Thread: Is it worth living in Panama?

That's nice to hear. Thank you.

It is a nice thing to be able to say and truly mean it. Your welcome. The key to living here is putting forth the effort to meet and get to know as many people as possible. For the most part the locals are super nice and have a great sense of humor. The expats (from everywhere) are a really unique, friendly, and outgoing bunch of people as well.

Side Note: Prepare to learn tolerance in Panama and life will be good.

I would say that it is "Definitely worth to live in Panama". The city offers an incredible climate and a beautiful coastal landscape. It's a home for all different kinds of people. Panama offers from affordable city apartments to stylish ocean front condo and much more. So no matter how much you are earning, you will definitely find a place for living in Panama as per your needs.

I'm still a bit young, but I'm in the business sector. Based on what I've seen and read, it seems like it's definitely a great place to at least visit. And upon visiting it, from there you will be able to more accurately answer that question. Although technically it's possible to adapt in a one shot deal kind of scenario, but if you don't know anyone there it might be difficult to just move out of the blue without ever visiting the area.

As you may or may not know Panama is a Tax Haven and not only that but arguably the world's best tax haven. With 0% income tax, 0% capital gains tax (on foreign derived income) and no inheritance tax it is as good as it gets. Check out this site for all the Panama tax information if you are interested: http://www.best-tax-havens.com/Tax-Haven-Panama.html

Much of the information on that page is incorrect; e.g., the requirements for the self-solvency visa.

The requirements about the self solvency is correct. The reason I know this is because I have the up to date documentation from my lawyer. Panama recently changed the criteria in August. If you want I can email you on the documentation, I got it from Morgan and Morgan so I'm confident it is correct...

See (English):
http://www.playacommunity.com/the-ne...-requirements/

and (Spanish):
http://www.gacetaoficial.gob.pa/pdfTemp/26104/12594.pdf
(Self-solvency requirements are on page 40)

Hi, thanks very much. Well I guess I better check this with my lawyers because if there is one thing I have learned over the years it is that lawyers can and do make mistakes!

The other errors on that page you ref'd:

"$0 tax on Panama bank accounts." Wrong; there is a cut-off point, but I can't remember what it is; I think maybe $2K? In addition, the interest rates paid by Panamanian banks are much less than the US, even now.

"The main permanent visa is the self-solvency." Wrong; it's the pensionado visa that is most commonly acquired by most ex-pats from NA and Europe. And probably (just my guess) the *most* common is no visa at all -- i.e., people live here for years by simply leaving the country every 3 months (for at least 72 hours).

"Residential property prices are $2K-$7K per square meter." Depends on where you're looking. In Panama City, nice apartments run from $1K to $3K per square meter, depending on location, view, etc. In the interior, I have looked at many very livable houses in the range of $200 to $800 per square meter. But to spend $7K per square meter... well, I don't know where you'd find that, except maybe the top floor of the Trump.

Also, the entire premise of that piece -- that Panama is the world's best place for avoiding taxes -- well, that's highly debatable, and highly dependent on one's personal financial circumstances. And, to get to that "haven" status can entail some moves that are, imho, somewhat risky -- like transferring a big chunk of your assets to Panama.

Hello,

We are thinking of checking out Panama as a eventual place to retire. Could any please advise the best way, during a week or two week holiday, to explore the different locations to live. We don't really want to live in a city nor the beach, the country or mountains would be first choice.

Are there reputable companies that can assist, or is it better just to come and explore?

Thanks for any help or advice,

Ted posted his question twice, in different threads; I gave my answer here:
http://www.panamaforum.com/living-pa...here-live.html (Checking out where to live)

Originally Posted by Ted

Hello,

We are thinking of checking out Panama as a eventual place to retire. Could any please advise the best way, during a week or two week holiday, to explore the different locations to live. We don't really want to live in a city nor the beach, the country or mountains would be first choice.

Are there reputable companies that can assist, or is it better just to come and explore?

Thanks for any help or advice,

Yes.

Originally Posted by exilio

The other errors on that page you ref'd:

"$0 tax on Panama bank accounts." Wrong; there is a cut-off point, but I can't remember what it is; I think maybe $2K? In addition, the interest rates paid by Panamanian banks are much less than the US, even now.

