'B&B' Panama City

B&B

Planning to stay for three week to explore.

Could you recommend a B&B for three to four days either place Bolívar or downtown district. Quite but close to central activities.Thanks

We stayed at Pequeno Paraiso, Americans with a B&B. It was very very clean and wonderful breakfast. Not real close to downtown but they have a English speaking cab driver they use who will charge around $5. USD to get downtown (15 mins.) Wonderful people who will answer a lot of questions for you. Be sure and get to Boquete. We did the same thing you are going to do. We went down to Panama to explore the pensionado program. Fell in love with the Chiriqui highlands and bought in Montanas de Caldera. Check it out. We rented a car in PC and drove up the PanAmerican Hwy. I have lots of info on doing that if you are interested, put your email address down and I will give you all the info you need. Hope some of this helps.

Any information that you could supply us with will be greatly be appreciated.Michael

If you decide to rent a car to travel around, make sure you rent on the internet. It will save you a lot of money. We rented a car on line through Thrifty for $89.00 for one week with unlimited miles. Make sure you request an automatic or you will be given a manual. If you rent down there, it will run you around $200. plus insurance. If you put on your credit card your credit card will pay for comprehensive. You will want to get your liability down there at Thrifty when you pick up rental. If you get into an accident and hurt a Panamanian, you will have to pay for all their medical before you leave country. If you have their liability no problem. Their liabiltiy runs around 3.50 a day. Well worth it. Also it is cheaper to rent if you pick up your car in town. Airport is very expensive. Stanley (the cab driver) will take you to pick up your car and then he will escort you out of town to PanAmerican Hwy. I highly recommend you do this as P City is a nightmare to drive in. Make sure when you come back to P city you have a map of the city and don't come in during rush hour. Try to return between 10:00 am & 2:00 pm.

Richard and Anita who run the B&B can make arrangements for a realitor to take you around the area to look at possible homes or developments that you might want to look at. I sure hope you get to Boquete and get to see Montanas de Caldera (they have a web site.) Tell Jane that Mike and Darlene sent you. She is wonderful. Also Cesar. If you don't want to drive to Boquete (6 hours) you can fly to David for $140. round trip. You can pick up your rental at the David airport (easy driving) for no change in price. The drive to Boquete is around 30 minutes. If you need anything else, just ask as we have done this several times.

We will be in Panama August 7th through the August 30, so we will have time to explore.I didn't understand if you are receiving my email as per your request through the blog, or I need to publish it on the posting blog.If posting it will it create spam mail?.Where is "Pequeno Paraiso"located and could I have their contact info please.

Our plan is have fun combined with gathering info on "pensionado" status, bank account, visiting the law firm recommended on the Expat, etc, etc, etc.Michael

Thank you so much for your reply.

We booked our reservation as you suggested in Pequeno Paraiso, and looking very much forward to receive more information from you. We planning first to look for a long term rental or a sublease before buying.

We want to be sure that we will pick the right area. I will appreciate so much any info regarding lawyer, banking and the pensionado residency application. Any info will be great , and thank you for taking the time to answer my questions. Michael S

P.S. I will certainly give Richard regards from you

Sorry it took me so long to respond, as I was out of town. By the way, what town do you live in? I will try to answer some of your questions regarding pensionado program. First it has changed. You must apply through the Ministry of Immigration but in most cases this is fairly simple. Major requirement change is you have to show documented monthly retirement income of $1, 000. per month for single person and $100. per month for each dependant. You will need a certificate of good health (no HIV), valid passport and a certified copy of a police report showing you are not a criminal. Your local police can provide that for you. Just make sure it is notorized. You must go through a Panamanian lawyer. It takes about 4 months for approval. Your retirment income can be your Soc. Sec. if you are a U.S. citizen. It can not be 401K or annuity. It can also be a union pension, (qualified pension). Make sure you take a original form from Social Security showing how much you are getting. They will not take a photo copy. All forms must be original. You must have your income statement certified by the Panamanian consulate in your home country. All documents must be current, not more than six months old. A Panamanian lawyer should charge around $1500. for handling the process in Panama. Again, don't let this scare you as it really is an easy process.

