Are you curious about the cost of living in Panama? Whether you're considering moving or investing … or you're simply curious about daily expenses, you're in the right place! Today, we’re counting down the Top 10 Things you need to know to understand what it really costs to live in Panama. Ready to dive in? Let’s get started!
Number 10 - Housing
Buying a property in Panama is an excellent investment, whether you're looking for a vacation home, a rental property, or your forever home. Prices vary widely based on location, size, and amenities, but you can find anything from a cozy condo for about $180,000 to a luxury beachfront villa for over a million. For those who prefer to start with renting, we’ve got you covered. Rentals can range from $600 for a modest apartment in a rural area to $5,000 per month for something more upscale in prime locations. Make sure to check out our listings at ChoosePanama.com, and remember, we have many options that aren’t listed online. Reach out directly if you're looking to buy OR rent.
Number 9 - Groceries
How much does food cost in Panama? The answer depends on your lifestyle. If you stick to locally sourced food like chicken, fish, eggs, rice, beans, and local fruits and vegetables, your grocery bill will be just a few hundred dollars a month. However, if you mix in imported goods, especially the much-pricier imported refrigerated goods like Bryers ice cream or Philadelphia Cream Cheese… expect your grocery costs to be similar to what you're used to paying in your home country.
Number 8 - Eating Out
Panama offers a range of dining experiences. You’ll find plenty of affordable local eateries, called Fondas, where you can eat an entire stick-to-your-ribs meal for around $5. On the opposite side of the spectrum, there are many high-end restaurants, especially in Panama City, that compare to the best restaurants in Miami and New York. Although these are more EXPENSIVE than a Fonda, they’re still a FRACTION of what you would pay in North America or Europe. Plus, the normal tip in Panama is 10% versus the twenty to thirty percent you will expect to pay in the US. [finger up] But wait… there’s more! If you have your Pensionado Visa, you’ll get 25% off your meal. To sum it up, your dining out costs will vary depending on your restaurant choices, but overall, Panama provides EXCELLENT value for your money when it comes to dining out.
Number 7 - Transportation
Transportation in Panama is both efficient AND affordable. Public buses and the metro cost less than a dollar per ride, and taxis or Uber rides within Panama City range from $2 to $10, depending on how far you’re going. If you plan to own a car, budget for insurance, which averages about $40 per month for a late model mid-range SUV.
Number 6 - Healthcare
Panama offers excellent healthcare options at a fraction of the cost you might be paying now. If you ask most expats, healthcare is one of the areas where Panama really excels in comparison to other countries. Private insurance typically costs between $100 to $200 per month, but you might prefer to pay out of pocket for doctor visits, because they are so affordable. At just $12 to $40 per doctor’s visit, the total bill is less than your deductible would be in the US. Plus, you’re not only paying a lot LESS, but you’re also get concierge-level care. So you’re not comparing apples to apples but rather one apple… to a whole, freshly baked apple pie….There’s just no comparison.
Number 5 - Utilities
Your monthly utility costs will depend on your living situation. Cable and Internet usually run between $60 to $80 per month. Basic utilities such as water, gas, and trash collection are often included in Homeowner Association fees. If not, plan on around $20 to $50 per month for water, gas, and trash combined. Electricity is the biggest utility expense, especially if you’re running air conditioning frequently. In cooler climates, this can be as low as $20 per month. In Panama City or the beaches area, this could be $60 to $200 per month, depending on the size of your home… and how much you run your AC.
Number 4 - Leisure Activities
Panama offers a variety of leisure activities that are surprisingly affordable. From outdoor adventures like golf or pickle ball… to cultural experiences like live theater or museums… there’s something for everyone. You won't need to break the bank to enjoy a rich, fulfilling lifestyle. For example, regular evening movie tickets are $6.50 but if you have your Pensionado Visa, you get a 50% discount… so a night out at the movies costs just $3.25.
