'Thinking about retiring in Panama?' Retirement  

Thinking about retiring in Panama?

Greg Sun (201.218.72.74) -

If you are thinking about retiring in Panama and want to find out more about the country (real estate, legal requirements for moving here, locations, details on the population, etc)

then all you have to do is send me an e-mail with any questions you might have. (gsun@hb-realty.com)

HB realty is a company that offers real estate as well as various legal services for people who are interested in moving to Panama so feel free to check us out @ www.hb-realty.com

Greg Sun

gsun@hb-realty.com

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Comment #1 Jimbo (152.163.38.171) -

Why is everyone so afraid of putting weblinks in here to make it easy for us lazy clickers?

• HB Realty

Comment #2 tom wagstaff (12.201.127.32) -

I'm thinking about relocating to Panama. Never been, and will plan a trip soon.

I'm interested in a business for sale, ie. Restaurant, or bar or ?

also houses on or with water view, can be a fishing village, beach or ??

And any info re: the move there. How difficult is it for Americans.

Thanks for any information you can provide...Tom Wagstaff

Comment #3 Jim from New York -

Has Panama City been voted the least friendly city yet? I just returned from a trip there and found the hotel and airline staff less than friends and the taxis beyond expensive.

Comment #4 Plums from the thrush tree -

Where can I get some up to date demographics on Panama City? Population density and area as well as other up to date information. I'm researching something for a school paper for my son and haven't been able to come up with recent figures.

Comment #5 Danielle from Somewhere over the rainbow -

Here are some 2005 Demographics ... most recent available on the net .... link below

Population: 3, 191, 319 (July 2006 est.)

Age structure: 0-14 years: 30.3% (male 492, 403; female 472, 996) 15-64 years: 63.4% (male 1, 025, 898; female 998, 926) 65 years and over: 6.3% (male 94, 122; female 106, 974) (2006 est.)

Median age: total: 26.1 years male: 25.8 years female: 26.5 years (2006 est.)

Population growth rate: 1.6% (2006 est.)

Birth rate: 21.74 births/1, 000 population (2006 est.)

Death rate: 5.36 deaths/1, 000 population (2006 est.)

Net migration rate: -0.4 migrant(s)/1, 000 population (2006 est.)

Sex ratio: at birth: 1.05 male(s)/female under 15 years: 1.04 male(s)/female 15-64 years: 1.03 male(s)/female 65 years and over: 0.88 male(s)/female total population: 1.02 male(s)/female (2006 est.)

Infant mortality rate: total: 16.37 deaths/1, 000 live births male: 17.75 deaths/1, 000 live births female: 14.92 deaths/1, 000 live births (2006 est.)

Life expectancy at birth: total population: 75.22 years male: 72.68 years female: 77.87 years (2006 est.)

Total fertility rate: 2.68 children born/woman (2006 est.)

Ethnic groups: mestizo (mixed Amerindian, African and white) 69%, (Black/West Indian) 11%, white 10%, Amerindian 5%, Asian 5% (Chinese and east Indian).

Religions: Roman Catholic almost 80%, Protestant up to 12%, Muslims 4.4%, Baha'i 1%, Buddhists 1%, Jews 0.4%, Hindu 0.2%.

Languages: Spanish (official), English 14%. note: many Panamanians bilingual.

• en.wikipedia.org/wiki/Demographics_of_Panama

Comment #6 Kylea from America -

Less than friendly Panamanians? I grew up with a girl who originally is from Panama and she was the sweetest girl I knew. I think it was unfortunate that you encountered some unfriendly actions towards you.

Comment #7 Alison Brundage from Oahu, Hawaii -

Need some help. Hunting now in cyberspace for a mountain home. My husband and I own 2 condos on oahu's north shore. we will sell one to ut a place down there in the mountians. Corazon del Cielo in Volcan has a development that never developed. They seem to be selling their demo homes for quite a reasonable price. My concern was security f our place fro the 6 mos we are not there...considering there's no community. Costa Rica's close, and the potential for theft might be high. Don't need our dream to turn into a nightmare.