When you go to open an account, you will need two credit reports for each dependant. You will also need two certified bank letters stating you are in good standing with that bank. It can also be a credit union, credit card company, mortgage company. If you finance your purchase of a home down there, it will have to be paid off by the time you are 75, and you will have to take out a life insurance policy on yourself with the bank as beneficiary for the amount of the loan. Getting into buying is a whole new set of rules. I will touch on that when you decide what you want to do.

Again, once you get a general feel for what you need, it really is not that bad of a process. Be sure to ask your lawyer down there to give you a list of what you need to apply for a Pensionado visa to bring home with you so you don't miss anything before you go back. With all that being said, I now have a few questions for you.

What town do you live in? How old are you? And I am assuming you and your wife will be retiring? Will you have to finance your purchase down there, or will you be able to pay cash for a place? My husband and I will have to finance our home we are building down there due to the current economic situation here in Washington state we will not be getting as much for our home as we anticipated.

When you go to Panama City keep an open mind as it is not like our major cities here in the U.S.A. We really did not like the City at all. Please try and get to Boquete and see Jane at Montanas De Caldera, you will be very impressed. Tell Jane and Cesar that Mike and Darlene sent you, and they will take very good care of your need for knowledge. If you need more info, they have a website as well. Let me know if you need info on getting around in David, Panama. Remember, in the lowlands it is around 85 to 90F year round. In Boquete there is a lot of trees and rivers and flowers and birds. If you are going to try to get to Boquete let me know and I can tell you great places to stay and how much it will cost you. Also great places to eat. Maybe we can exchange emails if it is easier for you. My husband and I talk with several Expats down there now. Will talk later. Sorry so lengthy.

You are great. Thanks so much for your response. Yes we did rent a car with thrifty for two weeks, what a fantastic deal.45.00 per week. We will stay the first week in Pequeno Paraiso. (I certainly gave Richard and Anita your regards).Being that we will arrive in PC Fri. August 7th we will have the weekend to explore the city and surroundings. Than we will have an entire week to do our due diligence in regarding to "Pensionado".

To answer your questions: we do live in Florida in Fort Myers Beach, an Island which is a tourist destination. It is very pretty, as we live on the bay in a condo overlooking the water, however we can't survive the economic down turn here. We can't sell our place now, that is why we have to first look for long term rental in Panama. I am 69 years old, my wife 58 but we are very young in spirit and very active physically. I thought skiing in Breckenridge Colorado for 9 years. I am reading a lot of comments on 'Valle de Anton" I guess it is a place to check out. The reason I was thinking of the outskirts of PC because we have lived to long in isolation, and we are ready for some city life. My wife and myself speak fairly well Spanish and looking for an area that has some more activity. That’s why rental for a period of time does not commit us to one location. In two weeks we surely will get to Boquete and a small hotel or B&B name will be great.Thanks Michael

jpostano@yahoo.com and thank you for your letter. Michael S

I have a few things to add to your trip. If you plan to use any credit cards down there, don't forget to notify your credit card companies that you will be out to the country using your cards or they may not honor them. They will want to know the dates you are going to be gone. They will give you a 1-800 # to use while out of the country in case you lose your cards.

We have never had reservations ahead of time before going to Boquete (better prices.) But if you want we have stayed at several places down there. Valle Escondido is very nice and very expensive. Panamonte Inn is very nice to eat but didn't like the rooms. Boquete Garden Inn was a very pretty location but we did not have hot water the whole time we were there. You have a lot of options in Boquete. Now, for some of our favorites: Valle Del Rio is new with great beds and great showers. Very clean. We have never needed reservations there. We paid around $65.00 a night. It has a restaurant but not the best. Go into town for eating. Another good place to stay is Isla Verde Panama. Its right in town and they have a wonderful little breakfast. Go to their website and see menu. I think we paid $80. a night. Both places are on the little local river. At Valle Del Rio it's a little further to walk to town. Try Isla Verde first. By the way, they have monthly apartments for around $800. I think. Ask them when you go. We are planning on staying there while our home is being built. Stay away from the Fundadores Hotel right in town, its old and yucky.

