-- Published: Wednesday, 21 January 2015 | Print | Disqus
By Randy Hilarski
Back in 2010 when I was pondering the thought of giving up my life in the USA to begin an adventure in Panama the first thought that came to mind was, “how much is it going to cost to live in Panama and can I afford it”. For those of you who know me, I was leaving one way or the other, but the thought did cross my mind.
Making the international move can be a nerve fraying decision. I remember multiple times prior to actually leaving for Panama having doubts. I do believe everyone has these thoughts of uncertainty. For those of us that are still working age, it can be even more stressful. Prior to my move I had a position lined up, but I had no idea how much money I was going to make because it was in precious metals sales.
Fast forward to today and everything worked out great. My position in precious metals led me to my former partners and the beginnings of my life as an entrepreneur. Today we have a thriving international business with clients all over the world.
How About You, Can You Afford the International Move?-
For my article I am going to focus on my Panama experience. If you use this infographic you can figure out what your costs would be anywhere in the world. The infographic was made by the team at Expat CPA and the numbers came from Numbeo. The Website Numbeo is a site that crowd sources cost of living indicators across the world.
The numbers on the infographic indicate the relative cost of living of a country relative to the cost of living in New York. If a country like Panama has a CPI of 60, that means it is 40% cheaper to live in Panama than New York.
The 10 Most Expensive Countries to Make the International Move to.-
- New Zealand
The 10 Least Expensive Countries to Make the International Move to.-
What About Making the International Move to Panama?-
I am a big advocate for living in Panama. Today I am a legal resident and if the country stays stable I will begin the process of citizenship in a few years. Panama is not without problems. It seems daily a politician is getting caught for corruption and the US Drug War continues to ravage Central America including Panama.
Whatever your thoughts of Panama and the rest of Central America are, please throw them out the window! You will not understand how life is in this country until you have lived here for a few years. Some expats hide out in their expensive communities and never get to experience life through Panamanian eyes. Come here, visit, make friends and judge for yourself.
We are not wealthy and happily live life like any middle class Panamanian family. The numbers I show you are based on our life. This article should be a great help to those of you who are moving to Panama on a fixed income and for those of you coming here to work.
Our Monthly Costs of Living in Panama.-
- $500 Rent for a 3 Bed 2 Bath Home 76 square meters.
- $300 Groceries.
- $30 Gas and Electric.
- $150 Car Insurance, Gas and Maintenance on a 98 Toyota RAV4.
- $120 Internet Providers x2 and Cable. We need a back-up internet provider.
- $400 Fun
- $1500 Total
These are our overall monthly costs. Sure we go over some months, because we like to take trips around the country, but we live a pretty conservative lifestyle. If we chose to move to more rural parts of the country our costs would drop even further. If you would like to see some in depth numbers of costs in Panama I recommend you go to Numbeo’s Panama page.
I am always open to having a chat with people who are like-minded and would like to make an international move. Feel free to contact me and we can schedule a time to Skype. If you want to follow what is happening in Panama make sure to follow our High Impact Media Group Panama blog.
What Would it Cost You To Make the International Move?-
Infographic by ExpatCpa.net and numbers by Numbeo.com
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-- Published: Wednesday, 21 January 2015 | E-Mail | Print | Source: GoldSeek.com