It was not a hard decision, the decision to retire in Panama. I guess I got sick of the cold weather like I’ve already mentioned and wanted something really different. Something tropical. Good weather, I don’t mind the rain when it rains. Life in Panama, I am addicted to it.
I first visited Panama City and it was may the friendly people, the smells, the bustling streets, the music, the tropical, Latin American, Spanish, Miami Beach feeling you get when you’re here. This beautiful mix of the city on the ocean bay, the high rises of the banking district, the old world charm of Casco Viejo.
The beer is cheap here, the women are proud to be women. Everybody dresses nicely, clean clothes, ironed shirts, shoes polished. It’s laid back in that Caribbean kinda way, but the city hustles and bustles. The food in Panama is good, from fish to fusion, open air bistros, street vendors. The entertainment scene is always evolving. The night life is jam packed with locals, in the bars, in the streets, tourists, businessmen and women drinking up and having fun. The music never ends, the nights go on forever or so it seems.
In the bay, yachts, boats, fisherman, cruise liners, freight ships lining up to pass through the Panama Canal. Mountains in the distance. Music in the air. The beeping horns of taxis and crazy drivers.
Most of all I don’t have many complaints. Yes, the electricity is expensive, but the food, the beer, the entertainment and health care is reasonable and cheap. My rent is cheap. And life is good, very good.
I’ve been thinking that I’ll write soon about the night life in Panama, the food. Gotta get to it. I’ve not been posting on my blog as often as I wanted to. Just been lazy I guess.
I’m just loving my life from my little apartment in Panama. My Spanish is improving. The air is sweet and humid. I’ve met so many people here, I could never go back to the cold north. Living the life – that’s my retirement in Panama. I’m an ex-pat now.
Showing posts with label Panama Canal. Show all posts
Showing posts with label Panama Canal. Show all posts
Thursday, May 14, 2009
Tuesday, April 21, 2009
The Future of Panama Retirement
I suppose you’ve been wondering what I’ve been up to lately, enjoying my Panama retirement and reading the news of the long cold winter north of here (feeling just a little of that "schadenfreude" - just a little), specifically in North America and the global economic crisis. I’m sipping my coffee, a coffee grown in Panama, on the slopes of Volcan Baru. It’s organic coffee here. They don’t use chemical pesticides for the coffee, all the weeding is done by hand. It’s a delicious, smooth coffee with a slightly nutty flavour. Mornings in Panama.
If you’re wondering about the effects of the global financial crisis in Panama, the country is actually not doing badly. I’ve been reading that the government expects economic growth and a budget surplus this year. Not like everywhere else. During the last five years in Panama, the economic growth in Panama has been positive. This prospering in Panama was assisted by the booming Panama real estate market, the profits of the Panama Canal, tourism and the booming banking business here in Panama City. However, it is expected there will be a drop in tourism to Panama as tourists cut back on their vacation spending.
The unemployment rate might be soaring in other countries such as the United States, but here in Panama, the unemployment rate was 6.5% last year. In 2004, the unemployment rate sat at 14%. So things look relatively good for Panama. The government here is experiencing a surplus for the third year consecutively – not like the other governments of other countries around the globe. I’ve been reading about this in the newspapers.
However, obviously, Panama real estate is experiencing a slump. Panama real estate was fuelled by North American and European buyers, but lately, they are not coming to Panama to purchase property because of their own declining economies. As a result, prices of real estate properties in Panama is declining. As recently as a year and a half ago, people were buying properties in Panama for $200,000 and then selling them six to 12 months later for double the price. There is now a bounty of high priced condominiums which can’t be sold because the numbers of buyers looking for Panama property is just not there currently.
There has been a decline in the number of ships passing through the Panama Canal. The Panamanian government collects tolls from the shipping that pass through. But because of the world wide recession, there are less cargo ships these days travelling through the Canal. In the meantime, Panama has been expanding the Panama Canal locks to allow larger ships to pass through. This mega project has created thousands of new jobs for Panamanians and is an investment in the future of Panama.
Another good fact is that since end of the Noriega regime in 1989, Panama has experienced peace. Peace and stability are great forces when it comes to a country prospering economically. I’ve got no time for dictators. That’s why I chose to retire in Panama.
There are still people who are suffering economically though, selling fruit on the roadside or stealing scrap metal to resell because economic prosperity has not trickled down to enough to the people who need it. Like many parts of the rest of the world, wealth sometimes remains concentrated in a few hands. The cost of food is going up as well, but this is an international problem.