OK, lets touch on restaurants in Boquete. Our favorite place is The Bistro. The trout is wonderful and so is the filet mignon. Our meal usually runs around $25. for the whole thing. It has windows that are open on the street and has a great local feel. Great appetizers. Try the Brie. Fabulous trout if you like trout. Good service. For white lenin tablecloths and very nice place to eat go to the Panamonte Inn. We have never had a bad meal here. We love to eat in the Bar beside one of the two huge fireplaces. It's a bit more spendy expect to pay U.S. prices. but worth it. Now for great seafood and great service try Machu Picchu. The last time we were there I had the lobster. WOW very good. It has a varied price range. Don't forget to take a light jacket or sweater for the evenings in Boquete. Not cold, but a chill in the air. That is why we like to eat at the Panamonte next to the fireplaces. If you like wine they have a good selection.

I will send you our home email address as I am at work writing this. My husband is 62 and I am 59. Hopefully one day we will be neighbors and get to meet in Panama. We expats must keep in touch with each other. There is a blog site I have at home that I will send you. Lee has a lot of info on it.

Regards

Recently I posted a temporary email, so you can send me a short note.Upon receiving your email I will love to communicate through the mail instead of posting all my question on line.Thanks Michael S

Volcan is a mountain area of Chiriqui, and have many hotels, restaurants, clinicas and all the facilities to live well and confortable, and the prices here is not expensive.

The propertye value here is very reasonable.you can visited Cerropunta, that is a nice mountain area too.If you wants recomendation about a good , lawyer in Panama , please, let em know.

Regards,

Liane kraemer

Thanks a lot for your reply.yes I like to have the lawyer's name.

being that we will be in panama for three weeks I am sure that we will make our way to Bouquete, david, Volkan.I also published my email above, if you rather send an email.What ever is more covinient for you.Thanks Michael

I wonder if you have been on the Blog recently.You wanted to send me your email, so we could exchange ideas.Thanks Michael S

Sooooo sorry I have been swamped at work and by the time I get home, I'm exhausted!!! Have not even turned my computer on at home. I will make a point to do that this week-end. I am in the investment business and with the market doing what it's been doing with regard to rebounding a little bit, it has kept me very busy.

When Laine mentioned a lawyer, (up above) be sure and ask Richard and Anita who they like to use. They are very experienced Americans. I have been told that not all are GOOD lawyers. Also, if you decide to buy a home, you will want to establish a corporation. I will touch on that a little on this site as everyone can read and hopefully learn a little bit about it.

When purchasing real estate in Panama it is a good idea (but not necessary) to form a corporation. Ownership through a corporation (you still own title) allows one to have flexibility in areas ranging from estate planning (can avoid heirs painful and lengthy probate prcedures) tax management, asset protection and representation. It is recommended to form your corporation in Panama. Not outside of the country. In case of need it is much easier to get things done if corporation was formed in Panama. The cost to do this varies we spent $700. to form our corporation with a yearly fee of approx. $150. The advantages of forming a corporation are too many to list. To take full benefit of all of the tax benefits given to you it is best to go with a corporation. Our attorney and his staff in Boquete form the board of the corporation. At any time we can change board members. We know several people who have used them and we were comfortable in their expertise. I suggest that you go on line and google: "Forming a corporation in Panama" "Panama Corportations" "Benefits of Corporation in Panama" or anything like that.

Again, as always, I hope some of this info is helpful. It sounds a little hectic, but it really isn't. The attorney's down there do this on a daily basis. They will take care of everything. SOP (standard operating procedure)

Regards, Dar

to plan.The B&B you recommend looks very inviting.

I will let the owners know you sent me their way.

Thanks, , MIchael W.

Thank you for your input. I remember how hard it was for us to research everything there was to know before our trip to Panama. I spent a year just on research and had stacks of papers and read a lot of books. I knew that even though my husband and I had planned for a great retirement financially, it was fast becoming clear that due to the economics in this country, that retirement was not going to be as great as we had planned for financially. We read a article in AARP mag. that Panama was one of the top 4 places in the world for baby boomers to retire, so the studies began. The other places were in Europe and we knew that was toooo far from family. Pinkerton had rated Panama as one of the safest. On our first trip, (we have made several) we explored the country by car. If you have any questions for me, just ask. I am not always on this page but try to check it a couple of times a week. Thank you for letting Richard and Anita (at B&B) know that Mike and Darlene from Washington state recommended them. I know you will be happy you stayed there. (Great breakfast and great company)

Dar

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