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One of the lesser known Panama destinations, the future is looking bright for Puerto Armuelles. Located close to the border, Puerto Armuellas is 30 minutes from Costa Rica. The nearest big town is David, capital of Chiriqui. In David, you can find an airport, and all the other amenities of a city. David is a 1 hour drive, while Panama City is a 7 hour drive.
Throughout most of the 10th century, Puerto Armuelles was a major town, and key part of the Panamanian economy. The United Fruit Company built the town, and the dock, in 1928.
The banana industry was thriving in Panama, with demand from across the world. The huge plantations required thousands of workers, and these workers needed to be looked after. Houses and infrastructure were built for the workers.
After a long run, the company left town at the start of this millennium, after a labor dispute. The banana business was slowing down, and workers were unhappy at their falling wages. When the factory closed, most of the workers left as well. For ten years, Puerto Armuelles was a ghost town. Houses were empty, the parks and streets all but deserted.
It seems the good times may be coming back to Puerto Armuelles. Banapiña, which is part of Del Monte, has been investing heavily in the area. By 2024 the plan is for over 12,000 acres of banana plants. This is going to bring jobs, and money, back into the region. Directly, and indirectly, estimates predict close to 15,000 new jobs will be created.
The main reason, apart from the banana growing were here for the deep water, close to the coast. This was a big selling point then, and in today’s age of super-tankers, it’s even more important today.
This made Puerto Armuelles the perfect place to build a port.
The Panamanian government are also taking an active interest in the region. They see a lot of potential in the deep water port. There are plans to make a dock for cruise ships, as well as making it a major cargo port. There shipping infrastructure is limited in the west of Panama, something the government is keen to change. A railway line spanning the length of the country will improve connections to Panama City. There have also been plans made to improve the route between Puerto Armuelles and the Caribbean coast.
This has caught the attention of investors. Puerto Armuelles became something of a ghost town when the United Fruit Company left in 2003. The majority of the workers moved elsewhere for employment. Meanwhile the tourist industry in Panama had yet to truly get started. Memories of Noreiga were still fresh, and Panama was still struggling with the bad reputation it gained during those dark years in the 80s.
Opportunities are arising for opening, restaurants, hotels, and renting out homes on Airbnb. This part of the Panama coast offers other potential business opportunities.
The Pacific coast of Panama offers some of the best fishing in the world. Marlin, yellowfin tuna, snapper, and mahi-mahi are abundant. They thrive in the in the fertile waters. The deep water, close to the shore, is good news for fishermen. You can fish without having to travel many miles out to sea.
The Puerto Armuelles is home to some of Panama’s best surf breaks. This stretch of Pacific coast picks up any swell coming through, and is one of the most reliable spots in Panama. But whereas some of the best waves are starting to get crowded, Puerto Armuelles is practically empty. Most locals consider more than 8 people to be a crowd.
If you’re a dedicated surfer, you have the option to make the short drive into Costa Rica. Paso Canoas, just over the border, offers excellent waves. Pavones, which is less than 2 hours’ by car, boasts waves to rival anywhere in the world.
Many of the best activities in Puerto Armuelles involve the ocean. Sailing, scuba diving, snorkeling, and spear fishing are popular past times. Kitesurfing is starting to take off, partly thanks to the number of deserted beaches. The best time is during the afternoons, when the sea breeze arrives.
The ocean provides some interesting business opportunities, with the chance to start out small, and grow organically. On land, there are lots of nice trails for mountain bike riding, as well as opportunities for horseback riding. Experienced local riders take part in Rodeos. Anyone is welcome to take part. This is not for the feint-hearted though, and up-to-date medical insurance is recommended.
All things considered, Puerto Armuelles offers some of the best choices for quiet living in Panama. The prices still have not caught up with the potential, and early investors could do well.
There are some downsides that are associated with this quieter part of town.
