Maybe I was ready to be “taken” when I arrived in Panama to study Spanish ….but I sure didn’t think I’d be living there within the year. After being “liberated” from a position I thought I’d be in forever or at least until retirement, I suddenly had the “gift of time.” So why not have an adventure, learn a language, see the world? Panama is where I started. I found an inexpensive Spanish school that offered a home-stay with a Panamanian family and booked the flight. Three short weeks later I was hooked on this small country. I went back home put my house on the market in June, it sold in July and I moved to Boquete in September.
The beauty of Panama caught my attention three years ago when I visited this country for the first time. Its picturesque highlands, beautiful beaches, great weather, and amazing culture left a positive mark on me, I vowed to return to Panama as a retiree and live in Panama for good. If you’re exactly like me, an American who was looking for the best place to retire, Panama is a fantastic choice. Sure, life isn’t a bed of roses, but retiring to Panama has been one of the best decisions I’ve ever made. Panama can give you lots of good reasons to stay and retire there. You can live a fabulous life in Panama, the kind that allows you to live the good life, a comfortable life where you can relax and enjoy the fruits of your labor.
Here are the top 7 reasons why retiring to Panama is an excellent decision:
Low cost of living is perhaps the top reason why Panama is attracting many retirees each year. In fact, for 5 straight years, the influx of expats from around the world has kept increasing. The basic necessities in Panama are cheap as well as healthcare, health insurance, and many more. You can have a delicious lunch with a friend for less than $7 including drinks. Things are very cheap in Panama, allowing you to enjoy the good life while having extra money for your other needs.
Natural beauty is another popular response when expats are asked why retiring to Panama is a wise move. The country has spectacular scenery and beautiful beaches that one can’t simply get enough of. It feels great waking up each day to a fantastic view outside your window. My rented house has an amazing view that’s refreshing, invigorating to the mind and soul.
The weather is great in Panama. Cold, freezing temperature is going to be a thing of the past when you retire in Panama. There are also no hurricanes in this country that can damage the house that you’ve built and grown to love.
The Panama Canal is another reason why retiring to Panama is a real treat. This historic canal connects the Atlantic Ocean to the Pacific Ocean via the Caribbean Sea. The country’s economy is derived about 20% from the canal. The Panama Canal also provides plenty of jobs for the Panamanians. The canal boosts international maritime trade and business, and uniquely identifies Panama from other countries in the world.
Panama is a place where Americans and Europeans are most welcome. There are various incentives for expats who want to permanently settle in Panama. The pensioners’ visa can be easily acquired so long as you have the requirements and proof of monthly income from a reputable source. There is also a growing expat community in Panama so you won’t feel at all like a foreigner.
The US dollar is the currency of Panama. Americans do not need to worry about fluctuating exchange rates and currency exchange. Panama also acquires their money from the world market so inflation is not a concern because the money is not made out of printing machines. In addition, the US dollar remains as a very strong, reliable currency.
Like the US, Panama is a democratic country. You have the freedom of speech, religion and many more. If you become a citizen, you can vote for your favorite leaders in government. There’s no military in Panama. You can enjoy living in Panama as long as you want so as you are a legal resident.
Life in Panama has been good to me. I have established a business here and continue to make friends with the locals and expats around the area. Moving to Panama has benefited a lot of people and might also benefit you. There are always challenges in life, that’s a given. However, you can do something to make your life better. Find a place where you can spend less money for your needs. Look for a place where you can relax and enjoy life without always being stressed out about money. Panama is one of the best places to live in the world. You should experience it too!
Come see why so many people are moving to Panama … and save money too!
Panama’s economy is strong. Their GDP ,the Gross Domestic Product, an estimate of total wealth of a nation). 2012’s annual growth 10.5% rate 7th place globally (for comparison, the US ranked 134th, Canada 143th, The UK 189th, and Germany 171th see the full list here from the CIA web site ).
The Panama Canal generated $1 billion in income for the 2012 fiscal year, according to the Canal Authority, ACP. The figure shows an 8.6 increase compared to the previous fiscal year.
The Panama Canal expansion, scheduled to open in late 2014, will nearly triple the Canal’s capacity, increasing the maximum vessel size from 4,400 TEUs to 12,600 TEUs (a TEU, or twenty-foot equivalent unit, is about the size of one intermodal container). This means that larger, more cost-effective vessels will be able to call on East Coast ports, bypassing the transcontinental trip on western railroadswill more than double the current revenue of the Panama Canal Authority. [Read more…]