Problem for all the baby boomers who had hoped to cash in their retirement funds and sell their houses is that most of their retirement funds were invested in the stock market and they lost a lot of their cash. Also, selling houses in North America is not worth it right now because you couldn’t get the price you want for your house. Most of the baby boomers have decided to put off their decision to pack up and leave and buy a house or condo in Panama till they get a better return on their investments. Getting a loan from the bank is almost out of the question.
Looks like a lot of people are waiting for the recovery.
I’m glad I decided to retire to Panama when I did. I’ve been here a few years now, speaking Spanish like a native, living in an apartment in Panama City. I’ve looked around for some Panama properties to purchase, but I’m holding out till I find the perfect spot. I want a house on the beach for my retirement in Panama and with the prices declining for Panama properties because of the lack of buyers, I’m ready.
If you’re wondering about the effects of the global financial crisis in Panama, the country is actually not doing badly. I’ve been reading that the government expects economic growth and a budget surplus this year. Not like everywhere else. During the last five years in Panama, the economic growth in Panama has been positive. This prospering in Panama was assisted by the booming Panama real estate market, the profits of the Panama Canal, tourism and the booming banking business here in Panama City. However, it is expected there will be a drop in tourism to Panama as tourists cut back on their vacation spending.
The unemployment rate might be soaring in other countries such as the United States, but here in Panama, the unemployment rate was 6.5% last year. In 2004, the unemployment rate sat at 14%. So things look relatively good for Panama. The government here is experiencing a surplus for the third year consecutively – not like the other governments of other countries around the globe. I’ve been reading about this in the newspapers.
However, obviously, Panama real estate is experiencing a slump. Panama real estate was fuelled by North American and European buyers, but lately, they are not coming to Panama to purchase property because of their own declining economies. As a result, prices of real estate properties in Panama is declining. As recently as a year and a half ago, people were buying properties in Panama for $200,000 and then selling them six to 12 months later for double the price. There is now a bounty of high priced condominiums which can’t be sold because the numbers of buyers looking for Panama property is just not there currently.
There has been a decline in the number of ships passing through the Panama Canal. The Panamanian government collects tolls from the shipping that pass through. But because of the world wide recession, there are less cargo ships these days travelling through the Canal. In the meantime, Panama has been expanding the Panama Canal locks to allow larger ships to pass through. This mega project has created thousands of new jobs for Panamanians and is an investment in the future of Panama.
Another good fact is that since end of the Noriega regime in 1989, Panama has experienced peace. Peace and stability are great forces when it comes to a country prospering economically. I’ve got no time for dictators. That’s why I chose to retire in Panama.
There are still people who are suffering economically though, selling fruit on the roadside or stealing scrap metal to resell because economic prosperity has not trickled down to enough to the people who need it. Like many parts of the rest of the world, wealth sometimes remains concentrated in a few hands. The cost of food is going up as well, but this is an international problem.
Problem for all the baby boomers who had hoped to cash in their retirement funds and sell their houses is that most of their retirement funds were invested in the stock market and they lost a lot of their cash. Also, selling houses in North America is not worth it right now because you couldn’t get the price you want for your house. Most of the baby boomers have decided to put off their decision to pack up and leave and buy a house or condo in Panama till they get a better return on their investments. Getting a loan from the bank is almost out of the question.
Looks like a lot of people are waiting for the recovery.
I’m glad I decided to retire to Panama when I did. I’ve been here a few years now, speaking Spanish like a native, living in an apartment in Panama City. I’ve looked around for some Panama properties to purchase, but I’m holding out till I find the perfect spot. I want a house on the beach for my retirement in Panama and with the prices declining for Panama properties because of the lack of buyers, I’m ready.
Thursday, February 12, 2009
Questions about Retiring in Panama
What is so wonderful about Panama?
Unlike most places in North America, Panama is very affordable. The country is blessed with year round warm weather and it does not have a winter season- just hot summers sprinkled with a rainy season. The entire country is developed and all social and governmental services available in North America are readily available in most parts of the country. Panama City, the capital of the country, has often been compared to Paris. Panama is just like Europe, but with a North American landscape. On either side of the country are two large oceans connected by the world famous Panama Canal.
Should one stay in the city or countryside?
