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Currently, Boquete has about 600 expatriate retirees, but that
number is increasing almost weekly. Many articles point out
that real estate in Panama is very inexpensive. In Boquete,
this is not so true, mainly because foreigners are bidding up
prices, but buyers do still seem to receive a good value for their
balboa. Homes here can be built for roughly $50 per square
foot, but that does not include the land price. In addition
to selling homes, developers are buying tracts of land and selling
lots. The least expensive lot we found was about 10 minutes
outside of town, on a good road and with lovely views of the
surrounding hillside. It was 17,000 square feet and priced
at $56,000. Considering that a 2,500 square foot home can be
built for roughly $125,000, an added $56,000 brings the total
price to $181,000. Not dirt cheap but not a bad value for
the money. We also found in town a soon-to-be built gated
community with a 21,000 square foot lot for $85,000.
Located on a hillside next to the Volcan Baru National Park, it
had (and probably still does) jaw-dropping views of the Pacific
Ocean.
$125,000 will buy a new, 2 bedroom, 2 bath condominium with
1,400 square feet in a development close to the town
center. For $149,000, we discovered a very
unique, 3 bedroom, 2 bath home precariously perched on the side of
a hill overlooking town. For $160,000, we found in
town a lovely 3 bedroom, 3 bath townhouse with lush landscaping
and a large terrace. $190,000 will fetch a beautiful 3
bedroom, 2 bath home that is completely furnished. We
discovered a wonderful 2 bedroom, 2 bath home overlooking a small
river and a golf course in a gated community for $345,000.
It comes with a covered tiled deck, large teak deck, sunken
Jacuzzi and a glass sun room with a volcano
view. Boquete also has a number of large
estates, several owned by expatriates.
Boquete Plantation is a new, gated community about 15 minutes
outside of Boquete and offers gorgeous, owner-built
"Tuscan-style" homes with red-tile roofs. Lots are
being sold starting at about $82,000. Buyers must
build their own homes using preferred builders and follow one of
several floor plans that the development provides. An
inn on-property is also planned. Cielo Paraiso
is a new, exclusive gated community that actually builds homes for
buyers. An 18 hole golf course is under construction,
and a hotel is planned.
Valle Escondito is a retirement community with a golf course
and custom-built homes that celebrate the Spanish Colonial period
of Panama's history. All homes have tile floors, red tile
roofs and wood ceilings. Villas (actually duplexes with
2,000 to 3,000 square feet) and condominiums (1,500 square feet)
will be built, and buyers are urged to use one of several
preferred builders.
Vista Boquete is a new, luxury condominium development with new
3 bedroom, 3 bath units for $275,000.
Volcancito, a small community about 10 minutes down the road
from Boquete, is another place to explore for housing. Home
here are not less expensive, but they provide more choices.
Villegas and Martinez (507-720-2584) is a local builder that
offers free consultations before any land is purchased and builds
custom homes from the $65 per square foot price range.
Panamanian law allows for both nationals and foreigners to
purchase property in Panama, but the government does not allow
foreigners to purchase property located less than ten kilometers
from the frontiers, nor on islands under the jurisdiction of
Panama. Make sure land purchased is titled.
Panama is a very
appealing retirement choice for many reasons, not the
least being The Pensioners Program (Visa Pensionado),
the government's way of enticing older foreigners to
settle here (although one only need to be 18 or older to
apply). This
program allows foreigners to obtain legal residency in
Panama under the condition that they are retired or
pensioned.
The only
requirements to becoming a "pensioner" are
being in good health and having a guaranteed,
"provable" income of $500 per month ($600 for
a couple), which must be a company or government agency
pension (e.g. Social Security, disability, military pay,
etc.).
