Learn About Living in Panama

Beaches

In Panama, you’re never that far from the beach. The Pacific Ocean and the Caribbean Sea trace 2,490 kilometers of coastline! The Caribbean coast beaches have white sands and aquamarine waters. The Pacific coast beaches have cobalt blue waters and pine grey sands.

Weather 

Temperatures in Panama have little variation. Overnight lows are reliably in the 70s, and daytime highs reach into the upper 80s, rarely peaking above 90 degrees.

Most of Panama’s rain falls during the rainy season, which typically runs from April to December. Panama lies outside of the Caribbean’s hurricane belt, so violent storms are of no concern.

Education

School is compulsory in Panama from elementary through high-school. Public education is free at all levels, including university. Currently, Panama has an overall literacy of more than 94%.

There are two school yearly calendars institutions can follow. One follows the North American schedule from September to June. The other one follows the more common one in Central America, which runs from March to December. All schools have breaks during Christmas, Easter, and Carnival.

For foreign students, usually, the best option is one of the International Schools. These schools will offer classes primarily in another language (English, French, Chinese, etc.) and often will follow the International Baccalaureate program.

There almost 90 universities and colleges in the country, the main universities in the country are the University of Panama, Technical University of Panama, and the University of Santa María la Antigua.

Economy

Panama has been one of the fastest-growing economies in Latin America over the past decade. Due to its important geographic location, the economy is centered on a highly-developed sector, especially commerce, tourism, banking, and trading. The Panama Canal, essential to global trade, the Color Free Trade Zone, the second largest free port in the world, and the Trans-Panama Pipeline, allowing transport of crude oil between the Atlantic and Pacific coasts, are essential to the country’s economic success.

Over 100 companies are registered in the country for the Headquarters of Multinational Operations Program. This government initiative was designed to ease the process for companies to establish a regional base in Panama. It has brought millions of dollars on investment and thousands of jobs to the country.

The U.S Dollar and the Panamanian Balboa are the official forms of currency. The Balboa is on par with the U.S dollar.

Healthcare

In Panama healthcare is provided through the government and the private sector. Private health insurance and/or costs are lower compare to the United States – and you will still have access to high-quality care. A majority of physicians are also bilingual.

The major private hospitals are Centro Medico Paitilla, Hospital Nacional, Clinica Hospital San Fernando, and the Johns Hopkins International-affiliated Hospital Punta Pacifica – known as the most technologically advanced medical center in Latin America. Several other hospitals around the country are affiliated to U.S. hospitals.

Verify with a doctor before and after arrival regarding any additional vaccines you might need. Just like any tropical country, you will be prompt to be exposed to vector-borne diseases.

Culture

Panamanian culture is a hybrid of Native, Spanish, and African cultures. The local folklore and blended cultures are reflected in Panamanian art, architecture, cuisine, history, music, and festivals.

Some of the traditional products are woodcarvings, ceremonial masks, and pottery. Unique to Panama are Molas, hand-made textiles that are part of traditional clothing from the Kuna people.

Music has been influenced by the indigenous population, Spaniards, and Africans. Panama has made important contributions to several music genres like Cumbia, Reggae, Salsa, Bolero among others.

Their national dish is a Sancocho – a chicken stew with vegetables and coriander-like herbs. Other traditional dishes are Patacones de platano, yucca frita, tamales, empanadas, and ropa vieja.

Cost of Living

The cost of living varies depending on the region of the country. It is estimated you can leave in Panama with an average monthly budget of $1,500. Lifestyle choices, like renting vs owning, also determine your cost of living. Certain costs can still be very comparable to the United States, but services are usually more affordable.

Real Estate Transactions

Ready to Invest in Panama Real Estate? Our team of professionals will ensure that you’re not alone during this process. Here’s a quick process overview and general information.

Title Search 

Contact a qualified attorney to manage the title search and all necessary documents.

The Promise to Buy-Sell Agreement

This agreement between buyer and seller – prepared by your attorney – would specify all the terms agreed upon, including price and closing date. At this time typically the buyers pay a 10% deposit to the seller. At this point, the buyer should be investigating financing options and have money available in an escrow account. Note that if the agreement is terminated by either party, penalties can be imposed.

Transferring the Title

Once everything is finalized to complete the purchase of the property, the buyer and seller sign the deed in the presence of a public notary. Note the transfer of the title can take between two to thirty days.

Note, contracts do not have to be written in Spanish for the real estate transaction to be valid. Yet, if a legal dispute occurs all documents will have to be translated by a licensed translator. Foreign investors on real estate have no restrictions on ownership of property. There are over a dozen laws specifically established to protect foreign investments and private property.

Just like any other real estate purchase, there will be legal fees, taxes and realtor fees that each transaction will incur. The rates vary based on the property’s value.