Retire in Panama in 2024: Things You Need to Know
Many retirees are thinking about their possibilities as 2024 draws to a close. If you’re one of them, you may have heard that Panama is one of the world’s top retirement destinations. But what attracts people to this Central American country? Why do so many people choose to retire in Panama?
In this blog post, we will discuss retiring in Panama in 2024. We will cover lifestyle options, healthcare expenses, and the overall cost of living. Let’s look at why so many retirees choose Panama over the United States.
Why Is Panama The Best Place To Retire?
Panama is uniquely positioned on the world map so you might wonder, “Is Panama a good place to live?”. It connects North and South America, blending different cultures, histories, and exciting experiences. Imagine yourself in a location where two continents converge, where you may take advantage of the finest of each. That is why so many retirees are moving to Panama.
Panama has plenty to offer retirees, including:
Beautiful Weather
Panama’s retirement weather is genuinely fantastic. Typically about 27°C (80°F), which means you can expect plenty of warm and sunny days all year round.
Panama has two seasons, rainy and dry. The rainy season lasts from May to November and the dry season covers the remaining months. The fantastic weather is one reason for retiring in Panama, Central America. The country is also affordable and the people are delightful.
A Safe Place From Extreme Weather
Is Panama safe to live in? Yes, Panama is an extremely safe place to live weather-wise.
Natural disasters, such as hurricanes or tsunamis, have never occurred in Panama. People can enjoy their retirement without any fear of extreme weather.
Reasonable Cost Of Living
The low cost of living is one of the best things about retirement in Panama. Compared to many other places, Panama isn’t too expensive, so your retirement budget will go further here. It’s an excellent choice for retirees on a tight budget, as housing, healthcare, and food are all affordable.
Panama is also an important trade hub for the Caribbean. A growing economy offers opportunities for potential business owners.
Within Panama City, the thriving capital, one will find an abundance of finance companies and big banks. These are some of the largest in Central America, enhancing the appeal of retiring in Panama.
| Cost of Retire in Panama | Monthly Cost Single U.S. $ | Monthly Cost Couples U.S. $ |
|---|---|---|
| Rent furnished, one bed Condo | $600 to $1,500 | $800 to $1,500 |
| Electricity | $70 to $190 | $75 to $200 |
| Water if is not included in the HOA | $20 to $40 | $20 to $40 |
| Gas (when is not included in HOA) | $5 to $15 | $5 to $15 |
| Household ( maid 3 times weekly) | $380 to $400 | $380 to $400 |
| Internet 150 Mbps speed | $45.75 | $45.75 |
| Cellphone Postpay Plan | $45 | $90 |
| Cable TV | $40 | $40 |
| Healthcare Insurance | $150 to $300 | $300 to $600 |
| Buy a second-hand car | $15,000 | |
| Gasoline | $200 | $200 |
| No car use public transportation | $40 to $200 | $55 to $250 |
| Groceries | $250 | $600 |
| Entertainment (dining out & other activities 3 times weekly) | $300 | $500 |
| Miscellaneous / Incidentals | $150 to $225 | $150 to $225 |
| Monthly Total | $2,295 to $3,550 | $3,260 to $4,510 |
Breathtaking Scenery
Panama has some of the most beautiful scenery in the world. From white-sand beaches to cool jungles, everyone can find something they like. For example, the well-known Soberania National Park is one of many national parks in Panama.
Panama’s scenery is exceptionally beautiful. Imagine seeing or traveling the renowned Panama Canal. A remarkable man-made waterway linking the Atlantic and Pacific. Beyond that are thick forests where no development has ever happened.
The jungles are a naturalist’s dream. They are bursting with a diversity of flora and animals, and many people find them entertaining and fun. Panama offers a great variety of locations for discovery. Living here is a great option for those wanting to retire in a beautiful natural environment.
Visa Programs Made Easy
With Panama’s Pensionado Visa program, the path to permanent residency is easy. Additionally, you can bring up to $10,000 worth of home goods into Panama without paying any taxes. This can be helpful as you start your new life in the country.
Panama is a place that keeps its word. In other areas, retirees have lost their residency because the law changed. However, Panama’s government has kept its promise to protect people who are pensionados. You will keep everything, even if the program changes over time.
The question now is how to become a lucky member of Pensionado. All you need is a salary of at least $1,000 monthly.
