Residency, Visas, Rentals, And Banking In Panama

May 21, 2009

"We will be visiting Panama Aug. 7 through 30. Our plan during the first week is to gather information on the pensionado visa, opening a bank account, etc.

"We're wondering if you could give us any idea how to go through the process. We know that we want to look at apartment rentals or subleases long term, before committing to the purchase of real estate. Reason is that we are sitting presently on two waterfront properties in Florida, which we can't sell under present market conditions.

"If we could afford city life we would rather rent on the outskirts.

"On Aug. 14, we will likely rent a car for two weeks and travel the country.

"I have no idea if US$1,200 Social Security monthly will be sufficient to live on in Panama, but I also know that we won't survive financially in the U.S. Any thoughts on your part I will greatly appreciate."

-- Michael S., United States

The woman you want to get in touch with is named Rainelda Mata-Kelly. Rainelda has been our personal attorney in Panama for more than 10 years, and we've recommended her to hundreds of readers and friends over the past decade. She's the most competent, experienced, and reliable legal counsel you'll find in this country and the one to help you with your residency work, your visa choice, opening a bank account, purchasing real estate (when you're ready), and anything else you might want to do Panama-wide.

Your options for obtaining foreign residency in Panama are many. The pensionado visa is probably your best choice, but Rainelda can help you to make that determination.

Right, you want to rent first, to give yourselves a chance to try Panama (and, just as important, a particular region of this country) on for size before committing to a real estate purchase.

Yes, you can live in Panama on US$1,200 a month...though probably not (at least not comfortably) in Panama City. In the interior of the country (our top recommendation right now is the Azuero Peninsula, which offers many options), however, US$1,200 a month could go a long way.

Our editor Rebecca Tyre lives in Las Tablas, on the east coast of Azuero, where she spends US$200 a month to rent a little house on the beach. Other costs in this part of the country are similarly appealing. Our new Editorial Assistant is working now on detailed cost-of-living budgets for both Panama City and Panama's interior. Details soon.

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"You just sent out a list of all the countries for retirement. I think France was on the list. But I can't find it. Would you please send me the e-mail it was contained in?"

-- Patti C., United States

Here you go, dear reader, the link to the e-mail dispatch you're asking about: "Choose From Among These Top 18 Overseas Havens."

Included on the list, for quick reference, are:

Argentina...from cosmopolitan Buenos Aires to Mendoza wine country...
Belize...one of the easiest places in the world to get foreign residency...plus some of the best diving on earth...
China...yes, China...perhaps the cheapest place on earth to think about becoming a foreign retiree...
Croatia...the Mediterranean like it used to be...
The Dominican Republic...our editor Rebecca Tyre has just returned from a scouting trip and couldn't be more bullish on this beautiful Caribbean island fringed with miles of white sand that she says has got to be the most expat-friendly place on earth...
Ecuador..most affordable retirement haven in the Americas...
France...world's best health care...world's most beautiful city...and more affordable than you might think, especially in the secret "other" South of France...
India...cheap, cheap, cheap...and, in some parts, beautiful...
Ireland...perhaps the world's most welcoming nation, right now in crisis...meaning this country makes more sense from a cost of living point of view than it has in a decade...
Italy...your dream of la dolce vita could be more affordable than you think...
Malaysia...My Second Home program welcomes foreign retirees...
Mexico...most accessible choice for Americans...in some cases, only a drive away...
Nicaragua...long and glorious Pacific coastline...plus colonial Granada, the most romantic city in the Americas...
Panama...the world's #1 retirement, offshore, and business haven...with still-emerging pockets of opportunity for real estate investment...
Philippines...working to make itself the most foreign retiree-friendly country in Asia...
Thailand...super-affordable and exotic...
Uruguay...safe and stable with a low, low cost of living...

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