The United States' stiff presence in Panama dates back to the early on 1900s, and it spans nearly all of the 20th century. This fact has had a lasting touch on the state, and information technology also why so many expats looking to movement to Central America are quick to consider Panama. In 1903, Panama granted the U.S. rights to the Canal, and the Panama Canal Zone became an unincorporated territory of the United States until 1979. The U.Southward. would maintain partial command over the canal until 1999. This is more than a quick history lesson, as it has a very real and straight impact on how your life might get as an expat in Panama.
My begetter grew up in the canal zone, spending 17 years there before moving to Florida to finish loftier school. In plough, I grew upwardly with stories of his fourth dimension in the country, and his own plans to eventually retire in Panama. That meant research trips to the state, patacones for dinner growing up, and a myth about living in Panama that I hoped to see for myself.
When my dad and I first visited Panama in 2013, some of his retirement plans were a bit squashed. Information technology's a popular spot and the cost of living for expats in Panama is rising in the nigh popular spots. While nosotros looked at holding in Gamboa and Boquete, in that location are actually many other spots. Each city has their own pros and cons. As a digital nomad myself, I have lived in Mexico and Thailand for years. So, together nosotros decided to explore what Panama has to offer. We found that where in Panama yous choose to live has a potent impact on living costs. This post volition explore the vibes and quality of life for the nearly pop spots, as well as detailed resources for understanding the cost of living in each of Panama's popular expat towns.
Notation: Many countries are non currently accepting American travelers and take airtight borders to prevent spread of COVID-19. Use this cost of living information every bit a baseline to plan your travels and motility once the world reopens to tourism (probable 2022).
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Why Move to Panama?
Panama is an splendid spot for expats, retirees, and fifty-fifty an increasing number of digital nomads are calling Panama home for part of the year. The currency is pegged to the USD and a good deal of English is spoken in the popular cities, yet the food and culture remain solidly Panamanian.
There is a lot of U.S. influence on Panama cheers to decades of U.Southward. control over the Panama Canal. Today, Panama Urban center has high-finish malls and English is spoken widely in Boquete. While new arrivals surely make up some of the expats, at that place are also many retirees and armed forces personnel living in Panama—these are leftovers from the Canal Zone era. This means many of the expats are there for the very fact that information technology has the U.Due south. vibe. But the country boasts a range of cultures north to s, each ane is a office of the compelling cultural experience of living in Panama. During my research trip with my dad, nosotros did the reconnaissance piece of work looking at areas, but also visited an indigenous chocolate plantation, visited family unit friends, and enjoyed the history in Panama City. If you lot are there for considering Panama for the culture, it'south at that place, I promise. A lot of the online expat guides are for the more sanitized areas of the state, but all of Panama has a lot to offer potential expats.
Another reason that many consider Panama: It'southward possible to alive in Panama for as depression as $i,000 per month. Yet, this is but in very specific cities. Information technology's not a country of rock-lesser prices similar living in Thailand or even the affordable costs of living in Mexico. Consider this comparing of costs of living around the globe for perspectives on where Panama fits. Many people choose Panama because of the conditions and ease of living. Even more, unlike other countries, Panama offers a special discount program to those who choose to retire in there; through the Pensionado program it is possible to go discounts between 10-50% on everything from food to hotel to entertainment to airline tickets. To qualify as a retiree, you need to prove but $yard in monthly income, which is a lower bar than many countries require. That said, while it's non the cheapest identify, the many other benefits have many expats choosing Panama over nearby places in Central America.
Average Cost of Living Beyond Panama: $1,120 – $4,000
Expect to spend $1120 – $8000 to live in Panama. All general estimates in this guide assume living costs for two people. The stories and resources provide specific information for singles, couples, and families.
Monthly Expenses
Costs (USD$)
Rent
$375 – $1,200
Nutrient
$400
Transportation
$75
Excursions
$seventy
Total
Fast Facts Nearly Living in Panama
Currency: Panama Balboa; pegged 1:1 with the United states dollar.
