MisterGentleman

After assessing the world’s tax haven’s I’ve decided that Panama is the most appealing and am very interested in moving there. I had some questions that I was hoping you might be able to help me with.

I make my living trades stocks over the internet so it is very important that I have two fast, reliable internet connections, preferable using two different technologies and providers in case one goes down (e.g. one cable connection and one ADSL connection). How wide spread is the internet infrastructure in Panama? Will I have to live in Panama City to ensure I get a fast and stable connection or is the whole contry fairly well developed?

Secondly, I’m trying to let my capital build up to a healthy amount before I start spending the profits so I’m looking for somewhere quite cheap to live. I’m not too bothered about location as I don’t go out much, as long as I can get a decent internet connection, it’s somewhere safe and has reasonable access to shops to buy food and household items. I would prefer too be in a fairly cool area as the temperature seems very high. Should I be looking primarily at Panama City or are other areas worth considering as well? If so where else would you recommend I look? Also, how much rent should I expect to pay for an apartment with one bed room and a living room?

Finally, I lived in Eastern Europe for a year and I had trouble when utility bills arrived as I didn’t know what they were for or how to pay them. I also had a lot of trouble getting an internet connection installed because I never spoke the language. How easy is it to live when you don’t speak Spanish? Do you run into problems with bills or getting things like a phone line installed?

Thanks a lot for any advice you can offer on any of these three areas.

panamapal

Panama has great internet infrastructure. Additionally, if the internet in your home ever goes down, you can go to one of the internet cafes.

MisterGentleman

Thanks for the information. I was more asking was how wide spread the infrastructure is as I didn’t know whether I should focus my property search on Panama City or look at the whole country. In many less developed countries high speed internet access is only available in the cities. I think for safety I’ll focus on looking for a place in Panama City as it seems areas outside the city aren’t too well developed.

It looks like the only way to get a good idea of the property market in Panama is to go there in person. The online real estate sites seem primarily aimed at exploiting wealthy foreigners with lots of properties in the $1million area. When looking at rentals they’re mostly coming in around the $2500 a month area.

However, I have seen some incredibly nice properties at fantastic prices and presumably there are a lot more available if you go there. It’s definitely become my first choice country to relocate to and as long as I can get a decent internet connection I can work around anything else.

Jerry

Regarding Internet, my personal impression is that it is indeed faster and more reliable in Panama City.

Regarding English, you shouldn't have any problems. Virtually all companies (including banks, utility companies, etc) have at least one person that speaks pretty good English.

Yes, most English-language real estate websites about Panama are severely overpriced. Do come to Panama and take a look around... there are still bargains out there but they are not advertised to foreigners.

coolandhot

Also, people looking for real estate can enlist the help of Spanish speakers. This is especially easy if you have any Spanish-speaking friends in Panama.

MisterGentleman

Thanks a lot for the information Jerry and coolandhot. I think the suggestion about getting a Spanish speaker to help with the property search is a very good one. When I went to Eastern Europe nobody spoke English so I was at the mercy of the real estate agent. They essentially chose where I’d live for me and I ended up in a high end executive apartment with higher rent than the UK.

Panama sounds great and it’s good to know English is so widely used. I’m really looking forward to relocating there.

coolandhot

I'm glad you find my tip helpful. I wish you the best on your location. I bet you'll like it in Panama.

Lalaguayaba

Aside from Panama City, David and Boquete in Chiriqui are also places that are worth a look. My parents and their neighbors all have high-speed internet in their homes; one of the neighbors is a pro poker player and another is a broker--so they both have the same requirements that you are presenting.
As far as researching the IT companies, a lot of them have bilingual websites, and as was mentioned before, the large companies all have an English-speaker at the help desk.
Century 21 has a good Latin American site to help you get an idea of how far your $$ will go in-country with both rentals and purchases; many of the larger real-estate companies in the U.S. have foreign branches that are easy to access. Last, but not least, the local universites in Panama have a lot of bilingual students that are cheap to hire.

Cheers.

coolandhot

Nowadays, the internet is basically becoming as much a requirement for a home as a phone line. So, most places have access to it. Nonetheless, you want to ask before choosing to buy or rent any property.

MisterGentleman

Someone sent me a PM suggesting Boquete because they said it was a lot cooler at that altitude. It looked somewhat remote so I was concerned about the internet connection but from what you said it sounds very promising. It definitely looks like a nice place to live with spectacular scenery and the only other downside is that it’s very difficult to find property listings for the area. What listings I have seen are for houses and no apartments, while there’s good selection of apartments in Panama City. I think I’ll initially look at Panama City but may look to move to another area when I’ve been there a while.

Lalaguayaba

There aren't the high-rise condos that are available in P.C., but if you don't want an entire house, there are duplexs and quadplexes available in places like Valle Escondido and some of the other country club developments.

It is defintely considerable quieter, and cooler, so if urban is your thing, then Boquete is not for you! As much as I like it there, its far too mellow for my taste, but a great place to visit!

Cheers.

coolandhot

I've never been to Boquete. Maybe you might want to visit it before deciding whether or not you want to live there. Although, Lalaguayaba's description is helpful.

Lalaguayaba

Are you suggesting that the well-informed Mr. Gentleman would actually buy a place sight unseen and move there? That's just silly, isn't it?

Could you tell us where in Panama that you have been would you recommend to him? And why? I'd love to know where in Panama is your favorite place to visit.

Cheers.