Are you thinking about making a move to Panama? Or are you already visiting Panama and want to know what living here it's like? Either way, you've come to the right place!
In this article, we'll cover everything you need to know about living in Panama as an expat. From the cost of living, health care, and immigration visas, to finding a place to live and getting around the country, we've got you covered.
Immigration Options in Panama
There are two good options for permanent residence visas for people wanting to move to Panama and live here permanently. First, there is the Pensionado Visa. If you have a pension of over USD 1,000 a month or $1,250 for a couple, and this pension is for life, you can qualify for this visa. The cost is very inexpensive, less than $3,000 one-time fee for legal and government fees for a couple, and you will have a permanent Panama Pension in four to six months.
If you are not of retirement age yet, Panama has what is called a friendly Nations Visa. Citizens of 50 countries can apply for this visa, which requires one of 3 things:
- A job offer and work contact from a Panama Company
- A Real Estate Purchase of over $200,000
- A deposit in a Panama Bank of $200,000
The visa process is a 2-year process, with your temporary residency card issued right away and the permanent card issued in 2 years. The cost of obtaining this visa over the 2-year process will be around $10,000 in legal and government fees.
Cost of Living in Panama
The cost of living in Panama is very reasonable, especially compared to North America and Europe. A couple can live very comfortably here on a budget of $2,000 per month, plus housing. This will include your food, transportation, utilities, health insurance, and entertainment. Of course, your costs will be higher if you want to live a more luxurious lifestyle.
The cost of real estate in Panama is also very affordable, with homes selling at 30 - 40% less than a comparable one in North America. Housing prices have been very stable in Panama for the last five years, and right now, it is certainly a buyers market.
Health Care and Health Insurance
If you are going to move to Panama, you will have to consider your health insurance options. US social security is not accepted here, as there is no universal health care. However, excellent attention is available at modern private hospitals using health insurance.
International health insurance is available and affordable in Panama. For those in your 50s, for as little as $150 a month, in your 60s, between $250 and $300 a month. This type of insurance has no deductible or co-pay in Panama; it is 100% coverage. And for your trips back home or other international travel, there is a $5,000 annual deductible, then 100% coverage. You must be a resident of Panama and live in Panama for more than 1/2 the year to qualify for this insurance.
Local insurance is also available at some private hospitals and is about 1/2 the cost but has a 30% co-pay. So if you are going to be living in Panama, find a health insurance plan that works for you.
The Weather in Panama
The Weather in Panama is tropical and subtropical. The Temperature in the city and at the beaches rises into the 90s every day and cools off to the mid-70s at night. The mountain areas are much cooler. The country experiences a rainy season and a dry season. The rainy season starts in May and ends in November. The dry season begins in December and ends in April.
The country experiences mid to high humidity levels all year round. Even during the rainy season, it does not rain all day. Typically the mornings are sunny, and some days in the afternoon, it will cloud over, and you will get heavy rain in the late afternoon, drying up again for the evening. The wettest part of the rainy season is October and November.
Best Places to live in Panama
Since Panama is a Latin American country and the primary language here is Spanish, this tends to group expats in specific communities, so they have more English people around as they practice their Spanish.
There are no English-only expat communities; typically, Panamanians and foreigners live together. Below are some of the most popular expat residential communities.
Panama City
Panama City has a lot of expats, but they are spread out all over the city. In condo and apartment living, you will find expats in the Balboa area, El Cangrejo, San Francisco, Casco Viejo, and Costa del Este areas. The Clayton area and Costa del Este are popular with expats in single-family homes. Panama City is busy and only fits the expat looking for the hustle of city life. It has been referred to as a mini Miami.
Coronado
Coronado was Panama's first gated beach resort, where affluent Panamanians from the city built their weekend homes. Over the last 50 years, it has grown into a popular expat community with an assortment of housing styles. If exclusive beach life is your thing and hot temperatures every day, Coronado could be for you.
Altos de Maria
Altos de Maria is a residential community located just 30 minutes from Coronado. The community is situated in the mountains, offering residents stunning views of the surrounding mountains and the Pacific to the south.
Its residences are at an elevation between 2,500 and 3,000 feet, so it offers a break from the heat, with just a 30-minute drive to the beach, and a 90-minute drive to Panama City.
Altos de Maria is home to a variety of amenities, including a clubhouse, swimming pool, and tennis courts. The community also features several trails for hiking and biking.
Another good thing about Altos de Maria is that they offer lots that go from 12,900 sq ft and $75,000, so you can build your dream house exactly to your liking, or choose from the available houses.
If cooler year-round temperatures, the stunning natural beauty of the mountains, and being in nature are for you, Altos de Maria may just be your new home.
Boquete
Boquete, located in western Panama in the province of Chiriqui is another popular expat destination. A small town nestled in the mountains at an elevation of 3,800 feet. Boquete has a year-round spring-like climate with temperatures ranging from 65 to 78 degrees Fahrenheit.
For the expat living in Panama who likes the much cooler weather, Boquete is a good choice. The population is about 25,000 people, with almost 20% of them being expats from all over the world. Boquete is also a popular tourist destination for both Panamanians and from around the world.
The Currency of Panama
The currency of Panama is the Balboa, which has been pegged to the US dollar since 1904. Panama mints its coins, at the same valuation as US coins, and it uses US paper as well. This is very beneficial to US expats as there is no currency variation.
Safety & Security in Panama
Panama is known to be a very safe country. Panama has a professional and well-trained police force that works hard to keep the country safe. While crime does exist in Panama, it is generally non-violent and concentrated in some big city regions. In rural areas, most of the crime is petty crime.
By taking some basic safety precautions, residents can easily avoid becoming victims of crime. Moving into a controlled gated community, like Altos de Maria, is another way to ensure your safety.
Lifestyle Living in Panama
Panama is a relatively small country, but it has a lot to offer in terms of lifestyle. The climate is tropical, so the weather is warm and sunny year-round. There are also plenty of beaches to enjoy and mountains and forests to explore. The people of Panama are incredibly friendly, and the country has a relaxed and laid-back atmosphere.
In terms of nightlife, there are plenty of bars and clubs to enjoy, and live music venues. There are also several casinos, which are popular with both locals and tourists. Overall, Panama offers an excellent lifestyle for those who want to enjoy the outdoors, meet new people, and have a good time.
Services/ Utilities/ Infrastructure
The county of Panama has all the services that any first-world country would have. We have an increasingly stable electric grid and water supply. High-speed fiber internet is available throughout the country. A 4 lane freeway runs from Panama City 300 miles west to the Costa Rica border. The city has the only metro system in Central America.
The improvements to the infrastructure have been massive over the last ten years. The governments at all levels have spent a lot of money improving things in the country.
Living in Panama can be an excellent experience for expats looking for a warm, sunny climate with plenty of outdoor activities to enjoy. The country has all the amenities and infrastructure that any first-world country would have, and the people are friendly and welcoming.
Panama is also a safe place to live, with a low crime rate. So if you're looking for a new place to call home, Panama might just be the perfect option for you.