Expat Scene: The majority of expats in Panama are retirees thanks to the country's pensionados plan, which gives retirees discounts, as well as a more relaxed visa process. Panama City has a younger expat scene, and y'all tin oft find digital nomads or long-term backpackers holing up in the Bocas del Toro islands for three- to half-dozen-calendar month stints.
Internet: High-speed internet is readily available in cities like Panama City, Colon, and David. In remote areas, you'll detect DSL, cable, or satellite internet.
Average Local Bacon: A middle form salary in Panama averages USD $ane,200. In smaller cities, a monthly income is roughly $550. These fluctuate past region/city.
Pet Friendliness: Panama is relatively pet-friendly, however the process for bringing your pets can be a picayune overwhelming. Consider hiring a local agent/logroller for aid. And start well before your planned move so you tin can get the vaccinations and documentations in place.
Visas: U.S. citizens do not require a visa to enter Panama. To proceeds entry you will need a passport that is valid for iii months later the date of your divergence from Panama. Upon entry to Panama, you lot will receive a 30-mean solar day tourist carte, which can be extended to a 60-day tourist card. If you wish to retire in Panama, visit the U.Southward.'southward Embassy of Panama website for documentation requirements.
Possible Issues: Water and power outages are common exterior of major cities.
Safety: Relatively prophylactic. Niggling theft, opportunistic offense, credit menu fraud, and muggings are common in major cities similar Panama City.
H2o: Safe. You can beverage tap h2o in virtually of Panama. Avert drinking tap water in Bocas del Toro and Comarca de Guna Yala.
Child Friendliness: I know of several families who have relocated to Panama, with many settling in places like Panama City or David. Most larger cities take at least one international/American school.
What's the Quality of Life?
In that location is a lot of U.S. influence on Panama. But Panama has a range of cultures n to south; this mix creates a compelling cultural experience. Fifty-fifty more, Panama offers a special discount program and an easy visa process for strange retirees.
The U.S. influence on Panama has a big impact on why many expats tend to choose this spot. I can't emphasize this enough — unlike nearby Costa Rica, Panama in item has a very strong U.S. vibe, at times. There is too a large indigenous population and plenty of cultural activities for those expats looking for a good mix. Except for in the islands, nigh expats have cars for transportation. The long-continuing influence means many houses on the rental and buyers market are built by former foreigners, with that same style and flair. Nutrient is plentiful, the high number of expats means that grocery stores ofttimes carry imports of your favorite items. Let's accept a closer expect at the major expat spots. This section looks at the vibes and why you might consider each urban center, the side by side department compares the bodily costs of living for each city.
Panama City is a cosmopolitan city, with a vibe like to Miami and Hong Kong, an ideal place for expats with a more sophisticated budget, who don't mind traffic, and love a diverse food and civilisation scene. While at that place are some retirees in Panama City, yous are more than likely to discover younger expats with well-paying jobs. Lots of expats report in on the manner of life you lot can afford in Panama City and which parts of the metropolis to consider get-go. Restoration efforts for several years at present are nether manner in the oldest part of Panama Metropolis, Casco Viejo. This is a good going-out spot in the city and is growing in popularity as information technology is at present becoming safer to visit later nighttime.
Boquete, Coronado, and El Valle de Anton are the 3 most popular expats destinations in Panama, partly considering each of these cities are piece of cake places fix an expat lifestyle. This does, of class, increase the cost of living over other small-scale cities and towns.
Boquete is about 60 kms from the Costa Rican border, is a popular destination with retirees. The temperatures here are libation than in Panama City, nearly 70-80ºF during the mean solar day, with the temperature dropping in the evenings. In Boquete in that location are nigh as many expats as there are Panamanians, there are plenty of outdoor adventures, nightlife, and good food. It's a very pretty, idyllic setting. Though in that location is a good bargain walkable in the main urban center centre, many expats have cars to navigate to homes in the outskirts. There are many festivals, a weekly marketplace, and the number of activities that make this place enjoyable seem to increase each year.
