Why Moving to Panama?

Are you looking for the best relocation destination in the world? If the answer is yes, you are in the right place. In this article, we discuss the top reasons why you should move to Panama City, along with the advantages that might come from living in such a beautiful area. And even though this is the top relocation destination for retirees, we can tell you from our experience that Panama is the perfect relocation for families and young professionals, too. Let’s see why moving to Panama can significantly improve your life.

1. Affordable cost of living

The main reason why people move to Panama is the affordable cost of living. Experts say that living in Panama is notably cheaper than living in the United States. And, as a result, you will discover here relocating retirees, families, aspiring professionals, and even digital nomads. 

2. Access to the Pensionado Program

An exciting thing about relocating to Panama is that you can get access to the Pensionado Program Benefits. This is a type of visa offered to anyone who has a revenue source of at least $1000 per month. Moreover, if you manage to purchase a home in Panama for at least $100,000, you will receive additional amenities, as the requirement will decrease at $750 per month. And the Pensionado Program offers even more: if you are a retiree, you will receive additional discounts on accommodation, plane tickets, movie tickets, restaurants, medication and more. 

3. Dollarized economy

The first thing that comes to mind when it is time to relocate is whether or not you will have to exchange currency. And the main advantage of moving to Panama is that US dollars are accepted. Indeed, the official currency in Panama is the Balboa (PAB), yet Panama uses US dollars for all its paper currency. Also, both currencies have the same value in Panama, meaning that you can use both without any restrictions. 

4. Outstanding quality of living

An interesting fact about relocating to Panama is that the quality of life is exceptional. The entire area is beautiful and biodiverse, meaning that you will live in a versatile environment. There are plenty of cities that harmoniously combine skyscrapers with fast access to beaches, mountains, rainforests, or waterfalls. 

5. No tax obligation for overseas income

In case you didn’t know already, Panama is has a territorial tax system. And as a result, any revenue you might get from a foreign source will be eligible for zero taxation. Also, Panama residents get access to lower taxes when compared to those living in the US.

6. One of the safest countries to relocate to

If you are looking for a family-friendly relocation destination or you simply want a safe city to live in, Panama is the country to opt for. All cities in the country, including Panama City, are considered to be one of the safest areas to live in Latin America. And if you take the time to look at crime statistics, you will easily see how Panama has a low crime rate.