Why Moving to Panama in 2023 Might be Your Best Decision Yet

Looking for a warm, affordable, and welcoming destination to relocate to? Panama might be the perfect place for you.

This diverse and warm country has been popular for many years as a top destination for expats and retirees from all over the world.

But why is this Central American nation still attracting so much attention in this year? Below we explain some reasons why Panama is still a great choice for living in the present year:

1. It still offers an affordable cost of living

Panama’s cost of living has been debatable for many years, while one decade ago was considered one of the cheapest places to live, prices have had some increase over the years. While the country offers a cost of living similar or a little more expensive than other Latin American countries, it still have lower cost than many other countries over the world, such as Europe or North America.

This means you can enjoy a high quality of life without breaking the bank too much. As for housing costs, you have a lot of choices based on your lifestyle, and definitely you can find something affordable, the same apply for groceries, healthcare and entertainment options, considering the current inflation that is affecting the world have increased prices considerably in other countries.

This affordable cost of living can be particularly attractive to retirees on a fixed income, for remote workers looking to live outside their home country, or those entrepreneurs looking to stretch their budget further.

2. The Economy Growth continues

Panama’s economy is rapidly recovering and offers plenty of opportunities for those who are looking to set up a regional business, look for job opportunities, or invest in real estate.

According to a recent report of the IMF, Panama’s recovery from the Pandemic lockdowns is very strong when compared to other countries in the continent, and it is estimated to have a growth of 5% during 2023.

With a strong banking and financial sector, a strategic location for international trade, the Panama Canal and a stable political climate, Panama is a hiddem gem for those looking to establish base in a dynamic economy.

3. Quality healthcare for a lower cost

When talking about private hospitals, Panama has a well-developed healthcare system with quality medical facilities and trained healthcare professionals. Many doctors and medical professionals in Panama have academic formation from the United States or Europe, so they speak English and are familiar with Western medical practices.

Additionally, the costs in Panama are relatively low compared to the US or other countries (this is based on the quality of the healthcare) making it an affordable and accessible option for retirees or anyone looking for tier 1 medical care.

4. Pleasant tropical climate and scenery

Panama’s tropical climate is ideal for those who enjoy a warm and sunny climate during the whole year. The country enjoys warm temperatures throughout the year, with an average temperature of around 80° F, sometimes a little warmer depending of the dry or wet season.

The climate is perfect for outdoor activities such as hiking, beach traveling, and other outdoor sports. Additionally, Panama is outside of the hurricane belt, so there is no need to worry about severe weather.

The natural beauty of Panama is also breathtaking, with diverse landscapes that include beaches, rainforests and mountains. If you are into a more urban-lifestyle, Panama City, the country’s capital, offers all the amenities and infrastructure to satisfy your needs.

5. Safe environment

Panama is a safe country, with a relatively low crime rate compared to other countries in the Central America region and Latin America overall.

The government also has made significant allocation of resources in improving public safety, and the police force can be seen actively working to prevent crime in urban areas.

Of course, as in many other countries, there are some areas in the city (and in the country overall) that have higher crime rates and they should be avoided, but in most touristic places the country is very safe. According to many tourism media and traveling magazines, Panama is one of the safest countries in Latin America for visiting and living.