Coronado is a embankment resort boondocks about 60 minutes south of Panama Metropolis, along the Pacific Body of water. A popular spot with beach-loving expats, and with Panamanians too. The toll of living in Coronado is higher than that of Boquete. The expat community here is thriving and growing more every day. It's a different vibe than Boquete in a very existent way. It doesn't have a lot of the local culture that you can find in other areas. This is the best piece I've read detailing the quality of life in Coronado. Retrieve: dainty roads, new buildings, shopping centers, McDonald'due south, and more.
El Valle de Antón is perched on the floor of a volcano crater in the central highlands virtually 120 kms from Panama City. El Valle de Antón has a large ethnic community, and a weekend arts and crafts market that attracts tourists, expats, and locals. Setting up life as an expat is piece of cake, and the community is active and helpful. This is a good spot for a mix of civilization with the expat amenities.
If you're on a budget or moving your family to Panama, David (pronounced Daveed) is an excellent pick. The second largest city in Panama, and the upper-case letter city of the province of Chiriquí. In the Panama Highlands, the temperature in David is similar that of Boquete. A perfect spot for those who bask metropolis life, but on a budget. Beingness a large city, at that place are a lot of schools, mix of restaurants, hospitals, and everything you'd expat in a large city.
Smaller towns similar Las Tablas, Aguadulce, Penonomé, Cerro Azul, and Bocas del Toro (a collection of islands on the Caribbean side of Panama, most the Costa Rican border) have a lower cost of living and requite expats a chance to experience more local culture. Many of these areas lack the large, Western-way hospitals in larger cities. If y'all have ill-health, the remote nature of a identify like Bocas del Toro isn't be ideal.
In addition to those smaller expat towns, you'll notice expats living in even the well-nigh unlikely of cities. Anything commutable to Panama City has locals and expats interspersed. My dad and I visited his former nanny in La Chorrera, and she mentioned many retirees from the Canal Zone had ready upwardly shop at that place, even thoughno expat scene exists. Cities like this are local-level prices. Realize that the local wages are often far lower than the cost of living estimates in other parts of this guide. Many Panamanians are living on local salaries of about $550 per month, so any non-expaty cities are going to have very different costs and different qualities of life. In my experience, these towns too have no expat scene, so unless your Spanish is fluent and yous enjoy making new local friends, take this into consideration during your research.
Panamanian nutrient is a mixture of African, Spanish, and Native American, with corn existence the main ingredient in virtually dishes. Chicken, Pork, Beefiness, and Seafood are too integral components of Panamanian cuisine. The national dish is Sancocho, a stew like dish with chicken, yuca, mazorca and otoe. This is one of my dad's favorite dishes and information technology gives you lot a adept understanding of the flavors you'll find present throughout the residuum of Panamanian cuisine. Expect that foods when you lot go out volition to include a lot of rice, beans, corn, and vegetables on the low-end. Only we institute nice pizza restaurants, Italian, Chinese, and a mix of influences in even the most non-touristy cities.
Being a vegetarian in Panama wasn't likewise difficult. The range of nutrient influences was dandy for me. Wherever we ate, I could savor vegetarian food while my family enjoyed meat. That being said, there are not a lot of vegetarian specific restaurants, so it's a lot of beans, rice, and smashed plantains at local spots. Being a celiac in Panama will exist challenging; however, at that place is a website chosen Fundación de Celiacos de Panama that has a lot of helpful information. The website is in Castilian, then you lot might need to use Google translate.
What Does information technology Cost to Live in Panama?
