Rising costs of living
In panama, the cost for food, leisure, and normal daily expenses have risen tremendously in the recent years. This has resulted in deteriorating fiscal policies as well as financial management backwardness. This makes the cost of living rise and demands that if one is willing to retire to Panama that you are ready to face unavoidable daily budget adjustments. This is quite a discouraging and unattractive feature in this country.
Increasing crime rates
Recently, it’s evident that crime rates in Panama have increased. This is evident from the daily media accounts in newspapers, on the television and also on radio stations. It has become such a serious situation that it is difficult to live in your home without fear of being robbed. This has made life in this region quite unbearable and especially for foreigners. This implies that retirement to this place would mean risking loss of property as well as a reduced life expectancy. This is a factor that is quite unattractive for foreign retirees.
Poor rules and regulations
In Panama, the government and regulatory bodies are reluctant to establish standard rules to govern the various sector of the government. One of the adversely affected departments is the transport sector. This has been brought about by the laxity of the national Panamanian traffic authority to control traffic on the highways. As result, many trucks have become a major cause for accidents due to them not being roadworthy and poor road conditions in some areas. This is an adequate warning sign for any retiree who intends to settle down and utilize their own vehicle as a means of transport.
Increasing levels of corruption
This country is characterized by poor government structures leading to increased levels of dishonesty in the government. This is even worse in the business field. It’s difficult to indulge oneself in the business field and come out very successful. This is very discouraging for any foreigner because it would be difficult to establish close relationships with the top government official which would rather mean that it would take a lot of time before they establish themselves in the new market. The honest citizens are not yet empowered enough to fight these forms of injustices. This makes it an unfruitful effort to patiently wait for any changes in the near future.
In this country, fraudsters take advantage of foreigners who are willing to utilize their savings on real estate ventures. They often act as middle-men during transactions involving purchase of real estate or any form of investment. They target new entrants in the market, provide quick solutions for their investment problems and then end up being conmen. Another strategy of these middle men is to sell imaginary estates to foreigners by using hearsay and photos to convince them. They disappear immediately after any payments are made. Therefore retirement in this country requires that one is extra careful while investing money into any system. Consequently, retiring in this region is a great disadvantage for any foreigner since they will be faced by many challenges in the business market.