Can you quit your job and live abroad in Panama?
Are you considering a move to Panama in 2022? While the internet might say "you can live in Panama for pennies", is it actually true?
Recently Forbes published "Quit Your Job And Live Abroad: 11 Places So Cheap You Might Be Able To Stop Working In 2022."
The article looked at 11 countries (Panama being #1) where Americans might be able to quit their jobs and relocate.
Based on information from International Living’s Annual Global Retirement Index, the article states a couple can live well, depending on their lifestyle, starting at $1,753 a month in Panama City.
The question is, what’s your lifestyle?
After a long search of properties available in Panama City (that I would personally rent) I was hard-pressed to find a viable option under $1200.
In Coronado, Panama I needed to increase the budget by $400/mo to include a pool.
My average grocery bill is approx. $500 in groceries and $250 at Pricemart (Cosco). This is being considerate, but let’s say $750/ a month.
My electric bill is approx $250 a month, my internet is another $50, and my phone (pay as you go) $25/month.
I also have two kids, who attend international school at the beach, at a cost of $500/month.
I do yoga every week, that’s $60/month.
I have a dog, her vet bills, food, etc. are approx $40/month.
And just like that, we’ve arrived at $3275 USD as my monthly budget, provided there are no unexpected expenses.
This is not to say that a couple could not live on $1,753 a month in Panama City, and it’s not to say my family of 4 couldn’t live on less, but your specific your lifestyle, your family, location, what you eat, what you drive, etc., etc. all makes a BIG difference.
And while you can probably live on less, it might not be AS much as you’d expect. But you need take into consideration that for the same cost of living, life might be a whole lot better, here than somewhere else.
When Jessica Ramesch, writes for International Living, "when it comes to overall benefits and value, Panama is very tough to beat," she’s not wrong.
Here’s why Panama option if you are looking to relocate in 2022
- Panama has a great geographical location, it uses the U.S. dollar.
- The climate is warm and tropical with a cool mountain option.
- Most of the country has reliable power, water and high-speed internet along with reliable cell service.
- Panama City has quality health care facilities, these facilities are now opening clinics in areas like Coronado Panama, bringing access to top-of-the-line medical care to more areas in the country.
- Panama has also offered a variety of Visas for forigeners to acquire perminant residency.
So while now more than ever, you might be considering a change in location, it is important to consider your lifestyle, and what that would look like in Panama. And the best way to figure that out, it to visit!
Planning a visit to Panama in 2022?
While there are many tour companies, and real estate companies offering relocation tours around the country. I would encourage you to explore the country before letting someone sell you it. Rent a house and a car for a while and explore the country, get a feel for what works, and what is lacking. Once you’ve developed your own opinions seek out those who are willing to give you their honest opinions as well.
If you’d like mine feel free to reach out by WhatsApp at (507) 6652-6720.
This opinion article was written by Kara Patrick owner of playacommunity.com for comments or information on relocation resources contact email@example.com