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If you’re thinking about retiring abroad for a new adventure, for the lower cost of living, better weather, or just because you’ve always wanted to be a gypsy? The perfect country to choose is Panama! Below are a dozen reasons why retirees move to Panama. This is not all of the reasons, but this will give you a small sampling of why Panama is the perfect destination for your retirement!
- Acceptance and Welcoming of Foreigners
Panama is very friendly to foreigners who retire in Panama. They welcome you! The Panamanian people are the friendliest and most kind people in the world. Most expats who live in Panama are very welcoming too. There are frequent events to help you meet people. You will feel right at home the minute you arrive! Be warned that your party calendar may fill up once you move to Panama!
- Use of the American Dollar.
If you’re moving from the United States, you will not have to learn a new currency system or deal with currency conversions. Panama uses the United States dollar, which makes moving to Panama much easier. However, Panama does have some Panamanian coins that are the same size as US coins. Other than that, all the coins are US or Panamanian coins that look just like their US equivalents. A quarter, nickel, and penny may be Panamanian coins, but they will look very much like what you are used to. All bills used are in United States Dollars. That said, it is rare to find a large bill such as $100.00 in Panama. Having smaller bills when going to a store or restaurant is best. Generally, you will be fine if you carry $20.00 or smaller bills when paying for anything in cash in Panama. Most places take Visa or Mastercard credit cards, but you may find a smaller establishment only accepts cash. For instance, some of the smaller family-owned “Fondas” (Panamanian restaurants) will have a sign saying “Efectivo Solo” (cash only). So it is wise to always carry some cash with you.
- Use of English in Panama
Several towns in Panama have a large expat community. In those towns, it is quite common for Panamanians to know some English or even be very fluent in English. However, there are many areas in Panama where only Spanish is spoken, so it is best to have a translation app like Google Translate on your phone. You can start learning Spanish with a free app called DuoLingo.
- The Ease and Proximity to North America (both speed and cost of the airfare)
When choosing a different country to move to, it is important to be able to quickly return to your home country if need be. Panama City Tocumen International Airport is a 2 ½-hour flight from Miami, a major hub in North America. You can often find special deals on flights that make going back and forth both affordable and fun! There are nonstop flights from Panama City to destinations all over the world.
- The Stability of the Government and the Economy
For more than 30 years, Panama has had a very stable democratic government. Also, Panama’s economy is one of the strongest in Latin America, partly due to the Panama Canal and its strategic location.
- Cost of Living Is Lower
Some areas in Panama are much more affordable than others. So, it’s important to research to determine which areas fit your budget well. An all-inclusive 7-night, 6-day Panama Relocation Tour will help you find the perfect place to live! If you prefer the beach, the beach communities between Chitre and Las Tablas will be more affordable than Coronado. If you prefer the highlands, Volcan is more affordable than Boquete. Whether you live in the mountains or the beach, Panama is the perfect place to live! We can help! Living in Panama will help you stretch your retirement income substantially. Rentals in Panama usually include furniture, utensils, bedding, cable, internet, a gardener, and, in the mountain areas, even electricity. You can just bring your clothes and your toothbrush, and you will have everything you need to retire in Panama! Most of your major month-to-month expenses will be considerably lower in Panama than in any other part of North America.
- Good and Affordable Medical Care
Many of the medications you take require no prescription in Panama. The cost is also a pleasant surprise. One expat’s blood pressure medication costs $12.96 for a 45-count box, and their asthma inhaler (generic albuterol) costs $5.16. Dental cleaning will cost about $50.00. Also, you don’t need a doctor’s note for blood tests in Panama. A complete panel of blood work will cost $45.00, and a cholesterol check will run you around $20.00. X-rays cost about $12 in Panama. You can get an EKG for about $45.00. All the equipment in Panama is top-notch. Panama has some of the best hospitals in the world. The Panama Clinic is the newest and most modern hospital in Panama City. See their video here. You will get first-world care at the private hospitals in Panama.
