When planning to move or retire in Panama, you are going to have a ton of questions. Relocating or retiring to another country can be a wonderfully rewarding experience, but it’s not without its hurdles. After all, you’re not only changing where you live, you’re also learning and adapting to a new culture. To help make this process run smoothly, it’s good to do a little research before you move or retire to Panama.
Here are 5 solid tips to help get you on your way:
- Visit Panama before moving or retiring there. With so much to offer, it’s easy to get wrapped up into the excitement of a potential move to Panama. But before you make relocation a reality, we recommend you visit in person for a few weeks first. It will give you a 1st-person look at the real estate available, the weather, the layout of each area you’re interested in moving to, and is a great way of making some important local contacts. Plus, it’s a great excuse to take a fun Panama vacation!
- Consult with a local immigration attorney. Not only should you find a good Panama immigration attorney, you will also need an attorney who knows the real estate market, banking institutions, and local customs when it comes to business and government matters. Do your due diligence, and get some help in the process. This will help save you time and headaches when you do make the commitment to move to or retire in Panama.
- Sign up for Spanish language classes. Even though English is frequently spoken in the business and real estate communities in Panama, taking an active role in learning the local language will give you a big advantage on your move to Panama. It will also open a lot of doors when it comes to social or business events, and in general, make day-to-day life easier. There are a number of Spanish schools in the cities and suburbs that offer light to intensive classes, for people of all skill levels. Look at it as both a great cultural opportunity, and a functional advantage as well
- Set up a Panama Corporation and a Panama bank account. One of the most effective and crucial ways to build a good financial relationship with Panama is to start an offshore corporation and open a Panama bank account. You can set up a number of different accounts via a corporation that will allow you to operate a business, buy real estate, and set up personal credit much easier than you could without it. It’s also a major qualifying feature for the Friendly Nations Visa, and can be done before moving to or retiring in Panama.
- Connect with other expats through online groups or blogs. One great way of easing your transition to move or retire in Panama is to ask advice from people who have made the move before you. There are plenty of expats in Panama that hail from all over the world, and everyone has a unique story to share. You can find groups on Facebook, Yahoo, Google+, and through expat blogs. You can also join many of these groups in person while in Panama, to help set up a support network and make new friends. It’s also a great idea to find groups with connections to local groups as well, so you can get to know the locals while you learn and adapt to their culture.
