Panama Ranks First on Index of World’s Best Countries to Retire - Nearshore Americas (2024)

FAQs

Is Panama a good retirement destination? ›

Boquete, Panama: Best Place to Retire in the World

Boquete, Panama, is often considered one of the best places in the world to retire for several compelling reasons. First and foremost is its pleasant climate, often called the “eternal spring,” which offers a comfortable and temperate environment year-round.

The Netherlands is often considered the best country to retire due to its ranking as having the best retirement system, according to the Mercer CFA Institute Global Pension Index 2023.

1 place to retire in the U.S.: Harrisburg, Penn. Harrisburg ranked as the best place to retire in the U.S. in 2024, according to U.S. News and World Report. Harrisburg, Pennsylvania's capital, ranked as the best place to retire in the U.S.

Retirement in Costa Rica offers biodiversity and adventurous attractions, while Panama boasts modern infrastructure and a comfortable lifestyle. Both countries have a lower cost of living compared to the US and the UK, but Panama's economy is more stable.

Safety: While there are some places that should be avoided, Panama is the second-safest country in Central America, second only to Costa Rica. Landscapes: Panama is a beautiful country with lots of geographic diversity, from beaches to rainforests, mountains, volcanoes, and more.

Con: Panama Has Its Share of Bureaucratic Problems

Getting anything done at a government office here requires patience and time. Don't compare how things are done in the U.S. to Panama or you will be disappointed. Some things move slowly in Panama, and you won't get them to move any quicker by criticizing.

Where not to retire? ›

When thinking about your Costa Rica vs Panama vacation, Costa Rica is considered safer than Panama. Costa Rica is often considered the safest country in Central America, consistently boasting one of the lowest crime rates in the region.

Costa Rica operates the best healthcare system in Latin America; thanks to the high quality and low costs, the country has even become a popular medical tourism destination.

The cost of living in Panama is generally considered to be lower than many other countries in the region, and especially lower than countries like U.S., Canada and western Europe.

Depending on your lifestyle, you can live comfortably in Panama for anywhere from $2,000 to $3,000 per month. Housing costs are relatively low, with apartments and houses available for rent or purchase at reasonable prices. Food, transportation, and healthcare costs are also much lower than in many other countries.

The retiree residence status in Panama requires you to earn $750-$1000 per month for the rest of your life and $250 for each added dependent. The best route is to travel to Panama on a tourist visa and change it to a permanent visa or retirement visa after the procedure is complete.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

Other than the low cost of living, Panama also enjoys public transportation and a diverse culinary scene. The locals are very warm and friendly, and retirees enjoy their time in the country. Regardless, there are downsides to living in the country as well. For instance, power and water outages are common here.