Thread: Is it worth living in Panama?

Swing on over, be prepared to have a good time. Keep looking at the forums and keep asking questions. Find out what you would like to do and then plan your trip around it.

wonderful suggestion MRWOOHOO .

Even if it's worth to live there, kinda hard for now as I'm already used and attached to my place. Anyway I believe it's a nice place for a long stay and maybe I'll go there when there's chance.

yes it is worthwhile to live there,a umber of reasons for that,firstly if you are an american and want to make maximum out of you money i think panama is one of the best options for getting good life with less expenses,the climate in panama is also quite better as compared to NY or chicago or any other american metropolitan city,you will fall in love with the place in sometime.

I believe it's a nice place for Americans and alike, but for me and I think other Asians we tend to stay behind due to various reasons.

Panama is almost the 'other side of the world' from Asia; so combined with language and culture issues it is very, very far away indeed.
So, aside from being very far away, using a different language, have vastly different culture and sociology....
Nope..just kidding.

Cheers.

Just take a look of this, and see how amazing is Panama.

Panama is the place to retire. From low cost health insurance to quality living. I am building a place in Gorgona at Malibu Beach Resort. I dont plan on moving for another couple of years to Panama but I believe that most of the amenities that you get in the USA you can get in Panama-only cheaper.

Panama has hundreds of reasons for one to live there. Beautiful country, low costs, cheap housing, wonderful people, low taxes if any, etc.

If I had the money, I would really move to Panama, and I think it is worth to do it. Firstly, the beauty of Panama attracts me very much, and if I can live in a place wih such beauty, I might have a good mood everyday. Secondly, I think I could take a good job there due to the developed trade status. But I have no money to move right now, hope I can do this in the future.

Panama has very good Health services even in the town of David. I don't think anyone has mentioned the town of Boquete yet, but various places there have been special adapted to buy land or a house and benefit from Health Care, Investment, Retiree Services and Schooling. The locals are just lovely too. I lived there with my wife for 2 years and really enjoyed it. We had to come back to France for personal reasons though.

Is Panama the place for everyone? Of course not, but is any place? What does Panama do well? It's still relatively cheap, access to both oceans, mountains, rainforests, wildlife like nowhere else, friendly people. The downsides are; not enough infrastructure especially roads, bad drivers and no recycling or environmental care in the city. I have read that there are plans to fix these problems but talk is cheap.

1. On Michael's comment Nov 2006
-"you can buy a two bedroom apartment with sea view for around $60,000!", anyone who has visited Panama lately can agree that this is no longer the case. In the city this would cost about 90 to 100k (Avenida Balboa for example)

Summary of Advantages:
1. Warm Weather
2. Stable & Growing Economy
3. Low Inflation
4. Safe Country
5. Beautiful Beach & Mountain Retreats to enjoy
6. Great Place to live if you earn money internationally, you dont pay taxes on what you earn outside of Panama.
7. Easier to get Temporary or Permanent residency than many other countries.
8. Low cost of living compared to US and Europe

Summary of Disadvantages:
1. Can be noisy in the city
2. traffic jams
3. Can be hard to find qualified employees


The bottom line is that the advantages outweigh the disadvantages greatly.

Just my opinion though.

LG

I have lived in Panama City now for almost 3 months and I like it more and more. I currently live all the way in El Dorado but have no problems getting a cab to Via Espana within 20 min for $1-2. The cab rides are still interesting sometimes. I still occasionally have to close my eyes, lol.

Great thread!

For me it's worth living in Panama because it has everything I want and need.

Hello,
I have read there is a "Squatters issue" in Costa Rica, when any local could legally and forever occupy foreigner owned property after the foreigner's 3 month absence from the country.
Does Panamanian law protect the foreigners rights for the property, as in the USA and Canada?

I to am thinking of moving to Panama. I just returned from there and did fall in love with the people and the country. I plan on coming back in july to see more (the bocas, isla grande etc.) I did talk to a developer that has quite a large project planned for the Maria Chiquita area. Any thoughts from anyone?

