Retirees in Panama: These are all the Benefits and Discounts Granted by Law – Update Below

In Panama, retirees and pensioners with a valid visa receive a variety of discounts on services, including hotel stays, transportation, healthcare, entertainment, and more. These discounts are often significant, such as 50% off hotels on weekdays and 30% on weekends, or 25% off airline tickets.  Get your Acodeco booklet for more details wherever you see the group visiting your local fair or activity. They are the Better Business Bureau of Panama. You can view their website for more information. https://www.acodeco.gob.pa/inicio/

Here’s a more detailed breakdown:

• Hotel discounts: 50% off on weekdays (Monday to Thursday) and 30% off on weekends. 
• Transportation discounts: 25% off on airline tickets and 30% off other transportation. 
• Healthcare discounts: 20% off doctor’s bills, 15% on hospital bills (if no insurance applies), and 10% off prescription medications. 
• Entertainment discounts: 50% off movie theaters, cultural and sporting events. 
• Restaurant and fast-food discounts: 25% off in restaurants and 15% off in fast-food establishments. 
• Other discounts: 20% off professional and technical services, 15% on dental and eye exams, and 50% discount on closing costs for housing loans. 
• Import tax exemptions: One-time exemption on import duties for household items up to $10,000 and exemption on vehicle import taxes every two years. 

In Panama, retirement represents access to a set of rights and benefits designed to guarantee the well-being and dignity of older adults, expats or locals.  Movie theaters, theaters, soccer matches, and even concerts have special prices. If it’s not a charity event, the discount applies without excuses.  In Panama, seniors and pensioners benefit from numerous discounts and exemptions under the Pensionado Program. These include tax exemptions on household goods and vehicle import taxes, as well as discounts on various services like transportation, entertainment, healthcare, and financial services. 

Update: Retirees in Panama: These are all the Benefits and Discounts Granted by Law

In Panama, retirement represents access to a set of rights and benefits designed to guarantee the well-being and dignity of older adults.  Starting at age 55 for women and 60 for men, as well as for all retirees and pensioners for any reason, the law provides for a series of preferential measures ranging from discounts on goods and services to tax exemptions and priority care in public and private institutions.  Movie theaters, theaters, soccer matches, and even concerts have special prices. If it’s not a charity event, the discount applies without excuses.  Mobility is among the benefits regulated by Law 30 of 2008: retirees receive a 30% discount on intercity buses, sea and rail transport, and a 25% discount on domestic and international airfare.  Pick up an Acodeco booklet the next time that you see the sign, as they visit all the local fairs and events.  Acodeco are like the Better Business Bureau in North America.

Plus, they pay only half of the airport tax, which reduces the overall cost of a trip.  As for tourism, hotels, motels, and guesthouses offer a 50% discount from Monday to Thursday and a 30% discount on weekends.  Retirees can also enjoy a 25% discount at traditional restaurants and a 15% discount at fast-food franchises.  Health coverage ranges from 15% to 20% discounts on medical consultations, specialty care, dentistry, optometry, medications, prosthetics, private clinics, and hospitals.  Insurers must even adjust premiums to benefit this age group.  Regarding housing, property taxes are frozen and the appraisal tax is waived if the property is owned solely and in the retiree’s name. Additionally, they receive a 1% discount on the interest rate on mortgage loans for homeowners. 

For basic services, a 25% discount applies to electricity bills up to 600 kilowatts per hour; a 25% discount on water bills for residential bills under $30; and a 25% discount on fixed residential telephone charges, provided the bill is for a single line and is in the retiree’s name.  Legally constituted associations of retirees and pensioners also enjoy benefits. They are exempt from paying fees to the Public Registry for registering their boards of directors and legal entities. Furthermore, the properties of these organizations receive the same discounts as those of individuals: water, electricity, telephone, and more. 

The regulation also explains that funeral homes must offer a 20% discount on coffins, urns, and funeral services when the deceased is retired or pensioned.  Retirees must also have special windows at public and private institutions. If these don’t exist, these citizens must be given priority in lines by law.  Refusal to grant these benefits may result in sanctions from the Consumer Protection and Competition Authority (Acodeco), with fines ranging from $50 to $5,000, depending on the severity and recurrence.