Any helps on a location with a sweet mountain view for $150K or so?

Comment #8 Alison Brundage from Oahu, Hawaii -

After considerable cyber searching I decided to see for myself. What a beautiful country! My experiences there with the Panamanian people and expats were memorable. Boquete struck me as a place my husband and I could enjoy spending our retirement years....with peace. Without exception the people were kind and genuine. The expats were encouraging and helpful. The home I found for my husband and I is a dream come true.

To close 20 years of our lives here in beautiful Hawaii and depart to a place unknown is daunting. What lies ahead remains to be seen.

Panama? Well, whatever it is...the beautiful country, the kind people, the expat folks I met....I don't know. There's something there...if 2 folks living in Hawaii up and sell all, and are moving to Panama to their new home in 2 1/2 months!

A new adventure, and we're excited.

Alison

Hawaii

Comment #9 Susan from Iowa -

Looking for some help on licensure requirements to practice clinical psychology in Panama. Would be opening a practice for expats.

Comment #10 Kristin (205.188.117.5) -

I'm also hoping to move to Panama in a year--sight unseen--although I hope to make a trip there within six months. I need to sell my home first and we're in a very bad market.

Wondering if someone could tell me how difficult it is to be a single woman making this move? I'm anticipating there are an over abundance of couples and I'd hate to find it impossible to make friends. Singles in the states are often left out of events with their 'couple friends'.

And, am I better off selling everything or how much should I bring with me? Is it better for me to purchase electronics in the US and move them or purchase them there?

Initially, I'm thinking of a condo so that I can live in a community and make some friends. But I'd love to have a home that I can also have a casita to rent for income and also have a business from home.

What are the rules for starting a business out of one's home?

And both the areas of Boquete and Altos Del Maria sound wonderful to me. Could someone compare the two for me?

And, what have you done for medical coverage? Insurance?

Thank you so much for any part of my questions that you may be able to answer!

Best wishes!

Kristin

Comment #11 David from Ohio -

Reply to Comment 10--

My wife and I just returned from a trip to explore retirement locations. We spent 3 days at a B&B within the gates of Los Altos del Maria and three days in Chiriqui. We wanted some beach time so we opted to stay in a small inn on the Gulf of Chiriqui but took day trips to explore Boquete.

Comparing Los Altos to Boquete, we preferred Los Altos but expats living in both places were enthusiastic boosters of the communities in which they lived. People in both places thought they enjoyed the "best" climate, "best" scenery and "best" collection of amenities in the country. It isn't that one place is superior to the other as much as it is that people like different thngs and the two areas are quite different.

Boquete was an existing village that was already known as a vacation spot. It had hotels and a mountain resort recreational amenities offering white water rafting, fly fishing, hiking, horseback riding and birdwatching tours. Think Telluride, Colorado, in summer. North American developers "discovered" the the place about 10 years ago and are capitalizing on Boquete's climate and amenities by building US-style retirement/resort projects in the surrounding countryside. Most are comparatively small (+/- 100 acre) gated communities developed in the North American way. By that, I mean you pick your lot, select a basic house plan from the half-dozen or so offered by the developer, pick your interior finishes and ultimately buy the land & house as a "turn-key" package. Within each development there is a high degree of architectural uniformity and, I suspect, socio-economic homogeneity.

