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Panama

Panama
	Capital	Panama
	Population	3,360,474
	Area	78,200 sq km
	Language	Spanish (official), English
	Currency	United States Dollar (USD)
		1.000000$ (USD) = 1.000000$ (USD)

Arguably the country that started the mass exodus of American expats moving overseas, Panama is a safe, close, extraordinarily beautiful country with an excellent, modern infrastructure. Unlike many other countries retirees consider moving to, Panama encourages long-term foreign investment and attempts to do so by offering a plethora of discounts and tax breaks to stay in Panama. Discounts on domestic flights, movie tickets, bus fares, theaters, prescription medicine and doctors visits are all meant to entice expats to stay, and with thousands of American’s already living in Panama, it seems to have worked.

Still considered one of the best places in the world for retires, Panama has a lot to offer. With its modern technology, low cost of living, close proximity to the United States and natural beauty, Panama is a diverse county with something for everyone.

Top 3 Places to Live and Invest

Panama City is a major metropolis seated right on the oceanfront. Often jokingly referred to as the “Miami of the South” where the only difference is “they speak more English.” All jokes aside, one of the draws of Panama City is the amount of English that is understood and spoken. If you long for the bright lights of the city yet still crave the beach than Panama City might be the place for you. Real estate prices have gone up in the past few years, but condos with an ocean-view can be found from $150,000 and further from the water condos go for much cheaper, around $80,000.

Near Panama City, but seeming in another country is the town of Sora. Much of Sora is filled with a modern development called Altos del Maria where most of its inhabitants live in Panama City and come to the mountainous countryside for the weekends. Inside a gated community, plots of land go for $69,000 and a small 3-bedroom house located in the countryside is on offer for $85,000. More exclusive brand new homes with views of the mountains are sold for between $198-400,000.

Boca del Torro is the name of one of Panama’s nine provinces. Part island, part mainland, this area was unheard of to tourists 10 years ago. English is widely spoken here due to British colonization and the people of Boca are mostly of African and Caribbean decent. A titled ocean front lot in Bocas Town (located on the main island of Colon) is on offer at $169,000 and smaller lots can be found at $80,000. Prices for new 2-bedroom condos on Bocas Island a few minutes from downtown can be found at $105,000 and an 84-acre family estate complete with 2 islands is on sale for $395,000 (and the price is negotiable!)

Health and Senior Benefits

Panama has the best medical system in Central America and one that is on par with American healthcare standards. Medical tourism is a growing trend in Panama, which means most doctors are educated overseas and speak English. Prescriptions and over the counter medications are available at low cost, health insurance is affordable, although with the low cost of medical care many expats find it easier to pay out of pocket and buy Medical Evacuation insurance (about $250 a year). The new state of the art private Punta Pacifica Hospital affiliated with Johns Hopkins Hospital in the United States just opened in Panama, ending all disparities between Panamanian and American medical services.

The senior benefits offered for those enrolled in the pensionado program are endless. There are discounts on everything from theater tickets, hotels, airline tickets, fast-food restaurants, utility bills and dentist visits. There are also special lines for “retirees” allowing you to avoid lines at the bank, movie theaters and doctor’s offices. If you invest $50,000 or over you automatically qualify for a 20-year exemption of any import tax on furniture, vehicles and materials as well as on real estate taxes and any taxes levied at airports or piers. There are also tax breaks on starting a tourism-related business: up to 15-year tax exemption on income taxes.

Safety and Infrastructure

The violent crime rate in Panama per year is a fraction of the amount that occurs in New York City on a daily basis. Panama is an extremely safe and politically stable democracy, yet there are always exceptions to that rule. Petty theft is on the rise in Panama City and Colon is generally considered an unsafe area for foreigners at night. There are bars on most windows in Panama and security guards in most apartment buildings where expats would choose to live. These are more precautions for preventing robberies when the opportunity presents itself, rather than from a direct need for iron clad security.

Panama has a very modern infrastructure and the roads are generally safe and well kept. Buses and taxis are not always maintained in safe conditions. Just as a heads up, taxis in Panama don’t use a meter and rarely, if ever, have change. The telecommunications industry is modern and expanding, making Panama the communications hub in Latin America. Internet is as good of quality and speed as any where in the United States, barring the very rural areas and the same goes with cell phone service. Both are widely available and reasonably priced.

Culture and People

Often considered the crossroad to America, Panama boasts a diverse culture and people from its international intersection. A mixture of Latin, European, Black and Indian make up the population of 3.3 million. Panama also has a very urban population with an estimated 75% of the people living in cities (mainly Panama City-Colon areas).

Panamanians are a gentle, friendly people whose favorite past time is to have fun. One of the most important national holidays is the Carnival celebration where the entire country shuts down for some serious partying and relaxation.

The famous Panama Canal and the presence of Americans in the Canal Zone for over 100 hundred years have had a very large impact on the culture of Panama. Many Panamanians and Americans have intermarried throughout the years and American influence can be found in everything. Although Spanish is the national language, English is widely spoken and understood and American name brand clothes and TV shows are everywhere. Roman Catholicism is the most widely practiced religion in Panama.

Average Monthly Budget for a Couple in Panama City, Panama

Rent for a 2-bedroom apartment in a nice part of town: $800
Daily maid service (Monday-Friday, 8 hours a day): $200
ADSL Internet: $50
Telephone (1 landline, 2 cell phones): $75
Cable TV: $50
Water: $8
Electricity: $200
Gas: $3
Private Health Insurance: $50
Food: $100
Transportation (2 cab rides a day, averaging $2.50 a ride): $150
Total: $1686 per Month