Want to retire in Panama? Start here…

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If you’re planning on relocating to or retiring in Panama, chances are you’ll need to do some adjusting. This isn’t to say that it’ll be a bad experience; simply that moving to another country, and another culture, involves a lot of changes in a very short time. Getting personally adjusted to a new life, and new lifestyle, can be extremely rewarding, and actually a lot of fun. Here are some simple tips to help you adjust to Panama, and make your stay, or new life here, much easier:

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It goes without saying that shipping and logistics are the safest bet for investing in Panama, in 2019 or otherwise. However, 2019 looks like it will be a banner year with the Panama Canal Expansion continuing to increase a ton of new Post Panamax traffic through, which means big business for shipping and logistics companies. It also means big investment opportunities with fuel companies, land freight, and ancillary Canal business all throughout the service sector. This is not just a great 2019 investment, but one of the best sectors for sustained future growth as well.

Start learning Spanish before you arrive.

It’s safe to say that most people who move to Panama, even for short periods of time, actively try to learn Spanish. We think this is very important, and recommend you actually start early, so you can hit the ground running when you get here. Learning a basic foundation before you arrive will make getting by much easier from day one. Plus, your Spanish lessons in Panama will become that much easier.

Leave most of your stuff at home.

So many people that relocate to Panama make the mistake of overpacking, and stressing out over bringing all of their things on the long move. The simple solution: leave as much as you can at home. Panama has lots of shopping available in practically every part of the country, at pretty low prices. So, if it’s not an heirloom, or something that’s vital, we say save the stress and just leave without it. You can always replace simple things here, and in the end, it will actually save you money (not to mention time and stress).

Get used to a slower pace of life.

Many people who come to Panama complain that things go a bit slower down here. This is true, but it’s not necessarily a bad thing. One of the best aspects of living in Panama is the slow, relaxed pace of life, and low stress culture. We recommend that you accept this, and go with the flow. This will make life much easier, and (even if you don’t realize it now) make you much happier!

Buy local products.

Panama has a ton of imports when it comes to all types of retail and food products. And while this is a fantastic luxury to have, it can also get expensive. We recommend shopping for mostly local products whenever possible. As far as clothes, groceries, and hardware, this can save you thousands each year. Plus, it helps stimulate the smaller businesses and local domestic economy. That’s a win/win.

Don’t underestimate the heat.

Panama is hot, really hot. And while pretty much everyone is aware of this before coming, you still need to prepare for how to handle it in your day-to-day life. Wear loose, summer clothes when you can. Drink water constantly throughout the day. Also, try to avoid direct contact with the sun during the hottest hours of the day (11am-3pm).

Open a local bank account immediately.

Even though there are many international banks and ATMs to get cash from if you’re a foreigner, getting a local bank account as soon as you arrive is critical. Nearly all of your transactions can be more financially beneficial through a local bank, and you can build local credit here from the first day you open one. This also saves you on ATM fees, and any local hiring you wish to do. Don’t let this slip through the cracks!

About POLS Attorneys Staff Writer

As one of the leading Panama Law Firms, and one of the regions most reliable offshore service providers, POLS Attorneys brings a wide range of professional knowledge to our clients needs. Our staff is made up of professional offshore consultants, Panama attorneys and immigration specialists who are experienced in offshore business, understand international investment and asset protection strategies, and are experts in providing a seamless Panama immigration process.

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