{"id":27660,"date":"2019-10-08T12:11:03","date_gmt":"2019-10-08T16:11:03","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=27660"},"modified":"2021-09-10T08:13:12","modified_gmt":"2021-09-10T13:13:12","slug":"retiring-in-panama-8-things-expats-need-to-know","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/retiring-in-panama-8-things-expats-need-to-know\/","title":{"rendered":"Retiring In Panama: 8 Things Expats Need to Know"},"content":{"rendered":"

It\u2019s been a while since Panama<\/a> has established a reputation for being an excellent spot for retirees, expats, and even digital nomads. With its laid-back Latin culture, relative affluence, tropical climate, and political stability compared to its neighbor nations, the growing number of expats moving to Panama is hardly surprising. Let’s discuss retiring in Panama: The Cost Of Living And 8 Things Expats Need to Know, including healthcare in Panama, temperatures in Panama, and the cost of living in Panama.<\/strong><\/p>\n

Moreover, there\u2019s a lot of United States influence on Panama. The capital, Panama City<\/a>, has a vibe similar to the one you\u2019ll find in Miami or Hong Kong. It has a multitude of high-end malls, and English is somewhat spoken in the country. However, the main reason why people choose to retire in Panama is the low cost of living. While prices aren\u2019t as rock-bottom as you would find living in Thailand, or even Mexico, living costs in Panama can be as low as $1,200 per month, depending on where you live. Furthermore, the government of Panama offers a special discount to foreigners who wish to retire in the country. It\u2019s called the <\/span>Pe<\/i>nsionado<\/i> program<\/i><\/a>, and I\u2019ll discuss it in detail later on in the article.\u00a0<\/span><\/p>\n

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But Before We Start, Let’s Define What An Expat Is<\/strong><\/h2>\n

An\u00a0expatriate\u00a0<\/a>(often shortened to\u00a0expat<\/b>) is a person\u00a0residing in a country other than their native country.\u00a0<\/sup>In common usage, the term often refers to professionals, skilled workers, or artists taking positions outside their home country, either independently or sent abroad by their employers, which can be companies, universities, governments, or\u00a0non-governmental organisations.<\/sup>\u00a0However, the term ‘expatriate’ is also used for retirees and others who have chosen to live outside their native country.<\/p>\n

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Now that we understand what an Expat is,<\/span>\u00a0let\u2019s take a brief look at the typical cost of living in Panama.\u00a0<\/span><\/p>\n

The Typical Monthly Cost Of Living In Panama<\/b><\/h1>\n

As I\u2019ve said, it\u2019s possible to comfortably live on just $1,200 a month in Panama if you live in a small town or a rural area. However, if you opt to live in Panama City, the cost of living is going to be significantly higher. It also depends upon your lifestyle. The typical monthly cost of living in Panama City for a couple can range anywhere between $2,500 and $4,000. The lion\u2019s share of your budget will be spent on rent, which is typically $1,000 to $1,500 for a comfortable two-bedroom apartment. If you\u2019re looking for something upscale, Panama City features plenty of high-rise building where rents are as high as $3,000\/month for two-bedroom apartments. Retiring in Panama can be certainly done with a variety of budgets.\u00a0<\/span><\/p>\n

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The Real Value And Beauty Is Offered By Panama\u2019s Rural Areas<\/b><\/h1>\n

Many retirees who move to Panama prefer the calm breezes of the countryside over the hustle and bustle of a big metropolitan. Those who opt to live in the rural areas of Panama can expect a much smaller rent bill. The Pedas<\/span>\u00ed region in south Panama is a great example of the great value that can be found in Panamanian countryside. Here, the typical rent of a comfortable two-bedroom apartment is just $600 to $800, and homes near the ocean are listed for as little as $130k. Therefore, it\u2019s no surprise that the<\/span> Pedas<\/span>\u00ed region is home to many American expatriates.\u00a0<\/span><\/p>\n

Located an hour from\u00a0Panama City is the lovely town of Coronado. This quaint town is one of the more developed beach resorts along the Pacific coast. It caters for most First World needs and those living here can still enjoy many\u2014if not all\u2014the conveniences of life back home\u2026except at a reduced price.<\/p>\n

Then there is David<\/a>.The town has a population of just under 145,000 people, and isn\u2019t as densely populated as many other cities its size, since there are few buildings over 5 stories tall, and is Panama’s 2nd largest city. David is\u00a0a relatively wealthy city, with a dominant middle class and a very low poverty index and unemployment rate.<\/p>\n

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Healthcare<\/b><\/h1>\n

Unfortunately, you cannot use your Medicare in Panama. However, the good news is that healthcare services are extremely affordable in Panama \u2013 so affordable, in fact, that many expats opt against buying medical insurance. Nevertheless, if you want medical insurance, plans can be had for less than $100 a month. And we\u2019re talking about international-standard healthcare services as well.\u00a0 Panama has a great healthcare infrastructure, and you\u2019ll find many state-of-the-art medical facilities in the country, especially in Panama City.<\/span><\/p>\n

While the country’s\u00a0healthcare\u00a0system\u00a0is\u00a0certainly not without its flaws, many expats\u00a0have\u00a0actually cited it as one of the best things about living in\u00a0Panama. However, like almost anything else in Central America, it can vary greatly depending on where you go.<\/p>\n

3 top notched private hospitals in Panama City are:<\/p>\n

Pacifica Salud<\/a><\/p>\n

Centro Medico Paitilla<\/p>\n

Hospital National<\/a><\/p>\n

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5 More Things Expats Should Know About Living In Panama<\/b><\/h1>\n

Now that I\u2019ve provided a brief overview of the cost of living in Panama<\/a>, let\u2019s take a look at 5 more things individuals considering retiring in Panama should know.\u00a0<\/span><\/p>\n

The <\/b>Panama Visa Pensionado<\/i><\/b><\/h3>\n

Panama\u2019s retirement visa, also known as \u201cPanama Visa Pensionado\u201d, is the first thing individuals considering retiring in the country should know about. This visa allows foreigners to attain permanent Panamanian residency given they have a minimum pension income of $1,000 guaranteed for life. Moreover, there is no minimum or maximum qualification age specified by the Panama Immigration Department for the Visa Pensionado.\u00a0<\/span><\/p>\n

Here\u2019s a list of the benefits offered by the Panama retirement visa:<\/span><\/p>\n