The official currency of Panama is the Balboa, named after Spanish explorer Vasco Núñez de Balboa, who discovered the Pacific Ocean in 1513. One Balboa is divided into 100 cents. Since 1904 one Balboa equals one US Dollar and since then, the US Dollar has legally circulated in Panama. In other words, in practice, the currency used day-to-day in Panama is the US dollar, which is also legal tender.. Panama also has its own $1 coin. For paper money, only the US Dollar is used (there is no paper Balboas).
110 / 60Hz the exact same as USA including the plug shape. So ladies, yes you can take your hair dryers!
Personal income tax in Panama is based on a sliding scale. Regardless of your residency status, the tax is only applied to Panamanian-sourced income. Deductions may be made on all medical expenses incurred in Panama, all donations made to charities, interest paid on home mortgages, education expenses, and loans for home improvements. The country is renowned for its light tax burden. If you qualify for Panama’s pensionado program, you are entitled to a one-time exemption of duties on the importation of household goods (up to $10,000), and an exemption every two years of duties on the importation or local purchase of a car.
Panama is relatively safe in comparison with other countries of Central America, but with rates generally higher than one would expect to find in most parts of the United States.
Panama offers high quality health care and modern hospitals in the metropolitan areas. Prices are significantly cheaper than in the USA or other highly developed nations. Some doctors are highly trained in the United States and many are trained in high quality medical schools in Spain, Mexico, Panama, and a few in Cuba.
Panama has seen a continuing economic expansion, a high rate of foreign investment, and a steady increase in property values over the last decade since the Americans handed over control of the Canal in 2000. The economic boom since then has translated to Panama’s Political Stability.
The democratic country of Panama has strong economic assets and is well governed which will exploit these assets to the good of its citizens and those wise enough to invest in Panama’s future.
One thing you’ll find out very quickly when you move to Panama is that very few people call, and almost nobody texts. Pretty much the only texts you’ll get are from your cell phone company sending you endless promotional messages. Everyone here uses the app WhatsApp to communicate. If you’re not familiar with it yet, you will be very shortly after you move here!
The good news is: high-speed Internet access is readily available in Panama. In Panama City you can choose between, broadband, wireless and cable modems. In the countryside, your choices will be fewer.
The cost of living in Panama’s capital city has appreciated steadily over the past decade. You can live in this city on a budget of $2,000 per month, for an average couple of retirees with not too much alcohol or eating caviar.
The cost of living elsewhere in Panama, however, can be more affordable. A couple could retire to Santa Fe, for example, in the highlands of Panama, on as little as $1,500 per month but it all depends on your lifestyle.
Panama City is hot and humid year-round. However, elsewhere in the country the climate can be very different and much more appealing.
Compared to other tropical countries, Panama has a long rainy season from May to December. This leaves just a few dry months from January to April. The Pacific coast gets less rainfall. It rarely rains the whole day so you get a good downpour for a couple of hours, usually in the afternoon, and then the rain stops for the rest of the day.
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