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No matter where you move, there will always be upfront expenses. There will be moving expenses even if you move across town or within the same state/province.
Though you can reduce your cost of living when you move to Panama, there will be significant upfront costs when you move to a different country. Luckily, there are things you can do to reduce these costs, which we’ll talk about later in the article.
One of the biggest upfront costs when moving to Panama is airfare, getting a residency Visa, and renting a place to live. See the chart below with estimated moving expenses for a couple moving to Panama based on renting a house or apartment for $900.
| Airfare to Move to Panama (est $700 each) | $1400 | |
| Pet Relocation | $600 | |
| Pensionado Visa | $1850 | |
| Panama Driver’s License | $280 | |
| First Month’s Rent & Security Deposit ($900 rental) | $1800 | |
| Stock Up on groceries | $300 | |
| Eating Out Expenses | $200 | |
| TOTAL | $6430 |
The costs would be less for a single person.
As you can see, the upfront costs will be about $6500 for a couple to move to Panama, get a visa, rent an apartment for $900, and get their pet to Panama.
These upfront costs assume you move to Panama with a few suitcases each.
WHAT COULD INCREASE YOUR COSTS TO MOVE TO PANAMA?
Buying a car could cost an additional $5,000 to $20,000, depending on the car you select. Full coverage insurance for a $20,000 car will cost about $600 a year, but you can opt to pay monthly.
Shipping household goods or a car to Panama can add $5,000 to $20,000, depending on the container size and which moving company you use. If you only have 10 or 30 boxes to ship, you may be able to ship a pallet for less than $2,000.
If you have not made a trip to Panama to pick out a rental before your move, it is advised to stay in an airbnb or hotel for a few weeks to visit a rental before signing a lease. You should never rent a property without seeing it first.
If you get any visa other than a Pensionado Visa, you can add $100,000 – $200,000 or more to your cost to move to Panama. Unfortunately, any Visa besides the Pensionado Visa will require $200,000 in real estate, a deposit into a Panama 3-year bank CD, or a business in Panama. A reforestation visa requires about $100,000 investment in five hectares of teak or products that qualify for the reforestation visa.
If you have a criminal record, you may need a Visto Bueno which can add $1000 to your visa fees. A Visto Bueno is special paperwork that must be submitted to immigration requesting permission for you to apply for a visa. Not only is there an additional fee but it can take a month or longer to get the Visto Bueno approved. Reminder, if you have a felony, you cannot get a visa in Panama.
If you pick the wrong immigration attorney or the wrong real estate company, your costs will substantially increase. Some lawyers and real estate companies pad the price a lot! Our Complete Panama Relocation Guide has reliable recommendations.
You can remove that expense from the chart above if you don’t have pets. But if you have more than one pet or a large pet that needs to go in cargo, the expense could be substantially more than $600. The $600 is the estimate for vet visits to get shots, an international health certificate, authentications, pet airfare for in-cabin, and help to get your pet into Panama. If your pet is too large to fit in the cargo of a commercial plane, you may need to get a charter flight, which could add $8,000 to $25,000 to the upfront costs. See the chart below for the maximum sizes for pet crates in cargo and the costs.
In the first month you move to Panama, you’ll be more likely to eat out more often to try different restaurants, so I added in $200 for eating out expenses.
THINGS YOU CAN DO TO REDUCE YOUR COSTS TO MOVE TO PANAMA
To reduce the costs of moving to Panama, you should wait to get your visa until after you move to Panama. If you get the Visa before you move to Panama, you’ll have the extra expense of airfare to Panama two times ($2800) plus hotel and meal expenses for about ten days ( $100/day x 10 – $1000) SAVE $3800 if you get your Visa after you move to Panama.
If you rent for less than $900 per month, that can reduce your upfront moving expenses, but if you rent for more than $900 a month, it will increase your upfront moving expenses. Ideally, you should find a furnished rental that includes all utilities so you don’t have any other upfront rental expenses like electricity or internet. It is not customary to pay the first and last months’ rent in Panama, so avoid agents who ask for that. Never push your budget to the limit.
Instead of shipping a 20′ or 40′ container with all of your household goods for $10,000 to $20,000, you can just ship a pallet for about $1000- $2000 if you absolutely need to bring some of your household goods with you.
Some areas of Panama are much more affordable than others. See our RENTALS page for samples of rentals in different areas in Panama.
We advise that you only rent a furnished rental; otherwise, you’ll also have to buy furniture, which could double your upfront expenses. See what a $700 per month furnished rental looks like below. Save $5000-$6000. If you live in the highlands, you can significantly reduce your electric bill, and electricity is often included in your rent in the highlands.
An affordable place to buy furniture, bedspreads, curtains, kitchen appliances, and more in Panama is Conway. It’s similar to a Target store. SEE FURNITURE PRICES ON THEIR WEBSITE HERE.
Buying Panama health insurance will add another $117 per person if you are 60-69. International Health insurance could be an additional $250- $500 per month per person. You can self-insure with no fixed monthly expenses. Self-insure means that you’ll pay for a doctor’s visit as you need them. It’s $2-$20 to see a doctor in Panama, depending on where you go.
You should get a Panama cell phone number when you move to Panama. You can swap the SIM card if your cell phone is unlocked. A SIM or eSIM will cost less than $10. Panama cell phone plans are available for about $25 a month. There is a way to keep your current cell number without paying the high monthly fee. We have information about this in the Online Panama Relocation Guide.
