Panama, Belize and Nicaragua are competing with Costa Rica and Mexico in trying to attract retirees from the U.S. and Canada.  Panama will soon be second next to Mexico as it will pass Costa Rica in the near future.

All of these countries are offering residency packages and tax exemptions at rates similar to those granted by Costa Rica. For example, in Nicaragua there is a law which provides advantages for retirees on items ranging from cars to building materials. In the case of Panama, there is a program which has reduced the requirements to invest in property, businesses and other endeavors. “The message of this law is simple. “It is ‘Come to Panama'” said lawyer Manoj Chatlani .

Laprensa.hn reports: “New luxury complexes, equipped with spas, restaurants, marinas and golf courses, are spreading. Developers say they are using more materials that add quality and luxury which is designed to appeal to buyers with high purchasing power. ”

The number of Americans receiving pension payments in Panama has increased by 65%, as 2,164 new people between 2006-11, while in Nicaragua it went from 595 to 1322 people. However, these figures fall short when compared to Mexico and Costa Rica, where more than 50,000 Americans received their pension payments in Mexico and 5,000 do so in Costa Rica.

In Belize, where developers are trying to promote the country as a place for retirees to live in luxury, they are currently building a complex which will hold 2,000 residential plots, 250 condominiums and townhouses and a marina with capacity for up to 250 boats.

Source: elheraldo.hn