One of the many advantages of retiring in Panama is the simplicity of it. With the Pensionado Visa, you can easily transition to life in Panama. The straightforward process grants you a lifelong visa in six months. An ideal choice for retirees seeking a smooth and hassle-free relocation to Panama.
Friendly and Inviting Culture
Panama is well known for its warm and welcoming culture. Retirement communities in Panama help you meet others with similar interests. Establishing new friendships and ties with Panamanians is easy. Most residents are hospitable and accepting of visitors.
Panama has a strong expat community. Providing plenty of opportunities to socialize with other retirees from around the world. You can enjoy breathtaking scenery and a reasonably priced standard of living in Panama. In addition, you can have a sense of belonging in this friendly community while going on thrilling travel adventures.
Retirement Costs in Panama
Planning for retirement can be an exciting adventure. Especially if you’re considering spending your golden years in a new culture like Panama. Panama, a Central American country popular with Americans, offers various benefits for retirees.
Your lifestyle choices also matter. Owning a car and dining out can raise your monthly expenses. Opting for a simpler life in a smaller apartment and cooking at home helps you save money. Try and avoid touristy areas with expensive restaurants.
Housing
If you intend to live in somewhere other than remote towns, a mid-level standard home will cost between $1,000 and $3,667 monthly. This cost can vary based on the city you select. These estimates apply to anybody who wants to keep their current lifestyle.
To buy or rent condos, houses, land, or beach properties in Panama, call us at +1 727 364 2591. You can also visit the Metro Realty Panama website for more information. Help from a real estate professional is necessary for retirement in Panama. Otherwise how will you find a great place to live?
Food
Panama’s food culture has undergone a transformation. A growing community of food lovers has brought a variety of international flavors to the food scene. These food lovers now call Panama home, and their presence has driven a change in the food scene.
In the city center, Casco Viejo has over fifty restaurants serving food from around the world. The culinary scene there is lively and diverse. Some establishments even provide rooftop dining, an experience you don’t want to miss.
Restaurants catering a variety of tastes are easy to find throughout Panama. The interior and coastal regions of Panama have their distinct cuisine.
Restaurant Benaventura in the Anton Valley offers an exceptional culinary adventure, and Los Camisones on the Pan-American Highway is a personal favorite. Playa Venao is a beachfront paradise with a mouthwatering selection of gastronomic alternatives that will entice you.
Panama has many great places spread out all over the country. Don’t miss the chance to discover this culinary treasure trove. The delicious tastes are waiting for you everywhere.
Medical Care
Panama’s public health care hasn’t gotten many good reviews, not even from Panamanians. Medication shortages, long wait times for surgeries, procedures, and appointments are all signs of the problem. On the other hand, private medicine meets first-world norms.
Panama City is home to about five state-of-the-art hospitals. These private hospitals team up with US hospitals. For example, The Johns Hopkins Hospital collaborates with Pacifica Salud Hospital in the Punta Pacifica district. Many doctors at these hospitals went to the United States for their schooling and training.
Private healthcare in Panama is high quality, but with good insurance, it can be affordable. Foreign and domestic insurance companies are active in Panama. These companies offer a variety of plans to meet people’s specific needs.
We plan to publish a list of Panama’s best-reviewed and recommended insurers on our website. Subscribe to our blog for updates and to gain access to this crucial resource.
Required Visa Requirements To Retire In Panama
The Panama Retirement Visa, or the Panama Pensionado Visa, is for retirees or people with lifelong pensions.
To apply for the Panama Retirement Visa, you need specific documents. These are:
- completed registration form
- notarized letters for proof of pension
- proof of income certified by the Panamanian Consulate
- health certificates
- any police records
- Passport copies
If you’re applying with family members, such as children or a spouse, you’ll need additional documents, including:
- proof of marriage
- power of attorney
- kids’ birth certificates
Once you have your Pensionado Visa, you can enjoy a range of benefits, including:
- Healthcare service discounts
- Entertainment and dining discounts
- Tax exemptions when importing household goods
- Tax exemptions for buying a new car
The Best Places To Retire In Panama
Panama stands out as a great option when people think about where to retire. But where in Panama should you go? With Panama’s great cities and towns, deciding where to go is hard. These are the ten best places to retire in Panama.
Panama City
Panama City is the lively capital of Panama. A tropical country that connects North and South America. It has a long and complicated past that goes back to the city’s founding. Panama City, known for the canal, is one of the less well-known cosmopolitan centers in the Americas.
