Moving to Panama and relocating your life can be a challenge, and a big leap for many people. There’s so much to consider, and it may seem like an enormous amount of effort to make it work. Luckily, if you feel this way you’re not alone. But you don’t have to be. Moving to Panama can be not only a great experience, but both a personally and financially viable choice. And if you take the right steps, and know what you’re getting into, it could be one of the best decisions you make in your life. We’re here to tell you why, and how you can make the transition as smooth and enjoyable as possible.
Panama Has Lots of Opportunities for Expats
Whether you move to Panama to work temporarily, invest, open your own business, or pursue a full-time career, Panama is brimming with opportunity. Unemployment is in the low single digits, and many companies have an increasing demand for skilled labor, both foreign and domestic. It’s largely a service economy with growth in tourism, logistics, finance, transportation, and Real Estate. Panama is home to roughly 100 different banks, and has a massive multinational presence that is growing at a rapid pace. There is also a high consumer demand in Panama, meaning that starting a business to meet the market is great option for short or long-term investment.
Panama is One of The Best Places in The World to Retire
If you’re looking to settle down for a relaxing, affordable, and fun retirement, Panama is 2nd to none. Moving to Panama may have been unheard of as a retirement destination 15 years ago, but these days, it’s one of the world’s hottest locations. When you retire in Panama, you can apply for a pensioner’s visa, which grants you lifetime residency and a whole slew of other federally, mandated benefits. Get big discounts on food, hotels, airfare, and medicine, just for being a registered retiree! Panama also has a very warm, favorable climate, and low cost of living which make living off your pension or savings is much easier.
Panama’s Low Cost of Living
One of the prime reasons why people decide to live, work, or retire in Panama is its low cost of living. Panama uses the US dollar, but the cost of living in many cases is much lower than in the US. This makes Panama ideal for new businesses looking for low overhead, and makes day-to-day life on a budget much easier. Food costs are low, public transportation and taxis have a much lower cost, and utilities tend to be much lower than similar costs in the US and Canada. Panama has some of the lowest inflation in Latin America, and the dollarized currency helps keep a stable banking system and trade market.
Panama Has a Logistically Ideal Location
When moving to Panama, it’s important to examine Panama’s location and how it will relate to your business or personal life. It may seem far away but Panama is actually a world-class multinational transportation hub, and relatively close to most key countries and cities in the America’s. Panama City is a 2-hour flight from Miami, a 5-hour flight to New York, a 7-hour flight to Los Angeles, and a mere 1-2 hours from Colombia, Mexico, and key Caribbean commercial hubs. Panama splits the year between Eastern and Central US time, making business in these time zones much easier for international clients.
Whatever your reasons are, moving to Panama can be a great decision, and one that is very viable and right within your reach. Contact us today to find out how to help you take the leap.