Key Points
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Panama fell one spot to No. 2 on International Living’s Annual Global Retirement Index, but remained the best country to retire in Latin America.
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Panama attracts Americans with a lower cost of living and property taxes, along with a variety of financial incentives and discounts on utilities, airline tickets, and medical services.
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Greece topped this year’s ranking.
Retirement requires significant planning. Deciding where to spend your hard-earned days is a consequential decision, and there are dozens of factors to consider, from financial to social. Each year, however, International Living helps point soon-to-be-retirees in the right direction by releasing its Annual Global Retirement Index.
The publication takes into account all the elements that make for a “rewarding” retirement overseas; health care, cost of living, housing, and climate are all considered in the final ranking.
For the first time in the 35 years the index has been published, Greece took the top spot, but it was closely followed by Panama. The Central American country fell one spot from its top position last year, but it’s still officially the best place to retire in Latin America in 2026.
Panama continues to have a broad appeal as a place for Americans to retire. According to Numbeo, its cost of living is on average 34.6 percent lower than in the United States. The country also has low property taxes, a one-time exemption on import tax, and a number of immigration discounts.
International Living reports that foreigners who buy real estate in Panama have many of the same rights as citizens. The publication also adds that Panama uses the U.S. dollar, and “is home to one of the world’s most stable international banking centers.” Additionally, the country allows U.S. and Canadian citizens to live there visa-free for six months.
Most notably, though, Americans can participate in the Panama Pensionado program. Through it, retirees gain several key financial benefits, including: a 25 percent discount on utility bills and airline tickets, a 20 percent discount on doctor’s bills, and 15 percent off on hospital services. In order to apply for the program, you “must have a verifiable minimum monthly income of $1,000 from a government program or private corporation,” a health certificate from a Panamanian doctor, and a certificate of good conduct, among a few other requirements.
If you’re interested in retiring abroad, International Living has a few more ideas. You can check out the full ranking and details for each country on InternationalLiving.com.
Read the original article on Travel & Leisure