Retirement in Panama
When thinking about retirement, Americans and Canadians used to think of Florida as the ideal retirement destination. In recent years, Panama has attracted retirees from all over the world who describe Panama as the cheapest place to retire. International living is the best option for many retirees on a fixed income who are able to live comfortably in their new adopted country. Panama offers its new residents the good life on a silver platter. Panama has a low cost of living in comparison with The United States, Canada or Europe, has world class health care and offers additional benefits to retirees. One of those benefits is the Pensionado Visa which allows anyone over 18 years old to obtain residency in Panama if they have foreign income of at least $ 500. Panama, despite having one of the hottest real estate markets in the world, offers the opportunity to purchase affordable real estate. An example of an affordable Panama investment is the Bala Beach Resort in Maria Chiquita, Colon. This Caribbean Beach Front Development offers a fun, exciting and active lifestyle with the comforts of home at very affordable prices. This resort has unlimited pools, fully equiped gym, grocery delivery service, valet parking and a Yoga and Meditation studio among its amenities. A condo can be purchased for less than $ 99.000.
When thinking about where to retire, residents from all over the world, younger and older, have a new exciting option for international living and for the cheapest place to retire. Panama offers a unique opportunity for affordable living with and active and exciting lifestyle.
Beachfront Condos, Starting From the Ground, Up
This past week marked another milestone for the Bala Beach Resort in Maria Chiquita, Panama as heavy equipment began operations to install primary infrastructure on site. Before any individual buildings can be constructed initial water and electric channels must be completed. The access road is already in place and fully functional since June, allowing for trucks and bulldozers to enter onto the beachfront and start with the new task at hand.
A new full time construction workforce will be a common sight alongside this small section of Panama’s Caribbean coast, joining the team who had already been regularly cleaning and maintaining the sandy beach. New changes are already evident as small sections of land are being cleared in order to prepare for the storage of the construction materials. The heavy machinery is beginning to open up pathways which will allow for the drilling of freshwater wells to provide clean drinking water for the resort. Other operators and equipment are starting to mark and dig out new spaces to put in electric and natural gas lines.
The dramatic change in the landscape of this small Caribbean fishing village is just now beginning to take form. After making many trips to the Bala Beach site without seeing any heavy work being done, it was hard to imagine how this raw piece of land would be transformed into the foundation for a large residential development composed of an orchestra of multiple concrete structures. But now with just a little bit of deisel powered action taking place, Bala Beach is taking its first steps toward its final goal.
It is an exciting time to be in Panama and especially exciting if you are in any way following or involved with the progress at Bala Beach. Development and opportunity are on the horizon, and the coming months will start this project on its way to becoming a reality. Almost all of the work still remains ahead of us, but from these first days forward, it will be easier and easier to imagine a new life in Maria Chiquita and at Bala Beach.
To see more visit www.balabeach.com
Panama’s real estate and economic boom puts it on the path towards first world status
LA TIMES June 16th.
The LA Times recently wrote an optimistic article about Panama’s economic outlook. The article highlighted a number of different economic steps that Panama is taking to pursue first world status. Among Panama’s economic and real estate projects:
- The expansion of the Panama Canal. “economic activity is only going to intensify starting next year,… the $3.5-billion deal to design and build new canal locks, is awarded.”. The Panama Canal expansion is going to require housing for all the workers and their families. “(the construction company) will need 500 apartments for its employees, housing that will have to be built.”. This has many property holders in Panama excited about the potential pool of upcoming renters and an economy that is ready to take advantage of an influx of foreign dollars that is already on its way.
- Panama’s flock of foreigners: Wealthy Latinos from Venezuela, Colombia, Ecuador, and Bolivia seeking to protect their assests from left-wing governments as well as retirees from the US, Canada, and Europe searching for a cheap place to retire, is transforming Panama into a cultural melting pot that reminds people of Miami 15 years ago.
- Multi-national companies are relocating to Panama and adding jobs. “This month, 3M joined other corporate giants Hewlett-Packard, Sinopec and Singapore Aerospace in announcing that it was opening an operation here… Panama added 51,000 jobs last year, double the number in 2006″.
- Lastly, in Panama a true real estate boom has been taking place turning Panama into the hottest real estate market in the Americas. There is not a place in Panama City where you cannot see construction all around you. “The skyline increasingly resembles a mini-Sao Paulo”. The skyline is constantly adding more and more buildings and the people here say that the Panamanian national bird is a construction crane. Anyone who has toured or spent time in Panama would have to agree.
The article does point out that this economic and real estate boom is causing a few growing pains. Among them are issues regarding sanitation, electricity, and the awful traffic congestion. These are all major problems that the government has to overcome, but these growing pains are to be expected when a country, and more specifically a city, is undergoing the development jolt that Panama is experiencing. However, it is undeniable that the city is pulsating with a certain vibe that looks ahead to the future. We’ll just have to wait and see if it all goes well and Panama City can achieve first world status.
To read the full article:
http://www.latimes.com/news/printedition/asection/la-fg-canal16-2008jun16,0,7847226.story
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