It has modern skyscrapers and a wide range of restaurants. From Chinese dim sum restaurants to French bistros and kosher stores, it is an international city.
A strong sense of history lives in Panama City. In honor of its 25th anniversary, the Museo Canal added a new permanent exhibit about Panama’s path to freedom. It includes the US handing over the Panama Canal in 1999.
This background helps tourists understand that the city is a unique mix of local culture and global effects. Making it its own place while also incorporating parts of other places.
Foreigners choose to live in certain areas of Panama City because they are safe, stylish, and well-equipped. These areas include San Francisco, Punta Pacifica, Casa Bonita, Tucan Country Club, Playa Caracol, and Santa Maria. These areas also include popular beaches, affordable golf courses, and more.
Boquete
Boquete is a small mountain town. Many people love it because it has beautiful nature, like hiking trails, warm springs, and waterfalls. Many older people live here, so you’ll find people your age.
Mountain weather in Boquete makes it easy to grow coffee. You’ll often catch a whiff of that fresh coffee smell. Coffee is not the only thing grown ; they also grow tasty veggies.
Plus, you can go to the nearby Caldera River if you need some peace and quiet. Every day in Boquete feels like a fun mountain trip because there is nature all around you and tasty food.
Coronado
Coronado is a beach resort on the Pacific coast offering first-class amenities at an affordable price. The city boosts a beach lifestyle and affordable real estate options thanks to established infrastructure.
As a tried-and-true vacation spot with a growing foreign community, it’s a good choice for retirees. You can enjoy a laid-back coastal life since the Pacific Ocean and beautiful white beaches are right outside your door.
Familiar amenities such as 24-hour supermarkets and a variety of activities, including golf, provide a pleasant retirement. Retirees benefit from the Pensionado Visa with discounts of up to 50% on entertainment and 10% on medical services.
Coronado has a great climate, with temperatures averaging 85°F and little rain. As the community grows it becomes more diversified. New residents bring new ideas with them, helping the community grow.
Several opportunities for social activities, community service, and hobbies, exist in Cornado. The nearby golf club has a championship course constructed by Tom Fazio. Food in Panama is affordable, in case you feel interested in knowing more about this location check out Coronado Panama Real Estate
David
Many retirees in western Panama adore the city of David. They travel here to take advantage of Panama’s laid-back lifestyle. David is Panama’s second-biggest city. Thankfully, the cost of living here is still reasonable.
With its bustling marketplaces and vibrant streets, the city exudes energy. You can travel to other regions of Central America because you are near the border with Costa Rica. But don’t worry, David offers first-rate medical facilities. Ensuring safety and comfort for your retirement in Panama.
El Valle de Anton
El Valle de Anton is a unique village in Panama that is particularly popular with seniors. Cooler than other tropical locations, the city is in a large, dormant volcano crater. The dense woodlands that encircle this town are home to various vibrant wildlife.
For retirees who enjoy the outdoors, this is a terrific destination. You may unwind or go hiking among the verdant trees. El Valle de Anton is a distinctive retirement destination in Panama. It offers a unique blend of breathtaking geological marvels and tropical beauty.
San Francisco, Panama City
Situated in the heart of Panama City, San Francisco provides convenient access to all you need. You can visit contemporary medical facilities, go shopping, and dine at neighborhood eateries. One of Panama City’s largest parks, Parque Omar, is one of the most fantastic things about San Francisco. It has a swimming pool, kid-friendly play areas, tennis courts, soccer professions, outdoor exercise equipment, and a library.
Additionally, the city plans activities like park concerts. San Francisco is only a short drive from Panama City’s banking district and the Southern Corridor entry. It takes ten to fifteen minutes to get to Tocumen International Airport.
Chitre
Located in Panama’s picturesque Azuero Peninsula is Chitre. Chitre is a bustling town only 3.5 hours from Panama City. In this area, buses, taxis, trucks, and cars share the busy streets. They add to the lively agricultural atmosphere that matches the colonial charm.
Chitre appeals to foreigners. It offers reasonable prices on housing and medical services. This implies that you won’t need to worry as you unwind and take in Panama’s tranquil way of life.
Chitre is a unique fusion of culture and environment. If you’re considering retiring to Panama, Chitre offers the best of both worlds: affordability and natural beauty.
Volcan
Situated near the breathtaking Volcán Baru, Volcan provides an alternative retirement experience. Envision a world where verdant rainforests greet you each morning. You may hear distant creatures, rustling leaves, and singing birds.
