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soltero · 06-09-2008

Thanks -- your answers make sense, all around.
But, for the newbies, a couple of points about paradise: <g>

1) It does make sense to keep Medicare coverage, but it doesn't work in Panama; it's only useful for unfortunate events in the US. (Btw, this seems to be a common reason that ex-pats leave Panama: Medical care that they need is unavailable in Panama, or not covered by their Panama health insurance. I'm not saying it *will* happen, but it *can* happen.)

2) Home insurance is most important, imho, not for fire but for theft-of-contents coverage. In Panama City, for my apartment, I pay $263/year for the complete homeowner's package.

3) Travel costs can be minimal, especially if you have family/friends to stay with wherever you go, and if you can avoid eating in restaurants. I don't/can't, so, e.g., I usually budget $2K for a 10-day trip to the US. For an upcoming trip 2-week to LA & SF, where hotels are expensive, it will be more like $3K. More still if I take a Panamanian friend. :-)

4) Taxes *are* relevant as long as you are a US citizen and have any income from the US: interest, dividends, *and* Social Security. Even if you become a Panamanian citizen (difficult), you cannot escape US taxes. :-(

06-09-2008	#10 (permalink)
soltero Senior Member Join Date: Apr 2008 Location: Panama Posts: 152 Rep Power: 1	Thanks -- your answers make sense, all around. But, for the newbies, a couple of points about paradise: <g> 1) It does make sense to keep Medicare coverage, but it doesn't work in Panama; it's only useful for unfortunate events in the US. (Btw, this seems to be a common reason that ex-pats leave Panama: Medical care that they need is unavailable in Panama, or not covered by their Panama health insurance. I'm not saying it will happen, but it can happen.) 2) Home insurance is most important, imho, not for fire but for theft-of-contents coverage. In Panama City, for my apartment, I pay $263/year for the complete homeowner's package. 3) Travel costs can be minimal, especially if you have family/friends to stay with wherever you go, and if you can avoid eating in restaurants. I don't/can't, so, e.g., I usually budget $2K for a 10-day trip to the US. For an upcoming trip 2-week to LA & SF, where hotels are expensive, it will be more like $3K. More still if I take a Panamanian friend. :-) 4) Taxes are relevant as long as you are a US citizen and have any income from the US: interest, dividends, and Social Security. Even if you become a Panamanian citizen (difficult), you cannot escape US taxes. :-(