- Nice Tropical Weather Year-Round (NO hurricanes, tornadoes, or tsunamis)
Panama is situated south of the hurricane zone on both the Caribbean and Pacific. Boaters from around the world come to Panama during hurricane season because they know they will be safe. You can enjoy living right on the beach without worrying about your home being battered or swept away by a hurricane! Because Panama is 9 degrees north of the equator, temperatures are the same year-round. Daytime temps at the coast are 90F degrees (+/-5) all year. For every 1000-foot increase in elevation, the temperature drops 4 degrees. You can literally pick your ideal weather based on the elevation! There is no snow in Panama.
- Easy and Affordable Retirement Visa, plus the perks you get with that Visa
Obtaining a Pensionado (retirement) visa for Panama is very easy and affordable. You only need to prove that you have at least $ 1,000 USD per month in lifetime income, plus $250 if you’re married. With a Pensionado visa, you are entitled to many discounts. Panama is a perfect choice. See the discounts available to retirees:
- 50% off on recreation and entertainment such as movies, theaters, sports, etc.
- 50% off hotels Monday through Thursday (30% off on weekends)
- 30% off public transportation like buses, trains, and boats
- 25% off airfare to anywhere in the world
- 20% off restaurants (15% off fast food)
- 25% off electrical service
- 20% off doctors and specialists
- 20% off prosthetics and other personal assistance devices
- 15% off hospitals and private clinics
- 15% off dental and optometry services
- 10% off prescription medications ( most places give you 20% off)
- tax-free importation of household goods, up to $10,000
There are many reasons to consider relocating to Panama. Pensionado, also called Jubilado, discounts are certainly among them.
- Proximity to Travel to: Costa Rica, Colombia, Miami, Mexico, and more
If you’d like to travel after retirement, Panama is the perfect destination. You have short, affordable flights to both Miami and Colombia, Costa Rica, and other Latin American destinations! Plus, you get a 25% discount on airfare to anywhere in the world once you get your Visa. Living in Panama comes with the perk of being close to neighboring countries! When you retire in Panama, you can check off more travel destinations on your bucket list! Want to take a cruise? There are cruise ports near Panama City. Panama is centrally located in the Americas, which makes travel both fun, easy, and affordable for those who live in Panama!
- The Exotic Flowers, Birds, Waterfalls and the Cloud Forest
People who retire in Panama may think they have landed in the Garden of Eden. Birds of Paradise, Poinsettias, and Orchids grow wild here – all year! Go on a hike in the mountains surrounding Volcan Baru to spot the rare Resplendent Quetzal, or enjoy the delightful motmots that are so magnificent. Parrots and parakeets are everywhere. Many expats living in the mountains spend quite a bit of their time outside on their decks, feeding and watching all the small, colorful birds as they enjoy a snack of fresh fruit. Traveling to the mountains and experiencing the many cloud forests in Panama is a sight that will make you feel like you are in another part of the world! Oh! Wait! You ARE in another part of the world! How lucky are you?
- The size of Panama means the ease of exploring both the Pacific and Caribbean coasts
Speaking of the beautiful flowers, birds, and mountains we have spoken about, there is another big perk to retiring in Panama on a budget. You can experience watching howler monkeys in the jungle, black squirrels in the mountains, and parakeets and iguanas near the ocean all within a few hours’ drive. As stated above, Panama is a narrow country. You can drive from Panama to Costa Rica. Or drive from the Pacific Ocean to the Caribbean in just a few hours! Panama is a wonderful country for day trips. For those living in the mountains, in a little over an hour’s drive, you can enjoy a tropical resort swimming in the ocean all day, drinking Piña Coladas on the beach, and still returning home before dark. Many resorts offer affordable day passes that give you access to their amenities, such as the pool and changing areas, which many retirees take advantage of! Now, that is what is called a perk!
You can see why living in Panama is a retiree’s dream.
Panama is one of the safest countries for retirement and offers a variety of different areas to enjoy. The weather stays at a constant temperature depending on where you live, so it is very easy to forget that there is winter in some parts of the world! (The photo above was taken in January!)
Panama is one of the top retirement destinations, and a dream come true for many retirees!
Come see how you can LIVE BETTER for LESS in Panama!
We can help!
Since 2010, we have offered all-inclusive 6-day, 7-night Panama Relocation Tours to show you the most popular places to live and teach you everything you need to know to have a smooth, hassle-free move to Panama. We’ve helped 1000s of people retire in Panama the easy way!
