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Home Countries Panama

Why Moving To Panama Could Significantly Reduce Your Cost Of Living

"I've Cut My Cost Of Living 75% By Moving To This Paradise"

Kathleen Peddicord by Kathleen Peddicord
Feb 17, 2022
in Panama, Retirement/Living
0
Why Moving To Panama Could Significantly Reduce Your Cost Of Living

Adobe Stock/Oleksii Fadieiev

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I’d forgotten how invigorating an in-person conference can be…

Reconnecting with old friends from across Panama as well as All Access Pass  and Panama Circle members who’ve made the trip to join us for our first in-person Panama event in more than two years…

While making new friends with readers attending an in-person event with us for the first time.

Conversations are high-energy and diverse.

We’ve covering all aspects of living, retiring, investing, owning property, and starting a business in Panama.

Expat Gabrielle Wells’s Experience: Living Well On A US$1,200 Monthly Budget After Moving To Panama

Expat Gabrielle Wells, who made her move from St. Louis to Panama City a year ago, at the height of the pandemic, put one of the big benefits of relocating your life in Panama into perspective when she told the crowd:

“My total monthly budget in Panama City is US$1,200, including lots of local travel and activities.

“That’s what I was spending on rent back in St. Louis.”

Gabrielle went on to offer two key points of advice for would-be Panama expats…

“My top tip, based on my experience over the past two years of planning and then executing my move,” she said, “is to put some support systems in place before you show up in Panama. I was able to do that through Facebook and other online groups, and I was so glad I did. I never felt alone, even on days when things were going wrong. And, believe me, you’ll have days when things go wrong.

“My other biggest piece of advice,” Gabrielle continued, “would be to make an effort to become involved in your new community.

“As soon as I arrived in Panama City, I began looking around for ways to volunteer… and, as a result, my support system grew really fast. I’ve been living in Panama full time for a year now, and I have more friends here than I did in St. Louis.”

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Why Your Cost Of Living Will Be Reduced In Panama

Expat Phil Schlesinger reinforced Gabrielle’s point about the opportunity Panama presents for reducing your overall cost of living, maybe significantly.

“If you own a condo on Lake Shore Drive in Chicago, where I’m from,” Phil explained, “you’ll spend something like US$1,500 or US$1,600 a month on HOA fees and another US$1,100 or US$1,200 on property taxes.

“That’s as much as US$2,800 per month in carrying costs for a property.

“The #1 address in Panama City is Avenida Balboa, which runs along the Bay of Panama. Own an apartment there and you’ll be on the hook for US$500 per month, max, for HOA fees and property taxes.”

That’s not to say that Panama City is a top budget retirement option. I do not think it is… though some who’ve joined us in Panama City this week have disagreed.

Expat Dusty Tubbs Experience: Cut His Cost Of Living 75% By Moving To Chitré, Panama

For my money, the top budget retirement option in Panama today is a little town on the Azuero coast called Chitré.

Expat Dusty Tubbs says he cut his cost of living 75% by moving from the United States to Chitré.

“Sorry, Kathleen,” Dusty called out from the stage this morning as he shared his story with the assembled crowd, “but I’ve got to take issue with you.

“As far as I’m concerned Panama (not Portugal!) is still the best place in the world to retire.”

Fair enough, Dusty. It’s all about finding your fit.

Sincerely,
Kathleen Peddicord signature
Kathleen Peddicord
Founding Publisher, Overseas Opportunity Letter

Tags: 'Expats In Panama''panama city'Azuero PeninsulaChitrécost of living in panamacut expensesexpenses in panamaLife In Panamalive in PanamaPanamareduce cost of livingretire in panama
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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