Baby Boomers Flock to Panama

It’s the start of a wave of Baby Boomers retiring abroad. This has been made an easier choice by the ease of long-distance travel, internet communications, well-trained doctors and surging US prices that have made traditional retirement sites like Florida less attractive. Almost 442,00 people received US social Security benefits abroad at the end of 2005. However, that number doesn’t include people whose checks are deposited into US bank accounts.

Panama has been long known for its American built shipping canal, international banking center, and the use of the US dollar. This offers what is widely viewed as the world’s mos generous program for pensioners. The Panama government provides tax-free entry for up to $10,000 in household goods and discounts up to 50 percent on hotels and health care. Panama also has modern facilities, low crime, lower property taxes, and you get more bang for your buck when buying a home. According to a Sun-Sentinel article Gladys Castro of Coral Springs put down a deposit on a 4,100 square-foot bayfront penthouse Panama which cost about $500,000. This would have cost at least triple on prime locations in greater Miami.

Panama is currently experiencing some growing pains with their traffic jams on narrow streets not built to handle so many new residents, visitors, and cars. Panama’s leaders know that their Carolina sized nation of 3 million people is suffering growing pains. They have a long list of mega-projects in the works to improve infrastructure, including a sewage treatment plant and new highways in the capital.