Expats are moving to Panama

"With just $800 a month needed to live comfortably, Panama holds its crown as the top expat haven. Meanwhile, the U.S. sinks to 36th place." Writes Jessica Coacci for Fortune.

More people than ever are feeling the impact of high living costs and long work hours, seeking a better quality of life. According to a new Expat Insider survey, they’re flocking to Central America, specifically Panama. 

Expat Insider survey polled 10,085 expats, representing 172 nationalities living in 46 destinations across five categories: working abroad, personal finance, quality of life, expat essentials, and ease of settling in. 

According to these expats, the overall cost of living in Panama for a single person is 36.3% lower than in the U.S. Panama placed in the top three for every single category, while the U.S. placed 36th overall. 

The Cost of Living in Panama 

Global Citizens Solutions reports that "with an income of about $800 to $1,500 per month, you could live comfortably in small towns, villages, and farming communities."

However, Panama City and Coronado are more expensive, and expats are recommended to have at least $2,500 per month. 

Compared to states in the U.S. like New York or Los Angeles, the cost of living and specifically accommodations, is much lower. 

This affordability is one reason why so many expats choose Panama.

In the category of quality of life, Panama ranked number three. 

Expats in Panama Say

Moving to Panama as an expat requires some investigation and planning. Recent changes in visa rules and tax policies are reasons why expats suggest working with a lawyer to help with the process. 

Successful relocation involves thorough planning and flexibility to address financial, legal, and lifestyle challenges.

Retirees should understand tax implications, exchange rate risks, and healthcare and insurance costs.

Expats also suggest that moving to Panama will require some cultural adjustment, and anyone interested in living in Panama full-time should consider renting for 6–12 months to ensure the destination suits their lifestyle.

Source: Forture