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For $500 a month you can definitely live in Panama--provided that you own your residence outright (trying to locate and negotiate a mortgage will convince you that you should own your home in total.) The only items that I found to be comparable to price to items found in the U.S. were automobiles, fuel, clothing/shoes, home electronics--your basic expensive stuff to begin with...
Food, utilites and entertainment are practically free to someone coming from the U.S.--$4 for a kg of prime, beautiful veal shank? Try $35 down the street from me! All of your food is unbeliveably cheaper--mostly because it doesn't travel as far to get to your table. Stop to consider that your beef probably comes from the Mid-West if you live on the coasts, that your fruit/veges come from FL or CA, and your dairy comes from a northern state. There are all local exceptions to this (try your local farmer's market,) but in the U.S., real estate is at such a premium in the cities that it is not cost effective to use any land for farming/ranching closer than several hours--that's slightly sad. Most Europeans are freaked out when they learn that about our agricultural processes.
Beer? If you are charged more than $1 for a pint of the local, leave and find another place. I've had dinner, drinks and live band for a grand total of $30--and we partied hard, too. A tab like that in D.C. would have cost me $150 before tip--and then Americans expect a 15-18% tip. Oy! Cable or DirectTV packages are around $25-35 a month (Of course, expect to pay for English channels, sports pkgs, movies, etc.,) Internet may be included (incluye) in an apartment building, or attached to your cable or phone. Electricity is also much cheaper than the U.S.--and you can expect to use your air con year-round too! Plan on $50/month at the most. Rents in P.C. are attempting to act like Manhattan. Don't fall for it! Negotiate a long-term rental contract while you are looking for a place to buy, or waiting for your apt to be finished.
Cheers.
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