Retire in Panama City, Panama
Last updated on Mar 09, 2023
Summary: Panama City, Panama is a popular destination for retirees due to its low cost of living, beautiful beaches, and vibrant culture. There are several retirement communities in Panama City, offering a variety of amenities such as swimming pools, fitness centers, and social activities. The cost of a nice two bedroom home in Panama City is typically around $150,000 USD, while a nice three bedroom home can cost around $200,000 USD. The weather in Panama City is generally warm and humid, with temperatures ranging from the mid-70s to the mid-90s Fahrenheit.
What is it like to retire in Panama City?
"Life for a retiree in Panama City and its surroundings is quite enjoyable. There is an active expat community, with many retirees from the United States and Europe. There are plenty of cultural attractions to explore, such as the Panama Canal, the Panama Viejo ruins, and the many museums and galleries. There is also plenty of recreation to be had, from hiking in the nearby mountains to swimming in the Caribbean Sea. For those looking for nightlife, there are plenty of bars, clubs, and restaurants to explore," said a retiree who moved to Panama City, Panama.
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The Business Panama Group is a well-established group of companies, professionals and alliance partners with 20 years of experience promoting and facilitating business, investments, real estate, immigration and tourism in Panama by providing information, business development and support services to individual and corporate investors.
Click connect to have our partner contact you via e-mail and/or phone.
The Business Panama Group is a well-established group of companies, professionals and alliance partners with 20 years of experience promoting and facilitating business, investments, real estate, immigration and tourism in Panama by providing information, business development and support services to individual and corporate investors.
Connect
Click connect to have our partner contact you via e-mail and/or phone.
What advice do overseas retirees have for others considering retiring abroad?
"Panama is a nice place, but hot and humid with the best climate from December to April. Advertising from some relocation services about how cheap is Panama is not really up to date since Panama is getting expensive. The best way is to visit the recommended places and, by yourself, visit the stores (especially grocery) to figure out prices of some products are twice the US price. You can buy local but you will be considerably limited on food and food diversity is very important for a good health. Everything is full retail price in Panama and lots of people order from the US and it still is cheaper even with shipping with a much larger selection as Panama selection is very limited and it's understandable with only 4M population. We have lived in Panama and Portugal but there are no comparison as Portugal is the best place to be but it's far away from the US with a different time zone and currency. Portugal price are much lower than Panama on everything and the grocery food selection is the best you can have. Panama is a nice place to live with nice people but not based on lower cost of living since it has changed in the past few years. There maybe places you can live "cheap" but that won't be next to big center with not much services accessibility and diversity (hospitals, clinics, pharmacy, grocery stores, etc) with no price/selection competition among the different stores," said one retiree in living in Panama City, Panama.
What are the most challenging aspects of retiring in Panama City?
"One of the most challenging aspects of retiring in Panama City is the language barrier. Although English is widely spoken in the city, Spanish is the official language and is used in most official documents and interactions. Additionally, the cost of living in Panama City is higher than in other parts of the country, making it difficult to stretch retirement savings. Furthermore, the city is prone to natural disasters such as hurricanes and flooding, which can cause significant damage and disruption. Finally, the healthcare system in Panama City is not as advanced as in other countries, making it difficult to access quality medical care," remarked one retiree in Panama City.
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Explore Panama Legal Business for a full suite of legal services tailored to your needs. From obtaining residency and visas to opening bank accounts, obtaining apostilles, conducting background checks, setting up businesses, and navigating real estate transactions, trust our experience and dedication to guide you through every step of the process in Panama.
What are the most rewarding aspects of retiring in Panama City?
"Retiring in Panama City offers a variety of rewarding experiences. The city is known for its vibrant culture, with a variety of festivals and events throughout the year. The cost of living is relatively low, making it an attractive option for retirees. The city also offers a wide range of outdoor activities, from hiking and biking to swimming and snorkeling. The climate is tropical, with warm temperatures year-round, making it a great place to enjoy the outdoors. Additionally, Panama City is home to a diverse population, with a variety of cultures and languages, making it a great place to meet new people and learn about different cultures," said one retiree in living in Panama City, Panama.
What are healthcare services like in Panama City?
We asked retirees if they have access to good medical care in Panama City. They wrote:
"Healthcare services in Panama City are generally of a high quality. The city has a number of private hospitals and clinics that offer a wide range of medical services, including general practice, specialist care, and emergency services. The public healthcare system is also well-developed, with a number of public hospitals and clinics providing free or low-cost care. In addition, there are a number of pharmacies and health stores that provide over-the-counter medications and other health-related products," remarked one retiree in Panama City.
