What do I need to know before retiring in Panama?

"Be prepared to change your life. Leave behind all your pre concieved notions of how it should be, what you need, want, and must have to get by. EVERYTHING is different, embrace it, learn from it, apply what you can to your life but don't come here with demands, strict ideals, uptight lifestyle, and the idea that you are going to save a third world culture from itself. I find the opposite is what happens, it saves you from yourself and what ever madness you left behind," commented one expat who made the move to Boquete, Panama.

Kovalenko & Vera Attorneys at Law in Panama
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Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.

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Kovalenko & Vera Attorneys at Law in Panama

Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
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Click connect to have our partner contact you via e-mail and/or phone.

"It's important to come down here to Panama on multiple due dilligence trips, to spend enough time down here in different areas, and different times of the year, to make sure you are going to enjoy the Country. Research online is important, and will help narrow down areas for you. However, no substitute for on the ground discovery. Work up your budget prior, based on your research, and determine what you can afford in retirement. This will help you determine areas/communities you can afford. Establish a good mail forwarding company, so you can receive Amazon, and your regular mail. Talk to insurance agents in advance to review insurance options. If you are looking to go Pensiado route, you can start this when you come down, if you are firm on Panama already. Prepare yourself for some family and friends thinking you are crazy, or making a big mistake. It's natural, and a lot of "sheeple" don't get it, thinking their legacy brand Country is better, and why would you move to a 3rd World Country! Crazy people still think Panama in this light, and then I explain we have more secure banking, Starlink down here, fiber optic internet in many of the newer areas, expanding rail system in the city, that is being built out towards the beach area. Start working on your Spanish/brushing up on it. Yes, many people speak English, however it is important to work on becoming part of the culture down here. You will be respected more by locals, by trying to speak their native language. Don't just move to where all the Expats are. I guess you can, but you are missing out on the experience of living in a new Country and spending time around locals," remarked another expat in Panama City, Panama.