Where should I setup a bank account in Isla Taboga?

"Expats considering retirement in Isla Taboga should be aware of several key factors. Firstly, the cost of living is generally lower than in many Western countries, but it can vary depending on lifestyle choices. The official language is Spanish, so learning the language or at least basic phrases can be beneficial. Healthcare in Panama is of a high standard, particularly in Panama City, but it's important to secure comprehensive health insurance. The country uses the US dollar as its currency, which can make financial transitions easier for American retirees. The climate is tropical, with high temperatures and humidity year-round, which may take some adjustment. The island is small with a population of around 1000 people, so it offers a quiet, relaxed lifestyle but with limited amenities. Panama has a Pensionado program, which offers significant discounts to retirees on a range of services, from medical expenses to entertainment. However, to qualify, you must meet certain income requirements. Property rights are generally well-protected in Panama, and foreign retirees can own property outright. However, it's recommended to hire a local attorney when buying property to ensure all legal procedures are followed correctly. Finally, while Isla Taboga is only a short ferry ride from Panama City, it can feel quite isolated. Therefore, it's important to consider how comfortable you are with living on a small island and how often you might want to travel to the mainland for shopping, healthcare, or social activities," explained one expat living in Isla Taboga, Panama.

Kovalenko & Vera Attorneys at Law in Panama
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Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.

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Kovalenko & Vera Attorneys at Law in Panama

Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
Connect

Click connect to have our partner contact you via e-mail and/or phone.