Today I want to mention some of the pros & cons of living in Panama, which other relocation companies and real estate specialists are hopefully being transparent about. Like every other country that people choose to relocate to, Panama has its advantages and disadvantages.
Advantages of living in Panama
Some of the advantages of living in Panama are:
- the climate – it’s never winter time and the humidity can be really good for your skin.
- cost of living – relative to many cities
- US dollar currency
- bilingual staff – available in Panama City, but not all bilingual staff are fully bilingual
- internet connectivity – good in sectors where fibre optics and cable are available
- first world amenities – at least in Panama City
- two excellent metro lines in the City – connecting from past Tocumen Airport, all the way through to Albrook.
- Tocumen airport – hub with Latin America, the Caribbean & even Europe
- you can drink water from the tap in most parts of Panama – not Bocas del Toro
- roads are the best in the region
- you can swim in the Caribbean and Pacific Ocean on the same day – about a 2-hour drive from one to the other!
- rich biodiversity
- good, affordable healthcare
Disadvantages of living in Panama
- the climate – humidity and tropical weather. This includes mosquitos. No vaccine currently exists for the Zika virus, which was recently reported in Panama – transmitted by mosquitos. The same goes for Dengue Fever and Chikungunya. While they are not prevelant in Panama, there is still a small risk. This is particularly so during the wet season.
- cost of living – it is still cheaper to purchase a home and live in the MidWest of the United States
- slower service – everything might not quite work as quickly as you are used to having it in the first world. Their concept of organization & time management may differ. Restaurant servers might walk more slowly.
- traffic and driving – can be challenging in and around Panama City, especially during rush hour.
- health care challenges – if you have a very unusual medical condition, you may not find the specialists you need.
- English speaking staff – still difficult to get in many parts of the country
- internet connection – in the towns is not half as good as in Panama City
- first world amenities – missing in many of the small towns throughout the countryside. For example — you will not find all your favorite specialized groceries or condiments. However, there is plenty of healthy, fresh vegetables available.
- corruption & bureaucracy – this is not an easy place to set up and run a business. But you can hire help that understands this and can work through it for you.
- while the roads are the best in the region, that doesn’t mean that they are like roads in New Zealand or other first world countries.
Summary of the pros & cons of living in Panama:
Most of the issues mentioned above can be summarised by the following: Panama has a population of 4 million inhabitants. This means that some competition which exists in countries with a population of 60 or 200 million do not exist here. This is true for services such as internet, cable, mobile phones.
If you are relocating from a non-Spanish speaking country, you should be aware that the primary language in Panama is Spanish. This would be a great opportunity to learn a second language! It is quite possible that you will run into members of the older generation who never had the opportunity to learn English.
The culture here in Panama is most likely completely different from where you are relocating from. Are you prepared to assimilate into Panamanian culture or do you need to find a community where this will not be necessary?
As lawyers in Panama, we are happy to assist you with any of your relocation, immigration, real estate or business needs. For more information, please contact us.