Bordered by Costa Rica to the west, the Caribbean to the north, Panama is a popular location considered as one of the best destinations for relocation by many expatriates. In fact, the New York Times picked Panama as the number one place to travel in 2012. In this article, we will give you 10 great reasons to move to Panama.
Some great reasons to move to Panama
1. Pleasant Weather
Panama has tropical weather, with breezes off the Pacific that makes the climate comfortable. The average temperature is 75 F in the mornings and 86 F in the afternoons. April to September is the rainy season. There is no need to use a heating system, so it is an excellent choice for those sick of the cold weather.
2. Tourist Attractions
Panama is located at the geographical point between North America and South America. Expats and travelers will enjoy the modern buildings, the famous Panama Canal, Pearl Islands, San Blas Islands, and a variety of water sports and activities. This country is an excellent location for adventure-seeking expats and tourists. Most people travel there to visit the Panama Canal, which is one of the world’s greatest feats of engineering. Many people like to take the partial or full crossing of the canal.
3. Low Cost of Living
Expatriates retirees widely agree that the cost of living in Panama is much more affordable than other popular destinations. The renting cost near the city’s main streets would be $700 – $900 US per month. Besides, all the inexpensive clothing, bedding, and dinners attract more and more expats moving to Panama.
4. Minimal Language Barrier
There are many expatriates living in Panama. Though Spanish is the official language, English is considered the second language of Panama, and most of the local residents can speak English fluently.
5. Politically Stable
Panama has an open and stable political system. Due to continuing economic growth, more and more foreigners are willing to invest in Panama, and this again promotes economic prosperity. The political and economic stability has made Panama a safe country to stay.
6. Clean Water
According to a health expert, tap water is generally drinkable in Panama. However, most expats would want to start with bottled water and minimize the amount of tap water. In general, the water in Panama has been reported to be clean, but it makes sense to check first.
7. Delicious Food
Generally speaking, food in Panama has been influenced by Spanish, American, Caribbean and indigenous peoples. Except for traditional Panamanian dishes, American style meals are offered in many restaurants. Besides, there are a range of snacks, desserts and local beverages for you to choose from. Most expats will also be able to buy excellent food to make at home at the local stores as well.
8. Quality Medical Care
Medical care in Panama are generally of good quality. Both public hospitals and private clinics are available in Panama. However, medical services may vary greatly depending on where you go. The capital, Panama City has the best medical facilities and physicians. The doctors in Panama are usually well trained in the U.S. and speak English. Expats and tourists will want to obtain international health insurance during their stay in Panama, with emergency medical evacuation coverage, medical treatment in Panama and globally, as well as dental & vision care.
9. No Taxes on Overseas Income
Panama has a territorial tax system, which means that you may pay little or no tax on your foreign income. This applies to Panamanian residents and companies. This policy attracts many foreigners to become resident of Panama. Make sure that you talk to an expat tax advisor to find out if you should move to Panama for tax purposes.
10. Expat Friendly
Many expatriates will find that the local residents of Panama are very friendly. Since Panama has been an international destination for a long time, Panamanians are highly accepting of foreigners and Americans. In addition, the US Dollar is the main currency being used in Panama.
The Importance of Global Healthcare in Panama for Expats
If you are retiring or relocating to Panama, most expatriates will want to obtain global health insurance plan that will cover medical treatment in Panama, but also globally. If you are an American, you will want to include cover for the United States or if you wish to be able to obtain medical treatment there. We often recommend that expats should make sure that their plan includes medical evacuation and repatriation coverage.
We at Expat Financial can source international health insurance for expatriates in Panama from large and respected international insurance companies. Contact us today for a quote and to discuss your Panama expatriate insurance requirements. Panama is an exciting and rewarding place to retire and work in.