Expat Community > Panama

ptyexpat
Joined 2015
Posts: 427

Is Panama right for you?

3 years ago

Over the years I’ve see countless people come and go in Panama who typically leave after just a year or two. It seems that a lot of individuals come down to Panama with unrealistic expectations or were fed a bunch of inflated hype from international living publications.

So what is it really like living in Panama over the long term?
To understand what life is like and how different it can be it is helpful to connect with seasoned expats who have decades of experience.

Those expat that possess 10, 20 even 30 years of experience like myself are becoming harder to find primarily because there are very few of us Zonians left in PTY but also because we are becoming reluctant to constantly educate wave after wave of new arrivals who fail to prepare for an exciting new life in Panama.

And many of those who are quickly willing to help out new arrivals usually have something to sale or want to guide them toward their commercial venues or real-estate properties.

The question then becomes: is Panama right for you and do you have what it takes to make a go of it over the long term?

First off you need to ask the right questions and network with the right people who possess a wealth of boots on the ground experience or who isn’t interested in helping you spend your money.

There’s nothing better than solid in-depth independent research and multiple exploratory trips to PTY before arriving at an informed decision whether Panama is right for you.

There are many things to consider including your health needs and future health needs, your tolerance and ability to adjust to new cultural norms that can be a big departure from what you’re used to.

Carefully analyze what you are giving up verses what you might gain, usually you will give up or lose much more that you gain when moving to a developing third world country like Panama.

Understand that if you require instantaneous gratification then you will probably not be very happy in Panama as normal everyday things that took just minutes or hours up north can take days and even weeks if not months in Panama.

Want to buy a house? That is easy but if you later want to sale that home, well that can take years upon years which can result in a capital loss.

As a general rule you can expect to leave behind every last dollar you invest it this fascinating country if you decide to leave.

Banking in Panama can be complicated if you’re from the USA as the IRS has imposed some heavy handed restrictions on American Citizens owning and operating off shore bank accounts.

It’s not impossible but it can be difficult and expensive plus the amount of paperwork required by the IRS involving US customers can be intrusive and a hassle. Most expats generally keep their banking in their home country.

Other things to consider before moving to Panama are: are you ready and willing to give up all the modern everyday conveniences and first world services that you are accustomed too in North America?

Also do you have what it takes to operate independently and will you be able to communicate effectively in Panama’s native language of Spanish?

Do you possess any skill sets that would be useful while living in a place like Panama where you will likely have to solving problems and fixing things on your own?

Do you know that owning a home and property in Panama requires a greater amount of maintenance and attention than an equivalent home back in the states?

Can you meet or exceed the minimum requirements in order to qualify for a resident visa including financial solvency and do you have a clean criminal history?

Panamanian Migration Authorities do indeed take a close look at these specific areas.

Also acquiring the things you need to keep you’re newly found PTY lifestyle up to north American standards can be challenging as a lot of products and services you are used too may not always be available in a developing third world country like Panama.

Some other things to consider are do you have the right temperament to live in an underdeveloped country that can vastly differ from what you’re used to. And can you operate in the absents of a highly developed society and modern infrastructure like North America?

Can you adjust to a new diet, climate, values, customs and courtesies? Do you have a high degree of situational awareness and can you muster the level of patience needed to cope with a third world mentality?

Do you plan on contributing to your newly found community or do you expect the local nations to measure up to your expectations and demands?

You will quickly discover that Panama is not going evolve to suet your desires or needs, no you must be willing and able to be flexible and adapted to Panamas way of life.

Ask yourself if you have the intestinal fortitude to acclimate and assimilate into Panamas way of life and are you willing to give more than you take and leave Panama better than you found it if and when you leave?

Understand that this time of year, that is to say December through March or April is the high tourist season so there is an elevated demand for rental properties and services of all types.

Planning well ahead will make all the difference whether you find the type of services and accommodations in the locations you’re looking for.

Understand that US passport holders can only say in Panama for 180 calendar days on a tourist visa and you can only legally operate a vehicle for the first 90 days of your say in Panama using your US or Canadian drivers license.

Also you must have at least 6 months remaining on your passport in order to travel internationally and Panama observes this rule so don’t be caught off guard.

Generally rental properties closer to the center of the town or the location you are looking for can be the most convenient but are usually the most costly and challenging to find.

If you have difficulty locating accommodations in the greater Boquete area you can usually find suitable rental units in the surrounding townships of the area that you are looking for.

The most desirable rental properties quickly fill up long before the tourist season kicks off.

Timing is key and it’s important to build an abundance of patience and flexibility into your agenda in the event you don’t secure the ideal place to stay while you explore Panama.

For more information on rental accommodations around Boquete and surrounding areas check out Craigslist/Panama.

https://panama.craigslist.org/apa/d/one-bedroom-apartment-now-available/7404043966.html

Or feel free to contact me direct for access to a cost effective one bedroom apartment built to north American standards:

[email protected]

Panama can be a great place to live and retire if you have the right stuff.

Good Luck and thank you for choosing Panama!

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