Topic
Living in Panama
The practical side of settling in Panama: banking and currency, health insurance, household goods, driver's license and retiree benefits.
- 5 procedure guides
- 13 guides
- Backed by Panamanian lawyers
In short
Living in Panama as a foreigner is about more than residency: opening an account at a Panamanian bank, bringing your belongings, understanding a dollar-based economy and knowing the benefits the law grants, for example, to retirees. Here we cover the practical side, with its legal implications.
What should you sort out when you settle in?
- The whole process in order: the relocation checklist; for Americans, moving to Panama from the US.
- Your budget: check the cost of living by area.
- Residency: choose your option in Immigration and citizenship.
- The area: compare the capital, the mountains, the beach and the islands in where to live in Panama.
- Your bank account: banks apply strict due diligence; we explain how to open one.
- Healthcare: the Social Security Fund covers people who pay contributions, so many foreigners need private health insurance.
- Your pets: dogs, cats and ferrets need an animal health certificate and vaccines (see bringing your pet).
- Your belongings: pensionados can import their household goods with a tax exemption.
- Retiree benefits: discounts set by law on transportation, healthcare and leisure.
- Taxes: Panama has a territorial system, but your home country may still tax your income.
- Your pension, if it is paid by your home country: see how to keep receiving it in Panama.
Frequently asked questions
What currency is used in Panama?
The US dollar, which circulates alongside the balboa, Panama's own currency, at the same value. We explain it in Panama's currency.
Do I need to speak Spanish to live in Panama?
Spanish is the official language and the one used in government procedures: foreign documents must be submitted in Spanish or with an official translation. In the capital and in areas with many foreign residents, services in English are common.
Is it safe to live in Panama?
As in any country, it depends a lot on the area. Before choosing where to live, check your country's travel advice and, if you can, spend some time in the area you are considering (see is it safe to live in Panama?).
What do terms like «paz y salvo» or «cédula E» mean?
We explain them all in the glossary of procedures.
Procedure guides
Procedure guide
Bank Reference Letter for Procedures in Panama
What the bank reference letter Panama's Immigration and banks ask for is, what «medium four figures» means, how long it is valid and how to legalize it.
Read the guideProcedure guide
Bringing Your Pet to Panama: Dogs, Cats and Ferrets
Requirements for entering Panama with a dog, cat or ferret: apostilled health certificate, vaccines, advance notice, airport inspection and costs.
Read the guideProcedure guide
Declaring Cash When Entering or Leaving Panama
When you must declare cash and other monetary instruments at Panama's border, how to fill in the traveler's sworn declaration and what happens if you don't.
Read the guideProcedure guide
Panama Driver's License for Foreigners: Converting Your License
How long you can drive in Panama on a foreign license and how to convert it at Sertracen once you are a resident: requirements, steps and cost.
Read the guideProcedure guide
Importing Household Goods to Panama
How to bring your belongings to Panama with the pensionado tax exemption: requirements, documents and customs steps.
Read the guide
Guides
Guide
Cost of Living in Panama: Expenses to Plan For
Cost of living in Panama for foreigners: housing, health insurance, electricity, transportation, food, schools and taxes, and how it changes by area.
Read the guideGuide
Panama's Currency: The Balboa and the US Dollar
What currency is used in Panama, why the balboa and the US dollar circulate together and what a dollarized economy means for your income, savings and transfers.
Read the guideGlossary
Glossary of Panamanian Legal Terms and Procedures
What the Spanish terms in Panama's procedures mean: cédula E, paz y salvo, RUC, NIT, apostille, registered agent, possessory rights and more.
Read the guideGuide
Health Insurance and the Social Security Fund (CSS) for Foreigners in Panama
Who is covered by Panama's Social Security Fund, what options a foreigner who does not pay contributions has and what to check before buying health insurance.
Read the guideGuide
Living in Boquete, Panama: A Legal Guide for Expats
What expats should know before moving to or buying in Boquete, Panama: residency, homes and rural land, water rights, healthcare in David and daily life.
Read the guideGuide
Living in Coronado, Panama: What Expats Should Know
What expats should know before moving to or buying in Coronado, Panama: residency, condominiums and gated communities, public beaches and rentals.
Read the guideGuide
Moving to Panama from the US: A Legal Guide for Americans
What Americans need to know before moving to Panama: residency, documents from the US, US taxes and FBAR, Social Security, Medicare, banking and driving.
Read the guideGuide
Opening a Bank Account in Panama as a Foreigner
Which documents Panamanian banks ask foreigners for, what due diligence involves and what to consider before opening an account.
Read the guideGuide
Receiving Your Foreign Pension While Living in Panama
How to keep receiving your home-country pension in Panama: where to receive it, proof of life, social security agreements, taxes and the Pensionado Visa.
Read the guideGuide
Relocating to Panama: A Step-by-Step Checklist
A step-by-step checklist to relocate to Panama legally: choose your residency, prepare documents, file with a lawyer, then banking, housing and health.
Read the guideGuide
Retiree Benefits and Discounts in Panama
Which discounts and benefits Panamanian law grants to resident retirees and pensioners, and how to access them.
Read the guideGuide
Is It Safe to Live in Panama? What You Should Know
What safety is like in Panama for people moving there, which areas need more caution, how to act in a crime or emergency and what natural risks exist.
Read the guideGuide
Where to Live in Panama: Boquete, Coronado, El Valle and Bocas del Toro
Where foreigners live in Panama: Panama City, Boquete, Coronado, El Valle and Bocas del Toro, and what to check before renting or buying in each area.
Read the guide