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view of Panama City, Panama from waterview of Panama City, Panama from water

Panama

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Why To Retire In Panama

Panama’s lush landscape, ripe with rainforests and heavenly Caribbean beaches, make this tropical country a top choice for retirees. Panama also provides retirees with numerous special benefits, including discounts on everything from entertainment and hotels to medical expenses. Overall, the country has a lower cost of living compared to many countries, including the United States. Panamanians are known for their friendly nature, plus the country is already home to many expats, so retirees will feel immediately welcomed in their new home.

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Retire In Panama: Things To Know

Weather

The weather in Panama is tropical year round. Temperatures can vary according to geography, with a tropical rainforest climate along the border with Costa Rica and Colombia, and a monsoon climate in the west. Typically, days are hot and nights are cooler, with temperatures ranging from 70 degrees Fahrenheit at night to 90 degrees Fahrenheit during the day, nearly year round.

Visa Requirements

The government of Panama allows any adult over 18 years of age who could show proof of a monthly pension of any kind to qualify for a “Panama Pensionado Visa,” or retirement visa. Applicants must provide proof of earning a minimum of $1000 of retirement or pension income per month in order to qualify.
More information can be found here.

Transportation

It really isn’t necessary to have a car if you are staying in the city, but driving can help you explore less-traveled areas. Driving in Panama is similar to other South American countries, and conditions can be poor outside the cities. Signs are infrequent, and potholes are common.

The main airport is Tocumen, which serves Panama City, but there are many others, the second-largest serving the city of David, with smaller local operations offering convenient transport options.

Panama also offers transportation by bus, taxi, ferry, train and metro.
More information can be found here.

Health Insurance

Healthcare in Panama is provided by both the government and private facilities.
On the government side of things, two organizations are responsible for healthcare services. The Social Security Fund (Caja de Seguro Social) acts both as a healthcare provider and a pension fund administrator. Meanwhile, the Ministerio de Salud (MINSA) provides low-cost facilities for those not covered by the Social Security Fund, approximately 30 percent of the population.

Language

Many languages, including seven indigenous languages, are spoken in Panama, although Spanish is the official and dominant language. The local variant is Panamanian Spanish.

Currency

The legal tender in Panama is the Panamanian Balboa and the U.S. dollar. The current exchange rate between currencies is 1 Balboa is equal to 1 dollar.

Featured Articles

DestinationsCosta Rica vs Panama: Key DifferencesCosta Rica and Panama are two up-and-coming vacation destinations for American travelers. Videos by TravelAwaits To be fair, Costa Rica has been on the radar for nature lovers for decades. But its remote resorts and pricey eco-tourism retreats have only recently gone mainstream. In other words, you don’t need to drain your bank account to […]
Panama Cathedral
Retirement Locations8 Mistakes To Avoid When Moving To Panama According To ExpatsWhen making a major life decision — like retiring to Panama — you’ll want to make sure you avoid these mistakes that can set you back before you’re settled.
Skyline of Panama City, Panama
Panama9 Amazing Things To Do In Panama City, PanamaFrom searching for sloths to drinking champagne on a rooftop, here is a selection of things to do in Panama City, Panama.

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