Retiring in Panama can be a great option for expats from all walks of life, and on all types of budgets. Panama has long been a top expat retirement community, and now, retiring in Panama is more popular than ever. But as we all know, planning your retirement can be a daunting task, and a stressful one; especially if you are planning on moving and retiring abroad. That’s why it’s good to plan ahead, and good to spend the necessary time to find the perfect fit for you, to ensure your retirement in Panama is a great one.
Here are 5 things you’ll need to do to prepare for your dream retirement in Panama:
- Plan Your Budget With Room to Spare. Planning a retirement in Panama involves a lot, and first and foremost should be your budget. You’ll read lots about cost of living in Panama, and about great deals, however there are often many unseen costs. This is especially true if you want to maintain the same lifestyle, or similar, that you have in your home country. This is why we advise to plan your budget with a bit more than what the listed costs of living in Panama are. This gives you much more freedom to change how you live, or save a bit of money in the process. Panama is a wonderful, affordable country, and if you plan right, you can get a lot out of your retirement budget.
- Visit Panama Before You Retire in Panama. The excitement of moving to Panama can be great; and many people want to move right away after hearing all of the great retirement success stories. Panama, however, has so much to offer, that you’d be doing yourself a disfavor if you didn’t visit first. Visiting Panama can give you a great inside look at what kind of lifestyle you’ll have when you retire in Panama. Plus, it’s a great excuse to take a vacation!
- A Skilled Immigration Attorney. If you do plan on retiring in Panama, you’ll need to get a “pensionado visa”, which will give you the best opportunities financially and legally, as far as your stay. In order to do this, you need to consult with an immigration attorney that specializes in expat relocation and retirement. With enough planning, this process can be smooth and quick, and your attorney should be able to help you at every step along the way.
- A Few Real Estate Choices. Panama has got some great available real estate for both buying and renting, but the market can move quickly. This is why we recommend that when looking at real estate in Panama, you make as many options available as possible. Then when it’s time to decide, you have lots to choose from, and a better position to bargain from when you do decide on your home or apartment to retire in.
- Patience. This is by far the most important thing you’ll need to retire in Panama. Retirement is a big deal, and can be one of the most enjoyable times in your life. This is why patience is key. Do your due diligence first, be patient with your transition, and learn to enjoy the pace of Panama in a way that the locals do. After all, you don’t want to rush into any rash decisions, do you?
Interested in learning more? Check out our free guide to moving to Panama.
