Spend Less While Enjoying the Beauties of Our Country
The cost of living in Panama for those who want to retire in the country will depend on where you live, how you live, and your lifestyle. It is not really possible to indicate a fixed rate for the cost of living.
Many live very well on less than $1,500.00 a month, but some people need $3,000.00, $5,000.00, or even $10,000.00 a month to live the lifestyle they want. However, the area where you decide to live to enjoy your well-deserved retirement also helps make your expenses different. A constant across the country is that the biggest expense is rent.
Panama City and Pacific Riviera
Living in Panama City, Coronado or surrounding areas along the beach coast of Panama Oeste and Cocle have similar expenses. A rental with two bedrooms and two bathrooms in a good safe and quiet area is between $1,000.00 – $1,800.00. Eating out at a good mid-range restaurant and up costs between $15.00 and $40.00 per person. Buying food at the supermarket costs between $300.00 and $400.00 per month. Electricity can be another expensive item, running anywhere from $100.00 to $300.00, depending on the size of the home and how often the conditioner is used.
Boquete (Chiriqui)
In this natural paradise on the slopes of the Baru Volcano it is already a favorite place for many foreigners who decided to make this town the place to enjoy their retirement.
If you decide to live in a private community in Boquete, the cost of living is higher, since rents starts at $1,200.00 but can easily cost between $2,000.00 and $3,000.00 depending on the property. However, many live very well on an income of less than $1,500.00 a month. A house with 1 room and a bathroom can cost $637.50 per month, and the electric bill is between $25.00 to $50.00 per month.
This town is full of gastronomic proposals, therefore it is a must to go out to eat, which can cost between $15.00 to $20.00 dollars per person. Many restaurants offer live music as an added bonus. Of course, if you have breakfast or lunch in a Panamanian restaurant, it only costs 5.00 dollars appropriately. However, buying food in the supermarket can cost between $300.00-$400.00 a month. And if you eat a healthy diet, you can buy a big bag full of fresh vegetables for $5.00- $8.00, a real bargain.
Chiriqui Highlands
The town of Volcan, in Chiriqui, offers an affordable lifestyle without giving up necessities such as a hospital, good restaurants, excellent supermarkets, and more. A furnished two-bedroom, two-bathroom home rents for $750.00 a month with all utilities included, however it can go as low as $450.00 for a single one-bathroom home. Electricity can cost between $15.00.00 to $50.00 per month, cheaper than in most of the country since the temperate mountain climate does not require the use of air conditioning.
Food is also a bit cheaper than other places as it can cost anywhere from $300.00-$400.00 a month for a couple. As in Boquete, a large bag full of assorted vegetables can cost as little as $5.00 to $8.00. Eating out costs between $15.00 to $25.00 in restaurants and only $5.00 for lunch at a Panamanian eatery.
Pedasi
This district in Los Santos province, apart from becoming a popular destination for surfing, has lately been receiving more and more foreigners who come to live the best of retreats. This is due to the tropical climate, healthy lifestyle and great cultural mix with Panamanian traditions.
In Pedasi the rent is around $750.00 per month, however, it can cost more as the property is closer to the beach. Electricity is $75.00 per month using the air conditioning and food can be as low as $450.00 for a couple. The total cost will depend on whether local products are purchased, if are imported costs rise. However, going out to eat costs approximately $18.00 dollars per person within the wide variety of offers in the area.
General Services
In Panama, public and general services such as water, Internet and health have similar costs throughout the country. Below is a general list.
Drinking water:
It is usually included in the rent, but if the bill is due, it will be approximately just over $8.00 per month.
Internet/Cable TV:
It is often included in the rent, but if it must be paid it is around $50.00 to $70.00 a month.
Cell phone:
In Panama, it is between $25.00 and $35.00 per month, depending on the company and the plan you choose.
Medical expenses:
It costs around $15.00-$20.00 for a general practitioner and between $40.00 – $50.00 for specialists. The public hospital, it only costs $2.00 to see a doctor or $5.00 for specialists.
Save While Living as a Retiree in Panama
The lifestyle that you want to live in Panama will always be more affordable when you live as a Retiree or pensioner. This is due to a national law that grants discounts to women aged 55 or over, and men aged 60 and over. Foreigners can take advantage of the discounts listed below if they meet the age requirements and have a Pensionado Visa (Retiree Visa).
Benefits:
50% off on recreation and entertainment such as movies, theaters, sports, etc.
50% off hotels Monday through Thursday (30% off on weekends)
50% off passports.
30% off public transportation like buses, trains, and boats
25% off airfare.
20% off restaurants (15% off fast food).
25% off electrical, telephone, and water service.
20% off doctors and specialists.
20% off prosthetics and other personal assistance devices.
15% off hospitals and private clinics.
15% off dental and optometry services.
10% off prescription medications.
tax-free importation of household goods, up to $10,000.
To qualify, you must meet the minimum age and qualify for the Pensionado Visa. You will need: $1,000.00 per month in lifetime income ($1,250.00 for a couple). It is also possible to obtain the Friendly Nations Visa.
Now you know how to take the most out of Panama while living in this paradise as a retiree.
