Cost of living in Panama

It would be very useful to talk about the cost of living in Panama.
Panama City

Don't forget to mention where in Panama you are living.

How much does it cost to live in Panama?
That depends on your style of living but conservatively one can live on $750 USD a month

> accommodation prices
Reasonable cost of apartments or houses are $300 USD and up

> public transportation fares (tube, bus etc ...)
Public transportation is very cost effective. $.25 for buses and $2.50 to go about anywhere in town by taxi.

> food prices(per month, how much does it cost you?)
Family of 4 about $300 USD

> health prices (for those who need medical insurance)
expensive and not dependable lots of escape clauses

> eduction prices (if you need to pay)
Depending on your level of education but from $30 a month to $150 a month

> energy prices (oil, electricity)
Highest in Latin America very conservatively without A/C about $50 a month

> common bills (Internet, television, telephone, mobile phone)
Inexpensive and highly competitive

> prices of a good menu in a traditional restaurant
$10 a plate

> prices of a beer and or a coffee in a regular pub
Less than a dollar

> price of the cinema
$3-5 USD

Do not hesitate to add items to this list!
David W Morris
Education the Tool to Break the Chains of Poverty
PanAmerican Properties on Paulownia

I have been looking for a house to rent on the internet and am not finding anything less than $1,000 per month?? Where are you getting the $300 rentals?  Also you say insurance is expensive and unreliable?  What do expats do for medical coverage?

This can be the beginning question or it can be the ending question when people think of moving here, relocating here or even just visiting this beautiful country. There is a range depending on whether you live in Panama City in a high-rise condo, or you prefer the sanctitude and beauty of the mountains or Pacific Ocean side. For our sage, we are going to concentrate on the later, especially our area.
In our local area of Mariato District of the Veraguas Province, we are on the lesser expensive of places to live.
Accommodations in our area run from 40 dollars a night in Torio to up to 60 a night in an eco-tourist hotel north of Malena. There is also accommodations in Mariato on Playa Reina and they are in the same price range.
The least expensive are the cabanas in Malena that are 10 dollars a night, but very rudimentary.
Public Transportation in this area is a small collection of 9-12 person buses that run between Quebro and Santiago. These run every hour usually but are quite full the majority of time. Prices are around 5 dollars for the longest ride. Taxis exist in Santiago and range from 1-2 bucks a ride as the entire city is not that big.
Food Prices this area are relatively inexpensive. We, a family of four, spend around 800 a month on food. This means we get a variety of vegetables and fruits in Santiago with basic other ingredients and we can supplement our food with purchases from Mariato and what we grow in our own garden.
Health Prices can almost be nothing or even a blip on your monthly financial radar. There are numerous free clinics in the area that provide basic health care, while we just have private doctors that we trust with our procedures. Having given birth twice here, we are confident of our private practioner and his suggestions for other doctors. Prices were around 1500 dollars for our childbirths. From people that we have spoken to about health insurance here, we have found people spending under 100 dollars a month for full coverage.
Education prices are not as much as the United States or other places as well. Public school here is free except for book and uniform costs. While inexpensive, one needs to weigh whether or not the education is right for your child. Currently, we are paying an annual fee of 120 dollars plus 60 dollars a month for the private school our child is attending. Other private schools are in the range of 200 dollars annual fee and a similar or slightly higher monthly bill than what we are paying currently.
Energy Prices change quite frequently as the gas stations can bump a price up or down with relative ease. 3 dollars a gallon of gas is quite typical and in the long run, most people should expect this.
Common bills - We use satellite TV/internet and we pay 275 a month which is far too expensive for the service that we get, but because we have a business, it is a must for doing so. Other people pay less, but get a much slower, less reliable system. Mobile Phone bills are in a range depending on capabilities but after purchase of a phone one can expect to pay 10-50 dollars a month for your service.
A good menu in a traditional restaurant isn't too expensive. In Santiago, one can do lunch or dinner for as little as 10 dollars a person. If one spends close to 20 dollars a person, you can bet that the meal was large, had myriad courses and was quite fulfilling. In Mariato, Torio, Quebro or Arenas, one can grab a meal for two for 5 dollars or less. It includes most likely a form of bean, onions, peppers, rice, plaintains, and some chicken or fish.
Local beer prices are one of the great aspects of this area. The most expensive beer in our area is 50 cents. Most of the time, we can get 30-45 cent cervezas on the beach, or in any cantina with relative ease.

Hope this helps anyone getting started in Panama with the right information for certain regions.

