GordonS

Interesting thoughts here on the 20% discount the government gives to retirees in Panama. It apparently was originally intended for retiring Panamanians but of course is applied univerally to all seniors living in Panama. Unfortunately the burden is carried by the retailers and services not the government.

http://primapanama.blogs.com/_panama...e-discoun.html

I wasn't surprised however by the comment about the gringo couple demanding their 20% discount on onion rings. There are a lot of "gringo grinches" in the world! LOL

__________________
Gordon and Randy,
Canada

liowkc

Senior citizens have never find it so good:

The Best Retiree Benefit Program in the World
The Panamanian government actually encourages retirees to retire here with a program with many benefits and discounts. To qualify for a retiree visa the only requirements are a proven monthly income of $500, a health certificate, and a police report.
Some of the benefits for retirees:

• 50% off entertainment including movies, concerts, theater etc. (a regular movie ticket costs $4 - the retiree price is $2.)
• 25% off restaurants
• 50% off hotel accomodations Monday, Thursday
• 30% off bus, boat and train fares
• 25% off domestic and international airline tickets
• 10% off prescription medicines (much cheaper than US prices to begin with)
• 15% off dental and eye exams
• 50% off closing costs for home loans

Source: http://www.panamainfo.com/en/advantages-living-panama

soltero

Not exactly true. The government allows business owners to deduct the discounts given from their annual taxes. That's why most places ask for your pensionado tarjeta, write down the number, and make you sign a form -- it's their paper trail for tax time. Still, I think it's a bit insulting to watch a wealthy ex-pat demand his/her discount on a $1.50 breakfast at Niko's...

cognitive

I agree , soltero , is ridiculous , however many of wealthy people are very stingy and would ask and even stay in line to have a $1.50 discount or less .
Just think about Leona Helmsley the "queen of mean " who hated to pay even her taxes, if she'd still be alive and retired to Panama I am positive she would do it .

MultiVista

Sounds great!
But more important for my wife an me:
Is it true, that as a "Pensionista/Rentista"
from abroad,
You don`t have to pay Income Taxes?

Cheers
Mike, Frankfurt

soltero

Depends on the origin of the income. If it is income earned in a country other than Panama, you do not have to pay income taxes in Panama.

GordonS

Found this investment/taxation guide from KPMG which might be of some help for those trying to decide on investment. It's dated 2006 so some of the info may need to be updated. I'm sure the financial gurus on this forum can help with that.

KPMG is a fairly reliable financial institution.

Link to .pdf file on this page: http://kca.kpmg.com/index.thtml/en/P...ent/index.html

__________________
Gordon and Randy,
Canada

GeekZ

Dang - thats a sweet benefit package!

MultiVista

The Link
http://www.panamainfo.com/en/advantages-living-panama is good.
Are similar in german or spanish language?

The other point, referring to the 25% Discount for international flights:

A flight to Frankfurt, regular let`s say for 2000 Dollar,
than costs 1500 Dollar?

All Airlines are giving such big dicounts? I can`t believe. Do You have an example?

Saludos
Mike

soltero

I need to correct my post #3 above -- I was mistaken. Businesses that give the jubilado discount are not reimbursed by the government or anyone else. (It comes off their revenues, which has the effect of lowering their net income and taxes, of course, but I'm quite sure they'd rather have the money.) I apologize for my error.

patty

Well, I think senior citizens deserve the 20% discount. Let them enjoy life especially those who are coming from a not so well to do family. Since they are already retired, they don't have the means to earn. It is one way of helping them also.

GordonS

Hi Patty,

Most people are quite agreeable to the idea of seniors having discounts. This is quite universal (available in most countries) now. The original post was about the fact that some seniors become quite anal retentive about this = they abuse this and insist on having the discount when it only amounts to a small amount of money (perhaps only a few cents) which is very silly sometimes. In many cases the seniors have MUCH more money than the merchants. Since the money comes right out of the merchant's income, giving this discount cause quite a drop in income for the merchant if they live in an area with a lot of seniors demanding their discount. Perhaps this is outweighed by the fact that seniors purchase more expensive merchandise and may be repeat customers.

