As of 2020, there were approximately 313,000 expats living in Panama, many of whom immigrated from the United States and Canada. The reasons for immigrating varys from person to person, and the vast majority of people find success in their decision.
Perfect for Expats!
More than a tropical paradise, Panama has a booming economy with favorable tax laws and has been a tourist destination for years. Industries, like tech, are spurring investments in infrastructure and transportation that helped the country’s GDP grow at an astounding 7.5% in 2022. With other vital sectors like agriculture and service industries supporting economic growth, Panama will undoubtedly be an economic force in the Western Hemisphere for years to come.
Taxes? We Don’t Need Taxes!
But what do people who have moved here think about it? Have people who have moved found success in whatever way they define it?
Lief and Kathleen Peddicord moved here in the 90s. Kathleen wrote a piece for the Live and Invest Overseas website in which she praised Panama for embracing foreign investment and tourism around the turn of the century as a means of jumpstarting their economy after American GIs left with the turnover of the Panama Canal. Panama also invested in the Canal, building an expansion of it a few years ago. Now, it generates more than $3 billion in revenue for a country of just over 4 million people. The Canal revenue is a big reason Panama can operate without taxing its residents or immigrants. The lack of a tax burden makes the country one of the most business-friendly countries in the Western Hemisphere.
Trending Up Has Become Notable
Kathleen points out in her article that, while there have been some downward cycles in the economy, most notably the global crisis of 2008, the trajectory of the Panamanian economy has almost always trended up. Panama City has grown so much since they moved there that the modern metropolis they currently live in is unrecognizable from what the capital city was two decades ago.
The Peddicord’s business ventures became so successful that they decided to live in Panama full-time. The reason was only partly financial. She points out that two long coastlines bless Panama’s environment. An abundance of wildlife is native to Panama, and they have a warm and welcoming culture. The US dollar is the currency in Panama, and Kathleen believes that Panama is a top choice for real estate investing in the Western Hemisphere.
The Peddicord’s Found Success, So Can You
Thousands of other people like the Peddicords have found success living and investing in Panama. You won’t need to rely on luck to find success in Panama. Relocating there is a smart decision, and it’s better to be smart than lucky.
Does Living in Panama Sound Interesting?
If you’re considering a relocation, why not consider Panama? So many others have found exactly what they were looking for in this tropical paradise. If we can help make your dreams come true, please don’t hesitate to contact us. We’ve been working with expats for years. And we can help you, too.