New to Panama Forum

[walkabout]

I’m new to the board and I’m considering retirement in Panama for 3 – 6 months a year I was wondering if anyone can give me some advice. My pan would be to go over Jan 2009 through March 2009 for my first trip. If everything goes as planed I would move over perm Jan 2010.

1. If I were to come over for 3 months just to check out the country how much would an apartment rental cost short (3-4 mo.) term in Panama City?
2. How much should I budget for a 3-month stay for rent, sightseeing and in country travel again just budget?
3. Would I be able to get around by cab or should I rent a car.
4. I think I would like to look for a condo to buy and unless my mind is changed I plan on buying a condo in Panama City. I was wondering if anyone has any experience with a local Real Estate company and or agent.
5. I have spent time looking a Real Estate on line to try to get some idea of prices for a condo 2/2 in a nice area with a nice view; any input would be greatly appreciated. I was hoping to spend less than 200K is that doable or am I dreaming? For the other 9 or so months of the year could I look at renting it out short term?
6. Is there any tax advantage to ex-pats living in Panama, or any other country for that matter, if we stay out of the US for a full 12 months?
7. In my past life (work life) I have traveled a lot overseas about 10 years working for a large telecom company. I spent about a year in Guatemala 4 week in country and 1 week at home does anyone have any experience in Guatemala as compared to Panama? My wife is worried about Guatemala she still remembers the problems for the 80’s. I found Guatemala City to have some of the best weather I ever lived in.
8. What would the down side if any living in Panama? Everything I read for the on chat boards most part is very positive.
9. Is the sub prime mess affecting the real estate prices in Panama?
I know I'm asking a lot of questions if you can answer any or all I would be very appreciative.

Thanks in advance.
WALKABOUT

[MRWOOHOO]

Hi Walkabout, in response to your questions:
1. I would figure about $400-500/month to rent a room, an entire apartment could cost well over $1000/mo for a three month term. If you plan on exploring dont bother renting for that long in Panama city, plan on spending a month there. Panama has allot to offer so staying in one place for to long would be a waste.
2. If you are in Panama City prices for food, drink, girls, can be very cheap to very pricey. If you are in the interior food and drink is extremely cheap. I can get a decent authentic Panama meal in the interior for a couple of dollars. I am a pretty large guy and I can eat three meals in a local restaurant and spend less then $6/day total.
3. While you are in Panama city dont bother renting a car. A cab can get you around no problem. If you really want to explore the interior rent a 4x4 for a month and really get to know Panama. No need to book hotel rooms in the interior unless it is holiday/carnival season then some towns really fill up.
4. I do have a real estate person, her name is Nora Smith. Her phone is (011)507-220-3851 or 6600-6473. She is extremely pleasant, knowledgeable, will pick you up from the airport. Gives tours of Panama city and speaks excellent English. She gave me a very good comfort level. Tell her Martin from Florida sent you.
5. Less than $200K is easily done, no problem.
6. Many advantages to living in Panama including taxes. Contact the US Embassy in Panama and get a list of lawyers and then meet with several of them. First consultation is free. Make sure you have your list of questions ready. You will need a lawyer if you are going to be investing money in Panama. That is just how it works.
7. No other Latin America country has the infrastructure that Panama has, good Internet, "decent" roads (compared to other countries in Latin America), very friendly people.
8. If people had major problems with this country you would be reading about it here. I dont think anybody here works for the board of tourism?
9. I think some areas were hit, Boquete, Bocas, and maybe some of Panama City. What makes Panama different is that it does not rely solely on the US ex-pats. There is a huge influx from Venezuela as well and they have allot of money. You will also meet Britians, Canadians, Germans, US (of course), Brazilians, Spain, Colombian, etc. With the amount of investment that is happening in Panama now is a great time to still purchase real estate.
10. This is probably the most stable country in Latin America and has a great future.

Cheers

[walkabout]

Thanks Mr. WOOHOO Great answers thanks again for taking the time. I know its about a year out but when I get there Lunch or Drinks on me

Thanks again

[zhinghur]

Thank you, both of you. I didn't know about few things. Thanks for the information , once again. Great going MRWOOHOO...

[MRWOOHOO]

Glad to be able to help. Forums initially helped me figure out what was going on. Spending time and exploring first hand the entire country is incredibly fun. Spend the first two weeks and the last two weeks in Panama city, meeting with several attorneys, etc., and spend the rest exploring. The only other area in the country I would suggest not driving to is Bocas, just trust me on that. You can get a flight for cheap but make sure it is an actual commercial airplane.

Cheers

[MRWOOHOO]

Note: Also make a point of meeting with Real Estate agents in different areas of the country and look at property. It will give you a great feel of what is really going on with investing. DO NOT BUY ANYTHING YOUR FIRST TRIP! There is plenty of land, houses, and condos, no rush.