Rated one of the best places to retire cheap, Panama is my next stop! Before I go, here’s the exhaustive pre trip planning guide. Consistently ranked as one of the best places to retire cheap, Panama keeps coming up on the list for people who are considering the snow bird life.
- 180 day no visa needed. That’s fantastic! No need for visa runs. Flying or doing visa runs can definitely eat into your monthly budget.
- Accommodations: $16 a night through hostel world. I always recommend booking for a few days then making long term plans from there. Airbnb also has several options. If you book Airbnb use my code to get a few nights free stay. https://www.airbnb.ca/c/samsonc17
- Cheap to fly to. $600 return from Canada.
- Cost of living? According to Numbeo, Panama has one of the lowest cost of living in the world.
- Cost of fun? Gyms are $50-$80 a month here. Why are gyms so expensive in developing nations? Here’s a great article http://pty.life/favorite-gyms-panama/
- English speaking? English is a second language here, and prevalent in tourist areas. I’ll give you a full report when I land.
- Healthcare? After landing in Tocumen International Airport go to the tourist information center and grab a user health card. The insurance policy will cover accidental death (up to $20,000 dollars), hospitalization and medical expenses for injuries due to accidents or in case of contracting a disease in Panama (up to $7,000 dollars), expenses for dental emergency (up to $ 2,000 dollars), administrative legal assistance by accident (up to $ 3,500), and lost or stolen documents, among others.
- Cost to fly around there to other places? After Panama I’ll be flying to Bogota. Cost $244. Without the need to fly out monthly for visa purposes, this is cheaper than monthly runs in Asia.
I’ll be off to Panama in a few months and will fill you all in on the nitty gritty when I get there. I hope this article helped you with your quest of finding the best country to retire cheap. Scroll to the bottom of the page for more tips and articles on finding the cheapest places to retire. And if you liked the article, please share on social media (I’d love it if you did!)