Panama has long been on most “Best Places To Retire Abroad” lists.
Typically, it is the “City Beaches” section of Panama which makes the retirement list. That includes the area from Punta Chame to San Carlos. The communities of Nueva Gorgona, Coronado and Rio Hato are all within the “beaches” area which runs along the Pacific Ocean.
Where Else Makes the List?
When I read these lists, I consider the other destinations named as “a great place to retire.” I’m fascinated by places such as Chiang Mai, Thailand where the mountains are stunning, the ancient temples fascinating and the Night Bazaar compelling.
I try to imagine living there full time and it seems difficult. I know it takes, on average, thirty hours to simply get there from North America. How often could you get home? The twelve-hour time difference would mean a small window of time to call either at night or first thing in the morning. I guess you wouldn’t expect a quick answer to a text. I’m never sure about the availability of English and the poverty would eventually wear on me. If you’re up for the challenge of learning new language, Thai is significantly harder for a native English speaker to pick up than Spanish, which is relatively similar to English (on the global scale of languages, at least).
Algarve, Portugal has made the various lists for a couple years now. There is a low cost-of-living, inexpensive real estate and a lively old town with lots of charming restaurants, but the economy is based on the euro and while it’s great now, what would it mean if the euro rebounded? It’s only five time zones ahead of Panama, but three hours away from Lisbon and an international airport.
George Town, Malaysia has become a list darling with it’s diversity and low cost-of-living. The food scene is great when you consider the mix of Asian and Indian influences along with the many Western restaurants catering to expats. The hawker stalls are always diverse and fun while offering great food and a tiny price tag. The rich colonial past make the second largest city in Malaysia intriguing, but again you’d have that crushing commute and 12-hour time difference.
What Do People Think of Panama?
I have often wondered when individuals begin to consider where they might want to start their next adventure, how they envision Panama. I try to imagine the type of visions that dance in their heads. How do they picture themselves among the locals and the different landscapes? Do they think they will be roughing it with limited toilet paper and only meals of rice and chicken?
Most of the lists boast facts about Panama’s low cost-of-living, incredible beaches, and affordable healthcare. Pictures often show a local eatery where native Panamanians are serving indigenous foods under a thatched roof. There might also be a photo of a couple smiling from their sunglasses, shorts and flip flops. It’s all accurate, but hardly inclusive of real life in Panama. Where are the photos of the newly opened Waldorf-Astoria or the five-star restaurants with white tablecloths and fresh flowers?
In reality, Panama is a unique blend of traditional Latin culture and modern world-class lifestyle. You can certainly find the untouched islands, local fondas, and even indigenous tribes– but you will also find high-rises, Porsches, and shopping malls filled with luxury brand names.
A Pleasant Surprise
When people first arrive in Panama, they are often shocked when they fly over the capital. Panama City is stacked with gleaming skyscrapers and upscale shopping. Affluent South Americans used to hop planes to Miami for shopping, but now they come to Panama City for their Prada bags and Jimmy Choo shoes. Of course, we also have more reasonably priced stores such as Banana Republic, the Gap, and Lacoste. Restaurants run from high-end establishments such as Ruth’s Chris Steak House to small pizza places and lively tapas spots.
What I like best about the whole of Panama is that we are still developing, but Panama City has pretty much arrived. You have everything from world-class medical care, dry cleaners and specialty groceries to a subway, first-class schools, and plenty of entertainment including casinos. There is a great cultural scene and a lively nightlife with a Latin/Miami vibe.
More Laid Back on the Beach
If you don’t want to live in a bustling financial hub with traffic and higher prices, drive an hour along the Pacific Ocean and you’ll find a much more laid back lifestyle. It’s way less expensive and there will be less English spoken, but the golf courses are green and the beaches are beautiful. When you want to see a first-run movie in English or grab a beer in an upscale pub, make a quick trip to the city.
It is reassuring to me that the Panamanian economy is US dollar-based and that it’s relatively easy to get to North America. Miami is just 90 minutes away and Toronto is five hours on a direct flight. Time zones are manageable and the amenities found in the developing and existing condominium complexes are first-class for much less money than you’d find just about anywhere.
A Modern Lifestyle for (Somewhat) Less
When I think of Thailand I cannot imagine the need for exercise facilities. I love working out and I like knowing in Panama, we have everything here because the local economy is healthy enough that the locals need to watch their weight.
I am always glad we are still making the lists, but I think they promote an inexpensive lifestyle that does not suit most well-educated, middle-class North Americans. To say you can live in Panama for $1,000 a month is technically correct, but somewhat unrealistic unless you really want to live simply. It’s hard to keep everything under $1,000 if you include internet, cable and the ability to enjoy the huge variety of restaurants while taking quick side trips for scuba diving, snorkeling and surfing. It’s hard to give an exact estimate of monthly costs without knowing your lifestyle and preferences, but around $2,500 is a much more realistic average.
I’m going to continue to smile as I met interesting people who have come to Panama only to be amazed. We really are a fabulous combination of third world charm with a low cost-of-living, packaged along side a first-world bustling city that continues to be the financial hub of Central America. I feel lucky to have found it.
