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United States
Central America Might Steal the U.S. a Large Part of its Retiring Boomers
Mis en ligne le 17/07/2007
Several countries from Central America are trying to attract U.S. retirees with fiscal incentives. With a good preparation and a few sacrifices, North American boomers may enjoy an equally – if not a better – retirement than in their own country.
Many Central American countries are betting U.S. baby boomers will be the generation that globalizes retirement.
They're gearing up by offering financial incentives that could make retiring internationally a smart financial move for some individuals.
The same advances that allow companies to do business across borders are making it possible for people to live out their golden years in another country.
If someone retires in Panama, for instance, she or he can talk to children and grandchildren via phone or email every day, fly home a few times each year, and probably even get a satellite dish to keep up with favorite TV programs.
Paul McBride, an American expatriate who offers free advice on relocating to Panama though his company Prima Panama, says many retirees don't ask enough questions or fail to use common sense when relocating to a new country.
That said, he believes Panama is on the verge of something big, and expects as many as 30,000 Americans to move there in the next 15 years – a major development in a country of around 3 million people.
They'll be drawn by Panama's pleasant climate, lower cost of living and stable dollar-based economy.
Many will also appreciate the generous incentive package the Panamanian government has put together: Retirees on pensionado visas get import exemptions on their household goods and cars, may not have to pay property taxes for up to 15 years and even receive special discounts such as 10% off prescription drugs, 25% off domestic airfares and 50% off movie tickets.
Anticipation of the boomers' arrival is fuelling wild speculation on real estate in and around Panama City.
It is also spurring the development of retirement communities all over the country such as Valle Escondido, a gated development in the mountains with its own sewage and water systems, paved roads, 24/7 security, a golf course and Internet access. Home construction costs typically run about $55 to $60 per square foot.
Throughout Central America, countries are jockeying for position, trying to attract flocks of North American retirees they believe will be willing to settle a bit farther south than Florida or Arizona for the right price.
Countries such as Costa Rica, Belize, Nicaragua and Honduras all offer retirement incentive packages similar to Panama's. Generally, the rule of thumb is the less developed the country, the lower the cost of living and the better the enticements.
And this is not to say that retirement experience in these areas will be an unpleasant one.
Concerns about crime and political unrest are part of what keeps costs down for retirees in countries such as Belize and Nicaragua. However, many feel those fears are overblown.
Still, retiring to another country is definitely not for everyone, and Central America will never turn into Florida Lite.
In many areas, one needs at least a bit of Spanish to get by. Routine chores that can be handled online in the U.S., such as paying the electric bill, may require to stand in line for hours. And of course one will have to give up some comforts of home if he wants to live frugally somewhere else.
Black says the best candidates for retiring abroad have flexible personalities. Many in the expatriate community are people who traveled heavily in their former careers or who immigrated to the U.S. from another country in the first place.
"You have to ask yourself", Black says, "do you feel comfortable treated as a foreigner every day for the rest of your life ?" If so, then it may be time to start looking toward Central America for golden years. (TheStreet.com, 28/06/2007 : "Forget Florida ; Central America the new hot spot for retirees")
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