Retiring in Panama: 5 Tips for Success

Tips for retiring in Panama

This post is also available in: Spanish

By: Staff at Panama Offshore Legal Services
E-Mail: info@pols.com.pa || Phone: (507) 227 – 6645
www.Panama-Offshore-Services.com

Thinking about retiring in Panama? This beautiful country offers a variety of climates and terrain from beaches to cities, mountains, valleys, jungles, and rainforests.

Tips for retiring in PanamaHere are five tips to make retiring in Panama smoother:

  1. Plan a budget. While the cost of living in Panama may be far less than where you live now, there are unseen costs you should consider. Whether you wish to continue your present lifestyle or upgrade to a larger house on the beach you need to research the actual costs and not rely on media hype.
  2. Come to Panama before retiring here. After reading media stories about how you can live like a king for only $1,500 a month, visit Panama to investigate for yourself. Vacation in Panama to explore the numerous scenic places you can retire to and their real cost.
  3. Hire a skilled Panama immigration lawyer to advise you on the different available visas. You could be a citizen of one of the 50 countries Panama considers friendly for a fast track permanent residency leading to full citizenship. Alternatively, you may qualify for a pensioner’s visa with 25% to 50% discounts on various dining, entertainment, local travel, utilities, and medical services. There are many more immigration visas, which might be a better fit for your situation.
  4. Consider your living options. Whether you want to rent or purchase a home or condominium, you need to work with a Panama real estate agent to understand the market trends and the best areas for you to live.
  5. Be patient. This is probably the most important thing about retiring to Panama. Proper investigation, due diligence, knowing what is a good fit with your lifestyle and budget requires patience. The pace in Panama is probably slower than where you live. Learning to slow down and go with the flow in order to smoothly settle-in can lead to a happier retirement.
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