OMG what happened? To those of us that keep up with these things, this is old news. But here in Panama it is as if the local press is just realizing that Panama is no longer perceived as such a great place to retire. What has happened? The local people are just as friendly and there are more air flights available to bring in the baby boomers. The countryside is still just as beautiful and the weather warm and tropical. What has changed? Although many woulod say land prices are the reason, there are still bargains to be had all over the country. The fact is that the government has made some major blunders in tax and immigration laws that have not gone unnoticed by those looking to retire in warmer climes.
International Living ranked Mexico, Ecuador and Italy ahead of Panama in its last retirement index.
The cost of establishing residency and rising real estate prices are two of the factors in Panama’s demotion.
| LA PRENSA |
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| Demoted:International Living released a report last year indicating that it no longer considers the city of Panama or the rest of the country the world’s top retirement haven.1063403 |
Panama lost its ranking as the world's top retirement “haven”---a term more commonly heard in conjunction with the word “tax” when the subject is Panama---about a year ago, according to an International Living report entitled The World's Top Retirement Havens, published in 2007.
Panama now ranks fourth, behind Mexico, Ecuador and Italy.
Why the demotion? International Living points out that unless you can afford “a $40,000 investment in a forestry project or a $200,000 investment in real estate or a government bank CD” you're going to have a hard time getting a resident visa.
Also, the government imposed a 30-day limit on tourist visas. Most retirees interested in investing in a home or business in a foreign country want to spend more than a month there without fear of legal prosecution or other complications.
The government recently extended the limit on tourist visas to 90 days, but that’s nbot likely to help Panama in future rankings. International Living gives considerable weight to real estate prices, the cost of living, safety, and infrastructure. Real estate prices have soared, the cost of living has increased, crime is on the rise and it is widely acknowledged that the country's infrastructure, including roads and bridges and water and sewer systems, is inadequate.
Panama's fourth-place ranking notwithstanding, International Living's appetite for selling Panama has hardly diminished. The company will hold a conference on living in the country at the Intercontinental Playa Bonita Resort and Spa from July 31 to Aug. 2. The discounted price per person for subscribers to International Living magazine is $945.
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