Moving to Panama
Do you want to start fresh and retire or move somewhere new? What about the country of Panama? It’s possible that you’ll find your ideal home in this small country in Central America. More and more people are making their new beginnings in Panama because of the country’s pleasant tropical climate, beautiful scenery, and abundance of modern amenities.
Benefits of living in Panama
For Westerners looking to relocate, Panama has a number of advantages. Among the most frequently mentioned advantages are:
Cost of living: Compared to other countries in North America and Europe, Panama has a relatively low cost of living, which can be a major draw for retirees and those on a tight budget.
Panama has a tropical climate with warm temperatures all year, which may appeal to those seeking to escape colder climates.
Natural Beauty: Outdoor enthusiasts and nature lovers will enjoy Panama’s lush rainforests, beautiful beaches, and diverse wildlife.
Panama City is a modern metropolis with all of the amenities of a first-world city, such as international airports, world-class hospitals, and good infrastructure.
Tax advantages: Panama offers several tax advantages to retirees and foreign residents, including exemptions from income tax on foreign-earned income and no property tax on a primary residence.
Panama is a melting pot of different cultures and nationalities, and this diversity can be seen in the food, customs, and people, which can be appealing to those who want to experience new cultures.
English is widely spoken in Panama, particularly in expat communities and tourist areas, making it easier for Westerners to communicate and navigate day-to-day life.
Safety: Panama is regarded as one of the safest countries in Central America, with a lower crime rate than many other countries in the region.
It’s important to remember that each experience is unique, and the benefits that one person finds appealing may not be the same for another. Before making any decisions, it is always advisable to visit the country and experience it for oneself.
Housing options
There are numerous housing options available for those wishing to relocate to Panama. Some of the most common choices are:
Renting an apartment or a house is a popular option for those who are new to the country or are unsure of where they want to live. Rental prices vary according to location and size of property, but are generally lower than in other countries.
Purchasing: Purchasing a property in Panama can be a good investment, as well as allowing expats to settle permanently in the country. There are many different types of properties available, such as apartments, houses, and land. Prices vary according to location and type of property, but are generally lower than in other countries.
Gated Communities: Gated communities are a popular choice for expats because they provide a sense of security as well as a community of like-minded individuals. Many gated communities in Panama provide amenities such as swimming pools, gyms, and tennis courts, and they can be found throughout the country, including in urban and rural areas.
Retirement Communities: Panama has a number of retirement communities designed specifically for foreigners, which provide a variety of amenities and services to retirees. Some of these communities provide discounts to older adults as well as other benefits such as tax exemptions.
Live-aboard boats: For those seeking a unique experience, living on a boat in one of Panama’s marinas may be an option. Panama has a number of marinas with boat owner facilities and several cruiser communities; this option is mostly for people who enjoy the sea and want to live a more adventurous lifestyle.
Before making any decisions, it’s always a good idea to do some research and travel to the country to see the properties in person.
According to Numbeo, housing costs for expats in Panama are relatively low when compared to other countries. A one-bedroom apartment in the city center costs about $858 per month on average, while a one-bedroom apartment outside of the city center costs about $716 per month. A three-bedroom apartment in the city center costs about $1,848 per month, while a three-bedroom apartment outside of the city center costs about $1,572 per month. Expats frequently report slightly higher rents, particularly in more resort or upscale areas.
Locations
Panama has numerous options for people looking to relocate or retire. Some of the most popular expat and retiree destinations include:
Panama City is the capital and largest city of Panama. It is located at the Pacific entrance of the Panama Canal, and is a major commercial and cultural hub of Central America. The city is a modern metropolis, with a blend of old and new architecture, including the historic Casco Viejo neighborhood, which is a UNESCO World Heritage Site. The city offers a wide variety of cultural and recreational activities, such as museums, art galleries, theaters, and parks.