"The main permanent visa is the self-solvency." Wrong; it's the pensionado visa that is most commonly acquired by most ex-pats from NA and Europe. And probably (just my guess) the *most* common is no visa at all -- i.e., people live here for years by simply leaving the country every 3 months (for at least 72 hours).

"Residential property prices are $2K-$7K per square meter." Depends on where you're looking. In Panama City, nice apartments run from $1K to $3K per square meter, depending on location, view, etc. In the interior, I have looked at many very livable houses in the range of $200 to $800 per square meter. But to spend $7K per square meter... well, I don't know where you'd find that, except maybe the top floor of the Trump.

Also, the entire premise of that piece -- that Panama is the world's best place for avoiding taxes -- well, that's highly debatable, and highly dependent on one's personal financial circumstances. And, to get to that "haven" status can entail some moves that are, imho, somewhat risky -- like transferring a big chunk of your assets to Panama.

Yes you are right about the price per square foot. For Punta Pacifica it is around USD 2,000 at the moment for most developments (ignoring Trump of course which is more than double that!!). I don't view Panama as risky in terms of being a Tax Haven. I've lived in both the Bahamas and Grand Cayman and Panama seems much more sophisticated than either of them frankly. If you are worried about leaving your cash in a Panamanian bank account then don't it is fine. You can of course open an offshore account somewhere else and you will still be paying 0% income/capital gains tax on the money (e.g you could put the money in the Channel islands and have the income paid gross thus avoiding all taxes - this is perfectly legal)...Panama doesn't tax foreign derived wealth. I moved to Panama to retire and to exploit the Tax Haven status. I'm in the process of acquiring the self-solvency visa via my attorney. It wasn't difficult and I get much more for my money than I did in the Bahamas / Caymans - real estate is cheap here when compared to the Caribbean or European Tax Havens believe me. Also I wouldnt live in Costa Rica or Belize as they are too dangerous for me.

Hello,

I have a short experience living in Panama for 3 months, started running and operating a company for short term rentals of luxury apartments at affordable rates, and it is really difficult from my own experience to live here and to work here. Our company can provide luxury apartments for short term rentals, which offers an excellent service to our clients that can be compared to expensive hotels in Panama city. You can visit this website to view the apartments in Panama that our company are currently running.
The social and cultural environment makes it a big challenge but still an amazing experience that I recommend to anyone.

I have managed many apartments, condos and homes for many years, here is my personal info so we can comunicate and see how we can benefit from eachothers contacts and clients, I have a tour guide and transportation biss as well. schwartze69@hotmail.com 561-404-7699 US line that rings here in Panama and my cell is 6-517-2512 , skype ernestoschwartz69 yours?

When I was in the US I used to work for a min of 60 hours 6 days a week, even though I lived in sunny Florida I just stop making the time to visit my local beaches.
I can to Panama and have made it my mission to find local paradises here.
I will share some of my pictures.

Originally Posted by trixie

I've learned a lot on this forum but I still doubt if it's really worth moving to Panama to live there. What would be your reasons for living in Panama?

hi,

I am Europien girl moving to Panama City because of Job.
Will I survive there? coming first time living outside Europe?

well first of all welcome to Panama, I felt probably the same way you do, I would ask if there was : cable,high speed Internet,Mcdonald,KFC,UPS,etc and the answer was ( where do you think you are coming a 3rd world country LOL ).
When are you coming? where are you going to be base at? I can help you get settle in.

Originally Posted by Tutua

hi,

I am Europien girl moving to Panama City because of Job.
Will I survive there? coming first time living outside Europe?

Nope. You won't last any longer than a snowball in a furnace...

LOL, I too felt very scared about moving to a new place and after some time with the help of good friends I am doing better and happier than I was doing in the States, my cost of living is less and I enjoy life more no more the rat race.
I disagree she will be fine I will take it upon my self to proof it to her and anyone else that is considering making a move here.
there are places that cost 3k a square meter some 2k and less but you get what you pay for.
there are places that go for 3.5k a month,down to 300. a month, it just depend what you are looking for
I live in one of the most exclusive places here and I pay 2k a month but I save so much money in gas,time,convenience etc I am in the best and most Centric place in the city.
Any one wanting to come to panama send me a private email and I will share my info and help you out.

Hello all,

Noob here. Anyways eventhough im biased (im panamanian!), I can tell you from first hand experience having lived in LA, Miami, New Orleans, Madrid, Barcelona that Panama is by far the best place to live on the planet.

