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- Your Safety
- Is Panama safe to live in?
- Which are the seasons in Panama?
- What kind of transportation does Panama have?
- Is Panama subjected to natural disasters?
- What currency does Panama use?
- How safe is it to invest in Panama?
- Is the Panamanian government stable?
- Are there international banks in Panama?
- How good is healthcare in Panama?
- Is living in Panama more expensive than in the US?
- Can foreigners obtain mortgages?
- What is the level of education in Panama?
- How do I get to Panama?
- Land Certification
- Special benefits for retirees
- Your Safety
Gatun Rainforest Lake Village is a gated residential community and, consequently, 24-hour security and restricted access ensures entry only to residents and guests, and the area is under constant surveillance for your safety and tranquility top ^^
- Is Panama safe to live in?
Panama was given the highest marks by the Pinkerton Intelligence Agency as one of the safest countries in the world. top ^^
- Which are the seasons in Panama?
Panama has only two seasons in which the rainy season runs from May through December, and the dry season, great for tourism, is from December to April. top ^^
- What kind of transportation does Panama have?
By automobile:
For those who are accustomed to driving responsibly, traffic and driving in Panama will be a totally different experience for them. Drivers usually don’t stop at stop signs, so approaching intersections should be done with extreme caution. So, in general, exercise care while driving and expect the other driver to do the unexpected and you should get by alright.
By Plane: Your arrival in Panama City will be at the Tocumen International Airport. Several carriers worldwide have direct flights into Panama City. Always shop around for the best fare and itinerary. From the airport, there is taxi service that will take you to the address you indicate.
Taxi Service: As Panama’s taxis do not have meters, you should first ask the driver what the fare will be before you leave. In Panama City itself, a taxi should not cost more than $2-$4. Most taxis share with another passenger or two, especially if they are going in the same direction, and you should ask the driver to not pick up other passengers.
Buses: Buses are the cheapest way to get around in Panama City and Panama in general, but they are crowded, noisy and uncomfortable. Bus services operate around the country on a regular basis.
Tours: Travel agencies have tours to various parts of the country, and tour buses are large, much more comfortable and air conditioned, and have tour guides.
top ^^
- Is Panama subjected to natural disasters?
Panama is free from major natural disasters such as hurricanes, tornadoes, earthquakes, tidal waves, and other extremely destructive natural causes. You may, however, at times feel a slight tremor originating perhaps hundreds of miles from Panama , but is generally no cause for concern and will not affect you in any manner. top ^^
- What currency does Panama use?
The US Dollar is the legal currency used since 1904, but the Balboa is the country’s currency and is on par with the US Dollar. It is only minted in coins. With the US dollar in use, it has allowed Panama to have an inflation rate of less than 2.5%, with no devaluation fears. top ^^
- How safe is it to invest in Panama?
The country’s government is democratically elected, and is politically stable. Having the US dollar makes it easy to invest in Panama, and there is freedom to transfer funds. Also, the Investment Stability Law No. 54 of July 22, 1998 provides equal protection for foreign and national investors. top ^^
- Is the Panamanian government stable?
Yes. Panama has had a Constitutional Democracy since 1972. The government has three branches: the Executive, Legislative and Judicial. Elections are by popular vote, held every five years. The President serves as both the Chief of State and the head of government. Along with the chosen cabinet, the president is also assisted by First and Second Vice Presidents. The legislature is made up of 72 members from the various political parties and chosen by the people.. There is a Supreme Court with nine judges appointed for ten-year terms. top ^^
- Are there international banks in Panama?
Panama has a renowned banking center, and there are more than 80 international banks with registered assets of almost $45 billion at the end of 2005. You are free to open accounts with any of the banks established in Panama, whether local or international, all of which are governed by strict laws to ensure that illegal activities do not occur. top ^^
- How good is healthcare in Panama?
Panama City has the best services and attention in the region with a number of world-class hospitals available. Many of the doctors are bilingual and have been highly trained in the US in using the latest in technology and medical procedures. Nurses and technicians are equally highly trained in their fields. Panama also offers healthcare at a much lower cost than in the US and other areas for the same types of procedures such as cardiology, ophthalmology, gynecology, dental implants, plastic surgery and many others. As a result, Panama has become a “Health Tourism” destination because of the excellent service and attention patients from abroad receive at substantial savings.
For those enjoying the pleasures of living at Gatun Rainforest Lake Village on the Atlantic side, medical attention is also available at recently inaugurated hospitals and clinics that are fully capable of taking care of your health requirements. top ^^
- Is living in Panama more expensive than in the US?
Living in Panama is much less costly than in the United States, Canada or Europe, and foreign residents find that their living expenses are substantially lower than in their countries of origin. This lower cost is one of the major reasons why many retirees from the US and Europe choose Panama in order to enjoy the lifestyle they want at prices that are much lower here. top ^^
- Can foreigners obtain mortgages?
Foreigners can certainly obtain mortgages as Panama has a great number of banks offering those services with rates of around 6% to 7%, and terms up to 30 years. The banks usually cover 80% of the value of the property, and some banks even go as high as 95% to 100%. Of course, fire and life insurance policies are required. top ^^
- What is the level of education in Panama?
Many of Panama’s well-educated people speak English, as well as do many foreigners. Nonetheless, since Spanish is the official language, most people do not handle English very well. That is especially true in the interior of the country where only Spanish is generally spoken, and it would be best to have some knowledge of Spanish in order to be able to communicate
Universities in Panama
Several universities in Panama offer subjects that include Spanish, business, art, political science, psychology, literature, as well as other subjects. The courses, however, are in Spanish.
Private Schooling
Since Spanish is spoken in Panama’s public schools, if your children do not speak the language, you will have to consider putting them in private schools that have classes in English. top ^^
- How do I get to Panama?
There are several first-class airlines in the US that have direct (non-stop) service from Miami, Houston, New York and Atlanta. Several international carriers offer flights to Panama from the Caribbean, Central and South America, and Europe. A new port has been built catering to major cruise ship lines with scheduled stops to Panama. Cruise ship activity is on the rise, and more companies are increasingly adding Panama to their itineraries. top ^^
- Land Certification
Panama has a reliable Public Registry system, and this office maintains a record of all titled properties throughout most of Panama. Information regarding titled properties is readily available through the Public Registry, and is a relatively easy process to undertake through due diligence on any property (finca). You can have at your disposal all necessary and fully detailed information including liens, mortgages, tax payments, utilities, area of the property and its boundary lines, and verification of the actual property owner. top ^^
- Special benefits for retirees
Panama offers many benefits to retirees, whether foreign residents or nationals. These include tax exemptions and discounts as shown below:
• A one-time import duty exemption on household or personal goods up to $10,000.
• Import duty exemption every two years on vehicles for personal use.
• 50% discount on fares for theaters, sporting events, and concerts.
• 25% discount on the value of food (does not include liquor) at restaurants.
• 15% discount on the value of food at fast-food establishments.
• 10% discount on the value of medications.
• 25% discount on the monthly energy bill.
• 25% discount on the monthly phone bill.
• 20% discount on medical consultations and surgery.
• 15% discount on dental services.
• 15% discount on optometry services.
• 50% discount on hotel bills from Monday through Thursday, and 30% on weekends.
• 25% discount on airfares and 30% on other transportation.
• Property tax exemption if it is the retiree’s sole residence.
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