Panama Cost Living

While Panama is considered cheap, not everything is cheap. Imported goods like electronics, computers, and household appliances & goods cost more in Panama. Local items are cheaper, including meats, fruits, vegetables, clothing, leather goods, and seafood. Retired people find that life in Panama is half of what it costs in the United States. Here are some examples:

Restaurants: Typical Panama food (known as Criolla) cost as little as $1.50 for a full meal consisting of rice, beans, fried plantain (banana), small salad; and an entrée of chicken, beef, or fish. Even 4 or 5 star gourmet cuisine will cost much less than in Canada or the U.S.

Movies: Newly released movies from the U.S. costs less than $4 with half price on Wednesdays.

Labor: A full days work only earns locals from $10 to $15 a day. Maids, gardeners, chauffers, handymen, hair cuts, car mechanics are very cheap.

Medical care: Good hospitals and medical doctors trained in North America and Europe costs about half the price in the U.S.

Transportation: Buses cost only $.25 anywhere in the city. Taxi cabs cost a maximum $2 for anywhere in the city, with normal fares only costing $1.25 for one person and an extra $.25 per passenger.

Groceries: Modern supermarkets sell many imported items which will cost more while local foods are very cheap.

Housing: Prices are climbing as more foreigners move here driving the local real estate market up. However, prices are still a lot cheaper than in the U.S., Canada, or Europe. Rents in older building are very cheap, but foreigners are asking for a lot more in the newest buildings.

Home Services: Cable TV, electricity, telephone, fast internet and cel. Phones are more expensive due to the lack of competition.

Gasoline: Prices average $.25 more per gallon than in the United States.

Professional Services: Lawyers, CPA's, Medical Doctors, Dentists, and other professionals cost about half what they do in the U.S.

Barbers: Only $3 for a haircut throughout the poorer parts of the city and up to $20 in the fancy hotels.

Maid: You can get a live in, full time maid for around $200 a month.

Gardener: Lawn care and bush trimming costs $10 a day.

Car Mechanics: They can come to your home and will only charge you $10 an hour.

Car Wash: A complete outside & inside cleaning only costs $4.

Property Tax: $0 for the first 20 years from the time the condo or house was built. Fully transferable to the new owner.

PENSION VISA BENEFITS AND DISCOUNTS
Panama law sets forth numerous benefits and discounts for its Pensionados.
There are 2 types of Pensionados in Panama:
1. Minimum age 55 for women and 60 for men for all residents of Panama whether they are Panamanian or of different nationalities.

2. All Pensionado Visa holders (regardless of age) are also entitled to these benefits. To qualify for this immigration visa, you must be getting a minimum, lifetime pension payments of $500 a month (plus $100 for spouse and each dependant) from either a government pension or a recognized corporation.

Here is a Summary of the Benefits:
o One time Duty tax exemption for household goods up to a total of $10,000.
o Duty exemption for importing a new car every two years.
o 50% off entertainment anywhere in the country (movies, concerts, sports)
o 30% off bus, boat, and train fares
o 25% off airline tickets
o 50% off hotel stays from Monday through Thursday
o 30% off hotel stays from Friday through Sunday
o 25% off at restaurants
o 15% off at fast-food restaurants
o 15% off hospital bills (if no insurance applies)
o 10% off prescription medicines
o 20% off medical consultations
o 15% off dental and eye exams
o 20% off professional and technical services
o 50% reduction in closing costs for home loans
o 25% discounts on utility bills
o 15% off loans made in your name
o 1% less on home mortgages for homes used for personal residence
These are discounts on top of the already low prices compared to the USA, Canada, or Europe.

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