{"id":34583,"date":"2020-04-10T16:32:56","date_gmt":"2020-04-10T20:32:56","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=34583"},"modified":"2021-03-02T13:21:28","modified_gmt":"2021-03-02T18:21:28","slug":"are-the-panama-papers-reason-enough-to-not-live-in-panama","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/are-the-panama-papers-reason-enough-to-not-live-in-panama\/","title":{"rendered":"Are the Panama Papers Reason Enough to Not Live in Panama?"},"content":{"rendered":"

Are the Panama Papers Reason Enough to Not Live in Panama?<\/strong><\/h2>\n

The first thing that comes to people\u2019s minds when they think of Panama is the widely popular scandal that were the Panama Papers. Sure, they were all over the news, but should this dampen your desire to retire in Panama?<\/span><\/p>\n

I\u2019d say no. Panama has far too many benefits to offer people\u2014such as affordable healthcare, proximity to North America, and a booming economy (well at least pre-coronavirus).<\/span><\/p>\n

Moreover, obtaining residency is easy, since Panama offers multiple residency programs and visa options\u2014many exclusively for retirees.\u00a0<\/span><\/p>\n

 <\/p>\n

Why the Panama Papers are Nothing to be Bothered About<\/b><\/h2>\n

Much of the worry and concern people harbour has to do with them not understanding what this whole controversy was about. To clear the air, it had to with powerful people who had money than couldn’t be accounted for, so they hid their money in offshore accounts in the transcontinental city of Panama. The actual companies where all over the world but the head office was in Panama. There were also thousands of people who were fingered in the Panama Papers who had reported everything to their government and did not owe anything in taxes. Being named in the Panama papers did not mean you were guilty of any crime, even though the media painted it that way.<\/span><\/p>\n

The backstory, some years ago, the German newspaper, Suddeutsche Zeitung, received an anonymous tip\u2014<\/span>2.6 terabytes of data<\/span><\/a>\u2014which eventually led to the uncovering of the many offshore accounts in Panama. The data implicated <\/span>some 200,000 companies and more<\/span><\/a>. People such as Lionel Messi and Vladimir Putin had their names on the list.\u00a0<\/span><\/p>\n

Now while this might have brought \u201cbad rep\u201d to the country, it\u2019s mostly smoke and mirrors. The Panama Papers was a story that broke the news\u2014Sunday dinner discussion for middle-aged men in English-speaking countries, but that\u2019s about it.\u00a0<\/span><\/p>\n

For example, a Google Trends result on the popularity of the search term \u201cPanama:\u201d<\/span><\/p>\n

They peaked when Panama was in the news, but most of the time, people\u2019s interest in Panama is inconsequential.<\/span><\/p>\n

These \u201cpapers\u201d concern powerful people in the world and their companies held in Panama\u2014and have no bearing whatsoever on a foreigner who wants to settle down in Panama.\u00a0<\/span><\/p>\n

In fact, if anything, the whole controversy helped Panama get a ton of limelight, so it was a good thing for people wanting to move there. And as for retiring in Panama<\/a>, you have too many reasons to not consider it.\u00a0<\/span><\/p>\n

 <\/p>\n

It Might be Called a Developing Country\u2014but it Doesn\u2019t Look Like One<\/b><\/h2>\n

Panama has been growing exponentially in the past few years. In fact, according to the World Bank Group, it is <\/span>one of the fastest growing economies<\/span><\/a> in the world. You\u2019ll find everything from golf clubs to resorts to clinics and stores on a regular Panama street, which means that it isn\u2019t too different from living at home.\u00a0<\/span><\/p>\n

Internet speeds are up there too! We\u2019re talking about high-speed internet. Panama also has well-developed roads and constantly improving infrastructure.<\/span><\/p>\n

 <\/p>\n

And it\u2019s Beautiful, Too<\/b><\/h2>\n

It might be a small country that\u2019s nestled between South and Central America, but Panama\u2019s biodiversity doesn\u2019t disappoint. With impressive Pacific and Caribbean coastlines, expats can easily find homes on the beaches and many nautical pastimes for entertainment. Panama also has many breathtaking mountains, and some of the most amazing rainforests in all of Central America.\u00a0<\/span><\/p>\n

