Panama – A naturally gifted retirement haven

Small (about the size of Scotland) but perfectly formed, Panama is continually ranked amongst the top five places in the world to retire to, largely thanks to its warm climate, postcard-worthy beaches and pensionado (retiree) program which is beyond generous. And, with the US dollar as legal tender, Panama got even more appealing for Brits, canoe enthusiasts or otherwise, whose pennies now stretch a whole lot further.

This narrow corridor of land linking Central and South America, dividing the Caribbean and the North Pacific, is one of the safest and most stable destinations in Latin America. The capital, Panama City, plants a historical heart alongside Miami-style skyscraper living, whilst tropical rainforests, rugged mountains and some 1,000 castaway islands prove that nature has truly blessed this nation. It’s little surprise that Europeans and North Americans alike are looking to put down roots here.

The Panamanian Government has certainly done everything to entice a mature clientele. Anyone buying property may apply for permanent residence one year after having applied for a residence visa and once in possession the pensionado program is yours for the taking. Acknowledged as being the best in the world, eligible parties can enjoy 50% off entertainment (movies, theatres, concerts), 30% off bus boat and train fares, 25% off air fares, 25% off utility bills, 20% off doctor’s charges, 15% off dental and eye examinations, 15% off hospital bills, and the list continues. What’s more, Panama is one of the best offshore havens in the world.

Deane Roe, Account Manager for foreign exchange specialist Moneycorp, would advise that buyers of dollar property act quite swiftly in order to make the best of the current exchange rate situation. Deane comments, “Whilst there is no clear outlook on the way that the dollar is going, or sterling for that matter, what we can observe is that each time sterling approaches the two dollar mark it gets knocked back so it seems unlikely that it will climb any further. It would be sensible for buyers of the dollar to act now, and those sending regular remittances from the UK to US dollar regions should consider arranging a series of forward purchases to maximise the current favourable rate.”

Occupying one of the most coveted addresses in Panama City, Balboa Avenue, is Destiny Panama Bay. This bayfront thoroughfare looking out across the Pacific Ocean connects Panama City’s old ‘Casco Viejo’ to the rest of the city and is home to the area’s main banking and business district as well as its most elite residential projects. With all the trappings of a modern city on the doorstep, Destiny Panama Bay is ideally located just minutes from the renowned Canal, clean sandy beaches, golf courses, undiscovered islands, lush mountainscapes and historical sites.

The work of award-winning architect Isaac D Mizrachi, Destiny Panama Bay offers a choice of one and two bedroom apartments each with unobstructed city and bay views, best seen through the full-height glazing and from the ample private terraces encased in glass balustrades so as not to compromise the vistas. The properties are equipped with every modern trimming from premium Italian-designed kitchen cabinetry with imported granite worktops and stainless steel appliances to include self-cleaning ovens and American-style fridges with ice maker through to glass enclosed bathtubs in the master bathrooms, walk-in dressing rooms and pre-wiring for high speed internet throughout.

Accessed via an imposing portico entrance, with valet parking and 24-hour bellboy assistance on hand, Destiny Panama Bay has a stunning two storey atrium lobby leading to four high speed lifts reaching the apartments and amenities. A large heated infinity-edge swimming pool flanked by day-beds, cabanas and chaise longues is just one facet of a mammoth sport and leisure offering. The 5th floor is given over to racquet sports with squash and racquet ball courts as well as half basketball courts whilst the 27th floor is devoted to a state-of-the-art fitness centre and Spa with commanding views across the Pacific Ocean. The 28th floor has a room for parties and banquets with a chic contemporary design and the uppermost 51st floor is home to a sky entertainment deck with a bar, barbecue area and sunlounging terraces. A business centre together with conference facilities, concierge, covered parking and 24-hour CCTV security complete the picture.

Local experts have commented that any property due for imminent completion is sure to attract high rental yields due to a marked undersupply of suitable accommodation. According to Global Property Guide, apartments in Panama City are currently attracting Gross average rental yields of 10.88%. Destiny Panama Bay has a property management facility available at owners’ disposal.

Prices start from $323,960 USD for a one bedroom apartment and from $396,500 USD for two bedrooms with completion anticipated for the end of 2008. Finance of up to 80% is available through household name banks.

For more information, visit gem-estates.com