Panama real estate regulations aren’t as solid as in the United States. In the countryside especially, you are liable to come across a few cowboys. Always keep your wits about you when negotiating real estate. Find a reputable lawyer, and get them involved early in proceedings. Never hand over any money, or sign anything, without having it checked by a lawyer you trust. With this in mind, don’t go with a lawyer recommended by the seller.
| Expense | Monthly Costs | Notes |
|---|---|---|
| Mortgage | – | Most homes in the area are affordable and can be paid in full at closing. |
| HOA Fees | – | Planned communities are not the norm in the area. |
| Property Taxes | – | Highly variable. Property tax rate is only 0.5% for property values from US$120,001 to US$250,000, while properties with values of US$250,001 and above pay a rate of 0.7%. |
| Transportation | US$30 | Monthly gas for a private car. |
| Gas | US$6 | A tank of cooking gas will generally last longer than one month. |
| Electricity | US$100 | Using A/C at night. |
| Water | US$9 | If you are over 65 your bill is reduced to US$3. |
| Cell Phone | US$5 | Minimum. There’s no need to buy a plan as you can purchase calling cards. |
| Internet | US$74 | 1,000 Mbps and 2 cable boxes. |
| Cable TV | – | English Channels included. Bundled with internet. |
| Household Help | US$120 | US$15 per day, twice a week. Depending on your needs, private arrangements can be made. |
| Entertainment | US$252 | Eating out twice a week at a mid-range, local restaurant: US$160 (US$20 per meal). Puerto has limited restaurant options. Local drinks twice a week at a nearby watering hole: US$32 (US$1 per local beer). Finding mixed drinks is challenging in Puerto. Puerto does not have a movie theater, but there are options such as the local swimming pool, softball and soccer leagues, and a bowling lane. US$30 per person for other activities. |
| Groceries | US$600 | Depends on how many imported goods you buy. |
| Gym Membership | – | Puerto doesn’t have a gym. |
| Medical Appointment | US$5 | For a private consult at a clinic. |
| TOTAL | US$1,201 | Not including property taxes. |
| Expense | Monthly Costs | Notes |
|---|---|---|
| Rent | US$500 | Rental properties are limited. |
| Transportation | US$30 | Monthly gas for a private car. |
| Gas | US$6 | A tank of cooking gas will generally last longer than one month. |
| Electricity | US$100 | Using A/C at night. |
| Water | US$9 | If you are over 65 your bill is reduced to US$3. |
| Cell Phone | US$5 | Minimum. There’s no need to buy a plan as you can purchase calling cards. |
| Internet | US$74 | 1,000 Mbps and 2 cable boxes. |
| Cable TV | – | English channels included. Bundled with internet. |
| Household Help | US$120 | US$15 per day, twice a week. Depending on your needs, private arrangements can be made. |
| Entertainment | US$252 | Eating out twice a week at a mid-range, local restaurant: US$160 (US$20 per meal). Puerto has limited restaurant options. Local drinks twice a week at a nearby watering hole: US$32 (US$1 per local beer). Finding mixed drinks is challenging in Puerto. Puerto does not have a movie theater, but there are options such as the local swimming pool, softball and soccer leagues, and a bowling lane. US$30 per person for other activities. |
| Groceries | US$600 | Depends on how many imported goods you buy. |
| Gym Membership | – | Puerto doesn’t have a gym. |
| Medical Appointment | US$5 | For a private consult at a clinic. |
| TOTAL | US$1,701 |
| Expense | Monthly Costs | Notes |
|---|---|---|
| Rent | US$200 | Cheaper options are available but are generally unfurnished. |
| Transportation | US$5 | It’s possible to walk most places in Puerto. Taxis cost about 65 cents a ride. |
| Gas | US$6 | A tank of cooking gas will generally last longer than one month. |
| Electricity | US$20 | Frequent use of A/C will increase cost. |
| Water | US$9 | If you are over 65 your bill is reduced to US$3. |
| Cell Phone | US$5 | Minimum. There’s no need to buy a plan as you can purchase calling cards. |
| Internet | US$30 | Basic fiber optic internet. |
| Cable TV | US$20 | Basic plan. |
| Entertainment | US$60 | Eating out twice a week at a local fonda: (US$7.50 per meal). |
| Groceries | US$300 | All local-brand items only, shopping at markets and grocery stores. |
| TOTAL | US$655 |
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