Why Retire in Panama?
Retiring in Panama City has been an obsession of ours for many years. I wrote marketing copy for someone who sold books and courses about retiring in Panama. I have to say, my writing was so good, I convinced myself! 🙂
But really, there are a lot of reasons why Panama makes so much sense for so many people. Some of the benefits that put Panama at the top are:
Because of all of the benefits, we had to go and check it out. We love the idea of living in a high-rise with a beautiful city view so we chose to check out Panama City and everything it has to offer.
Pensianado Program: Retiree Benefits in Panama
I’m starting here because Panama has one of the best retirement benefit programs in the world. It’s called the Panama Pensionado Program and provides generous benefits for those who decide to retire there.
Retirees can enjoy things like:
You can find the full list of benefits and also the residency requirements at the Embassy of Panama.
Top 5 Favorite Things about Panama City, Panama
The Panama Canal is responsible for one-third of Panama's entire economy.
Top 3 Things We Didn't Like about Panama City, Panama
Panama is the only place in the world where you can see the sun rise on the Pacific and set on the Atlantic.
Top 3 Things That Surprised Us about Panama City, Panama
Panama City, Panama Cost of Living Chart
Data from Numbeo
Cost of Living Rank
287th out of 560
1 Bdr Apartment in City
$900 per month
1 Bdr Apartment Outside City
$600 per month
Meal for Two, Mid-Range
Will We be Retiring in Panama City?
No, Panama City is not our paradise. Even though I liked it a bit more than Mr. Rover, I think the biggest drawback for both of us us is the difficulty of getting around. We have this dream of being able to walk out our door and go to the local bar for a drink or run to the market for some fresh bread and wine. It just seemed too difficult in this city.
When we got home, we thought about how South Florida has a similar vibe with the buildings and views we're looking for. A quick hop in the internet and I saw some cute, affordable condos available. So...off we went to see if retiring in a South Florida high-rise condo is for us.
But...that doesn't mean retiring in Panama City isn't for you. I still wonder if we shouldn't cut it off the list just yet. But, we keep thinking that when we find our place....our retirement paradise, we'll know if when we see it.
Quick Facts about Retiring in Panama City, Panama
Hot and oppresive year round. The rainy season is overcast and the dry season is windy and partly cloudy. Average temps are from 75°F and 90°F
Flight time to U.S.
8.5 hours by plane to Dallas; 10 hours to Chicago
US Dollar and Panamanian balboa. You can use either.
Yes. The Pensianado program.
Yes. The Pensionado visa allows you to stay if you can prove a monthly income of $1000 and $250 for each dependant.
Available but not needed