The city is also home to many iconic landmarks, including the Panama Canal, which is a major engineering feat and a major source of revenue for the country. The Panama Canal is a waterway that connects the Atlantic and Pacific Oceans and is considered one of the greatest engineering achievements of the 20th century. The city also has a thriving financial district, with many international banks and businesses having a presence in the city. Additionally, Panama City offers a diverse range of dining and entertainment options, from local street food to high-end international cuisine.
Coronado is a beach town located in the Coclé province of Panama, known for its beautiful beaches, luxury resorts, and high-end real estate. The town is situated on the Pacific coast, and it offers a wide variety of recreational activities such as swimming, sunbathing, and water sports. The town is home to several luxury resorts, which offer a variety of amenities such as spas, golf courses, and fine dining.
Coronado is also known for its high-end real estate, and it is a popular destination for retirees, expats, and second-home buyers. The town has a large and growing expat community, and it offers a wide range of services catering to the expat community such as supermarkets, international schools, and medical facilities. Coronado is surrounded by beautiful natural landscapes, and it offers many opportunities for outdoor activities such as hiking, bird watching, and horseback riding. The town is also known for its vibrant nightlife and entertainment, with a variety of bars, nightclubs, and restaurants catering to tourists and locals alike.
Boquete is a small town located in the Chiriquí province of Panama, known for its cool climate, natural beauty, and outdoor activities. The town is situated in the highlands of the country, at an elevation of about 1,200 meters above sea level, and it offers a cool and comfortable climate all year round. Boquete is surrounded by lush tropical vegetation and is home to a wide variety of flora and fauna, including orchids, hummingbirds, and monkeys.
Boquete is a popular destination for outdoor activities such as hiking, bird watching, and horseback riding. The town is also known for its coffee, which is grown in the surrounding hills, and visitors can tour local coffee plantations and learn about the coffee-making process. Additionally, Boquete is known for its traditional Panamanian culture and architecture, and it has a strong indigenous heritage. The town is also a center for ecotourism, with many tour operators offering guided hikes, bird watching and other outdoor activities to visitors. Boquete also has a growing expat community, and it is a great place for retirees and people looking for a relaxed and peaceful lifestyle.
David is a city located in the Chiriquí province of Panama. It is the third-largest city in the country and it serves as the capital of the province. David is known for its strategic location, as it sits at the crossroads of major highways connecting Panama City, Costa Rica, and the western provinces of the country. The city is a major commercial center and has a growing economy, with a large number of businesses, banks and shopping centers.
David has a diverse population, with a mix of indigenous, Afro-Caribbean, and expat communities. The city is also home to a number of universities and educational institutions, making it a hub for education in the region. David is surrounded by beautiful natural landscapes, and it offers many outdoor activities such as hiking, bird watching, and horseback riding. Additionally, David is known for its traditional Panamanian culture, with many colorful homes, churches and local festivals. The city has also developed a reputation for being a medical tourism destination, with many medical facilities and clinics providing high-quality medical services.
Pedasí is a small town located on the Azuero Peninsula in Panama, known for its beautiful beaches, small-town charm, and friendly local community. The town is situated on a picturesque bay, with a wide sandy beach that is perfect for swimming and sunbathing. Pedasí is also known for its excellent surf and fishing opportunities, which attract many tourists and locals alike. The town is surrounded by lush tropical vegetation, and it offers many opportunities for outdoor activities such as hiking, bird watching, and horseback riding.
Pedasí is also known for its traditional Panamanian culture and architecture, it has a strong Afro-Caribbean heritage and this can be seen in its colorful homes, churches and local festivals. The town is home to a number of historic sites, including the Church of the Virgin of the Rosary, which dates back to the 18th century, and the Pedasí Museum, which showcases the town’s rich cultural heritage. Additionally, Pedasí is known for its local crafts such as ceramics, basketry, and traditional textiles.