Hi Everyone,
My husband and I have created our dream life living half time in Panama going back and forth between Bocas del Toro and Boquete, We have homes in both areas, that is how affordable it is here. We keep a presence in the states too, in Colorado. Our kids live there. We bought our homes by partnering with friends and family and doing a fractional ownership, making it even more affordable.
We own our homes in a Corporation.  When none of us are using the homes we can rent them out. This provides virtually cost free living in Panama for us. We don't need a car, our drivers Jose and Toby provide very affordable transportation when ever we want to go anywhere. We enjoy walking a lot. Food is inexpensive too. Two dollars for breakfast, picking up fresh fish and fresh vegetables and cooking at home makes an exotic dinner about $5.00. A doctor's visit is only $20 and most of the time he gives you medicine right there too. I get my teeth cleaned for only $45. The only thing I have found to be sort of expensive is the Internet. It is around $75 a month. But you could just go the the Internet Cafes that are everywhere for only $1.50 an hour. We can eat  dinner at the French restaurant in Boquete with wine for only about $12 per person and a beer in one of the smaller towns is only .27 cents.
I am sharing this to show you  it is still possible to live the dream very affordably. I can show you how too, since now I specialize in helping folks to relocate to Panama

We are interested in a beach area that is not TOO remote! I must have a place to have my hair cut! We would like to move to Panama full-time and have just started our research. We plan on a trip in February of 2011. Do you have any suggestions for resources? I looked at the Boca de Toro area and didn't like the amount of rain fall. We were also interested in Azuero. Thanks for any input you might have.

Hi guys,

its encouraging for someone like myself who's yet to vist Panama (this Xmas for 3 wks Yo !) who knows absolutly no one in Panama to hear about folk who had taken the plunge and are living it.

With a flight already booked, between now and Xmas Iam commmited to finding out as much as I can about Panama, where to visit and hopefully meet up with like minded people simply to hear first hand about what its like to make that jump - in my case a Brit trying to find/choose a place for early retirement prior to jacking in the day job !

Open to any input on places & info that will help me plan my 3wk make/break tour this Xmas

cheers

jldolphin:cool:

hhigal wrote:

We are interested in a beach area that is not TOO remote! I must have a place to have my hair cut! We would like to move to Panama full-time and have just started our research. We plan on a trip in February of 2011. Do you have any suggestions for resources? I looked at the Boca de Toro area and didn't like the amount of rain fall. We were also interested in Azuero. Thanks for any input you might have.

If you don´t want something "too remote", forget both Bocas and especially Azuero.  If you want to live on the beach close to Panama City, I suggest Coronado.  It is less than an hour from Panama City and has all the accomodations you are used to in SC, including a hospital and American-style grocery store.  Also, there are some good deals on real estate in this area right now.  Just my 2 cents.

Let me know if you need anymore information.

Justin


Central Park
Boquete, Chiriqui, Panama
6461.9134
720.1260
USA: 678.927.2223

Thank you so much for your imput.  I simply cannot be too far away from a major airport to get back to the states (elderly parents, kids, etc.).  We are traveling to Costa Rica in November to check that area out (Pacific Coast).  It's all very daunting. Are you happy there, does it meet all of your needs?  I know, crazy questions, but it's a very big decision, as I'm sure you know!  Thanks...........keep your comments coming!  Maureen

Hi
I purchased land five years ago and built a house on the west coast near Costa Rica.
Its thirty minutes from Puerto Armuelles and hour and half from David. The ocean breeze is very pleasant. The cost of living is reasonable. I am part time in Panama and California. Check it out it’s a peninsula that stretches in the Pacific.

panamacoastproperty wrote:

Hope this helps anyone getting started in Panama with the right information for certain regions.

"From people that we have spoken to about health insurance here, we have found people spending under 100 dollars a month for full coverage."

Thank you.....but what companies sell at this rate> health
?? 

One poster here mentions health insurance is costly and not necessarily reliable....many escape clauses.  (> health prices (for those who need medical insurance)
expensive and not dependable lots of escape clauses

If any one knows kindly refer me to a site where I can get 'hard' information on health care coverage.

OWNING A PROPERTY IN PANAMA
Any foreigner can own a property in Panama, under the same laws as if you were a Panamanian citizen. You can do it under your personal name, or under an established corporation or foundation.
For financing of the property, we use the same banking procedures as  in the States, since we have the dollar as currency, you will get the same financing rates as you would in the United States.
We will guide though all the process of acquiring the mortgage, from the time you buy until we deliver the property, the good news you may start do it even you still abroad.
BUYING A PROPERTY
Once both parties have agreed on the price and conditions, a binding Promise of Sale is prepared by an attorney and authenticated on front Public Notary of the Republic of Panama.

This document will be signed by both parties and will have description of some items such as: property description and identification number, final price, terms of payment and term to sign the final SALE CONTRACT. It is common that at the time of signing the PROMISE OF SALE both parties agree the transfer or checking of a down payment.

For used properties we don't advise the buyer to pay a large percentage of the price of sale at this time. In Panama is very safe to buy presale new developments.

Do you want living in Panama? Contact me:

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Hey Bakersfield - I am in Hemet.
I visited Panama a short time ago, and want to reassure
you that the housing prices you are finding on the Internet
are priced for Gringos. That's us!  There are two or three
prices on rentals and purchases, and a lot of people in
Panama think a) we from the U.S. are all rich; or b) we from
the U.S. are all naive (read stupid). 
First, get someone who is Panamanian to help you. Then,
do not be afraid to negotiate, haggle, etc. Watch out for
rentals with extra fees like HOA's. 
To get to the bottom of it, you need to go to Panama,
find a place to stay short term until you find a more
permanent arrangement.  I am amazed by how many homes
there are for rent for a month or so, and are completely furnished.
Down to the linens and coffeepot. 
Good luck,
Ruth