Why Panama is an Expat Haven
Panama is a Top Destination for Expat Living.
It has been over 5 years since I made the move to the Republic of Panama. It was an easy decision for me but for some picking a destination to relocate to seems to be much more difficult.
We have expat friends who live in Mexico, Japan, Australia, New Zealand, Costa Rica, Colombia, Ecuador, Chile and a myriad of other well known countries across the world. Everyone has their reasons why they live in each location but I am going to focus on Panama.
Reasons to get Panama Residency.
When it is time to expatriate choosing a country that has an option to become a legal resident should be a top priority. If you subscribe to the perpetual traveler lifestyle this does not apply. I personally prefer to not travel too much and have a place I call home. If we travel 2-3 times a year that would be extensive.
Panama is not much different than other countries. We have politicians that make poor laws that seem to change constantly. We have one rule here that is just dumb. As a North American you qualify for a six month tourist visa but can only drive legally for three months. This means you have to leave the country four times a year to keep your license legal. In order to get a Panama drivers license you need to be a resident.
Read My Article, "How to Get a Panama Drivers License."
Panama residency also does not cost a fortune. There are many options for Panama residency. Since I am married to a Panamanian I chose through marriage but there are options that suit almost anyone.
The Most Common Panama Residency Options.
- Marriage
- Pensionado (Retirement)
- Panama Business Investment
- Self-Solvency
- Friendly Nations Visa
Marriage is pretty straight forward but also is the one that brings the most headaches. If I would have known the amount of hurdles I would have had to jump through I would have chosen the Friendly Nations Visa instead.
The most common is the Pensionado Visa which is designed for people who are retired. The great thing is that you can be 30 and as long as you can prove that you have a pension coming in for $1000 or more you can qualify. See the Pensionado requirements at the link.
If you have the money to do it, the Business Investor Visa is pretty straight forward. You can open a corporation which runs a business in Panama valued at $160,000 or more. I am not a lawyer but I believe you can qualify by owning property inside of that corporation. I do not recommend owning a brick and mortar business in Panama.
There is also another Self-Solvency Visa which requires $300,000. I know a few people who went this route and they eventually achieved Panama citizenship.
The last that we will discuss is the, "Friendly Nations Visa". This Visa is by far the easiest to achieve for those of you who are not yet retired or have substantial means.
If you have professional or economic ties to Panama you can apply for this Visa. I will focus on those of you who would choose to buy or bring your business to Panama. There are options for people who work for companies as well.
You must prove that you have $5000 in a Panama bank account. You must also have a Panama corporation for business owners. You can see the other requirements at the link but overall this is the easiest way to get residency here.
Below are the Countries that Qualify for the Panama Friendly Nations Visa.
Great Britain
Germany
Argentina
Australia
Republic of Korea
Austria
Brazil
Belgium
Canada
Spain
USA
Slovakia
France
Finland
Netherlands
Ireland
Japan
Norway
Czech Republic
Switzerland
Singapore
Uruguay
Chile
Sweden
Poland
Hungary
Greece
Portugal
Croatia
Estonia
Lithuania
Latvia
Cyprus
Malta
Serbia
Montenegro
Israel
Denmark
South Africa
New Zealand
Hong Kong
Luxembourg
Liechtenstein
Monaco
Andorra
San Marino
Taiwan
Costa Rica
Mexico
Paraguay
Randy Can You Recommend a Panama Lawyer?
No, I can't my experience with Panama lawyers has left me feeling jaded. Every one that we have dealt with has left us disappointed. The problem is that when you recommend someone and they do not do a good job they reflect upon you.
My personal immigration attorney is cheap but she makes so many mistakes that it would have paid to hire a firm. Other lawyers that we have recommended do not treat our clients with the same level of service that we would expect. So we have decided to no longer recommend lawyers in Panama.
We are happy to help you along on your journey but please don't ask me to send you a lawyers name. I do recommend contacting a firm since they tend to do a better job.
In Today's World Having Another Residency Makes Sense.
The world economic system is in shambles. Choosing to set yourself up with residency in another country just makes sense. Panama is a good option because it is largely self sufficient regarding food. We do not need to import many food staples since most food is grown right here in the country.
