Expat Advice: Retiring in Panama City, Panama
Old Town of Panama City, Panama
An expat retiree in Panama advises others not to move there to save money, because the cost of living is probably less in rural, small cities in the US. But, he says that you can save a lot on healthcare in Panama.
What is the name of the city or town that you are reporting on?
Panama City
Why did you choose to retire abroad?
To enjoy other cultures and new experiences.
Are you retired abroad all year or part of the year?
part
Why did you choose the country you retired to?
Panama is beautiful and developing fast. Great infrastructure. Close and easy to get too.
Did you ever live abroad before you retired abroad?
no
How long have you lived abroad since you retired abroad?
year
How many countries (other than your home country) have you lived in as a retiree?
one
What have been the most challenging aspects of being retired abroad?
Getting oriented to everything
What have been the most rewarding aspects of being retired abroad?
Meeting new people. new lifestyle.
What would you do differently if you were just starting the retire abroad process?
Im not sure
What is life like for a retiree in your city and its surroundings? (Is there an active expat community? Cultural Attractions? Recreation? Nightlife?)
yes active expats community. Plenty of things to do.
What residency documents or visas did you need to obtain to retire in your host country? How difficult was this process? (Please describe)
Pensionado which relatively easy to obtain. costs about 1700 dollars for a couple.
Did you buy a home or apartment, or rent one? Is this a difficult process? (Please describe)
Yes. a condo. Process is kind of sloppy. A bit tricky. Need a good attorney. a lot of patience.
Financially, has living abroad in your host country met your expectations? Exceeded them?
Its not as cheap as I thought it would be. Food is the same or more. Restaurants are cheaper. Transport much cheaper. Clothing and appliances are probably cheaper in US. We have better sales in US.
What are the most important financial considerations for retiring to your host country?
Same currency. Easy to move money.
How much can a retiree live on comfortably in your host country?
A couple thousand a month at least in Panama City with owning an apartment.
Do you have access to quality medical care? (Please describe - is it close? Expensive?)
Very good. Insurance is cheap. Plenty of facilities
Retiring in Panama? Choosing an expat health insurance provider is an important decision. Take a minute to get a quote from our trusted expat health insurance partner, CIGNA. Sponsored by CIGNA.Is there a lot of crime where you live? (Please describe)
No. Just stay away from bad neighborhoods
Describe available transportation where you live. Do you need a car? Is there access to safe public transportation?
Plenty of cabs cheap as well as cheap buses take you everywhere. In the city no car needed. You can hire a car and driver when you need it for $10/hour.
Is there high-speed internet access where you live?
Yes. Quite good.
Do you have any other thoughts you would like to share about retiring abroad?
Don't do it because you think you save a lot. At least not in Panama. Rural, small city town US is probably just as cheap overall. But healthcare is a big issue now and you can save a lot in Panama. Getting outside the US could be good if conditions in US get bad. I would probably choose Asia if I could. But it is too far away. Since I need to travel a lot back to US.
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Comments about this Report
guesttoo bad you have to return to the US o much I currently live in Panama and have had enough I have been spending 5 1/2 months/year in Asoa Just bought huge condo in Thailand,,jhalf the price of Panama city Malaysia may be be a better bet than even Thailand yes it is a Muslim country,,,but 2 sets of laws,,,one for the Malay Muslim and the other for the rest of us people there are so friendly and helpful and a LOT less corrupt than many other Asian countries and PANAMA
guestPanama city is expensive when it comes to housing ONLY IF you insist on keeping a North American lifestyle. Try to lead the same lifestyle as a middle class Panamanian professional (medical doctor or dentist ); get away from North American neighbourhoods in Panama city as the prices are jacked there. Please, read the well-researched article on cost of living in Panama by clicking on hyperlink : http://www.encuentra24.com/content/panama-en/general/view/cost-of-living-in-panama
DaphneyTennardGood suggestion and a advise. I would like to know if Panama City, Panama and Panama City is the same? Sounds like the place to be for me. Coming from Houston Texas, I know this will be a big adjustment for me. What neighborhoods do you consider to be bad in Panama City?
DaphneyTennardGood suggestion and a advise. I would like to know if Panama City, Panama and Panama City is the same? Sounds like the place to be for me. Coming from Houston Texas, I know this will be a big adjustment for me. What neighborhoods do you consider to be bad in Panama City?
marly7466no they are not. there is a panama city, Florida. but if you are googling you must put panama city, Panama. P{eople are extremely friendly, accepting which to me goes far beyond tolerant and appreciate that us paler folks just give it a gold ol try.