It's non equally cheap as many expats might expect. In our scouting, my dad and I were surprised that houses in Gamboa easily sell for one-half a million U.South. That said, local wages are lower than these estimates. In general, unless yous programme to alive in the very local cities, where only Panamanians live, a mid-range lifestyle volition cost anywhere between $one,000 and $iii,667 per calendar month, depending on which city y'all choose. These estimates are for couples, families, or solos looking to maintain a bit of their onetime lifestyle. Boquete is the perhaps the most popular expat spot, with Coronado and El Valle also popular. Boquete has a potent retiree community, while Panama City (and to an extent Bocas) attracts a younger expat/digital nomad crowd. Go to some small-scale, niche expat spots like Cerro Azul or Las Tablas, and you save on some areas—rents equally low as $400 per month.
Panama Urban center Cost of Living: $ii,000 – $two,600
Jessica Ramesch is the editor of International Living's Panama website. An expat from the US, Jessica has written an informative post about the cost of living in Panama City. She gives rental information of various areas of the city, and reports that one could alive well in Panama Urban center on nigh $two,000 per month.
Mike is an expat from Tampa, Florida and lives in Panama Urban center, Panama with his married woman (and cat). He runs the site, Panama for Beginners. His cost of living in Panama postal service gives a detailed accounting of the costs involved with living in Panama City, also as a comparing to what he was paying back in Tampa. He reports that the toll of living in Panama Metropolis is about $ii,500 to $2,600 per month.
Boquete Price of Living: $one,100 – $2,500
Park and Josh are expats from the Us who sold their business and moved to a 400 acre island off the coast of Panama, and run a website called Viva Tropical which features articles on life in Latin America. Park and Josh have written an all-encompassing article on living in Boquete, providing helpful details on discounts given to Panama's Pensionados (foreigners who choose to retire in Panama). Park and Josh report that a three bedroom dwelling with two bathrooms will cost effectually $800 a month to rent. This approximate has been born out from my visit also.
Betsy, Reyn, Skylar, and Blaise are a family who have lived in Panama for the past eight years. They run a website called Living in Panama, which focuses on family life in Panama. They have written an incredibly informative post comparing the cost of living in Boquete, also as two more towns in Panama that are popular with expats. They report that the cost of living in Boquete is nearly $1,100 to $3,267 per month.
David Price of Living: $1,000 – $2,000
Kris Cunningham is an expat from Sarasota, Florida who moved to David, Panama with her married man in 2012. A retired RN, Kris writes detailed accounts of her life in David. In her latest cost of living in Panama post, Kris details everything from hire to utilities to food, as well as costs for actress expenses such every bit drinking, painting grade and supplies, and trips to Panama City. Kris reports that their price of living in David is $1,243.26 for them to alive comfortably as a couple. As Boquete increasingly seems to price out some expats, David is condign a more popular option for those who tin can stand up the rut. It'south a more humid and hot climate, alongside a very different vibe.
Coronado Cost of Living: $1,500 – $3,200
That aforementioned family of 4, Betsy, Reyn, Skylar, and Blaise, accept lived in a lot of the country. In addition to Boquete, they shared an informative post comparing the cost of living in Coronado with 2 more than towns in Panama that are pop with expats. They report that the toll of living in Coronado is about $one,810 to $iii,667 per month. Other estimates seem to autumn into a similar range. Most of the adaptation is very nigh to the embankment, and the prices are matched to the fact that this is a vacation town for many expats and locals alike.
Bocas del Toro Cost of Living: $900 – $2,000
Bocas del Toro is a gorgeous spot, it'due south a collection of islands nearly Costa Rica, on the Caribbean area side of Panama. Only expats choosing to live here are looking at an increase in costs that goes with island life most anywhere in the globe. That being said, this is one of the cheaper possible spots in Panama. There is some lower-end accommodation — bungalows, small beaches, etc — and there are many potential islands to telephone call habitation. Information technology'south a different quality of life than cities like Boquete, which are expat havens but a very dissimilar lifestyle. Younger expats or digital nomads volition bask the possible mix of surfing, alive music, snorkeling and other island life activities.
