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Seven Economic Reasons For a US Citizen to Retire to Panama
So, why should YOU consider retiring to Panama? There are probably as many reasons as there are people considering it, but below I give you seven of my personal economic reasons.
Panama is not new to the top ranking of retirement destinations. It has continually ranked in the top ten for a decade or longer. International Living magazine, the American Association of Retired People, Modern Maturity magazine, Retire and Invest Overseas, and a multitude of other newsletters and publications have praised the benefits of retiring to Panama. After doing much research on retirement destinations, I personally chose Panama as my country of choice. I have listed my lifestyle reasons for choosing Panama in another article so here I only consider the economic ones.
Number 1: The Panamanian pensionado (retiree) visa is second to none. Since its inception in June of 1987, the Panama pensionado visa has continued to improve. It is basically a lifetime visa for foreign retired persons and unlike the retiree program for native Panamanians, the minimum age can go as low as nineteen years of age (or just over the age for for classification as a dependent). The amount of monthly income required to obtain the visa recently increased but so have the benefits. Simply by demonstrating your pensionado status, you will receive discounts ranging from 10% up to 50% off everything from doctor’s visits to movie tickets. Even airfare within the country carries a 25% discount with COPA airlines.
Number 2: Panama uses the American dollar. The official currency is the balboa, but the bills are all in the form of U.S. dollars. Paper money is both called dolar and balboa. Likewise, U.S. pennies, nickels, dimes, and quarters are used for change but balboa denominated coins(in the same size and shape of the U.S. coins) are also used. There is therefore no problem with exchange rates or currency exchange.
Number 3: Panama is a major international banking center. Both the retiree and the active businessman can readily make international banking transactions since most of the major world banks are represented here. Panama is also considered high on the list of international destinations for banking privacy.
Number 4: There is no tax on foreign income. Panama does not tax income earned elsewhere and brought into the country. Coupled with the benefits of importing a car and personal goods free of import duty through the pensionado program, this tax status is of tremendous benefit to the retiree. In the case of U.S. retirees, you are still responsible for U.S. taxes the same as if you were in the States and still need to file an annual return. The U.S. allows certain deductions for foreign earned income, but that is another topic for another article.
Number 5: Foreigners can buy and own property. This is an advantage that many retiree destinations do not offer. Whether looking for a growth investment over time or simply a home during your retirement years, Panama real estate offers retirees geographical variety and a large range of purchase prices. Whether you want property in the city, in the mountains, or beachfront property, it is all available and you have the right to purchase real estate as a foreigner.
Number 6: The cost of living is relatively low. The cost of living in Panama is not as low as in some other destinations, but neither do the cheaper destinations offer the additional benefits than living in Panama does. For U.S. and European retirees, the cost of living is generally well below that in their respective native countries.
Number 7: The country’s infrastructure is continually being upgraded. A major factor in the future benefits of a country to the retiree is the status of the country’s infrastructure. Several major projects are currently underway in Panama that will aid both the native and foreign inhabitants. The Panama Canal is being expanded with a third set of locks that will accommodate the world’s largest ships. New roads are going in throughout the country. Several regional airports are in the early planning stages, and there is even talk of putting in a subway in the metropolitan Panama City area.
As I said previously, there are probably as many reasons for a prospective retiree to choose a particular retirement destination as there are people. Those economic reasons I have listed are by no means all, but are the major ones that I consider significant for me.
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Are Dental Discount Plans A Scam? Let’s Take A Closer Look
What’s all of the fuss about these dental discount plans anyway? They’re not dental insurance so are they any good or are they some kind of hyped up “money making scam” created to rip off unsuspecting consumers that don’t know any better?
Let’s take a look at some of the differences between discount dental plans and traditional dental insurance.
Dental Insurance
This is what you’re probably used to hearing about, right? Of course you are! Why? Because the word “insurance” is included in the term. If it’s insurance then it must be the “way to go” because I already pay for my car insurance, homeowner’s insurance AND Medical insurance so why shouldn’t I just buy the darned dental insurance and be done with it?
Dental insurance is actually not as easy to get as it once was. Most of the better policies these days are actually obtained through group coverage purchased by employers, although you can purchase dental insurance policies for yourself and your family through an insurance agent.
You can get several big name companies that provide coverage this way. This type of dental insurance, while providing decent coverage, does have what is known as a “waiting period” before any type of previous conditions will be covered.
Previous conditions are dental problems that you had before you purchased the insurance. This will shock you after you visit the dentist for the first time after receiving your new dental card.
Example, when you first go to the dentist they will want to perform an “Initial Oral Exam”. This basic procedure will determine a course of action for you and your dentist in order to get and keep your teeth and gums healthy. You will also have to have “bitewing” x-rays in order to find any cavities or “caries” that are not obvious.
Here comes the shocker. You walk into the dentists office in a great mood thinking to yourself “This is great! I’m finally going to get my teeth fixed because I’ve got me some dental insurance!” This is when the dentist drops the “bomb” on you that the procedures needed to fix your teeth will cost you several hundred (or thousand) dollars and, in order to get your teeth fixed, you will have to pay for that out of your own pocket because your dental insurance does not cover pre-existing conditions.
Most waiting periods last at least six to twelve months and are NOT negotiable. Many procedures won’t be covered 100% even after the waiting period.
Dental Discount Plans
Discounted dental plans offer the consumer professional dental care at a discount. The only stipulation to this is that you must pay cash at the time of the visit. This is how dental discount plans work.
Most discounted plans will give you discounts anywhere from 10-60% on most common procedures such as cleanings, x-rays, exams, crowns, root canals, fillings, ect. Many will cover up to 25% on oral surgery.
It works like this. Let’s say for example that you go to the dentist for a routine checkup. The dentist will do an oral exam, take some x-rays, fill any cavities that need to be taken care of and possibly schedule you to get your teeth cleaned, assuming that you didn’t already get it done in this visit.
Each one of those procedures listed above is a separate, chargeable procedure. A periodic oral exam costs in the range of $60.00, X-Rays – “Intraoral Complete Series” costs in the area of $140.00 and a “Resin Based” composite filling will run you from $175-$220.00.
This one visit could end up costing you as much as $420.00 or more with traditional dental insurance, you could get all of this done for as much as half off IF you were able to pay cash for all of the procedures at the time of the visit.
Are discounted dental plans a scam? Not likely, but you will have to pay cash up front to be able to take advantage of the benefits that they offer.
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Here Are Some Benefits Of Buying A New Hybrid Car?
www.azhybridcar.com Over the years, hybrid power vehicles have become very popular. They are especially loved by people who are working to save the environment. What are some of the benefits of buying a New Hybrid Car? #1 Save On Gas. With a hybrid you will get better gas mileage, which will help you save a lot of money. #2 Government Incentives. There are great tax credits when purchasing a hybrid car. # 3 Great Car Warranties Some hybrids have an eight year warranty or a 100000 mile warranty, depending on the car make and model. #4 Value Of The Car Hybrid cars seem to keep their value much longer than traditional cars. #5 Save On Insurance Some insurance companies will give you a discount on your insurance when you own a hybrid car. To learn more about Hybrid Cars please visit our website.
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