Despite its fairly small size, Panama actually offers a wide variety of lifestyle and climate options for those that might be interested in retiring somewhere warm and overseas. There are various different locales you could choose from in Panama ranging from city life to country living. Whether you are looking for a tropical climate or somewhere cooler in the mountains, Panama has got you covered.
Along with different options, there are also locales that can range depending on your expected budget. You could choose to live lavishly in the heart of Panama City or live a much more peaceful and less stressful life in the countryside. Below, we will be going over some of the top things to know about retiring in Panama and where to retire in Panama.
Top Things To Know Where To Retire In Panama:
1. Figure Out What You Want.
The main thing that you will need to do when you are in the process of deciding where to live is figured out what you want from Panama. Because Panama offers such diversity in landscape, climate, and more – you are going to need to figure out what it is that you are looking for.
One of the things that you should be considering when you are in the process of figuring out where to live in Panama is your budget. Your budget is something that can truly impact your decision. After all, Panama City is one of the most prosperous and growing cities in Central America. Therefore, your budget will likely have to be expanded if you were to move to the heart of Panama City as it offers a very high quality of life with a lot of the conveniences and amenities that you may be familiar with and used to at home. Thus, you can expect to pay anywhere from $1,500 on upwards for an apartment in the city.
Whereas, if you are looking to live more on a lower budget, you are likely going to want to opt for a second tier city or at least somewhere outside of the city. Outside of Panama City and in various second-tier cities, you can find different homes or apartments available for as little as $400 per month.
3. Benefits Of Retiring In Panama.
Panama is one of the most appealing places for retirees to look to retire because the country itself offers a tremendous amount of benefits directly to this segment of people. Along with this, there are direct benefits to the country and it’s tied with the United States as well. Retirees have one of the best incentive programs in the entire world for those that are looking to move to the country.
Some of the biggest retirement benefits that they offer to those looking to make Panama their home are; the ability to import all of your household goods and belongings up to $10,000 tax-free, right to import a car every two years free of taxes, discount on home loans, discount on air travel, discount on hotel stays, discount on medical prescriptions, discount on restaurants, discount on public transportation, discount on doctors visits, and a discount on various entertainment activities.
Where To Retire In Panama:
Coronado is a developed beach town near Panama City. Because Panama City can get extremely hot, a lot of those with means end up keeping a holiday house or condo at the beach. Because a majority of Panamanians enjoy going to the beach after their workweek ends, these properties and their respective value have skyrocketed over the past decade or so. Thus, this is most certainly going to be for those that are in the higher budget tier. As long as you are willing to pay for the privilege, this is an excellent option for anyone looking to live at a beach that is comfortably close to a city without all of the noise.
The beach town itself is about a two hours drive to and from Panama City without traffic. The town itself is home to around 600 people with a good mix of expats and locals. Because of this, it is a very good entry point for anyone that is looking to move to Panama but still retain the comforts that they might be used to back home.
If you are looking for a much more comfortable climate with an established expat community, this is one of the best options to consider. This particular city has a much more comfortable climate for most due to it being located up much higher in the interior highlands. While this isn’t the only town located in the mountains of Panama that are worth living in, it happens to be the best known and the single most developed option.
Boquete has actually been regularly attracting retirees for years. In fact, there are now probably just as many expats living here as locals. For this reason, it is a good place to retire if you are not able and/or unwilling to learn Spanish. Because there are so many English speakers around, you should be able to get by with minimal Spanish speaking abilities. With that being said, it is not going to be the most budget friendly option.
3. Las Tablas.
This is a safe and friendly colonial town along Panama’s Pacific coast. If you are one that is looking for a laid back lifestyle at a very appealing budget, this is a great option to consider. This particular colonial town can be lived in for as little as $1,200 per month. This is an especially appealing option for those that are looking to really get away from it all and live a comfortable and laid back life on the outskirts without having to worry about the stresses of city living.
This particular colonial town is a good four hours from downtown Panama City. Therefore, you can expect long travels to the city when you desire to head to it. With that being said, Panama has some of the best highways in Central America. Luckily, you can travel from Las Tablas directly to Panama City on one of the best and most well-maintained highways. It is important to note. Las Tablas is primarily inhabited by locals and you will find much fewer expats living in this town. Therefore, you will need to speak some Spanish.
4. Santa Fe.
Another good option for those that are considering moving and retiring in Panama would be Santa Fe. This is a remote mountain village where you can live very comfortable on a shoestring budget. Because it would require some sacrifices, not everyone would be comfortable nor happy living in Santa Fe. This is especially true if you are planning on moving there full time. While it is a beautiful region that is also safe, it is not going to provide you with the same lifestyle you are likely accustomed to. Not only would you be living among locals, but you would absolutely need to speak Spanish to live here.
Along with this, you would be needing to be comfortable putting a lot of effort into building your life here. As long as you are willing to put up with the sacrifices you might have to make and you want to engage in mountain living, this might be an option to consider. However, if you have the budget for it, and you want mountain living, Boquete is likely the better option.
5. El Cangrejo.
This is one of the absolute best places to consider moving and retiring if you are interested in Panama. It offers some of the best of the Panama City lifestyle. This is a relatively compact city that is full of around 1.5 million people. The city offers just about everything from high-rises to suburban neighborhoods. You will be able to find a variety of areas that you can consider here whether you are looking to be right in the middle of the action or further away from it.
El Cangrejo is a great place in Panama City because it offers an incredible amount of restaurants and things to do. A number of expats flooding into this area is astounding and it offers a fairly cosmopolitan lifestyle that you might be used to at home. Along with this, the cost is fairly affordable for the experience that you will be able to get. While it is not going to be the cheapest available option, the rent is reasonable and the overall cost of living is viable. It is well located and finding an apartment for under $1,000 shouldn’t be an issue. A reasonable amount of money to expect to pay while living in this area of Panama City would sit anywhere from $1,800 to $2,000.
Overall, there are a lot of different places you could considering moving in Panama. Panama itself offers an incredible amount of diversity when it comes to living options. Because the entire country offers so much diversity in terms of landscape, altitude, and climates, you should be able to find the perfect area to suit your ideal lifestyle.
Whether you want to be beach front or up in the mountains, you will have a great area and community to choose from. Or perhaps you want to be in the center of the city and continue your cosmopolitan lifestyle, that option is available to you as well. As noted above, you will be able to enjoy all of the benefits that come with being a retiree in Panama. Along with this, you will get the added benefit of moving to a country that utilizes the same currency as the currency that you use at home. Thus, it is going to provide a good amount of convenience for you not having to convert everything into local currency in order to make transactions or move things around.
Hopefully, we have shored up some of the best places on where to retire in Panama within this article. Panama is a great place to consider moving and it offers one of the best incentive packages to those that are willing to relocate and retire in the country. Therefore, it makes sense to have it as one of your top options to consider when you are looking for places to move to. The economy is excellent and shows no signs of slowing down anytime soon. Therefore, it is the perfect time to move to Panama as it is on the verge of becoming one of the most prosperous cities not only in Central America but in Latin America.