Thinking about the cheapest places to live typically involves looking at how much the basics of life cost. However, it's often the unseen expenses that take the biggest chunk out of your lifestyle.
More and more we are all becoming aware of the role taxes can play in making or breaking the bank account. Wouldn't it be nice to live in a place where property taxes are waived for five, ten, even up to twenty years? How about no taxes om interest income or income derived from sources outside of the country? Fantasy? Not in Panama. If asset protection and tax savings are a high priority for you than the benefits of living in Panama make it best place to retire.
Panama continues to be recognized as one of the leading nations for asset protection and tax savings. In his popular blog, The Way it Looks from Here, Bob Bauman reminds us that Panama still ranks at the top as world class tax havens.
In this recent blog post Bob also shares some insights into International Living and the recent price hikes in Panama City Real Estate. Take special note of Bob's comments, "the big downer in Panama at the moment is the upward spiral of real estate prices, mainly in condo-saturated Panama City." and, "There are still many good bargains in beach front and mountain properties away from the city, but you have to be careful and do your shopping."
Bob praises the strengths of Panama and also comments on the difference between a simple retirement destination vs one which can provide the added benefits of asset protection and tax savings. You may be thinking, I don't have enough money to worry about that. This stuff is just for the big cats with loads of cash. I encourage you think, read Bob's blog and think again. In todays volatile world we all need to be thinking asset projection and looking for ways to save taxes. 'cause it ain't gonna get better anytime soon!
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