living in Panama - Can we live with Au$3000/month ?

Hello silvabond

Welcome to Expat.com

So as to have an idea of the cost of living in Panama, I invite you to check out the threads in our Cost of Living in Panama forum.

Regards
Kenjee
Expat.com Team

Where in Panama? Panama City is more expensive, and you will also pay more in areas with lots of expats. I would say though that this is plenty of money for most people in most areas. blog.thepanamaadventure.com/3-the-cost-of-living-in-panama/.  We have written about our living expenses in David, and will probably do another report next month.

silvabond wrote:

I'm an australian artist thinking of retiring in Panama. My partner and I would live on our social security pensions and I have some savings to buy or build a house. I don't deal well with the humidity so I think we will head for the mountains. How realistic is it for us to live on say Au $3000/month? And I'd love to hear from other ex-patriots who've made the move......what's it like living there?

I did a rough calculation of our regular expenses. We live in a gated, secure mountain community with clean, well maintained streets (underground utilities, too), a hotel, restaurant and clubhouse (soon to have a spa, also), tennis court and pin neat houses and yards all in the 250K to 500K price range. We rent. It is probably one of the best communities in our province, which is Chiriqui. Including rent, food, twice a week maid (who is well paid by local standards), twice a month gardener, gasoline, electricity and internet, food (including a generous allotment for local and high end liquor), cigars (we share one a day, Panamanian--the best in the world @ $2 a pop) and frequent dining out (at least twice a week--a lunch and a dinner) and any other entertainment we can find. (There are occasional cultural things here--a jazz festival, plays, etc.). These expenses rarely exceed $3000 a month (that's U.S.) unless we spring for a weekend in the city or at one of the nearby beach resorts. We eat like kings. Fresh seafood is abundant and very cheap. The only beef we eat is the tenderloin as the local beef is quite tough. So we pay the $18 or so for a whole filet that yields six or seven meals. Poor us. There is a local market that is mostly gringos and offers organic produce (expensive but not nearly as much as it would be in the U.S.), artisanal breads, homemade German sausage, bacon and cheese--the works. Regular produce is embarrassingly cheap.  We lack for nothing. Whole house hot water, washer and dryer, top of the line appliances, A/C in all the bedrooms of our 3000+ square foot home. We drive an old car by choice and our insurance is like a couple hundred a year. Oh, and yes, we do live in an area full of expats. Wouldn't have it any other way even though we resisted for years as we didn't want to 'join the country club set'. We're hard headed and it takes us a while to come to our senses. We wake up in the morning and just thank God over and over again. So that's an answer from one spoiled and completely un-frugal American expat. If you are comfortable living outside a secure community, you can knock at least $600 off that budget, maybe more. If you pay cash for your home, obviously even more. We're paying for the security and the serenity and we're grateful for it. We lived in Panamanian neighborhoods for nearly ten years. To us, peace and quiet, no bars on the windows, no dogs running free, no roosters and neighbors (including many Panamanian professionals) who share our community values is worth it. My two cents. BTW, it is still quite humid in the rainy season, even in the mountains. It just doesn't feel like you're living in a steam bath. You'll probably want a dehumidifier or two.

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Hi Lleuth, my wife and I move to Panama in August 2014.  We have leased a house for one year in Boquete, but plan to move after our lease ends in September next year.  I would like to know more about the gated community where you live.  You may contact me at my email address strkerinpanama@gmail.com.  Hope to hear from you soon.

Strker