Chuck Bolotin is the human behind All-time Places in the World to Retire, and he wrote a piece for The Street on the cost of living in Bocas del Toro. Chuck reports that information technology is possibly to live on $1000 per month, and $2000 would give you fifty-fifty more liberty to enjoy life and take office in actress activities.
El Valle de Antón Cost of Living: $one,200 – $2,800
Betsy, Reyn, Skylar, and Blaise, eight years into their Panama life, have a skillful grasp on which areas are best for families in Panama. They share a wait at the cost of living in El Valle, equally well equally two more towns in Panama that are popular with expats. They study that the toll of living in Coronado is about $i,440 to $3,342 per month.
Overall, with all these destinations considered, living in Panama is comparable to United mexican states: nutrient, civilization, and costs. Like to Thailand, while it is possible to live on $1,000 per calendar month in Panama, y'all will savour life more by expanding your budget and assuasive for actress activities and events. A baseline of $1,250 a month would be more reasonable.
And while all this research gives a adept baseline of vibes for each place and possible costs, I can't tell y'all how much I recommend that y'all plan a trip to Panama so you can do your research in person. If you have the time, consider spending your lx-day tourist visa every bit a inquiry trip. Yous could move to the city with the about potential for the two months, or spend a few weeks in your summit three spots. My dad and I rented a machine once we fabricated information technology to Panama City, and this was such a proficient call. Driving in Panama City is super stressful, simply the residual of the roads tend to run pretty well. The resources at the end will help you lot go along your research, too every bit assistance you program your research trip to Panama.
If you're nevertheless researching diverse expat spots, check out our otherCost of Living Guides for a look at what it takes to move to the world's nearly popular expat spots.
Resources For Moving to Panama
Yous will need comprehensive worldwide expat insurance and separate property insurance policy once you lot're living overseas—I've used IMG Global and Clements for many years now with great success and highly recommend both.
The Boquete (Not for Tourists!) Handbook: Dianne Heidke has been an expat in Boquete, Panama for over ten years. In her volume, she provides detailed information on visas, purchasing property, banking, taxes, culture, and more. A valuable resource for anyone thinking nigh retiring in Boquete, Panama.
The Gringo Guide to Panama, What to Know Earlier Yous Go: JuliAnne Murphy relocated to Panama in 2008, and after two challenging years of life equally an expat in Panama, she decided to write a book. A cultural guide to Panama, and all that life equally an expat entails.
Living in Republic of guatemala: This eguide shares the price of living and what it'due south like in 1 of my favorite spots in Central America, Republic of guatemala. Although less developed than parts of Panama, in that location are some very compelling reasons (great civilization and more affordable, to name ii) to consider moving to Guate.
A Better Life for Half the Price: A Mexican expat breaks down all the major expat spots in the earth with costs, quality of living, and resources. I learned a lot and found a couple of countries I hadn't previously considered. It's worth buying if you're still searching out which country is all-time for the life you want to live.
Getting Out: Your Guide to Leaving America: There are a lot of these full general guides. The book above, Better Life is well-nigh where is a expert culture fit, whereas this is the improve of the lot of "movement overseas" books that covers the practicalities and very hands-on information yous need equally someone considering living anywhere outside the U.Due south. If you're new all the researching, this can boot-start your procedure. And if yous are laser-focused on the retirement topic, versus moving overseas at a unlike land in life, this retirement guide has great advice.
The Taxation Book for U.S. Expats: This is well-priced and unique to expats and retirees filing abroad. It gives a granular look at forms, terms, and sorting out exactly how to file — good for those with complicated taxation situations. More than recently released,U.South. Taxes for Worldly Americans goes broader and is aimed at younger expats and digital nomads nevertheless working and handling how to earn income overseas, pay taxes, and live a nomadic life. It doesn't explain the terms or niche situations/forms as well as the other volume, but instead acts as a guide for younger travelers. Depending on your situation, pick up a re-create of one of these guides before you leave so that you will accept a tax arrangement in place that maximizes the opportunities to easily file.
