A year ago during the pandemic, Hector Rodríguez was living in what others would consider a paradise destination running a high-end resort.
It involved grueling 80+ hour weeks while catering to the most discerning of travelers and struggling to find diverse ways to connect with the family.
He knew he wanted a fresh start where he and his family could still enjoy the proximity to nature whilst enjoying a cosmopolitan lifestyle in a destination geared towards international travel.
He wanted to be near the ocean, where people valued a healthy work-life balance and could afford the quality of living he aspired for his family.
After a long search with plenty of options, he found the spot that checked all the boxes: Panama.
This is his story…
As a family of 5 who has been traveling the world for the past 20 years, it is a daunting task to start thinking once again of relocating and continuing to discover new destinations. Long gone are the days when I would arrive with a suitcase and set up shop.
We are both middle-aged working professionals with children starting schooling age and eager to enjoy life and keep an active lifestyle. As such, the list of criteria that need to be met is at times a subject of jokes by friends and family.
Regardless, we had a clear vision of what we wanted our life to look like and knew that if we were patient and researched hard enough we could meet the most important things on our list.
In prior chapters of our lives, we had the opportunity to live in Paris, New York, London, Dubai, Greece, Costa Rica, and Switzerland so we knew how hard it is to find a place that is cosmopolitan whilst maintaining that friendly and familiar vibe which is lost in the hustle and bustle of large cities.
We also knew that we wanted to slow down and enjoy the time we had left together before our kids shipped off to start their adult lives and connect with like-minded people who placed a work-life balance above all. We had already done the grunt work in our careers and now had to capitalize on it…
When I mentioned the list of requirements and how Panama fits the bill this is what I refer to. This is a quick overview. Make sure to stay tuned for more in-depth articles coming soon on each subject!
A Rich Lifestyle
Having lived in other countries where options of things to do were limited we found Panama to offer a myriad of activities to enjoy all year round. The city has over 500 years of history and it reflects it in its historical sites, rich culture and museums, choice of restaurants and bars, and the many events organized during the year.
It is rare to have a weekend where there isn’t a new place to go, a show to watch, or a place to go out with friends. And once you have exhausted the options in the city you have the entire country to discover! It is no wonder it ranks 3rd in Gallup’s Global Well-Being Ranking.
Contact with Nature
We enjoy getting out and about on weekends and being outdoors and in contact with nature is one of the things we enjoy the most. Although Panama is known mainly for its capital, one can find beautiful pristine forests just a few minutes’ drives from the center of the city.
To give you a picture of Panama’s diversity head up to Volcan Baru (11,400 feet) and check out the sunrise over the Caribbean and the Pacific at the same time! During this first year, we have visited much of the unspoiled nature, from the rainforest in the north to the tropical islands dotted along both coasts.
Rainforests teeming with wildlife, archipelagos with coral reefs, and the highlands of the country offer a cooler climate. As a matter of fact, with 16 national parks and another 50 protected areas, 25% of the land in Panama is perfectly preserved including the UNESCO recognized Coiba National Park and Altos de Campana.
Access to Private International Schools
As an ex-pat family, we put great value on the education our children receive and access to good schools, following an international curriculum, which will allow them to gain access to higher education is a must.
Panama has a wide range of options that suit all needs and budgets including American, British, German, and French options offered from Preschool to A-Level or International Baccalaureate and considered amongst the best in Central America. The school year varies depending on whether it’s local or international.
We took this into account when selecting our school and found one which offers education in four languages with a good mixture of locals which gives the class continuity and ex-pats which gives it an international global view. In general, they all offer a rich after-school program.
One thing to take into account is that availability of placement is limited, especially in secondary school, and careful planning and foresight are recommended. For those with older children, there are 88 tertiary education centers in Panama including the University of Panama and the Technological University of Panama.
Availability of Quality Healthcare
I doubt we would have moved to Panama if healthcare was not world-class and affordable. Having lived in the US where this topic is always a matter of concern, we appreciate the fact that Panama has a great healthcare system with modern facilities where the doctors are usually trained in the US or Europe.
This gave us peace of mind which is priceless. Additionally, it is simple to contract good comprehensive insurance that covers all, including dental! I have found my expenses, with insurance included, to have decreased by 75% in some cases. On a side note, relevant to today’s situation, Panama has one of the highest vaccination rates in the region, and doses are readily available for anyone.
Living by the Sea
Although Panama city has no beach per se, with over 1,547 miles of coastline on two oceans there is no shortage of options where to spend the day, go fishing or explore the multiple coral reefs of the islands.
