Panama Is on the Upswing… and You Can Ride the Wave of Prosperity
Yes, at a time when the global economy is in such dire straits – the U.S. is stagnating, Europe’s banks are on the verge of default – Panama isn’t just hanging in there… it’s thriving.
It boasts the most vibrant economy in Latin America… with growth expected at 9% this year. It’s Latin America’s technology leader. Fitch, Standard & Poor’s, and Moody’s have recently upgraded Panama’s credit-rating outlook to positive.
For you it means that Panama is a land of opportunity. Lots of folks who have settled there as retirees have been enticed by it- and they’ve started B&Bs, opened restaurants or shops, run import-export businesses… and more…
As one successful expat entrepreneur put it:
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“This country invites and welcomes businesses with tax incentives, streamlined paperwork, quick turnaround, and a big smile. Starting a business in Panama is easy, empowering, and exciting. There are endless possibilities for adventure in a safe environment.” |
I’m sure you’ve heard Panama’s newest “stimulus” project (not that it needs one) – but it’s about halfway through a massive expansion of that Modern Wonder of the World called the Panama Canal. It’s just one of several mega-projects expected to fuel Panama’s economy in the years to come and just one of many reasons the Latin Business Chronicle ranked Panama the number one “growth champion” in the region in its 2010 – 2015 GDP growth forecast.
Not bad for a ‘Third World’ country, huh? Well, believe me, Panama is hardly Third World these days… For instance:
- Panama is more modern 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.
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Drawing Investors from Across the Region and the World “The tiny Central American country is now one of the fastest-growing economies in the region … the Latin American powerhouse. The economic boom comes amid efforts by the Panamanian government to market itself as a financial haven in an area of instability, drawing investors from across the region and the world.“ - National Public Radio |
- 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.
- New cars of every make and model safely travel perfectly paved roads and highways…the country is small, so you can easily drive from the city to the rural, interior areas, including those gorgeous cool mountains, in just a few hours. See the sun come up over the Caribbean and go down over the Pacific all in one day!
- With historically low inflation, one of the world’s biggest banking sectors, and the business-friendly “go get ‘em” attitude of President Martinelli, Panama offers a combination of benefits that no other Central American country can match.
So let’s talk affordability…
I’ve already touched on the low costs of buying real estate in Panama. But what about the low cost of living here? Some expats here report that they’re living very well on budgets as low as $1,200 per month…including rent! On a budget of just a little bit more…say $2,000 per month…you can live very, very well.
Here’s a typical monthly budget, based on calculations for two people living in a mid-range, two-bedroom apartment in Panama City:
| Housing (rental or mortgage plus maintenance): | $600 to $1,200 |
| Electricity: | $70 to $175 |
| Gas: | $0 to $20 |
| Water and trash collection: | $12 to $25 |
| Maintenance/fuel for one car: | $100 to $250 |
| Phone (land line, local calls): | $7 to $25 |
| Phone (cell phone): | $20 to $70 |
| Cable television: | $20 to $70 |
| Internet: | $20 to $35 |
| TOTAL: | $849 to $1870 |
Note that this sample budget doesn’t include groceries or entertainment, but a good rule of thumb is to budget about half of what you spend at home. We’ve listed a range for some other costs, because these depend on your habits and consumption. And, of course, if you pay outright for your home you won’t have any housing costs.
You can easily see how affordable it is to live in happening, cosmopolitan Panama City. Choose to live outside the city…in a pretty little beach town or even in a mountain town like Boquete and your monthly expenses will be considerably less…up to 40-50% less, in fact.
Annie and Ed Bright…in trendy Coronado, what is arguably Panama’s most popular and most upscale beach community, they’re living comfortably well on just $1500 a month!
