15 Tips for Retirement in Panama
Panama's Pacific and Caribbean coastlines, wildflower-covered mountains and river-crossed jungles might draw you to the country. But it's Panama's affordable cost of living, modern infrastructure, quality health care, established expat community and the convenience of being able to use the U.S. dollar that will make you want to retire in Panama. Here's how to relocate to Panama for retirement.
Come to Panama
The first step in determining whether Panama could be the place for you to retire overseas is to get on a plane and visit the country. Books and internet research can only get you so far and don't compare with experiencing Panama for yourself. There's no substitute for discovering the pros and cons of retirement in Panama, from the constant taxi horns and whir of concrete mixers in Panama City to the bright sunshine, humid sea air and sand between your toes at the beach.
[See: The 10 Best Places to Retire in Panama.]
Establish Residency in Panama
Panama offers multiple visa options for foreigners interested in taking up full-time residence, including visas specifically for retirees. Depending on your personal circumstances, other residency options might include a reforestation visa, an investor visa, a small business visa or an employment visa. It's best to speak with a licensed Panamanian lawyer who will be able to guide you to the visas that could match your needs.
Find Housing in Panama
You can search for an apartment rental in Panama City through Airbnb, Corporate Stays and Encuentra24. Apartment rentals of less than 45 days are illegal in the capital, but outside Panama City short-term rentals are the norm. Nearly all accommodation in the country's interior is rented on a nightly or weekly basis. Places to stay aren't hard to come by, but the best way to find them is not online, where listings can be outdated and misleading. It's better to search by word of mouth.
Set Up Your Home in Panama
The first step to setting up your household is establishing a permanent address. You'll need a lease agreement or property title to set up utilities. Most condos and apartments already have gas set up and include its cost as part of the homeowners association fees. If you'll be living in a private home, you can order gas tanks from a local gas company for around $5 to $7 for a 10-pound tank. You'll need to take your lease agreement or property title to Naturgy to have electricity installed. The Instituto de Acueductos y Alcantarillados Nacionales provides water for typically around $60 per month, if it's not already included in your HOA fee.
Get Connected
You can buy a pay-as-you-go chip for your cellphone from any "mini super" or corner store. These can be recharged with enough minutes and data to last a month for $15. A typical plan with unlimited data costs about $45 per month. The top two providers of cable and internet are Cable Onda and Cable & Wireless, but you'll need to do some research because service levels vary depending on where in the country you are located.
Furnish Your House in Panama
Many spots in Panama offer expats an Americanized culture. In Panama City and City Beaches, there are many familiar stores where you can shop for brand-name appliances, quality furniture, high-end bed linens and any other household item you might be looking for. Panama does not have Target or Walmart, but fill-ins include Machetazo, Conway and PriceSmart.
[See: The 10 Best Affordable Places to Retire Overseas in 2019]
Getting Around Panama City
Panama City is one of the least walkable places in the world. In addition to the heat and rain, pedestrians must also contend with aggressive drivers, potholes, open manholes, lake-like puddles and sidewalks that end without explanation, leaving you stranded on the side of a road. Fortunately, you have good alternatives for getting around town, including taxis, Uber, Metro Bus and the Metro rapid transit system.
Get a Panamanian Driver's License
The Pan-American Highway passes right through Panama and begs you to hit the road. You can drive in Panama on your current U.S. driver's license for three months. After that, you'll need to apply for a Panamanian driver's license. To do this, you'll need to visit your country's consulate or embassy and take a vision and hearing test.
Connect With Other Expats in Panama
Relocating to any new country can be overwhelming. Connecting with people who have gone through the same process can make the experience better. The biggest concentrations of expats are in Panama City, Boquete, Santa Clara, El Valle and Pedasí. In these communities you'll find groups, communities and forums set up specifically for socializing and networking.
Bring Your Pets to Panama
Moving pets to Panama requires extra planning. Panama requires a visit with your vet, who must issue and fill out specific documentation no more than two weeks prior to your travel date to Panama. Consider filling out a certified form requesting home quarantine once you are in Panama, which saves you and your pet the cost and stress of 40 days quarantine at the hospital. Also, remember to check the specific animal requirements of the airline you're flying.
Keep Fit in Panama
Panama has great workout options, including the popular gym PowerCLUB, which costs about $75 a month for membership. There are also many free options for getting exercise. The Cinta Costera is an 11-kilmoter stretch of paved oceanfront along the Bay of Panama where you can walk, jog or cycle. This pedestrian zone is dotted with workout equipment, basketball courts and soccer fields, and you'll often see people practicing yoga and tai-chi in the garden areas.
Find Medical and Dental Care in Pamama
Quality and affordable medical care and dental care are readily available in Panama, especially in Panama City. The cost of treatments is generally much cheaper than in North America and Europe. Many doctors and dentists, especially in Panama City, speak excellent English.
[Read: The 10 Best Places to Retire in Latin America.]
Learn Spanish in Panama
Panama is a great place to learn Spanish, with plenty of schools and tutors throughout the country. Accelerate your learning by signing up for a school that offers homestays or activities such as surfing classes along with the Spanish instruction. You don't need to speak Spanish to retire in Panama, but it's appreciated when a foreigner at least attempts to speak Spanish.
Explore Panama
Panama has two coastlines along both the Caribbean and the Pacific. There are also islands, volcanoes, jungle, coral reefs, rivers, valleys and mangrove forests. Panama is a natural wonderland, and there is no reason to limit yourself to just one part of this beautiful country.
Learn to Go With the Flow
In your previous life, you may have taken certain levels of efficiency for granted in everyday interactions. Things work differently in Panama. When a repairman stands you up for the third time, the electricity goes out for the second time in two weeks and another Panamanian taxi driver cuts you off in traffic, it's important to maintain your sense of humor. Instead, get in touch with one of your fellow expat friends and share your tales of challenge and woe. Laugh it off together, reminding each other what attracted you both to life in this sunny paradise.
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