Dont be in any rush to purchase anything especially pre-construction. There is ALLOT of over-priced real estate in Panama (just like Miami). Spend some time looking at this forum and researching other websites. If you "live like a local" you will do very well for yourself. I suggest avoiding the planned communities.

Thanks for the info. Just one question. Why do you feel that a planned community may not be the best scenario? I originally went to Panama to look for land but everyone seemed to re-direct me to the planned community. Apparently land is hard to come by (ocean front) because of Right of ownership vs. titled. So it was suggested to buy a condo first and feel out Panama before buying a piece of property. It sounded like the logical thing to do. Thoughts?

ps. I liked the forum on the girls of panama. And yes they are very beautiful and love the North American male. It's gonna cost you though..lol.

Hi Crooked69,
Well, everybody is directing you to a planned community because ALLOT of money is spent trying to sell you on the idea. Developers make a killing on selling "Castles in Cow-fields" just because they have a view of the ocean. If you take a good look at the geography of the country you will realize ALLOT of Panama has an ocean view. Don't let people that are looking to make money off you tell you what you need. There is plenty of titled real estate in Panama with a great view that can be had at a fraction of the cost of a planned community. Unless I am mistaken many of the developers here are the same as in Florida. Florida is in deep doo-doo with the amount of over-speculative development. Same thing is happening here. You can rent for real cheap outside Panama City and explore the country while you decide where you want to live. DONT RUSH TO BUY ANYTHING. There is so much undeveloped land here that can be had for cheap. The world economy is tanking and credit is tight. There is ALLOT of stuff for sale, trust me.

I am glad you enjoy the Panama Girls thread. The "real" Panama girls are generally quality women. My girlfriend is from Los Santos and I am truly happy with her and she is not making me broke, lol.

My wife and I just came back from 2 weeks in Panama. Spent 3 days driving around by ourselves and with Realtors. Some VERY nice properties there. We specifically went to see Malibu Beach Resort with one realtor who was quite knowlegeable. 1 grand entrance. 1 road. 2 watchmen. 8 or so show homes. NO construction equipment. That's it. We had done a lot of reading about Malibu because some of our friends bought a unit there. It sounded really good. Then several people on this Forum made the observation: "would you buy a home in Canada (or the USA), sight unseen, without knowing the builder or the laws AND preconstruction?" Sounds a bit like a lottery. As Mr. Woohoo observers, there are many, many very nice homes already built, completely furnished and operational and clear title which can be had at very reasonable prices. Or rentals. Living there in either rental or inexpensive clear titled home makes sense while you investigate your dream home in paradise. Having looked around now, we are pretty sure we would like to settle there after doing our "due diligence" since we don't have enough money to throw away if a pre-construction project, however well designed and supported doesn't move ahead as planned. "A bird in the hand is worth 2 in the bush" Our 2 cents on this question.......

I would like to state, for the record, that I don't hate people that live in gated communities. I have owned and lived in one back in Florida. I was very fortunate to sell my condo just before the whole market got flushed down the toilet. The purpose of my posts is to make people aware that this is a foreign country, unless you are a Panamanian. If you are going to spend so much of what you spent your life working for, be educated about what you are doing. Just like Gordon and Myself have done, we went and looked to see what is truly going on. There are tons of media formats that are nothing but outlets for speculative developers. There goal is to make as much money as possible from you. Also understand I am generalizing and I do not intend to offend all developers. Make sure you do your homework, meet with multiple attorneys, real estate agents, travel the country, get to know the locals. This is a great place to buy and live if you are aware of what you are doing.

I myself and I'm sure all the readers appreciate your insight into Panama and its real estate. I am doing my "due diligence" and considering all my options. I will be coming back in July to look around at other areas as well. Another question..... I was told by a friend of mine who has travelled all through Latin America and he strongly advises that I move to a gated community for security. He heard of people that had their house cleaned out by locals when they left for a few weeks. I'm sure this is a very rare occurance, but have to ask if you or any of your readers know of this happening in Panama? I'm not that short sighted to believe crime is not prevelant in any society but do have to raise the question.