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Before we jump into the top three tips, if you’re finding this information helpful, please give this video a thumbs up! And don’t forget to hit the … SUBSCRIBE button and ring the bell so you don’t miss any of our insider tips on living your BEST life in Panama. Now, let’s get back to the countdown!
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Number 3 - Domestic Services
One of the biggest lifestyle advantages in Panama is the affordability of domestic services. Whether you need a maid, gardener, handyman, or even a full-time housekeeper, hiring help is surprisingly inexpensive. For example, a part-time maid might cost you as little as $20 to $40 for an entire day, and a full-time live-in housekeeper could be around $400 to $600 per month. Gardeners and handymen also charge modest rates, allowing you to enjoy a higher standard of living with more free time to explore and enjoy everything Panama has to offer.
Number 2 - Property Taxes
One of the perks of owning property in Panama is the low property taxes. For most properties, taxes are just a fraction of what you’d pay in North America. Depending on the property, annual property taxes can be as low as 0.1% to 0.5% of the property’s registered value, which is incredibly affordable compared to other countries.
Number 1 – Property Insurance
In Panama, the savings on property insurance are nothing short of… well, amazing! Imagine insuring your dream home for just a fraction of what it would cost elsewhere. Here, you’ll pay only 1/10th of 1% of your property’s value in insurance premiums. That means if you own a $350,000 home, your annual cost for structural and fire insurance is just $350. Yes, you heard that right—$350 per YEAR. It’s an unbeatable deal that keeps your home protected without putting a dent in your wallet… making Panama the smart choice for savvy homeowners.
That’s it for today’s countdown of the top 10 tips to understand the cost of living in Panama! I hope you found this information valuable as you plan your move or investment. If you’re ready to take the next step, don’t forget to request a free copy of my book, “Panama Uncorked.” It’s packed with even more insider tips, essential checklists, and detailed advice to help you make the most of your new life in Panama.
To get your free copy, simply click the link in the description below… or go to ChoosePanama.com.
What do you think of our Top 10 Insider Tips? Let us know in the comments below.
Thanks for watching. See you in Panama!
Number 10 - Housing
Buying a property in Panama is an excellent investment, whether you're looking for a vacation home, a rental property, or your forever home. Prices vary widely based on location, size, and amenities, but you can find anything from a cozy condo for about $180,000 to a luxury beachfront villa for over a million. For those who prefer to start with renting, we’ve got you covered. Rentals can range from $600 for a modest apartment in a rural area to $5,000 per month for something more upscale in prime locations. Make sure to check out our listings at ChoosePanama.com, and remember, we have many options that aren’t listed online. Reach out directly if you're looking to buy OR rent.
Number 9 - Groceries
How much does food cost in Panama? The answer depends on your lifestyle. If you stick to locally sourced food like chicken, fish, eggs, rice, beans, and local fruits and vegetables, your grocery bill will be just a few hundred dollars a month. However, if you mix in imported goods, especially the much-pricier imported refrigerated goods like Bryers ice cream or Philadelphia Cream Cheese… expect your grocery costs to be similar to what you're used to paying in your home country.
Number 8 - Eating Out
Panama offers a range of dining experiences. You’ll find plenty of affordable local eateries, called Fondas, where you can eat an entire stick-to-your-ribs meal for around $5. On the opposite side of the spectrum, there are many high-end restaurants, especially in Panama City, that compare to the best restaurants in Miami and New York. Although these are more EXPENSIVE than a Fonda, they’re still a FRACTION of what you would pay in North America or Europe. Plus, the normal tip in Panama is 10% versus the twenty to thirty percent you will expect to pay in the US. [finger up] But wait… there’s more! If you have your Pensionado Visa, you’ll get 25% off your meal. To sum it up, your dining out costs will vary depending on your restaurant choices, but overall, Panama provides EXCELLENT value for your money when it comes to dining out.
