Baby Boomer Lifeboat   

    Tips for Comfortably Retiring on a Tight Income

Baby Boomers can still retire, even on a tight income, by taking steps to stretch their dollars! 

Tips, ideas and advice for making Baby Boomer retirement income go further!


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Baby Boomer Retirement in Panama

by Kathleen Peddicord

You probably know at least a little of Panama City. It's a vibrant, electric place of business, banking, and entertainment. A wonderful hub from which you can easily reach most major cities in Latin America. I like Panama City for its First-World infrastructure and amenities for doing business. That's why we've chosen to make it our home, right now. Baby Boomers can retire in Panama on a limited income.

But there's so much more to Panama beyond its capital. We'd like to introduce you to these other sides of Panama (beyond the expat hot-spots of David and Boquete, too).

Every month in the Panama Letter, Editor Lee Zeltzer will show you a new area within this beautiful country.

Discover The World's Top Retirement And Entrepreneur Haven

Panama is one of the world's top retirement international tax haven...and a global banking center. Its pensionado program of special benefits for foreign retirees is the Gold Standard. As a foreign resident, you can pay zero local tax.

Panama is one of the best places in the world right now to start a business and one of the easiest places to obtain foreign residency. Plus, outside Panama City, this beautiful country hides the smartest beach, river, and mountain property buys anywhere on the planet today.

If these things appeal to you as much as they appeal to me, then read on here now

The Panama Starter Kit

Everything you need to know to realize all the advantages and upsides of living and investing in this beautiful little country at the hub of the Americas. 


View Larger Map

Panama at a Glance

Population 3.3 million (July 2007)
Gross Domestic Product (GDP) $29.14 billion (2007)
GDP Per Capita $9,000 (2007)
Inflation Rate 5.1% (2007)
Currency U.S. Dollar (and also the Balboa)
Exchange Rate Versus U.S. Dollar 1 Balboa = 1 U.S. Dollar
Language Spanish (official), English (14%)
Capital Panama City
Population of Capital City 1 million
Time Zone GMT minus 5
Seasons Tropical; rainy season lasts from May to January
International Dialing Code 507
Electricity 110V (Panama City 120V)/60 Hz; Plug Types: A, B (US style)
  Constitutional Democracy
Name and Party Affiliation
of Current Leader
President Ricardo Martinelli, Democratic Change Party
Income Tax Rate for Residents 0% to 27%
Property Tax 0% for first 20 years, 0% to 2.1% thereafter
Capital Gains Tax 10%
Inheritance Tax 0%
Rental Income Tax 0% for first 15 years in designated areas, 15% thereafter for non-residents; taxed at income tax rate for residents
Transfer Tax 2%, paid by seller
Sales Tax 5%
Restrictions on Foreign
Ownership of Property
Local Chamber of Commerce
Edificio Cámara de Comercio, Industrias y Agricultura de Panamá
Panama City
Tel: (507) 227-1233
American Chamber of Commerce
.O. Box 0843-00152
Panama City
Tel: (507) 301- 3881
Primary Exports Bananas, shrimp, sugar, coffee, clothing
Residency and Visa Requirements Tourist Visa: 90 days
Residency: pensionado, person of means, investor, forestry investor, small business investor
Citizenship: after 5 years of legal residence and full immigrant status
Special Benefits for Foreign Residents or Retirees Pensionado Program: tax free import of home goods; tax free importation of a vehicle every two years; 50% reduction on home loan closing cost; 25% discount utilities; 50% off all entertainment; 25 to 50% off goods and services from airline tickets to health care
National Airline Copa Airlines





Costa Rica

Dominican Republic








Information on this page is provided in partnership with Kathleen Peddicord, Publisher of Live and Invest Overseas.

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