It is worth highlighting the many archipelagos in the country ranging from the adventurous 365 islands of San Blas or the easily accessible Contadora and Pearl Islands. The sea is warm all year round and safe and whether you are on the Atlantic or Pacific side the pictures we send our friends to remind them of the Caribbean.
Political/Currency Stability
As a small dollarized economy, Panama has among the strongest growth performance in Latin America and the Caribbean with an average growth of 4.7% in the past decade.
This has been greatly due to a stable government and intelligent monetary policies which have attracted both individual and institutional investors.
In the past year, it has suffered from one of the most severe COVID-19 outbreaks in the region which has shocked the labor market and society as a whole but the country has recovered quickly and new residents from Latin countries keep on settling in Panama as their new home.
Security
This is a must and the reason why I have passed many other offers to relocate. I don’t feel that at this point in my life I need to be worrying about my family’s or personal security. To be sure, Panama does have its problems, however, they are gang-related and seldom affect other areas.
For this reason, the 2019 Global Peace Index rates Panama well above the US. My personal experience is that whilst I do read in the news about some incidents I have never felt unsafe walking around and only directly know of people who have suffered from petty crime. Like in any city it is a matter of being aware of where not to go.
International Community
Panama has always been a hub for international business, and more so in the past decade with the introduction of new laws making it easier for large companies to establish themselves in the country. The result is that there is a general sense of welcome and people are overwhelmingly warm and friendly towards foreigners.
English is commonly spoken and our group of friends includes Panamanians as well as many other nationalities which makes it an enriching experience as much for adults as for children.
Being a transient destination you may lose some friends along the way due to relocation but quickly make new connections with like-minded people.
One thing that we valued from Panama as opposed to previous destinations is that due to the high caliber of executives living in the city the proportion of expats with families is larger than in other destinations which cater more to the bachelor or double-income-no-kids segment.
Temperate Climate
I will be very clear on this one. I have lived in cold countries and have decided that when I feel like skiing I will travel to the snow but not live in it. I enjoy the warm climate and the liberty it gives you to enjoy the outdoors all year, especially barbecues. The weather here rarely goes above 90F.
Panama’s climate follows two predictable seasons. The dry season lasts from December to May and the green (wet) season from June to November. Average temperatures vary depending on where you settle with cooler regions being in the interior of the country such as Boquete and warmer and dryer near the coastline at Buenaventura. One last thing, there are no hurricanes in Panama!
International Connectivity
Panama is only 2 hours away from Miami and has Latin America’s main air hub and its own international airline and two international airports. This allows us to travel back and forth between the US and Europe without any long layovers.
This was especially important to us as my wife works from home and requires to travel frequently to meet her clients all over the world. It also allows us to plan quick weekend escapes to the US whenever we want.
Good Infrastructure
The level of investment in infrastructure projects during the past decades has been massive and one can always rely on the supply of power, water, internet, cable television, and cell signal.
Aside from this its transportation infrastructure is the best in the region both by air and land allowing for easy movement within the city and outside. Then again, this is relative to its surroundings so don’t expect German highways.
Low Cost of Living
Let’s be pragmatic here. One of the reasons you move to the other side of the world is to have a better life. And one of the main contributors to this is getting more for your buck.
Panama has an exceptionally low cost of living, with expenses less than half of what we have experienced before with the service or quality of what you receive is the same. The cost of labor, and hence help, is low and a family can perfectly live with under 3,000 USD per month and enjoy an active lifestyle.
Panama’s income tax rates are low compared to many countries and property tax is a fraction of what you pay in western countries. It has several bilateral agreements which have benefitted us personally.
Friendly Immigration Policy
I like to be in a country that wants me to be here and the residency program is simple and painless in Panama.
It has a great retirement plan with plenty of fiscal advantages which I may use someday but for the time being, I am happy to have received my permanent residency upon initial application and not have to worry about sponsorship as in other countries.
Trade-Offs
Now, the destination is Shangri-La and there are some small trade-offs to be made which I will try to summarize in this last section. It is humid here, very humid and a change of closet may be necessary to dress appropriately in this weather.
As you are surrounded by jungle do expect some creepy crawlies to show up at your doorstep occasionally. One last thing, don’t be rushed, things may at times take time, but then again… isn’t that one of the reasons we moved here?
Stay tuned for more articles as Hector shares his insider tips on how to make the most out of your new life in Panama.
