Panama is a country very frequented for entrepreneurs, retirees and investors. Let’s take a look at 3 things you should know before moving to Panama:
Moving to Panama – Things you need to know before making a decision:
1. Cost of living:
This fact absolutely depends on the lifestyle you want to take and what expenses are talking about. For example, costs of food, housing or transportation. Panama looks like a city in the US, purchases of electronics and clothing are very cheap, as in the north of the continent, we can find incredibly cheap prices unbranded things and even recognized brands at very affordable rates. In fact, since three years ago, Panama has its own “Black Friday”.
As for rents, as in any country, leave certain questions such as: Do we want to live in the center or in a house on the outskirts or in a luxury apartment?. For example, if you live in the Azuero Peninsula, it would cost approximately US$ 600 and US$ 1,500 for living in a modest place in the center of the city, but if you are someone who wants the best, this price can rise up to US$ 4,000.
Like most countries in America, it is better to have your own car, because although the use of taxis is cheap, it is a headache to have to wait for someone who wants to offer you a ride. And in Panama, taxis don’t work like in other countries, because they are shared taxis and obviously we have to take the same direction as passengers that took the cab before, so it might be possible to be waiting a long time until someone wants to take you or go in the same direction.
2. Legal residence and easy to obtain in Panama:
Foreigners are more than welcome and this is one of the reasons why it is worth considering moving to Panama as an option to emigrate. If you have searched for options to live in another country, you know that is not easy. Always have a job and a contract to obtain a visa or residence, must be married or have immediate family as parents.
In this country, you should not be very worried about it, because if you want to move to Panama, this will be easier than other countries. The government offers a long list of visas for residency, including work visas, for investment in real estate, retiree or pensioner and Panama’s Friendly Nations Visa.
A large number of retirees migrate to Panama, given the opportunity by the visa that was mentioned above, as well as friendly countries Visa is the most requested in Panama. If you are from any of the following countries, you may apply to Visa in Panama: Argentina, Andorra, Chile, Costa Rica, Spain, Mexico, Paraguay and Uruguay. These countries are Spanish speaking. However, countries that can apply for this visa are around 50 countries.
This type of visa allows the applicant to work legally. Among the countries where the official language is not Spanish but can also be applied, we have UK, Germany, Australia, Austria, Brazil, Belgium, Canada, Croatia, Cyprus, Estonia, Spain, United States of America, France, Finland, Denmark, Ireland, Latvia, Lithuania, Japan, Norway, Malta, Republic of Korea, Netherlands, Czech Republic, Switzerland, Singapore, Sweden, Poland, Hungary, Greece, Portugal, Republic of Serbia, Republic of Montenegro, Israel, South Africa, New Zealand, Hong Kong, Luxembourg, Liechtenstein, Monaco and Taiwan.
3.- Paradise banking, international financial center?
Panama has some information trade agreements with 25 countries, including only three of America and interestingly all three of North America, which are Canada, Mexico and the United States. However, Panama remains an international banking center that has a wide range for the choice of financial institutions. To learn more, download our report of Panamanian Banks.