Hi everyone,
hope you all are doing well. I am Shida from Calgary, Canada. My husband and I are planning to retire in Panama. I have never been there but I am amazed by the videos and articles I read online. Looking to get more accurate info as I heard rules change quickly in Panama. One really important question: do we qualify for a mortgage in Panama if we're not working there but have retirement money coming in?
thanks
Hi Shida, to qualify for a mortgage, the source of your income should be Panamanian. On the other hand, your retirement money would qualify you for a "pensionado" visa. Cheers, Chris panamawise.com
Hi Christophe,
Thanks for the reply. Can't wait to retire. LOL
@shidaladani contact me thru my personal email for hpefully some answers to your questions, my email is [***], i am not a bot i am real and live in the detroit michigan area
@shidaladani forgot to say put expat or panama in the subject line
@shidaladani it is doable as a foreigner but not at all banks. Usually with 40% down and proof of income.
Also, not a good idea to just move here on some bidros. I've been here since 2012 and love it but it's not for everyone. Panama is so diverse as well. You really need to come experience several places. Move around for 6 months at the very least. Then decide.
Take something like Panama Relocation tours to get an idea, pick maybe your top 3 then settle in. I house sit gull time so that might be an inexpensive way for you to experience places that others have chosen. Good luck
Been here since 1997 , my bank accnt is in the U.S. Only problem when using my visa they charge me
6.50dlrs withdrawal, but I get that all back when filing my taxes as I only pay about 1.25 in taxes.
use atms here in panama can only withdraw 250dlrs at a time but as many times my banks lets me.
@rudi55panama Chas Schwab reimburses the fees.
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