The race to attract U.S. and Canada baby boomers

NewsRoom, Panama

THE GLOVES are off as Central American countries and Mexico vie with each other to attract baby boomer retirees, and their money, from the USA and Canada.

Prime targets

The number of Americans receiving pension payments in Panama has increased by 65%, as 2,164 new people moved in between 2006-11,

However, these figures are dwarfed when compared to Mexico and Costa Rica. More than 50,000 Americans receive their pension payments in Mexico and 5,000 in Costa Rica says CentralAmericaData.

Belize and Nicaragua 2006 people have also joined the race, to attract retirees American pensioners in Nicaragua climbed frpm 595 to 1322 in the five years beginning 2006.

All of the countries are offering residency packages and tax exemptions at rates similar to those granted by Costa Rica. In Nicaragua there is a law which provides advantages for retirees on items ranging from cars to building materials.

In Panama, there is a program which has reduced the requirements to invest in property, businesses and other endeavors. "The message of this law is simple. "It is 'Come to Panama'" said lawyer Manoj Chatlani.

El heraldo reports: "New luxury complexes, equipped with spas, restaurants, marinas and golf courses, are spreading.
Developers say they are using more materials that add quality and luxury which is designed to appeal to buyers with high purchasing power.

In Belize, developers are trying to promote the country as a place for retirees to live in luxury. They are currently building a complex which will hold 2,000 residential plots, 250 condominiums and townhouses and a marina with capacity for up to 250 boats.