Yes the traffic sucks the heat is scorching, and the rental and housing prices are still a bit high. However the quality time youll have in Panama will more than make up for it.

Over the last few years Ive met so many foreigners coming in from the US, Europe and South America who dont want to leave because they have such a great time here.

Yes theres the Panamanian "juega vivo", but believe me...Panamanians are harmless compared to alot of the stuff youll see in some other South American countries.

Panama has recently become a country of immigrants (it really always has been)...but now it is truly a melting pot like no other.

Where else in the world are you going to see Jews eating at a Lebanese restaurant and vice versa? No Where!!!

Its a country of cultural tolerance and racial peace. When I see chinese, blacks, whites, indians....i dont see races, I just see Panamanians...and once you get used to it so will you.

Hope this helps some

Ptygold

I agree with you on all accounts, Here am able to have a lower cost of living and more freedom that what I had in the US even though I owned my own Cosmetology Studio for 16 years.
I have been taking regular trips to discover all paradises one by one, hope I can share it with you all

A bit of counterpoint:

Living here as a Panama citizen is *very* different from living here as a foreigner (even if the foreigner speaks Spanish fluently, which most don't).

Yes, the prices for anything service-based are ridiculously cheap, as are prices for liquor and cigarettes. But many things are much more expensive in Panama.

Yes, real estate *can* be regarded as a bargain, but it depends on where you are coming from. And, Panama RE prices are no better than other 3rd world countries.

I agree, it all depends what you are looking for for example:
1) I have a retiree friend from Florida that has moved to bokete and is paying 150.00 per month to rent a room at a nice Family house, he goes to a local restaurant and pays 2.50 for breakfast no more than 3.50 for lunches and dinners.
hes cost of living is grate and every 3 months he goes to Costa Rica for his visa and stay in a 20.00 a day hotel which I have been at before ad it is grate.
2) you can get a house in the outskirts of the city 20 minutes away I have a 3 bedroom 3 bath that I bought for 65k yard, trees etc.
3) you can leave in the city with condo prices of rentals of 2k + I have one I rent in marbella calle uruguay
4) in the interior you can get a 3 bedroom 2 bath for 250.00 a moth yes a house minutes from thr pan-american highway
if you have any questions let me know I will help !!!!

I am coming to Panama in August to check it out. I hate city living - love the country and especially the mountains with rivers that you can swim in. I will want to live in the country with easy access to the city for business purposes. I am a single female, so safety is probably an issue.

I would love any recommendations you can give me as to areas to check out while I am there.

Boquete would probably suit you -- I would also check out El Valle and Altos De Maria.

Have fun!
Matt

boquete it is too far from the city of Panama and for the most part very expencive in my opinion but it is nice weather and a nice place.
el valle is closer than boquete but there is a long ride out of the crater and is for the most part a very expensive place but cheaper than boquete.
and altos de maria is the closest of these three good places but the most expensive of them all.

---------- Post added at 02:25 PM ---------- Previous post was at 02:25 PM ----------

hello how are you? My name is Ernesto Schwartz, am an Expat from Florida, that came as a business opportunity and made the change and I do not regret anything about it.
I had a Cosmetology studio in Florida for 16 years was hired to come to Panama by Berlitz language center to come teach English here.
it is nice to hear you are coming to Panama, I have a short term rental and transportation business and a lot of connections here that I can help you with.
I also have a house 25 min away from the city and is very safe it is a 3 bedroom 3 bath house and it is fully furniture.
I have USA phone lines 1-866-928-1977 ext 110 and my email is schwartze69@hotmail.com If we can communicate I can help you better

Keep in mind, swimming in rivers in Panama is a dicey proposition. E.g., you might like Penonomé, a mid-size town, 2 hours from PC, with a river running through it. The locals swim there -- they even hold their annual carnaval on the water -- but it has been tested and found to contain all sorts of nasty, potentially fatal organisms. If you go up into the mountains the water is generally safer. Besides the places previously mentioned, look at Sorá, on the road to Altos de Maria (which I think is too distant from civilization). Tiny town with only the basics, but a nice place.

Thank you for all the suggestions! I can't wait to check them out! Sora sounds very interesting!

I am not looking to get anything on this trip...just check out different areas for the future.

I remember seeing some cool properties online about a year ago with natural pools and springs...but I don't remember where that was.