But Volcan isn’t just about the natural world. It blends the splendor of the jungle with contemporary life.
This peaceful area does have houses for sale, and what’s surprising is that they’re not too expensive. Thus, you may enjoy the peace of nature while still being close to city amenities.
Consider Volcan as your retirement destination because of its exceptional serene surroundings and contemporary conveniences.
Pedasi
On Panama’s Pacific coast is a small village called Pedasi. Many adore it for its charming beaches and laid-back lifestyle. Foreign residents help you meet new people and learn about local lifestyles. Pedasi is a serene place close to Playa Venao, another well-known beach.
Pedasi is an interesting place. During nice weather, you can participate in various activities.
These include local festivities, visiting natural areas, fishing and surfing. Or view historical monuments, and, during the correct season, go whale watching. You can take part in neighborhood events and beautiful drives. Pedasi is, therefore, a fantastic option for a happy retirement in Panama.
Playa Venao
Playa Venao is well-known for its excellent waves, particularly for surfers. You can ride the waves if you’re a beginner or a pro surfer. While retired in Panama, you can rent equipment and learn to surf in specific locations. This will ensure that your visitors have a great time.
Playa Venao isn’t just for surfers, though. This beautiful beach lets you swim in the Pacific Ocean, enjoy the sun, and unwind on the smooth sand. The beaches are ideal for strolls and seeing breathtaking sunsets.
This amazing beach is only a short drive away if you live in Pedasi. When you retire in Panama, you can enjoy the tranquility of Pedasi and the lively beach of Playa Venao.
Bocas del Toro
Bocas del Toro, Panama, offers retirement bliss combined with Caribbean charm and the splendor of nature. This tropical paradise is ideal for nature enthusiasts and includes crystal-clear waterways, verdant jungles, and vibrant marine life.
Beyond its breathtaking natural features, Bocas del Toro offers contemporary amenities and the island’s comforts. Isla Colon, the main island, has a friendly foreign community, friendly stores, and great seafood restaurants.
For a peaceful yet active retirement experience in a tropical paradise, Bocas del Toro is the perfect place. Offering an affordable cost of living, a Caribbean atmosphere, and a diversified population. Bocas del Toro allows you to live each day like a vacation.
Retire In Panama: Final Thoughts
Panama, a nation in Central America, provides more than just a breathtaking landscape when you consider retiring there. Every area of Panama has something unique to offer. From the serene beaches of Coronado to the bustling streets of Panama City, home to a sizable banking sector.
Every experience demonstrates Panama’s varied attractions. Panama is a great destination with affordable flats that offer beach views. The vibrant nightlife and lush jungles near Volcán Baru add to its appeal. In Boquete, you can enjoy the smell of fresh coffee.
However, there is much that words and images cannot convey. In Panama, there’s always something fresh and fascinating to discover. If you are consider retiring, Panama invites you to discover its wealth and attractiveness.
Frequently Asked Questions About Retiring in Panama:
What are the requirements to retire in Panama?
First implemented in Panama in 1987, the Pensionado program is one of the most popular choices.
It provides a variety of cost-saving incentives. It permits qualified foreigners to retire in Panama as “pensioner” citizens. In Panama, retirees get discounts on various services like travel, entertainment, and hospital visits, ranging from 10% to 50%.
Is Panama a good place to retire for expats?
Yes, Panama offers city life, cultural events, beautiful beaches, and small towns in the countryside. It has modern amenities, a stable infrastructure, and lower prices for healthcare, insurance, transportation, and fun. In different parts of the country, expats live with locals.
Where do most expats retire in Panama?
Expats retire in various parts of Panama, including Panama City, El Valle, Bocas del Toro, and Boquete. Each location offers unique experiences and amenities.
Why are people retiring in Panama?
Panama offers beautiful nature, modern conveniences, a low cost of living, and a friendly atmosphere for expats. The Pensionado program offers good benefits to retirees.
Is Panama a cheap place to retire?
Panama offers lovely places to live. Living an everyday life in Panama City on less than $3,000 a month is possible, which covers different costs like rent, food, and more. Also, if you own an apartment, $1,500 a month is enough to live on easily.
Where is the cheapest place in Panama to retire?
In the suburbs of the bustling capital, living is less expensive. Affordable living options include El Valle and other mountains or coast villages.
