What Does It Cost to Move to Panama?


Relocating to Panama can be an exciting adventure, offering a lower cost of living and a more relaxed lifestyle. However, it’s important to prepare for some hidden costs that might not be immediately apparent. These expenses can add up and potentially affect your budget if not planned for. By understanding these costs in advance, you can make the transition to your new life in Panama smoother and less stressful.

A hidden expense to consider is the process of legalizing documents. To apply for residency in Panama, you must provide documents like income verification, marriage certificates, and national criminal reports, which must be authenticated or apostilled. The Panama Consulate charges $30 per document to authenticate your documents. This process can be costly if you need to have documents mailed to get authentication or an apostille. Pet health certificates also need to be authenticated by the Panama Consulate or apostiled by the State Department

Similarly, attorney fees for obtaining your visa can vary widely, so it’s essential to research and find a reputable immigration lawyer or service with transparent pricing. For the best fees, see the recommended immigration lawyers in the Online Panama Relocation Guide.

Don’t forget about the costs of setting up a home. Rental deposits, utility setup fees, and purchasing furniture or appliances for your new place can add up quickly. Even if you opt for a furnished rental, you might still need to buy household items to feel more comfortable.

Knowing these hidden costs can help you better prepare for your move to Panama and avoid unexpected financial stress. While Panama offers many financial advantages, considering these additional expenses will ensure that your relocation is as enjoyable and hassle-free as possible.

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.

The biggest upfront costs when moving to Panama are airfare, getting a residency Visa, and renting a place to live. See the chart below with estimated expenses for a couple moving to Panama based on renting a house or apartment for $1200.

Airfare to Move to Panama (est $700 each)$1400
Pet Relocation$600
Pensionado Visa$1850
Panama Driver’s License (includes authentication at Embassy)$280
First Month’s Rent & Security Deposit ($1200 rental)$2400
Stock Up on groceries$300
Eating Out Expenses$200
TOTAL$7030


The costs would be less for a single person, of course. If you rent a $1200-a-month apartment or house, the estimated upfront costs for a single person would be about $5000. If your rent is less than $1200, your upfront costs would be less.

As you can see, the upfront costs for a couple to move to Panama, get a visa, rent an apartment for $1200, and bring their pet to Panama will be about $7,000.

These upfront costs assume you move to Panama with a few suitcases each.

WHAT COULD INCREASE YOUR COSTS TO MOVE TO PANAMA?


One of the most overlooked expenses is the cost of shipping and import taxes. If you plan to bring personal belongings, furniture, or a vehicle, you may face significant costs for shipping and customs duties. Panama imposes a 22% tax on imported goods, which can vary depending on the item’s value. Additionally, storage fees at the port while clearing customs can quickly add up. Many expats find selling most of their belongings more cost-effective and purchasing new or used items locally as they adapt to a simpler lifestyle.

Shipping household goods to Panama can add $3,000 to $20,000, depending on the container size and which moving company you use.

If you need to bring some of your household goods, instead of shipping a 20′ or 40′ container with all your household goods for $10,000 to $20,000, you can ship a pallet for about $2000- $3000.

Many people move to Panama with just a few suitcases. (That’s what I did) You can buy anything you need in Panama so there is no need to ship items to Panama.

It’s easier to buy a car in Panama than to ship a car and pay a 22% import tax. If you ship a car to Panama, there is the additional expense of getting it registered as a Panama car within 30 days of arriving.

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.

In many areas, especially Panama City, you can get around just fine using public transportation, so you won’t need to buy a car.

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. That’s an extra expense. You should never rent a property without seeing it first.

Pick the Right Immigration Lawyer!

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 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! The Online Panama Relocation Guide has reliable and affordable recommendations.

Panama Relocation Guide

If you do not have pets, you can remove that expense from the chart above. 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 $7,000 to $25,000 to the upfront costs. See the chart below for the maximum sizes for Copa Airlines fees for various pet crate sizes.

If you decide to fly on a shared charter flight so your pets can be in-cabin with you, add an extra $6800 to $25,000 to your upfront expenses.

In the first month of your move to Panama, you’ll likely eat out more often to try different restaurants, so I added $200 or more 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 $1200 per month, that can reduce your upfront moving expenses, but if you rent for more than $1200 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 rental upfront expenditures 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.

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.

highlands of panama zen
View from a $700 rental in Boquete
panama rental david
$700 Furnished Two Bedroom Two Bath in David Panama


In Panama, Conway is an affordable place to buy furniture, bedspreads, curtains, kitchen appliances, and more. It’s similar to a Target store. SEE FURNITURE PRICES ON THEIR WEBSITE HERE.

Health Insurance

Health insurance is another cost that can surprise newcomers. While Panama offers affordable public healthcare with no monthly fee, many expats prefer private healthcare for its convenience and quality. Private health insurance is often less expensive than in the U.S., but premiums vary depending on age, coverage, and pre-existing conditions. Some expats opt for international health insurance, which may be even pricier but provides coverage when traveling outside Panama.

If you are 60-69, buying Panama health insurance will cost an additional $117 per person. International Health insurance could cost an additional $250- $500 per month per person.

If you have Medicare Advantage, it covers urgent care and emergencies in Panama with no out of pocket expense at many private hospitals.

You can self-insure with no fixed monthly expenses. Self-insure means that you’ll pay for doctor visits as you need them. Depending on where you go, it’s $2-$20 to see a doctor in Panama.

good healthcare in panama

Get a Panama Cell Phone

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 visit Panama before you decide to move there. As much as we love living in Panama, we know it’s not right for everyone. This will be an extra expense, but it’s necessary to ensure you like Panama before moving to Panama.

Use our recommended immigration lawyers in the Online Panama Relocation Guide to avoid paying too much for a Visa. Our affordable immigration lawyers charge about $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 Panama Relocation Guide.

Jackie Lange

Jackie Lange is the founder of Panama Relocation Tours and lives in the highlands of Boquete Panama. She has helped thousands of people relocate to Panama.