big chunk of money into a Panama account and let it sit there...

for two years. a more convenient way is to form an offshore corporation which holds enough of your assets to generate the minimum required income and have the board certify that the amount is a lifelong "pension". there are dozens of panamanian lawyers/notaries who specialize in these setups and handle the immigration matters for a reasonable fee. total (one time) cost for a friend of mine and his wife was ~USD 4,500 about 1½ years ago plus the annual fees of ~800-1,000 dollars for the offshore corporation.

but as Jingthing already mentioned, the climate if ugly like sin if you don't live in the mountainous areas which lack infrastructure.

[Jingthing]

Thanks Naam, excellent info. I do believe they are dollarized, very good for American expats right now to be dollarized.

[sweetchariot]

Do you have to bring your own canoe?

I feel I need to explain myself, as nobody has commented on my post, and you are probably all thinking I am a random nutter.

Big news in the UK at the moment, a man turned up 5 years after disappearing presumed dead in a canoeing accident (they found his smashed up boat but not him). His wife emmigrated to Panama earlier this year, a few weeks after his life insurance paid out. He turned up claiming he remembered nothing of the last 5 years. Since then photos have turned up as long ago as 4 1/2 years, of the couple holidaying in Panama. Big story, couldn't help myself when the Panama thread came up.

I am a bit crazy but not a random nutter. Sorry

[Jingthing]

you are probably all thinking I am a random nutter.

Drats, thought I had found a partner in crime and then you get all "sane" on us.

[Naam]

Thanks Naam, excellent info. I do believe they are dollarized, very good for American expats right now to be dollarized.

Panama is dollarized since more than a century.

[BEENTHEREDONETHAT]

If you buy a 200,000 home you do not need the 200,000 in the bank or you can use a combination like 120,000 home 80,000 in the bank. They do want you there and make it easy for you to own land and get large senior discounts on most everything.

Was there a year ago comparing Panama to Thailand. If we hadn't ended up in Thailand it would have been Panama. Found the people to be very friendly, the cost of living slightly higher than Thailand. The weather was tropical and like Thailand no hurricanes or cyclones.

The down side we did not find an area we really wanted to live. But I must admit we mostly looked around Panama City. The shopping centers are great and have everything. You could go about anywherein the city by taxi for 2$. They use the US$.

So I would give it a thumbs up if you don't care for Thailand.

[Jingthing]

Good news on the home, but that still adds up to 200K USD if you do it that way. Many people just want to rent.

[BEENTHEREDONETHAT]

As I recall if you have a pension that can be verified it applies towards the 750$ a month.

[cloudhopper]

Panama is also plagued with increasing levels of violent crime, like Mexico and much of Latin America.

[PeaceBlondie]

Other than in Panama City, are there any chances of teaching English legally? I see the metro area of Panama City is less than a million, so maybe that's okay, too.

[Naam]

Other than in Panama City, are there any chances of teaching English legally? I see the metro area of Panama City is less than a million, so maybe that's okay, too.

take a look at this (report three years old):

http://www.transitionsabroad.com/publicati...in_panama.shtml

[Jingthing]

PB, have you thought about Peru? I bet a bunch of Kiwi English teachers there and they seemed quite happy, able to afford nice apartments in the best neighborhood in Lima.

[PeaceBlondie]

Part of my idea is to get closer to home. Puerto Veracruz is an overnight first-class bus ride to my daughters' house. Panama is five countries further south! Peru is even further. My sisters live near Orlando and Knoxville. I also considered the driest place in the world, Arica, Chile. Too far.

[JR Texas]

If you buy a 200,000 home you do not need the 200,000 in the bank or you can use a combination like 120,000 home 80,000 in the bank. They do want you there and make it easy for you to own land and get large senior discounts on most everything.

Was there a year ago comparing Panama to Thailand. If we hadn't ended up in Thailand it would have been Panama. Found the people to be very friendly, the cost of living slightly higher than Thailand. The weather was tropical and like Thailand no hurricanes or cyclones.

The down side we did not find an area we really wanted to live. But I must admit we mostly looked around Panama City. The shopping centers are great and have everything. You could go about anywherein the city by taxi for 2$. They use the US$.

So I would give it a thumbs up if you don't care for Thailand.

Good post........sort of a reality check. About the weather......same as Thailand (one poster seems to think there is a big difference......no, it is hot, hot, hot in both countries). Panama also has a retirement haven in the mountains where it is cool......Thailand has nothing like it.

About Chile.......I lived there. I absolutely loved the views of the mountains and the Pacific Ocean was spectacular.......do not know about land ownership, but if you could purchase something on the coast........wow....what a view...rivals anything in Thailand.

Downside for me what the cold in the far south. But Chile is a long country with different climate zones......in the middle zone they grow grapes......there are totally stunning lakes and forests and mountains......

Another downside, at least for me, was the machismo culture that just seemed too odd for my tastes. Santiago is also terribly polluted.......like Bangkok but perhaps even worse. I would avoid it.

Try Panama and Ecuador......Chile or Argentina might be good now........don't know about the current situation.