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Introduction – We are hearing people say the USA with its depressed real estate prices is a good place to invest in real estate for foreigners. We think not. Read below.
Cost of Living – The big problem with Florida and other USA spots with depressed prices is that the cost of living is so high. We will site some examples.
Maids – Figure over $30,000 a year with benefits, workmen’s compensation, taxes etc. In Panama figure $3500 a year.
Pharmaceuticals – Panama is about 40% the USA price for most drugs. Pharmacies are plentiful and carry most drugs or their Latin American equivalent. Many drugs do not require a prescription.
Heath Care – Figure about 40% of the USA price in Panama with overall better and cleaner hospitals. Doctors make house calls for $24 to $45 in Panama.
Food – In Panama fresh never frozen fish is $1.25 a pound, T-bone is $2.35 a pound, and good size fresh shrimp is about $7.00 a pound. Big papayas can be had for $0.69 each. Tropical fruits and fresh vegetables abound.
Entertainment – If you are a pensionado the movies will set you back $2.00 a ticket. Nice steak dinners can be had for $7.50 to $12.00.
Property Taxes – Many of us in Panama pay nothing due to 20-year exemptions or pensionado status. Look into USA property tax.
Sales Tax – Panama has a 5% tax. Much of USA is 7.00% to 8.5%.
Summary – While Panama prices may have risen to be as high as some USA locations the cost of living in Panama is still far lower which will make a big difference. The cost of living will also mean a higher quality of life in Panama with its low crime rate and fantastic beaches and great medical care. Nothing is ever cheaper in the USA.
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