For those who wish to retire in a quieter region, there are rural areas as well, surrounded by trees and foliage as far as the eye can see, and neighbored by clean and crystal clear seas.\u00a0<\/span><\/p>\n

 <\/p>\n

The Country Doesn\u2019t Rely on Tourism Alone<\/b><\/h2>\n

While Panama gets its fair share of tourism\u2014with <\/span>over 1.8 million people<\/span> visiting on a yearly basis\u2014the country is actually a hub for businesses.\u00a0<\/span><\/p>\n

It\u2019s what we call a free economy, offering many opportunities for investment for international entrepreneurs. There\u2019s also the thriving import-export industry in Panama that fuels much of the economy; it\u2019s a good place for investments if you\u2019re interested in the prospect.\u00a0<\/span><\/p>\n

One of the major reasons Panama proves to be so fertile for businesses is due to its centrality to Latin America. Here you have a country that has, with the help of great infrastructure and a growing economy, anchored itself as an important player in the region\u2019s economy.\u00a0<\/span><\/p>\n

If you\u2019re truly interested in starting a business in Panama, <\/span>here\u2019s a detailed guide<\/span><\/a> I\u2019ve written on the topic that will surely be helpful.\u00a0<\/span><\/p>\n

 <\/p>\n

The Cost of Quality Living<\/b><\/h2>\n

Most expats are concerned with lowering cost of living while simultaneously improving quality of living. Panama allows you to do just that. In your home country\u2014which I\u2019m guessing is an affluent one, probably in North America\u2014the cost of living is probably more than $3,000 a month. In Panama, it\u2019s a cakewalk.\u00a0<\/span><\/p>\n

From visits to the clinic to auto insurance and dental appointments, you don\u2019t have to plan in advance and save up for basic amenities such as rent. Rent in certain Panama regions is as low as $300 and water bills amount to little more than $20 per month. It\u2019s a curious blend of convenience and comfort\u2014ideal for expats looking to retire because they don\u2019t have more money flowing into their bank accounts.\u00a0<\/span><\/p>\n

To start with, healthcare in Panama is affordable. Many Americans, in fact, <\/span>consider moving<\/span><\/a> to places in Central America for the sole purpose of affordable healthcare\u2014such as <\/span>this 63-year-old man<\/span><\/a> did. As far as residency goes, there are six amazing residency programs that can house you in Panama, and you can find out more about them <\/span>here<\/span><\/a>.<\/span><\/p>\n

116: How To Move To Panama Or Use It As Your Plan-B Residency – Expat Money Show’s most-watched episode <\/a><\/p>\n

 <\/p>\n

Conclusion<\/b><\/h2>\n

For an expat who wishes to more or retire in a relatively peaceful county that offers a high-quality of living at low costs, Panama is an ideal retirement location. It\u2019s a pro-foreigner country that encourages expats to set up businesses. Its laws are inclusive for foreigners and its speedy developments in both infrastructure and economy tells the tale of a successful country in the years to come.\u00a0<\/span><\/p>\n

I highly suggest checking out <\/span>our Panama editor\u2019s top reasons<\/span><\/a> for retiring in Panama and <\/span>this Panama handbook<\/span><\/a> that can give you a lot more detail about the country. Also, when you are ready to make the move, or just want solid information from one of the best service providers in Panama about becoming a resident here, please reach out to us here.<\/a><\/span><\/p>\n

I hope you enjoyed reading: Are the Panama Papers Reason Enough to Not Live in Panama? Here are few additional articles on Panama that I know you will really love!<\/strong><\/p>\n

Top 16 Reasons To Move To Panama<\/span><\/strong><\/a><\/p>\n

The Panama Pensionado Visa <\/a><\/strong><\/p>\n

Panama Friendly Nations Reforestation Visa <\/a><\/strong><\/p>\n

A Guide on How to Invest In Panamanian Teak\u00a0 <\/a><\/strong><\/p>\n

The Panama Retirement Visa\u2014Retirement Heaven<\/a><\/strong><\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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