Los Altos del Maria isn't centered around an existing community. It is all one subdivision comprising more than 6, 000 acres. Within this vast tract, the developer is establishing clusters of lots, reserving large tracts of undeveloped green space between the individual neighborhoods for common use and preserving the "wilderness" feel of the place. Some of the land near the main gate has been reserved for a owner's association club house and light commercial development--bakery, grocery, medical office etc. to serve the immediate needs of the resident population. The planned amentities include a stable, driving range and putting greens (but no golf course) community pool and restaurant(s). A road is currently under construction that will link Los Altos to the resort community of El Valle de Anton which, like Boquete, has been an established resort for many years. The developer is focused on land development, not new home construction. They do offer an assortment of basic house plans that can be selected and purchased with a lot but there is no requirement that a land owner purchase one of the standard houses. Most homes are individually designed for the lot on which they will be sited and the owner, not the developer, is responsible for selecting and supervising the architect and contractor. Establishing a home here is more of a "hands-on" proposition. Even the "standard" model homes are constructed by an independent contractor and once the introductions have been made, the developer leaves the business of home construction to the contractor and owner.

Boquete development is clearly marketed to expats. Los Altos is being developed by a large Panamanian corporation. Expats are certainly welcome but the project is also marketed to Panamana City residents seeking a weekend retreat-vacation home or full time home in the exurbs. To accommodate those in the later group who don't want to drive the hour+ commute and can afford to fly, a helioport has been built within the development. The percentage of expats who have built primary residences in the development is rising but I think Panamanians, or perhaps more precisely, Panama City residents of various nationalities, currently own about 60% of the lots. Many of the sold lots remain undeveloped. They've been sold to people who wanted to acquire land before prices rise but intend to defer home construction until retirement. This seems to be true of expats and Panamanians alike and I suspect some lots have been sold to speculators who have no real intention of building but seek only to profit from the rising lot prices as the development fills in. alike.

Prices at both places are escalating but I suspect Boquete offers the better opportunity for those who hope to profit from rising real estate prices. It has a more North American "feel", and is better known outside Panama. The village is obviously in transition. In 5 years, I suspect Boquete will have more in common with Aspin (sans snow) than Panama. Prices there are already higher than at Los Altos and appear to be inflating more rapidly.

That said, we preferred Los Altos. It was decidely cooler when we were there and people in both places assured us that the weather we experienced was "normal". That's a bit surprising because the elevations are higher in Chiriqui but Los Altos has more of a cloud forest feel to it. The mountains aren't has high but the development is higher on the mountains. At Boquete, you stand in sunshine and look up to the clouds encircling the mountain peaks. You can do that at Los Altos too but many of the lots are closer to the peaks and, therefore, to the clouds that encircle them. There, you trade some sunshine for intermittent fog but the fog keeps things green and lowers the temperature.

The vistas are more impressive at Los Altos. The mountains may be smaller but they are more jagged at the summits. With the clouds drifting between them, the scenery seems to be constently changing.

Virtually all the property owners we met in Los Altos had considered land in Boquete. The reasons commonly mentioned for opting for Los Altos were: proximity to Panama City; lower population density; preference for a mixed Latin/American population; lower price of entry and greater architectural diversity. Those who preferred Boqueste seemed to do so because they ascribe opposite values to those same considerations.

Comment #12 Helena (63.226.203.249) - Fri Mar 21 22:43:47 2008

Within the year, we are thinking of taking a ten day or so trip to Panama. In our early 50's, my husband works from his computer, an investment business. (So we can live anywhere, but Europe, which I like very much, is out with the weak dollar.) I have a $700.00 per/month mental disability pension (bipolar disorder), so expect to qualify for the Panamanian pension program.

We really wonder about the climate. We read and read charts, trying to get a handle on it. Of course, we will travel to Panama, not decide yet and rent first, but so far we are interested in the cooler area of the Highlands. Maybe El Valle, Los Altos or Boquete. But until we visit, we won't know.

We live in Washington State. We are sort of sick of the rain. What I wonder is HOW MUCH does it rain? What area of Panama is less rainy?

Comment #13 Finance_Advice from Canada - Fri May 9 08:26:39 2008

What sort of help can a foreign national expect from the government in panama ? Can we get some tax benefits on the income if we invest some money over there? Is Panama similar to US in providing tax benefits?

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