Advantages of Panama

[Wayne Palmore]

My wife and I are planning to retire in two years to Central America. We initially were set on Costa Rica. However, we are also looking hard at Panama. That is why I have a subscription to Panama Insider. As we look at these two countries, which have great programs for retirees, are there definite advantages of Panama over CR. Hopefully some of your members have experienced both and have some insight to share. Thanks

[COUNTRY EXPERT – LINDA CARD]

Hi Wayne and thanks for your post. We often get questions from folks who are comparing Panama and Costa Rica, because they are so close in many ways.

I know a number of expats and retirees who have moved from Costa Rica to Panama over the last several years. The most common reason I hear for this is the cost of living.
For one example, sales taxes are higher in Costa Rica: from 10% to 25% on some things in CR compared to 7 to 10% in Panama.

I have visited CR a few times and it is beautiful, no doubt.

Hopefully you will hear from others about their experiences, and ultimately you’ll have to visit both countries in person to know which feels right to you.

Keep in mind that IL has an annual conference in both Panama and Costa Rica, and there is an Insider page for CR, too.

Have fun with your research! Linda

[COUNTRY EXPERT- JESSICA RAMESCH]

Hi Wayne,

I love visiting Costa Rica, something that is easy for me to do from Panama City, where I live. I hope that if any of our readers have lived in both Costa Rica and Panama they will post here. As I’ve only visited Costa Rica I can’t offer any insight on long-term living there. I think a lot depends on your personal criteria and what you’re looking for, whether you plan to live full-time or part-time, how often you plan to fly back home, whether you will need a source of income, etc. If you’re able to visit both countries, take into account any of the following depending on their importance to you: how you feel about the locals, how safe you feel, ease of travel (both getting to and getting around the country), amount of English speakers (unless you speak Spanish), and of course expenses and taxes as Linda mentions above, along with any other criteria that is important to you.

As you research and read about these countries, your questions will get more specific and that will help, as well. You can send specific questions to IL’s Costa Rica Editor Jason Holland via costarica@internationalliving.com. We wish you good luck as you continue reading and planning…it’s an exciting stage in the retire overseas journey, enjoy it!

Best,

IL Panama Editor Jessica Ramesch

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