It’s no secret Panama continues to struggle with COVID-19 and on July 7, 2020, announced a total of 39,334 positive cases and 770 deaths. The good news is the aggressiveness of the government’s measures to find, track, isolate and contain the virus is working. International travel has been shut down until at least until July 22. Strict quarantine is in effect for the most affected areas, including Panama City, but, even in light of this pandemic, Panama has once again been listed as the number one place to retire in the world by Yahoo! Finance.
“Our top choice, Panama, has it all: bustling city life; a beautiful, ecologically diverse climate; quality medical care; and the iconic Panama Canal. Many people speak English as their second language, after Spanish. Located just a short flight from Miami and close to the Caribbean, this Central American nation is a great base for traveling throughout the region,” is how Yahoo! Finance led into naming Panama number one choice worldwide.
Hard Not To Retire To Panama
The article closed with, “Panama has an amazing retirement (pensionado) program that subsidizes medical care and expenses, property taxes and car taxes, and offers many other benefits for retirees of any age. To gain residency, all you need is proof that you’re receiving a minimum $1,000 monthly pension from back in your home country. With all these perks, it’s hard to find a reason not to retire in Panama!”
Of course, Panama is not the only country fighting with COVID-19, but Panama is taking this downtime to prepare for when it will be safe to restart the economy and begin some kind of “new normal”. The Minister of Culture announced on-going work to support the arts and culture including physical changes to improve air quality in artistic buildings and financial support for artists. The courts have been completely disinfected and ways to better contain the virus indoors are being examined on most public buildings.
Schools are developing returning protocols for both the international and private schools and the local government educational system. Food distribution for the food insecure continues and forbearance is being granted for both mortgages and other personal loans such as credit cards. Panama continues to do everything possible to maintain it’s place in the world despite the pandemic.
How About Peru, Malaysia, or Malta?
Other countries rated as being great retirement locations included Portugal, Slovenia, Malaysia, Indonesia, Ecuador, Viet Nam, Malta and Peru. Outstanding medical care, affordable rent and restaurant dining along with pension programs were all factors in creating the list.
There will be good things that will come of this pandemic including creative financing to make it more possible for anyone interested in moving to or investing in Panama. For the first time, real estate developers are offering rent-to-own packages, financing as low as less than one percent and offering perks including furniture packs. Building closeout deals are being structured to ensure continued growth.
$38 million and 155 new jobs
During the pandemic, multinational corporations have continued to select Panama for their regional headquarters. It was announced this week that five new international companies will relocate to Panama. These companies from Canada, Switzerland, the United States and Nicaragua represent a $38 million investment and 155 new jobs.
Much of the international growth continues to be in Panama Pacifico and Costa del Este and includes the manufacture of medical products, beverage production, call centers and service industries such as audits and taxes. In addition to the newly created positions, a number of executives will be transferred to Panama to manage operations.
It’s Nice To Have 3,450 Acres
Distribution corporations find the 3,450 acres located adjacent to the Panama Canal in Panama Pacifico perfect to service Latin America. FedEx continues to grow its operation and there are plenty of transferred executives with trailing families looking for places to rent creating an opportunity for a steady ROI on residential investment.
Upgrades From Financial Raters
During these particularly difficult times, Panama has enjoyed recent upgrades by financial raters, Moody’s, Fitch Ratings and Standard & Poor’s which has encouraged development in manufacturing, assembly, maintenance, remanufacturing, conditioning of products, shared services and research and development. It is apparent there is pent-up energy anxious for the Panama economy to open and COVID-19 tp be contained.
Independent Senior Living In Costa del Este
As more Baby Boomers enter the retirement market, there has been increased interest in the Independent Senior Living @ Generation Tower program where health insurance is included with the residential unit, along with a dining program, organized activities such as golf and Jazzercise, transportation and a dedicated concierge for the participants of Independent Senior Living. Of course, the long list of amenities at Generation Tower such as shared office space, pools and gymnasium are included.
It’s certainly a frustrating time with the pandemic, but it has also allowed us to slow down a bit and consider the next steps. What we want in life. If you think investing in or moving to Panama is a good choice for you or your client, I’d love to discuss every option with you—from residential units with price points from $175,000 to $1.2 million and investment opportunities over an even a greater spread with good ROI and many tax incentives. There is on-site property management, private exclusive clubs and a lifestyle that is rated number one in the world. I love to discuss everything Panama. Give me a call or drop me an email! I return every one.