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Pamper Yourself – You Deserve It In Panama, a day of beauty at a great salon is just $17. You can hire a maid to clean your house for $15 a day. A checkup with a physician is just $25 or less. A healthy, three-course executive lunch can be had just about anywhere for under $4. |
Yes, in Panama even the lowest budget affords a very good lifestyle. You’ll enjoy guilt-free conspicuous consumption at laughably low prices. For instance, splurge on a day of beauty at a great salon ($17), pay a maid to clean your house ($15 a day). A complete blood workup at that gleaming new Hospital Punta Pacifica I mentioned earlier (affiliated with Johns Hopkins Medicine International) is $36. A checkup with a physician at this state-of-the-art hospital is $50. (At other excellent clinics, like Hospital America you’ll pay just $25.)
And remember, retirees on the Pensionado Program are entitled to sizeable discounts!
What about health insurance? Retirees who were paying roughly $1,200 a month in the U.S. for health insurance say that in Panama, they pay, on average, $800 a year for coverage. That’s a substantial savings…and it’s easy to see how living in Panama can contribute to your quality of life.
You’ll save, too, on the little things that matter the most, but can add up.
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I’ll meet you here for a cup of rich, delicious Panama coffee. And no worries, I’ll pick up the tab. |
Imagine…sitting at a sidewalk café and enjoying a cup of premium Panamanian coffee, fragrant and hot, for just $1. (True, at $2.00 per pound, you can make delicious coffee at home for just pennies. But this way, you can enjoy watching the locals bustle by as you soak up the sunshine and enjoy the tropical breeze.)
A taxi anywhere in town is only a couple of dollars. In any of Panama’s modern supermarkets you can buy several bags full of juicy tropical fruits and fresh vegetables for “locally grown” prices…just a couple of bucks. At any of the many ocean-side restaurants, you can enjoy a cold beer for $2. A healthy, three-course executive lunch can be had just about anywhere for under $4.
As Stephen Johnson says, he and Linda can afford to go out with new friends every day of the week if they want. An evening of fish tacos and endless margaritas costs just $25!
Now that they’re retired, he says, “We not only have more time, but apparently we have more money.”
More time and more money to spend as you like…no taxes, no inflated prices, no more worries about outliving your retirement nest egg.
Are you ready to learn more about all that Panama has to offer?
If so, please join us April 12-14 in Panama
At the International Living Fast-Track Panama: Lifestyle and Opportunity Conference this April, we’ll show you exactly how to live this laid-back luxurious lifestyle… no matter how small your budget.
If you want to salvage your retirement dreams, retire even earlier than you thought you could, or just live a more luxurious life than you ever thought possible—then there’s no better opportunity to gain access to so much expertise…in one place, at the same time.
Whether you’re retiring or buying a second home… or starting that
new life you’ve always dreamed of… this conference will deliver exactly
what you need to make it happen
People are coming to Panama for various reasons. But believe me, we’ve got all the bases covered:
- See firsthand how little it really costs to live in Panama. Not via some theoretical budget, but by meeting the people who are already doing it and learning their tips and secrets.
- Know the best, most stable markets, by learning all about the latest hot spots on the Panama real estate scene. Not from some agent’s listing, but by hearing from the IL contacts who have traveled to see these areas first-hand.
- Get in early on the newest emerging markets where opportunities are to be found. Not by listening to salespeople, but by taking advantage of our market analysts’ extensive experience.
- Learn what it takes to start up a business. Not from a book, but from expats like you who have come to Panama and done it themselves…and done it well.
- Know the ropes with banks, corporations, trusts, all while learning to unlock the secrets of Panama’s solid, renowned financial system. Hear it straight from the professionals who are guiding your fellow expats.
- Learn how to finance your purchase in Panama, whether from a bank or from your own IRA. Expert—and certified—financial planners and banking specialists will be on hand to show you the way.
Get the whole picture, not just the fluff. Taxes, insurance, and visas are not the fun part of being an expat. But you need to know this part of the story before you take your next step in Panama. There are many ways that a move overseas…and especially to a ‘country with benefits’ like Panama can help lower your tax burden. Our trusted professionals will deliver the information you need.