Panama, the best destination for retirees in 2022

Is Panama the best destination in the world for retirees in 2022? Yes, according to the magazine International Living. Why?

Panama, the best destination for retirees in 2022

The specialized magazine, International Living, has crowned Panama as the best destination in the world for retirees in 2022. The specialized magazine presented its ranking of the best destinations for retirees in 2022. Six Latin American countries appear in the Top Ten, capped by Panama. The facilities for retirees to obtain permanent residence, the cost of living, and social-economics of each nation were among the elements taken into account in elaborating the list.

Why is Panama the leader for the best destinations for retirees?

The presence of Panama in first place in the best destinations for retirees in 2022 isn’t casual. This Central American country counts on an attractive visa program for retirees. Through this initiative, people receive permanent residence. Plus, they benefit from various discounts. For example, they have discounts of up to 15% on hospital bills; 15% on dental and ophthalmological exams, 20% off doctor visits and on prescribed medicines.

Discounts of 30%-50% off hotel stays and 30% off the omnibus and train fairs are also found among the advantages.

Added to these is that the beneficiaries of Panama’s retiree program receive two big tax exemptions. They can import up to 10,000 dollars in domestic equipment, tax-free, and buy a car, every two years, also without paying taxes.

 International Living also pointed out that the economic growth after the Coid-19 crisis, Panama’s position as the “hub of the Americas” and its pleasant climate are attractive features for retirees.

Two other countries complete the podium of the best destinations for retirees in 2022: Costa Rica and Mexico. Meanwhile, Colombia (fifth place), Ecuador (sixth) and Uruguay (tenth) are also in the Top 10.

Advantages of Costa Rica and Mexico for retirees

Costa Rica is in second place in the ranking of the best destinations for retirees in 2022. According to International Living, this county has a low cost of living, offers several options of real estate for foreigners, and its residence program is quick.

Further, Costa Rica has maintained a sustained economic growth, and counts on excellent medical attention. Added to this is the fact that the government has created a law that now allows retirees to import a container with articles for the home, as well as two cars, all tax-free.

In Mexico’s case, International Living emphasizes that it’s easy to become a citizen. In order for retirees to obtain permanent residence must a monthly income of 2,700 dollars. Another advantage is that the person won’t have to remain in the country, not even for a minimum amount of days to keep their residence.

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