If you are looking for an exotic and adventurous place to move to, that also offers one of the lowest costs of living for expats, then moving to Panama is the best decision you could make.
Currently around 1000 British expats live there either full or part-time, while American expats account for over 30% of Panama’s immigrant population of about 190,000 people.
Why Panama?
1. Luxury and Modernity
Panama is still a developing country, however it has the fastest growing economy in Latin America, with a stable government and a currency pegged to the US dollar.
Most expats moving to Panama choose to live in either Panama City or on Panama’s Gold Coast, specifically Coronado and Gorgona. These are places where you will find modern high-rise buildings, commercial and recreational facilities, gourmet dining and all the other mod cons you could wish for, with a tropical backdrop.
2. Live well for less in Panama
In Panama, the cost of living is affordable, in some parts of the country a couple can live well on as little as $1,600 (roughly £1,200) a month, including your rent or mortgage costs. According to the cost of living website numbeo.com a three course meal at a mid-range restaurant for two in Panama City costs around $27 (£17) and a pint of local beer $1.33 (94p). A cinema ticket costs $5 (£3.27) and a litre of petrol $1 (71p). The cost of imported goods can be more expensive than the local produce.
3. Panama – A Tax Haven?
Panama is also a tax haven which means that the government does not impose any taxes on income earned from outside of the country, so if you are a business owner living in Panama who conducts all of your business overseas you will not have to pay any tax on the revenue generated from the business. Panama has an excellent infrastructure (high speed internet and excellent telecommunication services) allowing businesses to operate remotely when living in Panama.
4. Excellent quality healthcare
It is a good idea to have private health insurance when moving to Panama (for a couple of any age you can find insurance for as little as $250 or £177), the facilities in all the major cities around Panama are excellent, and with the cost of health care and health insurance being inexpensive and of high quality, it makes for a popular country for expats to retire to. More than in any other place in Latin America you can readily find English speaking trained doctors and dentists, and the major hospitals are equipped with the latest medical equipment for diagnostics and treatment services.
Sanitization in Panama is good and you can drink the tap water, a rarity in Latin America.
5. Expat friendly locals
Panamanians are extremely friendly towards foreigners and will make you feel very welcome. The culture is very laid back and hospitable, Panamanians are accustomed to having foreigners in their midst, thanks to the strong US presence during the Canal-building era and today’s very diverse ethnic landscape.
6. Excellent benefits for resident retirees
Panama has been ranked the best country in the world to retire to by the International Livings Annual Global Retirement Index for 2016, thanks to the Pensionado Program and its many discounts.
In Panama, resident ‘pensionados’ or retirees are entitled to:
· 50% off entertainment (movies, theatres, concerts, sporting events)
· 50% off public transport fares
· 25% off domestic airline tickets
· 25% off monthly energy bills
· 30 to 50% off hotel stays
· Up to 25% off medication costs
· 15% off hospital bills
…..plus a lot more.
7. Climate
At sea level, Panama has a warm and tropical climate year round. Head into the mountains, and you will experience a spring-like climate with cooler temperatures.
Depending on where you come from, you will either love or hate Panama’s climate as it can become very hot and humid with temperatures year round fluctuating between 80-95⁰F (27-35⁰C). There are 2 seasons – “Summer” runs from December to April, and “Winter” running from May to November which probably should be named ‘rainy season’ where you can expect rain most days.
Panama is a beautiful country with its natural biodiversity offering nature enthusiasts an endless display of flora and fauna. There are miles of sandy beaches on two different coastlines, rolling mountains, hectares of pristine rainforest and hundreds of islands to explore – you won’t be bored in Panama!
For more information on moving to Panama, please contact Britannia Movers via our quote form or please call us on 0845 600 6661, where our International experts will be able to advise you on all customs information and provide you with a quote on relocating to Panama from the UK. You can also access expert advice via our dedicated team by email by contacting international@britannia-movers.co.uk