Volcán is a small town located in the Chiriqui province of Panama, known for its proximity to the Barú volcano, the country’s highest peak. The town is situated at the base of the volcano and it offers an ideal location for outdoor activities such as hiking, bird watching, and camping. The volcano is an active stratovolcano, which means it is a tall, conical volcano built up of many layers of hardened lava, ash, and rock. The volcano’s last known eruption was in 1550, but it has been active in the past and it’s considered potentially active.
Volcán is a popular destination for hikers, as it offers a challenging climb to the summit of the volcano, which rewards with spectacular views of the surrounding area. The town also offers many opportunities for outdoor activities, such as bird watching, fishing and hot springs. Additionally, Volcán is known for its traditional Panamanian culture and architecture, with many colorful homes, churches, and local festivals. It is also a hub for agriculture, particularly coffee and dairy farming, and visitors can enjoy locally produced products such as cheese and coffee.
Bocas del Toro is a group of islands located in the Caribbean Sea in Panama, known for its beautiful beaches, lush tropical vegetation, and vibrant coral reefs. The archipelago is made up of several main islands, including Isla Colon, Isla Carenero, and Isla Bastimentos, each of which offers a unique experience. The islands are a popular destination for tourists looking for sun, sea, and sand, and are known for their excellent conditions for swimming, snorkeling, and diving. The coral reefs that surround the islands are home to a wide variety of marine life, including colorful fish, sea turtles, and dolphins.
Bocas del Toro is also known for its Afro-Caribbean culture, which is reflected in the architecture, music, and traditional festivals of the area. The islands are home to many traditional villages, such as the indigenous village of Boca del Drago, where visitors can learn about the local culture and customs. Additionally, the islands are known for their laid-back atmosphere, and are a popular spot for backpackers and other budget travelers. There are many opportunities for adventure activities such as hiking, kayaking, and surfing. The town of Bocas del Toro, located on Isla Colon, is a hub for tourism and offers many options for accommodation, dining and entertainment.
El Valle de Antón is a small mountain town located in the Coclé province of Panama, known for its natural beauty and tranquil atmosphere. The town is situated in a valley surrounded by lush tropical forests, and it offers a variety of outdoor activities such as hiking, bird watching, and horseback riding. The town is also known for its natural hot springs and its proximity to the Barú volcano, which is the highest peak in Panama.
El Valle de Antón is known for its rich biodiversity and it is home to many species of plants and animals, including monkeys, toucans, and parrots. The town also has a vibrant local market where visitors can purchase locally made crafts, such as pottery, woodcarvings, and woven textiles. Additionally, the town is known for its natural beauty and is a popular destination for eco-tourism, it offers visitors the chance to enjoy the tranquility of the mountain town, away from the hustle and bustle of the city. It’s also considered a great spot to relax and enjoy the fresh air, clean water and the natural beauty of Panama.
It’s important to remember that everyone has different preferences and priorities; what one person considers to be a great location may not be the best option for another. Before making any decisions, it is always advisable to visit the country and explore various locations.
Visas
There are several visa options and requirements for westerners who want to visit or relocate to Panama. The most common choices are:
Tourist Visa: The most common option for those visiting Panama for tourism is a tourist visa, which allows for a stay of up to 180 days and is renewable for an additional 90 days. A valid passport, proof of financial solvency, and a round-trip ticket or proof of onward travel are required to obtain a Tourist visa.
Permanent Residency Visa: A Permanent Residency Visa is an option for those who wish to permanently relocate to Panama. There are several types of Permanent Residency Visas, each with its own set of requirements, but they all require a clean criminal record and proof of adequate financial resources.
A Retirement Visa is a type of Permanent Residency Visa for people who are retired or have a steady income and want to retire in Panama. To be eligible for a Retirement visa, you must have a steady monthly income of at least $1,000 and proof of a pension or retirement income.
Self-Economic Solvency Visa: This type of visa is for those who can demonstrate that they have sufficient financial resources to support themselves and their families. You will need to show that you have a bank account with a balance of $5,000 or more, as well as other financial assets such as real estate, shares, or bonds.
