5 Reasons Why Young Professionals are Moving to Panama
Over the last few years, Panama has been celebrated as one of the top retirement destinations in the world. Recently however, a younger demographic has been testing out the economic waters with high hopes for the future. With a growing economy, accessible work visas and a low cost of enjoyment, Panama is a tropical paradise full of opportunity. But is it the opportunities here, or the lack of opportunity elsewhere that has the younger generation jumping on the Panama bandwagon? Here are 5 reasons we think Panama is attracting a younger audience.
1. Economic Downturn in US and Other countries
Traditionally younger people from small towns tend to move to bigger cities in search of work. However with the falling dollar and business closures, work in North America has become increasingly hard to find. Throw in a tropical climate, an entrepreneurial economy and direct flights to many hub cities - a move to Panama becomes an attractive option to the young professional looking for a fresh start.
2. Strong Economic Growth in Panama
Since 2005, Panama has been one of the fastest growing economies in Latin America (BTI, 2012). Mega-projects like the Canal expansion and Panama Metro system have played a large role in boosting the country's labor market, creating upwards of 7000 new jobs. The International Monetary Funds predicts this growth will continue at a rate higher then any other country in Central America, bringing opportunities in all sectors.
Opportunities that are seemingly less available elsewhere are easily attainable here. Panama is a small place, and right now competition is slim. For many entrepreneurs, finding clients and meeting the right people is only a few conversations away.
3. The Low cost of Having Fun
While the cost of living in other Central American countries like Nicaragua and Guatemala can be cheaper, economically, Panama offers more bang for your buck. Upgrading to a luxury experience in Panama is available, easy and affordable.
CNN.COM recently published an article that coined Panama as the most affordable capital city with luxury standards in the Americas. In Panama City patio hopping on a sunny day won’t break the bank. National beers range from $1 to $3 a bottle. Booking a luxury hotel room for under $200 can be done with ease. Cover charges are rare, live music is often free, and tickets to big name shows can be purchased for under $30 dollars. These costs are all exceptionally low compared to other booming cities.
4. Living The Dream
Whether it’s waking up on Monday morning for a 7:30 beach walk, or a crossfit class through the historic area of Casco, feeling good in Panama, actually feels good. Within reach are: never ending black sand beaches, all you can eat mangos, yoga and a surf break around the corner. All this and more contribute to the daily happiness of living at the beaches. For the city dwellers, it is the growing hustle of an upcoming city dripping with business opportunity and brilliant minds, morning jogs along Cinta Costera, evenings with good friends on Calle Uruguay. It doesn’t take long to realize that a productive, healthy, happy lifestyle is attainable right here under the warm Panamanian Sun.
5. A World of Natural Adventure
Panama was made for the adventurer. While the country is becoming more and more diverse with development along Caribbean and Pacific coast, what is more exciting, is the undeveloped. Some of the nature’s greatest wonders exist in our backyard.
Waterfalls, mountains, tropical flowers, exotic birds, pristine beaches, whales, dolphins and turtles are just some of the natural wonders available on the isthmus. The small country of Panama is a paradise for surfers, birdwatchers, divers, river rafters, hikers, hammock-dwellers, and thrill seekers. It is a naturalist's dream. The country is also small, so getting where you want to go is easy and can usual be done in a less than a days travel.
Some years ago, Panama was a small South American country that people avoided. These days when Panama comes up in a conversation, someone will inevitably know someone else who has lived or vacationed here. It is hard to say whether it is falling fortunes in other countries or rising fortunes here, that is bringing a younger demographic here to try out life in Panama. It is however, safe to say that the global environment has created favorable conditions to encourage the move to Panama, and the country has done much become an attractive place to stay. We think, the continued rise of young talent and emerging innovative companies will keep pushing this developing nation forward, triggering more young thinkers to say: “Why not Panama?”
