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In Panama, the lifestyle is more convenient and comfortable than ever. Nowadays, because of a new coastal road, I need not sit in traffic for an hour to visit a bank in the busy financial sector. It’s easier to get to Casco Viejo, too…and when I have lunch in that historic district, I notice everyone has a BlackBerry. The city skyline, one of Panama’s best-known features, is more Hong Kong-esque than ever. And the cultural offerings are staggering…from flamenco to opera to theater.

Panama is more modern and cosmopolitan than any other Central American country. You can stay at a rainforest resort or an island hostel and still enjoy the same high-speed Internet that you would in Panama City. This means I can work from anywhere, even holding conference calls via VoIP programs like Skype.

From the expanding international airport at Tocumen, also known as the Hub of the Americas, you can travel anywhere in the world…often on a direct flight.

Panama has always been one of the most modern countries in the region. When I first came here in 1990, it was not what I expected. The lush jungles and pristine beaches were everything I’d hoped for. But the bustling city and international vibe were a pleasant surprise. There were new cars of every make and model…busy, perfectly paved roads…chic cafés with impeccably dressed clientele. Fresh from Eugene, Oregon, via the steamy metropolis of Mumbai, I was prepared to scorn—but instead felt quite the country bumpkin.

Twenty years later, Panama offers a unique combination of modernity, low cost of living, and Latin flair. “We are coming to Panama in the next few months,” says Jacqueline B. of Virginia. “Thanks to his work, my husband Randy understands the value Panama offers to expats. Plus, the cost of living there is fantastic and the people are wonderful.” There are other places in the region where Virginia and Randy could live well—probably for less—but none of them offers the same cosmopolitan feel.

The Panama Canal expansion is just one of several mega-projects expected to fuel Panama’s economy in the years to come. Back in 2007, Panama had the fastest-growing economy in the world. Today, it’s still going strong—one of the few countries in the world expected to show growth in 2009. In fact, the Latin Business Chronicle ranked Panama the number one “growth champion” in the region in its 2010–2015 GDP growth forecast.

With historically low inflation, one of the world’s biggest banking sectors, and a business-friendly president with a “go get ’em” attitude, Panama offers a combination of benefits (with an affordable cost of living) that no other Central American country can match.

New infrastructure projects are modernizing the city. A massive Panama Bay cleanup program is underway. Three contracts worth more than $413 million will get that job done. The $189-million Cinta Costera project—the coastal beltway I mentioned earlier—has completely changed the face of Panama City, for the better. Foreign investment and a growing international community have enhanced the city’s international character. And because those new expats bring with them high expectations, services have improved across the board.

Yet my daily cost of living is still low enough to allow for a comfortable lifestyle. I have a nice señora who cleans my house from top to bottom for just $15 a day. My friend Barbara raves about the health care, and about the fact that she can hire a nurse to come to her home for just $25 a day. When my car needs maintenance, I take a cab to the shop for $1.75. At my favorite restaurant, I can sit by the ocean and enjoy a cold beer for $2.

These prices are not unusual in Central America. But in Panama you can sip that $2 beer while networking at an internationally renowned trade show…or on a posh train en route to the hemisphere’s largest free trade zone…

Editor’s note: Join International Living in Panama, April 18-20, and discover everything you need to know about Panama to help you decide if it’s your ideal retirement or relocation destination. We’ll assemble more than 50 Panama experts, including an unprecedented number of expats, to make sure you get the most during three information-packed days.