A Business Visa is available for those wishing to start a business or invest in Panama. You must show proof of investment in a Panamanian business, such as a deposit of at least $160,000 in a Panamanian bank account, or proof of ownership of a business in Panama, to qualify for a Business Visa.
It’s important to note that visa requirements and regulations are subject to change, so it’s always best to consult with a lawyer or immigration specialist to ensure you have the most up-to-date information. Furthermore, it is critical to have all of the necessary documents and to follow the correct procedures to avoid any delays or complications in the process.
More Visa Information
Food
Panama’s food scene is a melting pot of cultures and flavors, reflecting the country’s diverse population. Traditional Panamanian cuisine is known for its hearty and flavorful dishes, which combine indigenous, African, and Spanish influences. Among the most popular Panamanian dishes are:
Bistec Picado: A popular Panamanian food, Bistec Picado is a spicy beef stir fry dish that is often served as a main course. It’s made with thin slices of beef, onions, peppers, and spices, and it is usually served with rice and beans.
Carimañolas: are a traditional Panamanian snack made from yuca, or cassava, that is stuffed with meat or cheese and then fried to a golden brown. They are often served as an appetizer or snack, and can be enjoyed with a variety of dipping sauces.
Carne Guisada: is a hearty and flavorful stew made with beef, vegetables, and spices. It is a popular dish in Panama, and it is often served with rice, beans, or plantains.
Caldo De Bolas De Verde: is a traditional Panamanian soup made with green plantain dumplings, also known as “bolas de verde”, which are made from mashed plantains, flour, and spices. The soup is typically made with chicken or beef broth and it is often served with a side of rice.
Chicheme: is a traditional Panamanian beverage made with corn and milk. It is typically sweetened with sugar or cinnamon and it is often served cold. It is considered a traditional drink and it is often served during festivals and other celebrations.
Cocadas: is a traditional Panamanian dessert made with coconut, sugar, and condensed milk. It is often served in small, round balls and it is considered a sweet treat.
Hojaldras: is a traditional Panamanian breakfast dish made from a type of fried dough, similar to a doughnut. It is often served with coffee or hot chocolate and it is considered a popular breakfast food.
Panamanian Corn Tortilla: is a typical tortilla preparation, made with corn flour, water, and salt. It is often served as a side dish or as a base for other Panamanian dishes.
Panamanian Tamales: are a Christmas delicacy, made with a dough made of corn, pork, and spices, wrapped in banana leaves and steamed. They are considered a traditional Christmas food and they are often served with a side of salsa.
Patacones are a popular side dish made from green plantains that are sliced and then fried twice to a golden brown. They are often served with a sprinkle of sea salt and served with pico de gallo or mashed black beans. Patacones make a great appetizer or side dish, and are a staple in Panamanian cuisine. They can also be topped with various ingredients such as meat, cheese, or beans for a more substantial dish. They are often enjoyed as a snack and are also served in many restaurants and street vendors.
Platanos Maduros: are a caramelized item, made with ripe plantains that are sliced and then fried to a golden brown. They are often served as a side dish, but they can also be used as a topping for desserts or other sweet dishes.
Ropa vieja: is a traditional Panamanian dish made with slow-cooked beef, vegetables, and spices. The dish is often served with rice, beans, or plantains and it is considered a comforting and hearty meal.
Sancocho de gallina Panameño: is the National dish of Panama, it is a hearty stew made with chicken, vegetables, and spices. It is often served with a side of rice or plantains, and it is considered a traditional and comforting dish.
Sopa Borracha: is a traditional Panamanian dessert that is similar to a bread pudding. It is made with bread, milk, and sugar, and it is often served with a side of caramel or chocolate sauce.
Tostones: are a popular fried side dish made from green plantains that are sliced and then fried to a golden brown. They are often served as a side dish, but they can also be used as a topping for other dishes.