Also Panama is warm 365 days a year. If we lose power you will survive. If there is a water emergency it rains here eight months of the year. The other four you can prepare for. The police in Panama are collecting a paycheck. These guys and gals will leave you alone just make sure to have your papers in order. Above all cost of living here is reasonable especially if you live outside of Panama City and the well known expat areas.
Bonus Benefits of Panama.
Over the last few years Panama has emerged as a Crypto-Currency hot bed. This means you can work with some of the best minds in Crypto.
Anabell and I can help guide you through the process of setting up life in this country. We know what it takes to run an online business here. We also have connections in every aspect of life across the country. It pays to be connected when you move to a new land.
Thank you for Reading and Please Don't Forget to Follow, I Always Follow Back!!
We own VIP Panama Tours and Own the the Images. ; )
Thanks
Panama is sort of on my short list, but wifey does terrible in humidity. Kinda rules it out I think. Eight months of rain? Yep.
My Stepdad won't visit for precisely that reason. It is difficult some days but we live up in the hills.
Yeah, she'd swell up terribly. It's one of the reasons I focused on Chile. Uruguay looks good too, but I know people in Chile.
Randy I am finding you very helpful. You honestly seem to share helpful content and seem to really care about helping people. I am finding you to be a refreshing person in my sphere. TY for what you do.
I attended an investors conference in Nashville last year (Ron Paul being their headliner to attract me and others) and Belize was pitched heavily there (not by Paul I mean, just at some point in the event, probably a sponsor). I don't know if one is better than the other, but dang the benefits of off-shore living seem to be well worth it. I either can't afford or don't qualify for the options you're detailing above, but since we are connected here now I'll at least keep you in mind if/when I'm more seriously likely to look at off-shore living.
I personally came to Panama as a tourist. The first 3 years were spent on that type of Visa which is not a big problem but you will have to leave every six months. Then if you like it you can move forward with the other types of Visas.
I have heard good and bad about Belize. John Mcafee's experience there really gave me a bad perception.
Thanks I wasn't aware of JM's experiences, haven't looked into it all seriously yet but I know who to talk to now - like if this Steemit thing pays off, haha. And wow congrats on the high dollar article, that was quick. I'm going to try to remember to watch what exactly you're doing more closely, if that won't be creepy I mean.
No problem, I kind of want to be the tools guys behind the scene that helps people be successful. I just use the same techniques I have use on every platform and brought them here. You can see a few of the articles I posted over the last few weeks to guide you along. Cheers!
:D
once you get off your own plantation... everywhere is cool as hell, Panama I owe my life to, i came with no insurance, broke my leg., the gov gave me $7000 cover... long story
Awesome Elissa, was that the gov insurance for tourists? That has since been done away with but was kind of nice because people did not have to buy travellers health insurance when visiting here.
Randy, yes it was a gov insurance granted for tourists who flew into Panama for their first 30 days. I have never been the type to purchase any type of insurance voluntarily. I have some deep soul objection to insurance and for me, it feels like tax.for-the-dumb, even though, when my house burnt down, when i broke my leg in Panama, when I broke my arm in USA of course I wished I had it.
But I didnt die, no one left me on the street bleeding and screaming, in any country, so I have continued my aversion to insurance to this day.
I just cant get into the idea but possibly its just an aversion i have to someone else smarter than me setting up the scam and me being the one to pay the price.
I guess a lot of people scam insurance, but I dont have the patience.
Panama, the people, the nation, will be in my heart forever for the best hospital food on the planet -roast chicken and vegie dinners, with rice puddings for desserts, salads and fresh fruit... and they were all so nice to me despite me being a NIGHTMARE patient AND I smoked two joints in my hospital bed one night and they didnt even kick me out - I blamed the drugs they gave me
... I was holed up in a hostel in panama city for 6 weeks unable to even carry my tea from the kitchen to the yard on my own. 1000 hostel guests were my helpers.
But the world works in strange ways. My neighbor who lived opposite the hostel was the son of Ricardo Bilonick , the guy who ultimately helped pin Noriega when he testified that he worked closely with the Medellin cartel to promote cocaine sales, via Panama, to the U.S.
