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Last week, Jose Manuel Bern, one of Panama’s largest developers, did a webinar to give some insights in to what Panama’s economy and lifestyle will look like after the Covid-19 virus.
Panama will come out of the pandemic much better than other countries because it has many different sources of income and very low debt.
Even though Panama’s borders are still closed and we’re still in a quarantine, ships are going through the Panama Canal every day. Many businesses are still operating in the second largest free trade zone in the world, in Colon Panama. Panama has the largest ship registry in the world. And Panama is still exporting bananas, coconuts, copper, and more.
Because of Panama’s location, it is a distribution hub to the world. This has and will continue to attract many multinational companies to Panama.
Panama does not have a central bank. It cannot print money. Panama must sell a product or a service (like going through the Canal) to make money and they are still doing a very good job of that, even during the pandemic. The IMF (International Monetary Fund) expects Panama to have only a 2% shrinkage in GDP in 2020, the lowest in Latin America.
The same things that attracted people to relocate to Panama before pandemic will attract people even more to Panama after the pandemic. The most important factors are:
* Lower cost of living
* Better weather
* Great infrastructure
* Stable government
* Strong diversified economy
But now, as you will hear on the webinar, Panama is planning even more ways to attract you to relocate to Panama. LISTEN TO THE WEBINAR HERE
Yes, you can live BETTER for less in Panama!
We’ll let you know as soon as Panama’s borders open and we can start doing Panama Relocation Tours again… hopefully soon!
Thank you for keeping us in the loop Jackie! I have a spot reserved on one of the tours in February, and appreciate staying informed of developments there.
William, we look forward to meeting you in February!
Extremely informative. Panama borrowed $2.5 billion even though they qualified for $7.5 billion. It reminds me of each time we bought a home. The bank/realtor always said we qualified for a higher mortgage loan but we always borrowed much less & went with only what we were comfortable with. It’s very comforting knowing that Panama doesn’t over extend itself & they have a good economic future. So glad Jose’ father has survived the virus! Thank you for posting this.
Panamanians hate debt! That’s a good thing.
Is there any other way to get to Panama besides flying? Are there caravans from the states to drive down? I have three rescue dogs and flying is not a choice given the airline restrictions.
Hi Chuck
Many of the borders of countries in Central America are closed now. But when they open then yes, you could drive to Panama. There is a caravan that leaves from San Antonio Texas every other month. Sorry, I don’t have details. Many people fly to Panama with their pets. They would probably need to go in cargo but then it is a short flight for the dogs versus a 14 day drive. Even if you drive down, you will need to get international pet certificates for each pet, get that authenticated, and then get an authorization from the Consulate for each country you drive through to bring your pets in to that country. It might be easier to just fly down with your dogs!
Thanks Jackie for your response. I have 3 rescued dogs, and the airlines only permit one, maybe two, to be transported. Being single, flying s probably not an option. I’m aware that the borders are closed right now, but after researching how the new president in Panama is leading the country, plus the Bern webinar, I am very serious about finding away to get back there. I have a resident visa, granted in 2006 as well, owned a home in ADM, and have trekked the country from the city to Boquete. I congratulate you for the professional and friendly approach of your relocation tours. I am tempted to refresh my memory since leaving in 2013 due to a cancer diagnosis, which fortunately due to the Mayo Clinic, I am cancer free. I strongly believe Panama is the only place to live given the coming collapse of the US, total lack of government leadership, and the rapidly growing of division, unfriendliness, protests, guns, etc. As the stores shelves become empty, and millions are unemployed, have little to eat, we could suffer from armed attacks. Enough. Time, finally, to go, to a better place. Thanks again.
Chuck Griffiths
Before the quarantine, and airline restrictions, several tour folks brought 3,4,as many as 6 dogs on the plane – in cargo. So, hopefully when the quarantine restrictions are over or at least eased up, you could get all three dogs on the plane in cargo. You might talk to your vet about getting one of the dogs certified as a service animal so it could fly in-cabin with you. I’m glad I’m in Panama during the pandemic. The quarantine is not easy but it is saving lives.
I’ll check but I know the paperwork has a very short time requirement, and for one person, can be a hassle. I have thought of finding a cargo ship transport, getting several folks together and charter a small plane. I do not think I am the only one who wants to leave, has animals as family, and is will to invest on a safe and hassle-less method. And there are commercial pet relocation firms as well. First I have to unload a custom home on 8 acres, barn etc. in AZ as the stock market crash has cost me 50% of savings!
The pet relocation companies charge $3000 to $5000 PER pet! A few people have chartered a boat to bring them and their pets to Panama.
Are you familiar with Bob Adams blog, Retirement Wave? He is a big non BS, booster of Panama, has numerous You Tube videos, and the most recent is very positive on Panama, President Cortiz, and the future outlook. Also “America’s Quarterly” has a very positive article on Panama.
I know Bob Adams. He’s a straight shooter! Panama Relocation Tours is the ONLY tour company in Panama that Bob has recommended — see this https://panamarelocationtours.com/the-retirement-wave-and-bob-adams
I checked with one of them awhile ago but after measuring my dogs, I was told they were too big for the cages they use! 65 lb is not huge! I’ll keep checking on different options, but it would be a service if there were alternative methods of transport to Panama for pets. You did have one fellow who brought his horses down, and I had horses too, was going to retire in New Zealand, but the quarantine and cost for the horses was a show stopper!
Thanks for the discussion. Keep up the good work. As soon as Panama is “opened” i’ll fly down, check out some real estate, and maybe sign up for a “refresher tour”!