Yuca Frita: is a traditional Panamanian side dish made from yuca, or cassava, that is peeled, sliced, and then fried to a golden brown. It is often served with a side of dipping sauce and it is considered a comforting and delicious dish.
Panama City has a diverse culinary scene, with options ranging from Italian, Chinese, Indian, and Mediterranean cuisine, to name a few. Panama City also has a number of high-end restaurants, bars, and cafes that cater to a wide range of tastes and budgets. There is also a burgeoning craft beer and cocktail scene in the city, with many bars and breweries serving locally made products.
Outside of Panama City, there are a variety of local eateries and street food that serve traditional Panamanian cuisine. For example, seafood restaurants can be found in beach towns, while local eateries serving traditional dishes can be found in mountain towns.
Overall, the food scene in Panama is diverse, with a variety of options for foodies and those looking to try new and delicious dishes. It’s an excellent opportunity to sample local flavors and ingredients while learning about the country’s food culture.
Safety
Expats in Panama are generally safe, but as with any country, it’s important to take precautions and be aware of potential hazards. Although Panama City is considered relatively safe, it is always advisable to be vigilant and take precautions in congested areas, especially at night.
The crime rate in the country is relatively low, but pickpocketing and theft can occur in tourist areas, so be cautious with your belongings. In addition, gang activity has increased in some areas in recent years, so it’s critical to check the security situation before relocating to a specific area.
Although violent crime is uncommon in Panama, it is always prudent to exercise caution, especially when traveling alone or at night.
Furthermore, it is critical to be aware of natural hazards such as hurricanes and floods, particularly in coastal areas, and to have emergency plans in place.
Overall, expats in Panama feel safe and secure in the country if proper precautions are taken.
Language
Although Spanish is the official language in Panama, English is widely spoken in expat communities and tourist areas. This can make communication and navigating day-to-day life easier for expats and retirees. However, it’s important to remember that not everyone in the country speaks English, especially in more rural areas or among older generations, so learning some basic Spanish to communicate with locals and fully immerse in the culture is always a good idea.
Furthermore, in Panama City and other urban areas, there are a variety of services available to English speakers, such as grocery stores, doctors and dentists, and other services.
Learning Spanish can be a great way for retirees to socialize and connect with the local community, as well as for those who plan to travel around the country or to other Spanish-speaking countries.
While English is widely spoken in Panama, it is always beneficial to learn at least some basic Spanish to enhance your experience and fully immerse yourself in the culture.
What Do People Say?
The main advantages of living in Panama, according to expats and travelers, are:
Cost of living: Panama is known for its low cost of living, which can be a big draw for retirees and those on a tight budget.
Panama has a tropical climate with warm temperatures all year, which may appeal to those seeking to escape colder climates.
Natural beauty: Panama is well-known for its lush rainforests, beautiful beaches, and diverse wildlife, which outdoor enthusiasts and nature lovers can enjoy.
Panama City is a modern metropolis with all of the amenities of a first-world city, such as international airports, world-class hospitals, and good infrastructure.
Tax advantages: Panama offers several tax advantages to retirees and foreign residents, including exemptions from income tax on foreign-earned income and no property tax on a primary residence.
Panama is a melting pot of different cultures and nationalities, which may appeal to those looking to experience new cultures.
English is widely spoken in Panama, particularly in expat communities and tourist areas, making it easier for Westerners to communicate and navigate day-to-day life.
Safety: Panama is regarded as one of the safest countries in Central America, with a lower crime rate than many other countries in the region.
Visa options: Panama offers a number of visa options for foreigners, which may appeal to those looking to relocate or retire.
It’s important to remember that every experience is unique, and the benefits that one person finds in Panama may not be the same for another, because everyone has different preferences and priorities. It is always advisable to visit the country and explore various areas before making any decisions.
Furthermore, keep in mind that, while Panama has a lot to offer, it also has its own set of challenges, so proper research and preparation are required to ensure a smooth transition.
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