Panama is quickly becoming one of the hottest real estate and retirement locations in the world. Many retirees are finding out about “the new Costa Rica.¨ There are many reasons why Panama is growing in popularity with foreign retirees, businesspeople and investors. Here are a few reasons why:
Panama´s Economy — the Panamanian economy is one of the most stable in Latin America. Thanks to solid banking and the dozens of industries supported by the constant cash flow of the Panama Canal, business is booming in Panama and cash is readily available.
Panama Uses Dollar Currency — the Panamanian “Balboa” is actually the U.S. Dollar. Retirees love that they don’t have to calculate conversions or learn a new currency.
Panama’s Climate — Panama’s climate is as varied as any nation. From hot, sunny lowlands to the dry, windy beaches all the way up to the cooler mountain climates of Chiriqui… there’s something for every retiree.
Friendly Panamanian People — Panamanians are accustomed to foreigners. The U.S. military had a major presence in Panama until the handover of the Canal and thus, the locals are quite accustomed to foreign ways and dealing with outsiders.
Panama’s Low Cost Of Living — Panama is still relatively inexpensive compared to the U.S., Europe and other retirement destinations such as Costa Rica. The quality of life in Panama is very good for the value. Thanks to the Canal, most products available anywhere can be found in Panama City and at real market prices.
Panama’s Modern Infrastructure and Services — Panama’s highways, telephones, shopping, hospitals and banks are incredibly modern. Most foreigners are pleasantly surprised at how advanced Panama is, even in remote areas.
Panama’s Government & Safety — Panama’s is led by a popularly elected President in a Democratic system that is similar to most modern nations. Police presence is visible and efficient. Crime is minimal compared to other Latin nations and major U.S. cities.
Panama’s Comfort- With large expat communities and a growing young professional bilingual population, one can comfortably use English while learning Spanish. Familiar brands like Betty Crocker, Skippy peanut butter and Kraft fig newtons take the guesswork out of shopping, and with so many direct and reasonable flights, family and friends can easily visit.
Where To Retire:
Popular retiree areas include Panama City, El Valle, Coronado and most of all the Chiriqui Province (the town of Boquete, in particular). There are several real estate projects aimed to specifically meet the needs of foreign retirees. We can help you find the area and real estate project, house or lot that is right for you.
Our advice is always the same when friends and family ask us about retirement or living abroad: take it slow! Visit first, decide later. That’s the idea behind our unique tours. Come see Panama at your own pace. Enjoy it as a traveler, then return as a potential retiree. How do we know? Our management has retirement and life experience in both Panama and Costa Rica. Between the three owners we have been living and working abroad for 40 years.