Make Life Better Now: Reasons to Move to Panama City
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Life is good but can be better in this perfect place to call home! After exploring this incredible city for the past year, I’m obsessed and can’t think of a better place to settle down.
If you’re a wealthy nomad looking for a new home, consider Panama City. Here, you’ll find endless opportunities for adventure, as well as plenty of luxury amenities and beautiful sights.
The city has an unbeatable climate, beautiful people, and a thriving economy. If you’re looking to invest in property or start a business, you’ll find plenty of resources here, and getting connected is effortless. Plus, there are no taxes on foreign income – so if you’re an entrepreneur or digital nomad, this is definitely the place for you.
So what are you waiting for? There’s no better time than now to make Panama City your new home!
I know that maybe you want to compare the costs of living in your current country with those in Panama and a good source of information is Numbeo.
The Benefits of Panama Citizenship
I’ve experienced a new way of living since I moved to Panama City, and I’m never turning back. Panama is a paradise for outdoor lovers, from cosmopolitan nightlife to the stunning beauty of rainforests and beaches.
But what sets the country apart is its welcoming attitude towards people who want to call it home. With the Friendly Nations Program, you can get permanent residency in as little as 6 months and become a citizen after 5 years! Other exciting benefits include the following:
- A tax-free lifestyle: You get to keep more of your hard-earned cash with no income or estate tax.
- Affordable cost of living: not only is rent lower than in many other countries, but there’s practically no sales tax or duties on imported items.
- Unparalleled access to nature: with over 900 islands nearby, you’ll be spoilt for choice regarding jaunts into the soul!
If you’re ready for a different kind of living style—where you have freedom and space like never before—come take a chance on Panama City today and remember that if your life is good can be better and here is where it will be!
“Panama is not just a country, it’s an adventure.”
Reasons to Move to Panama City
As a wealthy nomad, I’m constantly searching for the perfect place to call home. From lively nightlife to excellent amenities, I always seek locations that tick all the boxes. That’s why I recently decided to move to Panama City—it truly has everything!
Here are just some of my favorite reasons to join me in this world-class destination:
- Low Cost of Living: Panama City has one of the lowest living costs in Latin America, making it an ideal choice for any nomad on a budget.
- Central Location: The city is close to many of Central America’s top attractions, making it a hub for exploration and adventure.
- Modern Infrastructure: It boasts an impressive infrastructure with excellent public transportation, modern hospitals, and well-developed roads.
- Vibrant Nightlife: Whether you prefer sipping on craft beers or dancing until dawn, there’s no shortage of bars and clubs to choose from in Panama City!
Panama City is hard to beat when it comes to finding the perfect home base as a nomad. From its bustling cities and incredible natural wonders to its vibrant culture and diverse population, it has something for everyone.
A Glance at the Cost of Living in Panama City
The cost of living is a factor to consider when choosing a new home. Fortunately, Panama City offers affordable options – especially significant if you’re looking for the “rich nomad” lifestyle. From groceries to rent, you’ll be impressed with what you can get at a fraction of the cost in other places!
With some research, I can rent a one-bedroom apartment in the heart of Panama City for less than $800 per month! Compared to New York or Los Angeles, that’s an incredible deal. Groceries are equally affordable – I can feed myself and my family for about 30% less than what it costs in the US.
We’ll also save on transportation costs by taking the bus, which only costs $0.25 per ride. Additionally, fuel here is much cheaper than in more developed countries like the United States, so our cars will feel like they have more miles!
Panama City offers a fantastic value proposition regarding the cost of living, making it an excellent choice for those pursuing the rich nomad lifestyle!
The Best Places to Live in Panama City
Panama City should definitely be at the top of your list when choosing a place to call home. Of course, with its thriving economy and diverse nightlife, you’ll always have things to do or sites to explore. But if you’re looking for a more specific location to make your new home, I’ve rounded up some of the best places to live in Panama City below:
San Francisco is the perfect mix of quiet residential streets and bustling commercial areas – so you’ll never get bored! There are plenty of parks in this part of town, including a beautiful botanical garden and shopping and dining options.
This residential neighborhood is explicitly designed for ex-pats from around the world – so it’s effortless for newcomers to settle in and feel at home. Here you can enjoy a peaceful lifestyle close to nature and access amenities such as grocery stores, malls, and more. Plus, there are lots of great schools nearby if you have children.
If you want a taste of old-world Panama, then Casco Viejo is where you need to be! Plenty of historic buildings here look as they did centuries ago, so it’s like taking a step back in time. You’ll also find some excellent restaurants and bars here if you’re looking for a fun night out.
What Are the Advantages of Becoming a Resident in Panama?
I’m sure you’ve heard about all the fantastic benefits of becoming a resident of Panama City. From hassle-free banking to access to world-class healthcare, there’s plenty to get excited about.
World-Class Financial Systems
The country’s financial system is one of the most advanced and transparent in the world. Banking here is straightforward, without proof of address or multiple accounts. Plus, with its dollarized economy, you won’t need to worry about currency exchange rates or potential losses due to devaluation.
The cost of healthcare in Panama City is surprisingly low, making it an excellent place for retirees and those looking for affordable medical care. You’ll even benefit from access to world-class hospitals that provide excellent care and advanced treatments at prices you can afford—all without sacrificing quality.
Low Cost Of Living
The low cost of living in Panama City makes it easy to live comfortably without breaking the bank. Everything here is surprisingly affordable, from housing and utility bills to day-to-day expenses like food, entertainment, and transportation—which means more money left over for you!
Last but certainly not least, becoming a resident of Panama will give you some great tax benefits. With no taxes on income earned abroad or capital gains taxes on investments made overseas, this might be your ticket to financial freedom!
FAQs About Moving to Panama City
If you’re considering moving to Panama City, you may have some questions. Here are a few of the most common queries I get from people looking to make a move:
Is Panama City Expensive?
The cost of living in Panama City is relatively low, especially compared to other cities in the US and Europe. Of course, rent and other amenities will be more expensive, but there are plenty of affordable options if you shop. Plus, with taxation rates ranging from 0-25%, depending on your residency status, you can save more money than expected!
Will I Need a Visa?
Americas and Europeans don’t need a visa to move and travel in Panama, but they do need to go through the process of obtaining legal residency if they plan on staying longer than 180 days. After 193 days (six months), permanent residence status can be granted.
How Safe Is It?
Your life is good but can be better and in Panama, that is generally safe for locals and foreigners alike. The country is also politically stable, having continuously peaceful elections since 1989.
Many people have made their home here thanks to its vibrant culture, rich history, and year-round sunshine – so if it sounds like something you might want to explore, then don’t hesitate – book that ticket!
“Panama continues to lead economic growth in the region and the estimates of the IMF, WB and ECLAC for the year 2023 is 4.2%. Among the activities that drive the growth dynamism of the country are: the maritime and logistics complex: Panama Canal Authority, ports, railways, airports and infrastructure works such as the road expansion and Metro Line 3 to Panama West.“
-Ministerio de Economía y Finanzas, 2023.
Moving to Panama City has provided me with a lifestyle I’ve only been able to dream of. From the affordable cost of living to the beautiful beaches, I can explore and experience the best of what this city offers. What’s more, I’ve gained access to incredible services such as the Panama Citizenship Benefits that have allowed me to make my days here stress-free and solely focused on enjoying myself.
So, if you’re ready to start a new phase and find a home where everything is good and can be better, Panama City, Panama, is the place for you. From the friendly locals to the modern conveniences, you can begin your new chapter here without breaking the bank. So, what are you waiting for? Move to Panama City, Panama, today!
If you want to know more about having dual citizenship check this article out!