Panama has consistently been ranked among the top international retirement destinations (and held the penultimate position in International Livings rankings until being beaten out by Mexico this year) in part because of the country’s generous ‘pensionado’ program. Anyone over the age of 18 with an outside pension income (including social security) of over $1000 can apply for ‘pensionado’ visa. Once qualified as a ‘pensianado’ you are eligible for discounts from a variety of different sources. Here are a few of the benefits, as outlined in an article from MSN Money:
As a qualified pensioner in Panama, you would be entitled to:
- 50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events, etc.)
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 50% off hotel stays Monday through Thursday, 30% off Friday through Sunday
- 25% off restaurant meals
- 15% off at fast-food restaurants
- 15% off hospital bills (if no insurance applies)
- 10% off prescription medicines
- 20% off doctors’ consultations
- 15% off dental and eye exams
- 20% off professional and technical services
- 50% off closing costs for home loans and more
While the ‘pensionado’ program makes Panama an attractive place for foreigners to retire, the program is not without opponents. Some business leaders, particularly in the hospitality business, oppose the program on the grounds that wealthy retirees (both domestic and expatriate) take advantage of the program. Areas that have high numbers of wealthy and international retirees are particularly affected by this, as prices become inflated when the majority of patrons use their ‘pensionado’ status to receive the 25% discount at restaurants. For some perspective on the issues surrounding the ‘pensionado’ program, read this post from the Panama Investor Blog.
I invite anyone familiar with the ‘pensionado’ program in Panama to weigh in on this topic.
Panama Real Estate Investment 