This is my first post on this site. I found the ER site yesterday.and have spent a good amount of time since, reading the various topics (and there are a lot). I'd like to introduce a place where an enjoyable retirement is still possible, and you may not need a much as many of the posts on the site indicate people think they need
to enjoy life.
We live in a small town about twenty minutes from Panama City. Panama.
From our new home (May 04) we can set on the patio, and watch ships in the Bay of Panama, or the lights of our city, or beautiful mountains. The home cost us $65, 000 in a brand new subdivision. Lesser sized new homes in subdivisions can be purchased for $30,000. The interest rate, if one needed a loan is 3:5%.
No taxes on new homes for 20 years.
To get your residence visa as a Pensionado (retiree) You must be able to prove a monthly income of $600 and $150 for each dependent. The most common form of proof is your US Social Security payment statement. You can have the US Social Security check sent to a Panama bank, but many of us just
keep our US Bank account, and do the US banking stuff over the internet, then
keep a local bank for our Panama banking needs. Can Americans live on $750
a month. There are guys who post that they do. My guess is a minimun of a $1000 or $1200 would be a more realistic figure. The official retirement type sites down here say one will spend about 35% less, than in the states. My own figures show that we can live for less than half what we spent in the states and we live better here.
Once one gets their residence visa with the Pensionado status, you simply show your Pensionado card to get 25% off your electric bill, your basic telephone line, your water bill. Your food portion of any meals, hotels airline tickets and many other items. There is no extra discount in grocery, furniture,
etc stores, but whatever you can find in America is in some store in Panama City.
Most of us use hospitals and doctors in Panama City for most medical, the
doctors are outstanding and lots of them have trained in the states. Many also speak English. Spanish is the official language, but English is understood and spoken by many. The official money is the US dollar, remember this is a country that has had a lot of Americans living here since the early 1900's.
In our small town, we have a group of ex-pats that meet every Thursday evening at a local restaurant to enjoy the $3.99 ribs and just chat. Not only will you find Americans there, but also Canadians, and Australians. Go up to Boquete which has a cooler climate, and you'll find people from many European countries as well. All here for one reason, Panama is a retirement Paradise.
Come visit and see if you don't agree. There are over 20,000 of us already here, so the first thing I would caution is don't pay anybody for just plain info about Panama. You will, of course, end up paying lawyers to file residence paperwork, real estate tranactions, etc. But there are alot of sites on the Internet that make it sound like you need to pay them for info about things
in Panama. You Don't. I'm not going to post them here now, but there is alot of sites to go to get more info. Just let me know if anyone needs them.
DW wanted me to mention her $10 a day maid. And the fact that ER is not only
possible, but lets you start doing the things you really want to do, not what your boss tells you to. Our recomendation-retire early-If not today-Soon.
to enjoy life.
We live in a small town about twenty minutes from Panama City. Panama.
From our new home (May 04) we can set on the patio, and watch ships in the Bay of Panama, or the lights of our city, or beautiful mountains. The home cost us $65, 000 in a brand new subdivision. Lesser sized new homes in subdivisions can be purchased for $30,000. The interest rate, if one needed a loan is 3:5%.
No taxes on new homes for 20 years.
To get your residence visa as a Pensionado (retiree) You must be able to prove a monthly income of $600 and $150 for each dependent. The most common form of proof is your US Social Security payment statement. You can have the US Social Security check sent to a Panama bank, but many of us just
keep our US Bank account, and do the US banking stuff over the internet, then
keep a local bank for our Panama banking needs. Can Americans live on $750
a month. There are guys who post that they do. My guess is a minimun of a $1000 or $1200 would be a more realistic figure. The official retirement type sites down here say one will spend about 35% less, than in the states. My own figures show that we can live for less than half what we spent in the states and we live better here.
Once one gets their residence visa with the Pensionado status, you simply show your Pensionado card to get 25% off your electric bill, your basic telephone line, your water bill. Your food portion of any meals, hotels airline tickets and many other items. There is no extra discount in grocery, furniture,
etc stores, but whatever you can find in America is in some store in Panama City.
Most of us use hospitals and doctors in Panama City for most medical, the
doctors are outstanding and lots of them have trained in the states. Many also speak English. Spanish is the official language, but English is understood and spoken by many. The official money is the US dollar, remember this is a country that has had a lot of Americans living here since the early 1900's.
In our small town, we have a group of ex-pats that meet every Thursday evening at a local restaurant to enjoy the $3.99 ribs and just chat. Not only will you find Americans there, but also Canadians, and Australians. Go up to Boquete which has a cooler climate, and you'll find people from many European countries as well. All here for one reason, Panama is a retirement Paradise.
Come visit and see if you don't agree. There are over 20,000 of us already here, so the first thing I would caution is don't pay anybody for just plain info about Panama. You will, of course, end up paying lawyers to file residence paperwork, real estate tranactions, etc. But there are alot of sites on the Internet that make it sound like you need to pay them for info about things
in Panama. You Don't. I'm not going to post them here now, but there is alot of sites to go to get more info. Just let me know if anyone needs them.
DW wanted me to mention her $10 a day maid. And the fact that ER is not only
possible, but lets you start doing the things you really want to do, not what your boss tells you to. Our recomendation-retire early-If not today-Soon.