This is strictly a personal preference. While the city has more of everything, the country side also has its benefits. Most of the property in the Panama country side is large, cheap and exceptionally beautiful. By North American standards, one can have a mansion like house for $150,000. The country side is also peaceful, has beautiful surroundings, less traffic and lots more to see. Food is cheaper and there are plenty of agricultural products.
What is the average cost of living for those retiring in Panama?
Well, most Panamanians live under $1000 per month. However, you can do the same but will have to forego many luxuries. One can definitely live comfortably under $1,000 but like anywhere else, you will have to be careful how you spend your money. Besides cheap food; transport, energy and maid services are also quite cheap. If you have anywhere form $1500-$2000 a month, you can live like royalty here.
Can I work part time in Panama?
Unfortunately no. The rules on working in panama are strict and it is rare for a foreigner to get a working visa. With the downturn in the economy, this issue has been made even more complex. For those who would like to work in order to support themselves in Panama, this is not recommended. The average daily wage in Panama is about $10 - $15 a day.
Is the countryside safe?
Definitely. Crime is very low in this country. However, one should always use caution and have the home secure. One does not even have to worry about snakes. Even though poisonous snakes are found in panama, these are generally only found in the jungles. Just like a rattler is not seen in any American city, a Bushmaster is not seen in the towns and cities in Panama.
Is decent medical care available in Panama?
Yes, infact all retirees, irrespective of citizenship get government discounts for health care. Health care is on par with what is seen in America. Even prescription medications are much cheaper than what one pays for in America. Besides health benefits for the retirees, the government also has special services at banks, restaurants, dentists and air travel agencies.
Should I bring my car from North America to Panama?
This is not recommended. Panama has everything and things are a lot cheaper. Even though one can bring in a car and furniture duty free, in the long run this gets to be expensive. Buying or leasing a car in Panama is generally cheaper.
If you have more questions about retiring in Panama, please email me at PanamaJoe [@] ymail [dot] com and I'll answer your questions in another posting.
'til later, Panama Joe.
Unlike most places in North America, Panama is very affordable. The country is blessed with year round warm weather and it does not have a winter season- just hot summers sprinkled with a rainy season. The entire country is developed and all social and governmental services available in North America are readily available in most parts of the country. Panama City, the capital of the country, has often been compared to Paris. Panama is just like Europe, but with a North American landscape. On either side of the country are two large oceans connected by the world famous Panama Canal.
Should one stay in the city or countryside?
This is strictly a personal preference. While the city has more of everything, the country side also has its benefits. Most of the property in the Panama country side is large, cheap and exceptionally beautiful. By North American standards, one can have a mansion like house for $150,000. The country side is also peaceful, has beautiful surroundings, less traffic and lots more to see. Food is cheaper and there are plenty of agricultural products.
What is the average cost of living for those retiring in Panama?
Well, most Panamanians live under $1000 per month. However, you can do the same but will have to forego many luxuries. One can definitely live comfortably under $1,000 but like anywhere else, you will have to be careful how you spend your money. Besides cheap food; transport, energy and maid services are also quite cheap. If you have anywhere form $1500-$2000 a month, you can live like royalty here.
Can I work part time in Panama?
Unfortunately no. The rules on working in panama are strict and it is rare for a foreigner to get a working visa. With the downturn in the economy, this issue has been made even more complex. For those who would like to work in order to support themselves in Panama, this is not recommended. The average daily wage in Panama is about $10 - $15 a day.
Is the countryside safe?
Definitely. Crime is very low in this country. However, one should always use caution and have the home secure. One does not even have to worry about snakes. Even though poisonous snakes are found in panama, these are generally only found in the jungles. Just like a rattler is not seen in any American city, a Bushmaster is not seen in the towns and cities in Panama.
Is decent medical care available in Panama?
Yes, infact all retirees, irrespective of citizenship get government discounts for health care. Health care is on par with what is seen in America. Even prescription medications are much cheaper than what one pays for in America. Besides health benefits for the retirees, the government also has special services at banks, restaurants, dentists and air travel agencies.
Should I bring my car from North America to Panama?
This is not recommended. Panama has everything and things are a lot cheaper. Even though one can bring in a car and furniture duty free, in the long run this gets to be expensive. Buying or leasing a car in Panama is generally cheaper.
If you have more questions about retiring in Panama, please email me at PanamaJoe [@] ymail [dot] com and I'll answer your questions in another posting.
'til later, Panama Joe.
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