Living, Working, Investing, and Retiring in Panama

Panama, located at the southernmost tip of Central America is a land bridge which connects the Americas and is home to over 4 million people. It is known for its different coasts lying along the Caribbean and Pacific which makes it a choice destination for surfers, scuba divers, and fishing. The location is also characterized by several landscapes such as rainforests, mountains, hundreds of islands and rural farmlands.

Regardless of your choice of a good destination, Panama offers a wide range of options for people of all ages. Several thousands of individuals either visit or move to Panama on a yearly basis and in this article, we shall discuss what it means to live, work, invest and even retire in Panama.

Panama after gaining its independence in 1903 with the support of the U.S has since experienced a significant turnaround in all ramifications. At the time of writing this article, it is developing rapidly and is one of the choicest destinations for people who intend to live in the region. Some of the few reasons which make it a good location is attributed to the following;

1. Cost of living

A good number of people move to Panama because the cost of living relatively low and very affordable. It is characterized by low price on basic necessities such as utilities, housing, and food. In Panama, a monthly income of $1000 is more than enough to satisfy all your needs if you choose to live in the more rural areas.

For those from the United States, since the official currency of Panama, the Balboa is pegged to the U.S Dollar, it eliminates need to exchange your income into another currency.

Panama also offers a wide range of residency options such as friendly nation’s visa, pensionado program, Person of means visa, Professional employment visa and Reforestation investor visa which are aimed at absorbing all foreigners into the economy of Panama.

The below chart, in column B is a representation of my actual expenses, a 54 year old single male, living in the mountain town of Boquete. Column C could represent a couple. Now, I could live less, or more, it depends on a lot of things.

Living, Working, Investing, and Retiring in Panama

2. Climate

Panama experience an all year long summer with a long rainy season and relatively short dry season. By virtue of its location on the equator, Panama falls within the Tropical Monsoon Climate, and its position below the Atlantic Hurricane belt excludes Panama from a long list of places prone to hurricanes.

The average temperature recorded throughout the year is around 85 degrees Fahrenheit which is not affected by season. Panama experience two major seasons; la seca (dry season) and la lluviosa (wet season). In many mountain towns, the climate is much cooler for those who do not like the heat.

Living, Working, Investing, and Retiring in Panama

3. Reliable healthcare

As far as healthcare is concerned, Panama offers one of the best quality infrastructures the Americas has to provide so if you intend to move to or retire in Panama access to healthcare should not be a challenge. Regardless of your chosen location in Panama, it is quite impossible to come across a place without potable drinking water, high-speed internet connection, and reliable power supply.

Conclusion

Panama is known to have one of the most accommodating and inviting people in the world; they offer a warm welcome to newcomers thus assisting them to enjoy a stress-free transition.

The only challenge with Panama is the language barrier most individuals may face if they are not conversant with Spanish. But this is not a challenge as you can always learn the language, and there are money large expat communities where English is more prevalent.

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