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In addition, Panama has put together an impressive list of incentives to attract newcomers. For example:
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Expatriates who buy or build a new home won’t be liable for any property taxes for 20 years.
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Residents pay no taxes on foreign-earned income (including business proceeds, Social Security or pensions).
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Investments in the tourism industry are exempt from import duties, construction materials and equipment costs, and income, real estate and other taxes for a period of 20 years.
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The Pensionado Program
You don't need to be retired to qualify for the program (anyone over 18 may apply for benefits). The only requirement is a guaranteed income of $500 per month ($600 for a couple). It must be a pension from a company or government agency (e.g. Social Security, disability, military pay, etc.). After becoming a Panamanian resident “pensioner,” you are immediately eligible for the most comprehensive program of expatriate benefits in the world, including:
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50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events, etc.)
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50% off hotel stays Monday through Thursday, 30% off Friday through Sunday
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50% off closing costs for home mortgages
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30% off public transportation (bus, boat, and train fares)
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25% off airfare for domestic travel
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25% off restaurant meals
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20% off professional and technical services (home utilities, etc.)
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20% off doctor’s visits
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15% off hospital bills (if you don't have insurance coverage)
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15% off fast-food eateries
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15% off dental and eye exams
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10% off prescriptions
Other Perks Of Life In Panama
Panama City is only a 2½-hour flight from Miami. The US dollar is the de facto official currency in Panama. Spanish is the official language, but English is widely spoken and understood in major cities. Right now, the three best places to purchase real estate in Panama are Panama City, the capital which boasts First-world infrastructure and is home to virtually every large American brand-name chain; Boquette, a scenic and growing expatriate hideaway in Panama's mountainous region; and the Pearl Islands, a chain of over 90 islands and 130 islets in the Caribbean.
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