Number 7 - Transportation
Transportation in Panama is both efficient AND affordable. Public buses and the metro cost less than a dollar per ride, and taxis or Uber rides within Panama City range from $2 to $10, depending on how far you’re going. If you plan to own a car, budget for insurance, which averages about $40 per month for a late model mid-range SUV.
Number 6 - Healthcare
Panama offers excellent healthcare options at a fraction of the cost you might be paying now. If you ask most expats, healthcare is one of the areas where Panama really excels in comparison to other countries. Private insurance typically costs between $100 to $200 per month, but you might prefer to pay out of pocket for doctor visits, because they are so affordable. At just $12 to $40 per doctor’s visit, the total bill is less than your deductible would be in the US. Plus, you’re not only paying a lot LESS, but you’re also get concierge-level care. So you’re not comparing apples to apples but rather one apple… to a whole, freshly baked apple pie….There’s just no comparison.
Number 5 - Utilities
Your monthly utility costs will depend on your living situation. Cable and Internet usually run between $60 to $80 per month. Basic utilities such as water, gas, and trash collection are often included in Homeowner Association fees. If not, plan on around $20 to $50 per month for water, gas, and trash combined. Electricity is the biggest utility expense, especially if you’re running air conditioning frequently. In cooler climates, this can be as low as $20 per month. In Panama City or the beaches area, this could be $60 to $200 per month, depending on the size of your home… and how much you run your AC.
Number 4 - Leisure Activities
Panama offers a variety of leisure activities that are surprisingly affordable. From outdoor adventures like golf or pickle ball… to cultural experiences like live theater or museums… there’s something for everyone. You won't need to break the bank to enjoy a rich, fulfilling lifestyle. For example, regular evening movie tickets are $6.50 but if you have your Pensionado Visa, you get a 50% discount… so a night out at the movies costs just $3.25.
*******
Before we jump into the top three tips, if you’re finding this information helpful, please give this video a thumbs up! And don’t forget to hit the … SUBSCRIBE button and ring the bell so you don’t miss any of our insider tips on living your BEST life in Panama. Now, let’s get back to the countdown!
********
Number 3 - Domestic Services
One of the biggest lifestyle advantages in Panama is the affordability of domestic services. Whether you need a maid, gardener, handyman, or even a full-time housekeeper, hiring help is surprisingly inexpensive. For example, a part-time maid might cost you as little as $20 to $40 for an entire day, and a full-time live-in housekeeper could be around $400 to $600 per month. Gardeners and handymen also charge modest rates, allowing you to enjoy a higher standard of living with more free time to explore and enjoy everything Panama has to offer.
Number 2 - Property Taxes
One of the perks of owning property in Panama is the low property taxes. For most properties, taxes are just a fraction of what you’d pay in North America. Depending on the property, annual property taxes can be as low as 0.1% to 0.5% of the property’s registered value, which is incredibly affordable compared to other countries.
Number 1 – Property Insurance
In Panama, the savings on property insurance are nothing short of… well, amazing! Imagine insuring your dream home for just a fraction of what it would cost elsewhere. Here, you’ll pay only 1/10th of 1% of your property’s value in insurance premiums. That means if you own a $350,000 home, your annual cost for structural and fire insurance is just $350. Yes, you heard that right—$350 per YEAR. It’s an unbeatable deal that keeps your home protected without putting a dent in your wallet… making Panama the smart choice for savvy homeowners.
That’s it for today’s countdown of the top 10 tips to understand the cost of living in Panama! I hope you found this information valuable as you plan your move or investment. If you’re ready to take the next step, don’t forget to request a free copy of my book, “Panama Uncorked.” It’s packed with even more insider tips, essential checklists, and detailed advice to help you make the most of your new life in Panama.
To get your free copy, simply click the link in the description below… or go to ChoosePanama.com.
What do you think of our Top 10 Insider Tips? Let us know in the comments below.
Thanks for watching. See you in Panama!
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