Retirees like life in S. America
By Associated Press
PANAMA CITY — With its miles of beaches, lush rainforests and welcoming colonial towns, Panama — like much of Latin America — has become a hot spot for American retirees. They come for the scenery, the weather and, perhaps more important, the low cost of living.
“We were looking for a simple, cheap life,” said Linda McKee, 61, of Bonita Springs, Fla., while enjoying a glass of wine with her husband, Eric Carlson, on the porch of their home in Boquete, a mountain town in western Panama where many U.S. retirees live. The couple moved to Panama six years ago after first trying Costa Rica.
International Living magazine, which for 30 years has published a ranking of the top 10 “havens” for retirees, included six Latin American countries in its most recent ranking, in December. Ecuador was No. 1, followed by Panama. Mexico was in fourth place, Costa Rica fifth, Uruguay sixth and Colombia seventh.
“Panama is safe, stable, and friendly,” the magazine said. “It boasts the best health care and infrastructure in Central America ... Its wildlife is abundant, with most of the bird species in North America, and its pristine natural setting is an eco-tourist's dream.”
U.S. retirees began arriving in droves to Latin America in the early 2000s, and the numbers have picked up since the U.S. economic crisis in 2008, tourism authorities said. As many as a million U.S. retirees live in Mexico, they said, and thousands in Ecuador, Costa Rica and Panama.
Panama's government has worked to attract them, making it simpler to qualify for permanent residency. The only requirement is that foreign retirees receive a pension of at least $1,000 a month.
“With this, I can live here for an indefinite period. The process is very easy,” said Robert Braun, 67, of Lincoln, N.H. He said he came to Panama for the fishing, the weather and safety.
The U.S. dollar has been the local currency in Panama since it became an independent country in 1903, and there are dozens of banks that let foreigners manage their home accounts from here. Foreign retirees can bring in items valued at $10,000 or less tax free, and can bring in a car without having to pay taxes. Benefits include discounts of 25 percent on utility bills, and lower medical costs.
“U.S. retirees come because they see Panama as a place where they can have good quality of life and low living costs, a place that has everything,” said Ernesto Orillac, deputy administrator of the Panama Tourism Authority.
In Boquete, a high-end development project called Hidden Valley includes residences, a small hotel and a golf course. The town of about 20,000, in a region where a popular Panamanian coffee is grown, has a cool climate, with frequent light rain. When the skies clear, there are breathtaking views of green and blue mountains.
There are other communities of American retirees elsewhere in Panama, including near beaches.
