Considering a move to Panama? Then you are probably looking for information on how to get residency, the best neighborhoods in Panama for expats, the cost of living, and what living in Panama is like.

From legal assistance, a relocation tour, or simply the pride of being the loudest person in the Facebook group, most people are selling you a service; What works for you might not work for someone else. 

Expect a clear, concise answer, and you might find it; dig a little deeper and you might also find it’s not totally true for you. It’s good to be informed, but don’t let someone who knows nothing about you, your family, or your journey scare you off your path. 

THE PANAMA MOVE APPROACH

Everyone is selling the dream of moving abroad right now. But the grass is only greener if you water it. This is true, no matter where you stand: Toronto, New York, London, or Coronado, Panama. Moving to Panama can definitely help shift your perspective. That said, if you don’t know your needs or budget, you may end up back where you started, just with a different view. 

1. Profile: Who Are You and What Do You Need?

Instead of inquiring about the cost of living in Panama, determine what you can afford and then identify locations that fit your budget. Next, evaluate whether those places align with your lifestyle. Don’t ask “What are the best schools in Panama?” Define your family’s goals for education in Panama and seek out schools that meet the criteria.

2. Assess: Residency, Finances, Healthcare, Schools, Work, and Lifestyle 

Panama offers a variety of residency options, each with its own set of requirements. Understanding these is key. From the Friendly Nations Visa to the Pensionado Program, it is important you know what you want to do when you get to Panama. If you want to work here, you will need a work permit; some residency paths like the Pensionado Program will not allow you to work legally. 

3. Narrow: Pinpointing the Perfect Location

Panama is diverse, with regions ranging from bustling cities to small fishing villages. Narrowing down your ideal location is essential to your happiness here. Visit Panama to get a feel for various locations. Visit in the rainy season and the dry season. There are ups and downs to every location. Compare housing costs, as housing prices vary significantly by region.

4. Analyze: Neighborhoods, Housing, Costs, Infrastructure, and Daily Life 

Once you’ve chosen a location, analyze housing options, infrastructure, and the realities of day-to-day life. See what the community is like on a regular long weekend in November and a regular Tuesday in June. Where are the grocery stores? Or will you be relying on mini-supers, local fruit stands, and the daily haul from fishermen? 

5. Make the Move: Building the Relocation Plan

Creating a detailed relocation plan is crucial for a smooth transition. Alot of people sell Panama as the cheaper option, but this is not totally true. The cost of relocating to Panama varies depending the type of residency you will get and the lifestyle you expect once you get here. Get a good idea of how you want to live and the associated costs before you make any commitments. Life in Panama may not be cheaper for you.  

6. Operate: Banking, Utilities and Transportation

Once in Panama, setting up essential services is the next step. This phase involves establishing bank accounts, setting up utilities, and finding your way through the day-to-day. If you don’t speak Spanish this will all be more difficult, and you’ll likely end up paying an intermediary for help. In Panama City, you can get around using Ubers, but anywhere else in Panama you will likely want a reliable vehicle. 

7. Verify: Checking Legal, Financial, and Property Details

Before making irreversible decisions, ensure all legal, financial, and property details are verified. Hiring a local attorney to review contracts and legal documents is a good idea. Consulting with a financial advisor to understand tax implications and exit taxes before leaving your home country is also a good idea. 

8. Establish: Building the Life You Came to Panama to Create

With all practicalities in place, you can finally focus on establishing the life you envisioned in Panama. This involves engaging with local culture, pursuing personal interests, and building the life you came to create. 

We can help you get here. 

Conclusion

The PANAMA MOVE methodology breaks down the journey into easy-to-digest steps. You might find this adventure is not just about moving; it’s about transforming your life in ways you might have never imagined. 

If you’re serious about moving to Panama, take the PANAMA MOVE approach before you choose your neighborhood, sign a lease, or start spending real money.

Start with the PANAMA MOVE free 15 min Relocation Consultation

Panama isn’t one-size-fits-all.

Your move shouldn’t be either.

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