Since the government is pushing this plan to make retirement in Panama attractive, maybe the Government should be helping the merchants in some way with the costs of giving this discount.

__________________
Gordon and Randy,
Canada

GeekZ

I agree - the benefits package should be financed by the goverment as they are the ones that are pushing it!

patty

Thanks for making it clear to me, GordonS. I see the problem now. You have a good point that the government should also help the businessmen. What do you think is the best thing to do to have a win-win situation between the government and the businessmen?

GeekZ

Have the goverment cover the discount - its easy

MultiVista

All this advantages are valid
for a l l "Rentistas" or "Pensionistas"?

Or only für those, older than 60?

Source:

Legislación Panameña sobre Migración.

Algunos descuentos de los Pensionados o Jubilados:

1. Exención de impuestos para la importación de un vehículo cada 2 años

2. Exención de impuestos para muebles y utensilios hasta por US$10,000

3. 50% Cines, eventos deportivos y culturales

4. 30% en transporte público (Buses), tren y botes

5. 50% en hoteles de Lunes a Jueves y 30% de Viernes a Domingo

6. 25% en restaurantes regulares y 15% en restaurantes de comida rápida

7. 15% en hospitales (sin seguro) y 10% en medicamentos

8. 20% visitas al doctor y cirugías, 15% Dental

9. 15% en préstamos hechos bajo su nombre

10. 1% en hipotecas para su residencia principal

11. 25% electricidad

12. 25% teléfono

13. 25% Agua

And finally I am asking: Is this "law" still in force?

THX!

Mike

P.P.S.

But I think
without all these discounts, living in Panama is also cheap...

but uo to now,
no one told me
how much is it to buy a Rump - Steak
in a Supermarket.

Cheers
Milke

likes to drink beer, but maybe
it is to expensive in Panama :-) ?

dsc

I just got back from Panama 1.5 weeks ago.

When I'm in another country, I always walk through the grocery stores to have a gander at prices. Hey, if for no other reason, it's good to cool off in the air-conditioning

I walked through an El-Ray, a Riba Smith, and other smaller supermercados. I'm not sure about that particular cut of steak (rump), but from what I seen, steak is a small bit less than home. ("Home" is a city of 1M in Canada).


If you just buy from a grocery store & consume at home base, it's laughably inexpensive. From 45 cents a can for domestic Panamanian beers. 75c to $1 for American beers.

It's more at a restaurant or bar, of course, and as you could imagine it all depends on the quality of the place.

MultiVista

THX!!

But I am German, and I`ve no idea how "pricy" a steak neither in Panama nor in Canada could be?

Cheers
Mike

dsc

Well I've never been there, but if all I hear about prices in Germany are true, the prices in Panama should be laughingly cheap for you. Plus you got those nice big Euros

Maybe I'm not the best person to answer. I'm not really a 'steak snob' that requires the best of the best -- marbled meat, etc. I don't even know the range of cuts (what's the best, mid-range, low). I've farted around with vegetarianism at times in my life. I've been off that ever since experiencing the wonderful asados in Buenos Aires & Uruguay. I was happy to see they are widespread in Panama City.

If I buy something for home consumption, it will be a fast-fry/BBQ steak for $2-3 Cdn. 'Steak snobs' would probably bitch about the toughness of the cuts I buy, but I don't mind it.

So for what I usually use, a touch less in Panama.

Hope that gives you a better idea.

MultiVista

"If I buy something for home consumption, it will be a fast-fry/BBQ steak for $2-3 Cdn. "

- And how big it is? Weight?

- And 2,50 Cdn. $ for a steak in Panama (Balboa/US $)

?

dsc

Umm.. 300-400 grams or so.

Even though the USD has rebounded a little and is a touch higher than the CAD lately, in my mind I still pretty much consider them equal (until t