Why indeed? What reasons could anyone have for pulling up roots and moving to a foreign country to live out his/her golden years? Frankly, the very idea terrifies me. Give up all my friends? Move to a strange land where I know hardly anyone? Adapt myself to a different climate, culture, language, and way of life? Of course for me, that would mean leaving paradise, so maybe coming this way would be a bit easier, but no matter your situation, it is not a decision to be taken lightly. You need to know the pluses and the minuses. If someone tells you that life in Panama is wonderful, and everything is rosy all the time, be wary. No place is perfect, and even Paradise has mosquitos, both literally and figuratively speaking. If you are entertaining thoughts about retiring to Panama, the first thing you need to do is educate yourself about the realities of living here. You can find more information on this site and by reading and asking questions on the many Panama Forums in Yahoo Groups (some of the best can be found on our Links page). Be wary of the many websites which attempt to paint Panama as a Paradise with no negatives. Chances are they are trying to sell you something by any means they can. Do not unquestioningly accept everything you hear about Panama, good or bad. Keep an open and skeptical mind, and remember that nothing is written in stone, and what may be true today may not be true tomorrow. OK, now to climb down off the soapbox and list some of the very good reasons why Panama may be just what you are looking for.
- The cost of living is generally lower than in the US, Canada, Europe, and most other Latin American countries. Please note that this applies to what is usually considered as a decent standard of living. Certainly poor Panamanians live on less than poor Europeans, and poor Mexicans live on even less than poor Panamanians, but I assume no one reading this wants to live like a poor Panamanian.
- Decent housing is more affordable than in the US, Canada, or Europe.
- The climate in Panama, especially in the highlands, is a lot easier on us older folks, though we city dwellers seem to get the flu fairly regularly. I attribute that to Panama's unique position as the 'Crossroads of the World'.
- Medical care is pretty good, on a par with what you find in most US areas, and more affordable if you don't have insurance. Most major medical insurance, including Tricare for Life for military retirees, is recognised in Panama.
- Panama Law recognises the elderly and retired with special privileges, including discounts on many services, and special windows or lines for retirees at banks and public services.
- You can import a fair amount of home furnishings duty free, and buy a new car duty free every two years as a 'pensionado' immigrant, though I advise against the duty free new car. I've got one that I can't sell, because I bought it duty free and now it's value is less than the taxes that would have to be paid. You simply don't need the headaches that go along with trying to sell a car that was imported duty-free.
- Panamanians are good people. They generally make good neighbors, and are pretty peaceful. You'll have to work at it to not like them.
- Most of the conveniences you are used to are available, to one degree or another. Those that aren't, you can probably live without.
- Bananas are $.10 a pound. (Yes, this part is tongue-in-cheek, but some websites actually list this as a reason to live wherever it is they are trying to sell property.)
Of course, only you can decide if the pluses are enough to induce you to pull up stakes and emigrate to a new land. We consider it a privilege to be allowed to help you decide. If you do move here, let us be the first to say 'Welcome to Paradise'.