We recommend that you come TO visit Panama before you decide to move to Panama. As much as we love living in Panama, we know it’s not right for everyone.
Use our recommended immigration lawyers in the Online Guide to avoid paying too much for a Visa. Our most affordable attorney charges $1850 for a couple to get a Pensionado Visa. Another attorney, who we do NOT recommend, charges $7500 for the same visa! You can SAVE money and avoid costly mistakes with the Online Complete Panama Relocation Guide.
To reduce your costs of visiting Panama, you could buy the Online Complete Panama Relocation Guide for only $595. It will teach you everything you need to know to have a hassle-free move to Panama.
You could do a 1-2-day Private Tour in the area you are most interested in for $250 per day or do a self-guided tour with our tips. The Online Complete Panama Relocation Guide recommends reliable and affordable immigration lawyers and honest property managers, where to buy affordable health insurance, how to find a rental and much more. The Online Guide also has a list of Private Tour guides throughout Panama.
The Complete Panama Relocation Guide will SAVE you money and help you avoid costly mistakes.
Thanks for the good info. Is it common or reasonable to consider driving down to Panama from the US?
pre-covid driving from the USA to Panama was possible but not advised. Now, with Covid, it would be impossible because many land borders are still closed and each country has different rules for Covid tests before you can enter the country.
When getting a pensionata visa, is it required to put $1000 in a Panama
bank account monthly?
to get a Pensionado Visa, you do NOT need to deposit money into a Panama bank account. They just want to see proof that you have that income.
Once I have a pensionado visa, is there a minimum number of days that I must be in Panama each year? I need to determine whether to start the process now or wait until I can meet whatever the minimum is.
HI Jack. Once you get a visa you are required to be in Panama at least one day every two years.
I was planning on applying for Pensianado a couple months before our PRT tour next August, then finalizing it during our August trip. But above it states that the cost will be less if we apply after we come to Panama. The quote I have from immigration attorney is $2800 for me and my spouse/dependent. Will it be less if I wait and apply from Panama?
The immigration lawyers we work with charge LESS, much less!
You can certainly apply before or after your tour but you’ll have the added expense of hotels and eating out.
You can save money if you use one of the lawyers we recommend and if you wait until you move to Panama to apply
Is there someone that I can get to help me do this I’m not to educate I can pay for some help to do all the paperwork I’m 57 an wanting to move to Panama an retire I have 4000. A month come in .thanks
Hello Lyle
YES! We have people to help with the entire process of moving to Panama. We list all the contact in our Complete Panama Relocation Guide https://panamarelocationtours.com/guide
There are companies who can help you gather the documents you need, immigration lawyers who will help you get a visa, honest real estate agents who will help find a rental, where to buy health insurance, etc etc. Everything you need to know AND the reliable contact to help you move to Panama.
https://panamarelocationtours.com/guide
Even if I’m unable to obtain a pensionado visa, I’d love to come down for a month or more; ( I know i’m limited to 6 months as a tourist ). Two questions ; #1, is it possible to rent a house, apt. or condo month to month ? I plan to buy the relocation guide depending on what I hear from one of your recommended lawyers.
#2 ; Do you think if I email a recommended lawyer there documents showing I served a year diversion for a DV charge, due to being a veteran, and the courts dismissal paperwork, ( no conviction), that they could at least give me the odds of obtaining a successful bueno vista , so I could pursue a pensionado visa while there ? Thanks so much !
You can email your criminal report to a Panama immigration attorney to determine if you’d be able to get approved for a Buena Vista. The best place to find a month-to-month rental is Airbnb.com
Dear Jackie,
Thank you for the detailed guidance
According to the table above:
“Amount of the first month’s rent and Security deposit” payable at the start of the rental period
Below it says: “In Panama it is not customary to pay the first and last month’s rent, so avoid agents who ask for this”.
Please help me, what exactly does this mean?
If I want to rent an apartment, when do I have to pay the first month’s rent and the security deposit?
first months rent and a security deposit is common before you move in
first months, last month, and a security deposit is NOT common
What do you think about bringing all your stuff when moving to Panamá? I mean, we are planning to move there, but we don’t want to sell our furniture and the rest of our stuff, what could you recommend us?
see this article for the pros and cons of shipping household goods to Panama
https://panamarelocationtours.com/shipping-your-household-goods-to-panama
Hi Jackie
How long can you rent in Panama, is there a time stipulation where you would need to purchase a home?
There is no limit to how long you can rent. Many have been living in Panama for 15-20 years and still prefer to rent.
I would love to visit Panama to get a good feel of all its beauty. Could I do this with just a 6 month Visa? L
Tourists from North America can stay in Panama for 180 days
Hi Jackie. I’m thinking about retiring in Panama. My daughter is 26 and lives with me. She works but she’s not attending college. Will she be able to move with me to Panama?
Hello Pamela. Your daughter could certainly move to Panama with you but she would need to qualify for her own visa. You cannot add her as a dependent to your visa. These are some other visa options:
https://panamarelocationtours.com/other-panama-permanent-residency-visa-options
She should know that getting a job is Panama is very difficult and would require that she is fluent in Spanish. So she may want to check out online job opportunities at UpWork.com