After one becomes a Panamanian
pensioner, he or she is immediately eligible for the most
comprehensive program of expatriate benefits in the world,
including 50% off
entertainment anywhere in the country, 50% off closing costs for
home mortgages, 30% off public transportation (bus, boat, and
train fares), 25% off restaurant meals, 20% off doctor’s visits,
15% off hospital bills (for those without insurance
coverage) and 10% off prescriptions. In addition,
pensioners who buy or build a home are not subject to property tax
for 20 years (land is excluded) and pay no taxes on foreign-earned
income (including business proceeds, Social Security or
pensions). Newcomers can also bring in a car and up to
$10,000 in belongings tax-free. Interest from deposits in
Panama banks is also exempt.
While real estate prices are comparable to many
areas of the United States, the general cost of everyday living is
less, making the overall cost-of-living, particularly when
pensioner discounts are factored in, much less. For example,
water bills run roughly $20 a year. A haircut and a shave at
a local barber are $1.25. Lunch in a restaurant is
$1.50. A full-time live in maid is $120 a
month. Homes do not have heat or air
conditioning, so those bills are non-existent.
The closest city to
Boquete is David (population 120,000), the provincial capital,
about an hour away by bus (fare is $1.20) or 30 minutes by
car. Here are two hospitals (Hospital Mae Lewis and
Hospital Chiriqui) and many convenience of modern-day
life. Boquete does not have a hospital but does have a
medical clinic (Centro
Médico San Juan Bautista at 507.720.1881) and enough doctors to
service a town of its size. Medicare is not accepted outside
of the U.S., but expatriate pensioners can obtain government
health insurance for $50 a month. Health care overall is
quite good.
For anyone with a love of the outdoors, this
area cannot be beat. Waterfalls, hiking trails and botanical
gardens are all just outside of town. Nearby Baru
Volcano rises to 14,000 feet, and trekking to the top is not at
all easy (the trail starts out paved from town and then turns into
a muddy mess), but the reward at the top is a breathtaking view of
both the Atlantic and Pacific Oceans (this climb is only for the
well-conditioned and best undertaken during the dry season so
views are not clouded over). Unfortunately, there is also an
unattractive telecom building at the top of the
volcano. Two hundred foot tall San Ramon Waterfall is
worth a trek, too, and is much easier to reach. River
rafting and hot springs are not far away. There are also two
new golf courses, two new museums and several new restaurants and
pubs around town.
Boquete has two seasons, dry and wet. The
dry season stems from December to April, and the rainy season from
May to November. This area of Panama has mostly Spring-like
temperatures, ranging from 60 degrees to 90 degrees, year-round,
but it can get hot and muggy in the
summer, and winter evenings may require a sweater.
Panama City, roughly an hour away from David by
air, has direct daily flights to several U.S. cities, including
Miami, Los Angeles and Dallas.
As for drawbacks, some tours are seriously
overpriced, and traffic on the main road can be harrowing at
times. And it is important to be aware that as in many
foreign lands seeing an influx of "rich gringos," there
is a disparity in economic levels. Here, many of the
indigenous people (the Guaymies), who primarily work on the coffee
plantations, live at near-poverty levels. A prerequisite for
relocating here, as with any foreign destination, is to have a
respect for the locals and their way of life.
While Boguete is still tranquil, money is moving
in, and retirees who have tired of Costa Rica and Mexico are
considering Panama and Boquete as their next
home. It is inevitable that this area will
change and probably not for the better as more developers stake
their claim. Local coffee growers have been selling
their farms for huge amounts of money, especially by Panamanian
standards, and homes will eventually take the place of lush farm
land, which may disrupt the local economy. For now, though, Boquete is a tropical
haven without the stresses of the modern-day world.
Relocating here may mean giving up some conveniences (internet
access is, however, available at several locations around town,
including the Professional Center where they charge $2 per hour),
but those who have made the move seem content, relaxed and
convinced that they have found a little slice of heaven.
For more information, contact Boquete's tourism
office. They can be reached at 011-507-720-4060 or 011-507-
775-4120 from the U.S.
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