Let Me Share Our Plan B With You

We have been asked by several people to share Our Plan B.  It started in 2006 and evolved since then. It is still evolving today, changing as our environment does.

Let me begin by telling you what I did.  I started with my Plan B in 2006 as I saw another wave of recession indicators suggesting the economy might suffer which it did in 2008.  My first step was to liquidate most of my stocks and go to cash. We got rid of our house, our cars and all debt.  Next on the  list was  where we might go to avoid the upcoming pain and plan ahead for a new life in a new land.

My wife and I had been to many places and were familiar with the Yucatan and the many islands in the Caribbean.  We honeymooned in Belize and were familiar with the lifestyle there.  Also spent time in the Dominican Republic.

We did not like Mexico and the Islands were very expensive because they had to import everything.  As we had not yet been to Panama, I made an exploratory in October 2006.  I spent 2 weeks in the area around Boquete and fell in love with the people, the climate and the slow pace of life here.  Susie joined me a few months later and she felt the same way.  We applied for her residency and bought a nice place in Valle Escondido where my Mom joined us along with my 12 year old Son.  I was born here so my entry was seamless.  Susie got her Pensionado Visa within 6 months and my Son was her dependent.  With that we imported our furnishings  I had acquired since  my early days in the orient.  With the Pensionado Visa,  our goods were then brought in duty free and since then we have enjoyed numerous associated discounts.

I established bank accounts here as well as set up a Panamanian Trust that allowed me to avoid liability and preclude probate in  case I passed.  Most of that, including residency is easily done.  If you have a pension or social security you can also get a Pensionado Visa.  If not, you can establish a bank account and apply for a Friendly Nations Visa.  I can provide you with  information and requirements on this for your review, including the name and contact information for my attorney if you do not have one already.

For people looking for quality, specialty healthcare  consider Panama.

Panama is just a few hours plane ride from the US and Canada. It was a strong, stable economy, and its healthcare system is full of US-trained physicians, especially in facilities like Hospital Punta Pacifica, which is affiliated with Johns Hopkins. We also have a great hospital here in Chiriqui as well as a number of quality clinics.

Panama’s flexible legislation is also making the country a hot location for medical tourism.

So in addition to typical procedures like child birth or elective surgery (which are often 50% to 75% less than in the US), Panama is also welcoming to alternative treatment options.

For instance, there is  a doctor who started a stem cell clinic in Panama which has helped people with everything from age-related mental issues, to sports injuries.

As for investments, I like hard assets and have been involved in commercial real estate for over 30 years plus dabbling in residential down here.  Costs are less than the US.   An example is our insurance bill which is $800 per year to cover $500,000 in  insured assets.  We do not have hurricanes so you cover mainly fire.  We build with steel and concrete so not much wood to burn except our cabinetry.  I built a home 6 years ago and sold my place in Valle Escondido.  We now live in Panamonte Estates.  In both instances, we a real estate tax exoneration so we pay no real estate taxes on our home.

My friend built a Class A security vault and sells security boxes for people who want to secure physical metals and jewelry or cash.  Gold can be held here and there are no reporting requirements.

I suggest you come visit and spend a couple of weeks checking out our country to see if you like it here.  Some people like the City and Panama City is as sophisticated and Miami.  I wanted a change from Miami and a smaller, simpler life which I found here. Boquete has 25,000 people and over 3,000 foreigners from over 25 nations around the world.  We have some excellent restaurants and numerous community events so the social life here is good.  Many have taken up volunteering in many of the charities we have here and find that fulfilling too.

Our weather is like Spring all year as we are in the mountains. Yet, we can be on the coast in and hour and a half on the Pacific Ocean or a deserted beach!

Here is why I live here.  Paradise in Boquete.  I hope that this helps get you started in your thinking.

Stay Safe!!