So interesting to learn some in depth history from the horses sons´mouth ; )
thanks for this article, upvoted and followed :)
I appreciate it!! Thank you for stopping by.
For several years I've been considering becoming an expat to either Panama, Costa Rica, or Nicaragua. Very good information in this article!
I had lived in Nicaragua for a year. The people are very nice but very poor. The country is a dictatorship and has lots of investment from China, Russia and maybe Iran soon. But I am not confident that will actually improve the situation for the locals. It was a interesting experience, but the country doesn't have a potable water system, everything is bottled or heavily filtered, you may not have water in the day, or for days. The power is the other issue, it was about 92 Volts when I was there in San Juan del Sur, and basic UPS and electronics have a hard time with that. The internet was mostly ok, I recommend ASDL over Cable or Wireless as when the power goes out ADSL stays up when the others do not. Cell coverage is ok but you need a dual sim phone and a prepago for both companies. If you call a friend on the other service it was 60 cents a minute. So a dual sim phone. I left because the government had started to screw with killing vpn access via their central router. The last time I was there it seemed that had given that up. The food is great, I could just walk or bike down to the pier and pick up a complete cleaned fish for about $5 and eat fish for 3 or 4 days. Many places to live, just don't be flashy if you have perceived wealth, people are poor and with that there are those that will want what you have. But if you are cautious, it is a nice place to live.
I am currently living in Panama for 2 1/2 years and it is a nice country, the people are a bit cold at first, but once you get to know them they break out of their shell and are most fairly nice people. They are a busy people and have little time for a life outside of work it seems, but when they go out they party hard and let loose. Food here is expensive and getting more expensive all the time. Milk is about $6 a USGal. Rent in the city is crazy and the costs of housing equal. But infrastructure is currently solid, but deteriorating. I believe the housing market is in a growing bubble and may soon collapse, so there will be some good investment opportunities in the next few years. The country's government seems to be stable, police are not overly corrupt, but bribes are requested at traffic stops from time to time. Same as in Nicaragua. The water and road infrastructure is falling apart here in Panama. Many potholes and water breaks. There is a constant flowing of water on several streets in the city, one I know of the most is near Pricesmart, the road there is constantly wet. Traffic is crazy, to many people and poor road design. They are building out the metro rail system and that will help and have a decent bus system. I use a motorcycle, but you have to be very aware here or become roadkill.
But all in all, Nicaragua is the better lifestyle for living on the beach if you don't mind the higher costs of electronics and know how to live life off the grid a bit. It is much cheaper place to live. Panama if you are want a more 1st world experience with healthcare, and infrastructure. But the prices here are similar to US prices and getting more expensive all the time.
Hope this helps some.
I also believe we have a housing bubble here in Panama. This is the only thing that has held us back from buying a house. I believe it is better to rent for the time being. We don't live in the city so our rent is $450 for a 3 bed 2 bath house in a gated community. Sure I am the only Gringo but that is fine. Thanks for stopping by!!
Cheapest would be Nicaragua but it is still a few years behind concerning infrastructure. I love CR but it is expensive and the internet is not good.
great content. Thanks for the information
Thank you oh gringalicious one!
solid information ! +1 and followed, can never go wrong with more good info !, Thank you ... and will now go look at the rest of your info !
Thanks again ... for the time being, looks like Mexico is my only option .. (poor mans path) to escape !
Thanks again !
Mexico is great for both budget and affluent expats. I've been here for years and love it!
You could come here as a tourist and live as long as you want. The drivers license issue is the biggest headache but if you live in the city you don't need a vehicle. Uber, Buses and the Subway will suffice.
Great post Randy!
One thing I personally would mention to those considering coming to Panama is to make sure you have the right attitude before you make the move. This bumper sticker says it all...
Negativity will get you nowhere here and you'll drive yourself insane. This applies to anywhere, but I've seen some foreigners get caught up in some pretty negative cycles here in Panama.
Oh Man, that is so true. This place is true chaos. There is very little that makes sense to an outsider.