Want to Retire at 18? Panama Retirement Might be for You
Panama RetirementWant to Retire at 18? Panama Retirement may be for You
By Sydney Tremayne
Panama’s program for retirees is said to be the best in the world. There is no age limit to qualify for the Tourist Pensionado Visa Program. You need only to be able to prove a monthly pension or retirement income of US$500 from a government or corporation, plus US$100 for each dependent. Legally, you could be as young as 18 to retire in Panama.
A Retirement in Panama: Everything under the sun
You will need documentation proving your pension income, certified and stamped by the Panamanian embassy in your country of origin, plus a valid Passport and a clear police record for the past five years.
If you don’t have a pension, you can still qualify by depositing sufficient funds in the National Bank of Panama to generate $750 a month. This amount covers any number of dependents. Alternatively, you could start a qualified tourism-related business, or invest in a forestry project for your Panama retirement.
You must use a Panamanian immigration lawyer, pass a medical on arrival in Panama and be tested free of HIV. Your legal representative will shepherd you through the immigration office, once to register various documents and a second time to have your photograph taken and be presented with your identity card (carnet).
Carry this card with you at all times. You can be fined for not doing so. Prior to receiving your carnet, carry your passport or a photocopy of it.
Legal expenses and fees can vary depending on size of family and complexity, but should be around $1,500 for one person, or $2,000 for a couple.
The immigration process must be started before you leave your home country. Once you arrive in Panama as a tourist, you will be able to stay for up to 90 days. This can be extended for a further 90 days if needed.
Qualifying for permanent residence takes from 30 to 60 days, depending on the time of year and the availability of certain key immigration officials. Given all the public holidays, November and December are good months to avoid.
Although not required, it will be helpful for you to obtain letters of good standing from your bank or banks and any other financial institutions. Do not close your bank accounts. You will need at least one, and preferably two, open bank accounts somewhere in the world before you will be able to open an account here.
Also, keep at least some credit cards. Getting credit cards in a new country ranges from difficult to impossible. One bank here, HSBC, offered the writer a card with a $5,000 credit limit provided $10,000 was placed on deposit.
Finally, go to your local automobile association and get an international driver’s license. Your own license is good here for 90 days, but there is no limit on an international license. (Expect lots of puzzled looks from local traffic police as they thumb through the multi-page document written in several languages.)
Sydney Tremayne publishes http://www.yourpanama.com, a leading website for tourists and for potential ex-pat retirees in Panama. His team of experts gives regular Q&A teleseminars that can save costly mistakes. Article Source: http://EzineArticles.com/?expert=Sydney_Tremayne http://EzineArticles.com/?Want-to-Retire-at-18?-Panama-Might-be-the-Place-for-You&id=33723
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Now your question maybe What Will You Retire TO? "We all want to retire, we do not necessarily want to be retirees."
And here is the answer: It took me a few years to finally, officially, retire. At first I went where every young, early retiree, goes. Off to explore new horizons, and challenges.
I soon exhausted my "to do" list of things that I had been putting off, because of work. My wife and I went on long camping trips in our 5th wheel, every summer. We were together at last. We had money in the bank, and a more than adequate income.
But I was bored beyond belief! I needed an intellectual challenge to wake up to, each morning.
I started a Web site with Solo Build It! in November 2005. It's been pure, unadulterated bliss, ever since. I supply the ideas, the passion, and the drive, in the foreground. SBI! takes care of all the rest, in the background.
I am happy as a lark. I can "work" at my own pace, when I feel like it. My Web site is getting increasing traffic and it is building us a steadily increasing extra income.
Make a change before it's too late. Retire to a life. Of course, gusto takes money. Heck, to live decently, it requires decent income even without gusto! After all... Bills don't retire when you do! And while dreams are free, realizing them is not.
Start up your own Web business from the comfort of your home in Panama. The Internet is a powerful tool for gaining personal and financial independence. Supplement your pension and/or government social security checks by creating a Web site that generates growing monthly revenue.
Retirees around the world are creating income-generating Web sites using Solo Build It!. And many do it without selling a thing! Yes, no customers... although you can sell products or services, if you like!
Young retirees. "Old" retirees. Involuntary retirees. Retirees who barely know how to surf the Web and get e-mail. They are all doing it...
They are using Solo Build It! ("SBI!") to create profitable Web sites about specific niches in... Finance and Investing Food & Cooking Health and Medicine Hobbies Business Sports Travel Pets or Panama Retirement No niche is too obscure. The range of themes is limitless.