Baby Boomers Flock to Panama

Florida which has been a retirement site for a lot of people is slowly losing its popularity. This is mostly because of the rising cost of living in the United States as a whole and a few other reasons like ease of communication through internet, expert doctors all over the world and the easier provision of traveling. So most of the Baby Boomer generation is retreating abroad and this is a new trend in the US. According to statistics, in the year 2005,  more than four-hundred and forty thousand people was the recipient of social security benefits from the US but they were living abroad. But people who are banking with banks in the United States and have their checks deposited are not included in this statistic.

Panama has been using the United States dollar for long time now and it is one of the biggest banking sectors internationally and the best known fact about the country is that it has a shipping canal. These facts make Panama one of the best and most philanthropic places for any pensioner. Household items can be imported totally free of tax and most of the hotels are always offering almost fifty percent discounts, health care is also highly discounted there. Buying real estate is a dream comes true because the value for money ratio is extremely high, it has very low rates of crime, next to nothing property taxes and facilities are very modern indeed. For example a forty-one hundred square-foot penthouse on the bay front in Panama costs about five-hundred thousand dollars but this same property would cost almost three times if it was situated at any prime location like greater Miami.

With so many new visitors and new immigrants the traffic jam is predicted to grow and this is already seen on some of the narrow streets which were initially not built for handling so much traffic. Political leaders know that this will increase in the near future because their nation is only the size of Carolina and has a population of almost over three million. So they are scheduling a lot of new development projects which will boost their infrastructure to harbor the new comers. Sewage treatment plants and bigger highways are one of the few of the mega-projects that the nation is planning for.