The Path Between the Seas: The Creation of the Panama Canal, 1870-1914: A fascinating read on the edifice of the Panama Canal by famous historian, David McCullough, who tells the stories of the men and women fought the odds for over 400 years.
The Tailor of Panama: John le Carre crafts a sensational spy mystery and The Tailor of Panama is 1 of his best. Prepare in Panama City, The Tailor of Panama is an ex-con who learned to tailor in prison and living a prevarication, and a British spy who travels to Panama to recruit agents and gather intel.
Panama: A Novel: Twenty-five years subsequently leaving Panama, Hank (who has both American and Panamanian ancestry) returns to Panama in 1989, only ten years before the American withdrawal. A captivating story by Carlos Ledson Miller that takes you throughout Panama, from the upper-case letter to the jungles to the canal zone to La Preventiva prison.
Y'all'll also want property insurance one time you're living overseas — I've used Clements for many years now.
Bringing Pets to Panama — from A to Z: A thorough post on what you demand to do to bring your pets with you to Panama, starting with what y'all need to do three months before moving to Panama.
How Cyberbanking Works in Panama: A mail service on everything you need to know virtually opening a bank business relationship in Panama, as well as some of the challenges.
How to Find a Job in Panama: A helpful resource for those wishing to earn a side income while in Panama.
Check out these FB groups and expat forums: Young Expats in Panama, Expats in Panama, ExPats in Panama.
Panama Expat Meetup is a wonderful resource for those looking to come across and connect with expats in Panama. This community lists expat events happening all over Panama.
Planning a Research Trip to Panama?
Choice out a good travel insurance policy like World Nomads (I've used them since 2008 and fully reviewed them here) to encompass you while you're either in transit visiting your hereafter home—this is not an expat policy, it'due south travel insurance. For comprehensive worldwide expat insurance, I have always used IMG Global—I've made claims on IMG and gotten emergency care abroad and it'southward always worked quite well. Or, if you fly into Tocumen airport the country extends yous 30-days of free travel insurance. Seriously, how cool is that? But if you lot're staying longer than 30-days, you'll need travel insurance. And once you motility at that place, you'll need a long-term local insurance policy.
If you're visiting Panama City, I recommend Los Mostros Hostel as a super budget option or Novotel Panama Urban center for mid-range prices and accessibility to the places you'll likely demand to research.
If you're visiting Boquete, it's a small metropolis then you can't get wrong with about of the central places. I recommend Refugio del Rio as a budget pick — my dad, my niece, and I stayed here in a private room and it was quite nice. Casa de Montaña Bed & Breakfast is expert for mid-range prices and good accessibility.
In David, I recommend Bambu Hostel as an option for upkeep travelers, or Aranjuez Hotel & Suites for mid-range prices and accessibility.
In all of the cities, Airbnb is a skillful selection too—it's a good way to see how yous can live like a local by renting from a local.
Recommended Cultural Reading: If yous're hoping to fully immerse in the local culture, then there a few good books yous should read.The Path Between the Seas: The Creation of the Panama Culvert is the definitive book on the subject. Panama's history has been strongly shaped by the canal, and this makes a required reading for those moving to Panama — bonus is that it's actually quite readable. Besides that, the only other book on Canal history yous should consider is this i. Between the two you should be covered. For lighter reads,The Tailor of Panama is a fascinating read, every bit is The World in Half.
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Toll of Living Comparison
Withal researching the right spot to live? Our Price of Living Guides share extensive resources on all the major expat spots around the globe. These guides include thorough breakdowns of the culture, quality of life, vibe, and—importantly—upkeep breakdowns then you tin better plan which spot in the world best meets your needs.
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