It is a real problem, not because there are more bad people here, but because there are fewer police, police vehicles, radios, etc. etc. etc. In San Carlos last month, there were at least two armed home invasions, both targets gringos who ended up being tied up all night. Sure, there is lots you can do to protect yourself -- dogs, guns, lights, steel bars, razor wire, etc. -- but many, many people choose the gated community option to avoid all that. Of course, the gated community does not guarantee you won't be robbed, but it helps; as everywhere, the bad guys are going to always choose the easiest target -- and that is generally not the one with an armed guard out front.

Btw, many people seem to have this picture of "gated community" as being populated with fat, overbearing, badly-dressed gringos who want to avoid local culture at all costs. Nothing could be further from the truth. Many, many Panamanians live in these communities (as well as ex-pats from South America and Europe), and they are there (for the most part) for the safety as well as the amenities: pools, tennis courts, landscaped grounds, etc. I know many Panamanians who would happily live in a gated community, if only they could afford it. No, I don't live in one now -- but I did in Mexico for a couple years, and thought it was a good experience.

Quite right about the extra security. And peace of mind. Unfortunately, home invasion type crime is getting more common everywhere in the world. Including here in our "safe" Canada. While we were in Panama, we asked the question often regarding security and found a mixed bag of answers and variations on those answers. Some told us that there had even been armed robberies in gated communities as soltero mentioned as a possibility below. One suggestion was that with the "standard" live in caretaker AND a dog, the chances of a home invasion was lower. Guess one could move into an armed fortress to protect oneself . Not sure that would be enough.

I agree with the above mentioned comments from Gordon and Soltero. I do feel that making yourself a part of the community outside of the gate or in the countryside can really help your chances as well as hiring a local to be your driver or your housekeeper and treat them well. I have a feeling that many break-ins occur not by random chance but because maybe the person has not given the surrounding community the correct impression. Not to mention they have ALLOT of stuff. This country is one small town and everybody knows everybody. If the local community likes you I have a feeling your chances of being a victim probably decrease. Maybe owning an assault rifle and a big cage just make you a bigger target? Living is easy in Panama, you don't need allot of stuff to be happy.

I don't mean to be gloom and doom here, but...

a) both victims in San Carlos had dogs. Often, the dogs are poisoned as the bad guys' first step.

b) one of the vicitims in San Carlos had lived there 8 years, and was definitely part of the community.

My point, as others have already made: There are no guarantees. All you can do is try to lower the odds. And if you choose to live in a rural area -- which in Panama means pretty much anywhere outside Panama City -- it is my opinion (and only that) that a gated community will offer a higher degree of security. I am *not* selling anything, just responding to crooked69's question and the notion of a new transplant looking for the greatest level of security.

Also -- this is probably obvious -- your fluency in Spanish will make a big difference in your ability to become part of a community. If there's a bilingual community already built in -- as is often the case in a gated community -- then that network is already there, if you want it. Outside, you have to take the initiative to create it yourself, and without Spanish, it can be tough.

(Gawd, I still sound like I'm selling property in Coronado, and I really am not. Sorry.)

Thank you for the information everyone. This is a great site to help people like me who are considering the move to Panama. I'm only 40yrs old and am looking to semi-retire in a comfortable place where my money will hopefully go a long way. Panama was initially my first choice but I am looking at other countries like Belize. So for the people in Panama have been very helpful both via the net and through my personal visit there. As more questions arise, I wont hesitate to ask.

Hi Soltero, I wanted to let you know your input is greatly appreciated and is good advice and insight.

Crooked69, I had looked at Belize as well and there are a couple of things you will want to factor in before deciding. Belize is right in the middle of some of the worst possible hurricane activity on the planet and if what is said about global warming is true, watch out. Another thing I noticed about Belize is there is not much elevation so the whole country is going to be hot and humid. Not much of an escape. On the plus side English is the primary language and the scuba diving is supposed to be great.