How do I meet people in Panama City?
When we asked people living in Panama City about club and activities where newcomers can meet others, they responded:
"Expats in Panama City often join clubs and activities such as golf, tennis, sailing, and hiking. Expats can also join local language classes, book clubs, and cooking classes. Additionally, many expats join local churches, volunteer organizations, and business networking groups. Expats can also meet people by attending local events such as festivals, concerts, and art shows. Additionally, many expats make friends by exploring the city's restaurants, bars, and cafes," explained one retiree living in Panama City.
What is life like in Panama City?
When we asked people living in Panama City what life is like and how people spend their time, they said:
"Life for expats and digital nomads in Panama City is generally quite pleasant. The city is a vibrant and modern metropolis with plenty of amenities and activities to keep expats and digital nomads entertained. The cost of living is relatively low, making it an attractive destination for those looking to stretch their budget. The city is also home to a diverse population, with many expats and digital nomads from all over the world. The city is also well-connected, with a reliable public transportation system and easy access to the rest of the country. Overall, Panama City is an excellent destination for expats and digital nomads looking for a vibrant and affordable place to live," said a retiree who moved to Panama City, Panama.
"Priorities start with family, extended family, family friends, other friends, socializing, sports, all other non-work related activities, and finally: work," said one retiree in Panama City.
The Business Panama Group is a well-established group of companies, professionals and alliance partners with 20 years of experience promoting and facilitating business, investments, real estate, immigration and tourism in Panama by providing information, business development and support services to individual and corporate investors.
Click connect to have our partner contact you via e-mail and/or phone.
The Business Panama Group is a well-established group of companies, professionals and alliance partners with 20 years of experience promoting and facilitating business, investments, real estate, immigration and tourism in Panama by providing information, business development and support services to individual and corporate investors.
Click connect to have our partner contact you via e-mail and/or phone.
What do I need to know before retiring in Panama City?
When we asked people what advice they would give someone preparing to move to Panama City, they said:
"Do not be surprised by the most modern technological society living in a first class environment," said a person in Panama City.
What type of recreational activities are there in Panama City?
"Panama City offers a variety of recreational facilities for visitors and locals alike. The Amador Causeway is a popular spot for walking, biking, and rollerblading, with stunning views of the Panama Canal and the city skyline. The Cinta Costera is a 3.5-mile long waterfront park that is great for running, walking, and rollerblading. The Panama Canal Yacht Club is a great spot for sailing, fishing, and other water sports. The Metropolitan Natural Park is a great place to explore the local flora and fauna, with trails for hiking and biking. The Biomuseo is a museum dedicated to the biodiversity of Panama, with interactive exhibits and a butterfly garden. For those looking for a more urban experience, the city has a variety of shopping malls, restaurants, and nightlife," said one person who retired in Panama City.
Where will I buy groceries and do other shopping in Panama City?
"In Panama City, expats can find a variety of grocery stores and shopping centers to meet their needs. The largest supermarket chain in the city is Super 99, which has several locations throughout the city. Super 99 offers a wide selection of international and local products, as well as a variety of fresh produce. Additionally, expats can find a variety of international products at the Multiplaza Pacific Mall, which is a large shopping center located in the heart of the city. The mall also has a variety of restaurants, cafes, and stores. For more local products, expats can visit the Mercado de Mariscos, which is a large seafood market located in the city's historic district. Here, expats can find a variety of fresh seafood, as well as other local products," explained one member in Panama City.
"The Albrook Mall is the largest mall in Latin America, so there is plenty of shopping for when you need it. Albrook is also the hub for bus and plane service to travel throughout Panama, and there is a Metro station next to the bus terminal as well," said one retiree in Panama City.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
Other Questions:
- What should I pack when moving to Panama City?
- Where should I setup a bank account in Panama City?
- Will I be able to find a job in Panama City?
- What is life like as an expat in your area?
- What do expats in Panama City appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in Panama City?
- Is there a lot of diversity? Are people in Panama City accepting of differences?
- What are the schools in Panama City like?
- How are healthcare services in Panama City?
- What are medical services in Panama City like?
- Are healthcare and health insurance expensive in Panama City?
- What are emergency services like in Panama City?
- Will I need to travel to see a specialist?
- Are common prescription medications available in Panama City?
- How are local medical facilities in Panama City?
- As a foreigner living in Panama City, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?