Panama Republic - Help
#61
Re: Panama Republic - Help
I'm all for moving abroad and have lived in C America myself, but you should be really clear on what you're hoping to achieve.
#62
Just Joined
Joined: Jan 2008
Posts: 11
Re: Panama Republic - Help
(Others better versed in Panama please feel free to correct me).
Well, Panama is a nice place, but how well you do there depends on skills and things like that. You will need Spanish, and you should also bear in mind that Panama does not want folks who will take away jobs from locals. If you enter as a pensionado, you need to deposit $200k with bank of Panama for three years to prove you can support yourself.
How well the schooling system compared to Britain needs to be considered. I suspect UK will provide a far better education.
Sounds to me like you are heading out too soon. Most of us do it for retirement - make cash running the rat race of first world employment, then go somewhere nice and cheap to finish our days. :-)
Well, Panama is a nice place, but how well you do there depends on skills and things like that. You will need Spanish, and you should also bear in mind that Panama does not want folks who will take away jobs from locals. If you enter as a pensionado, you need to deposit $200k with bank of Panama for three years to prove you can support yourself.
How well the schooling system compared to Britain needs to be considered. I suspect UK will provide a far better education.
Sounds to me like you are heading out too soon. Most of us do it for retirement - make cash running the rat race of first world employment, then go somewhere nice and cheap to finish our days. :-)
#63
Forum Regular
Joined: Oct 2007
Posts: 31
Re: Panama Republic - Help
No, it's very simple what I want to achieve - a life for myself! I have sole custody all the time of twin 8-year-old boys, Their dad lives in Panama in a huge house with his new wife and her children. I think now is a good time for him to start bonding with them, shall we say. He is amenable to the idea, but I don't know how to physically do it. That's all.
#64
Just Joined
Joined: Jan 2008
Posts: 11
Re: Panama Republic - Help
As long as you have the cash, you can do it. As I understand it, the pensionado can be any age, you just have to lay dow a few hundred grand for a few years. Investment in a reforestation project is another way, it cost more, but has better potential returns (the Bank of Panama does not pay much interest withthe pensionado toute).
Schooling for the kids is something else - I've never seen anything on that. You will need to employ a Panamanian lawyer. The immigration process will cost you a couple of grand.
As long as you have the cash you will be fine. If you do not, you will be making the biggest mistake for yourself and the kids that you could possible make.
Schooling for the kids is something else - I've never seen anything on that. You will need to employ a Panamanian lawyer. The immigration process will cost you a couple of grand.
As long as you have the cash you will be fine. If you do not, you will be making the biggest mistake for yourself and the kids that you could possible make.
#65
Forum Regular
Joined: Oct 2007
Posts: 31
Re: Panama Republic - Help
Thanks - what is a pensionado?
#66
Just Joined
Joined: Jan 2008
Posts: 11
Re: Panama Republic - Help
That's a retiree.
You have to prove income, and either that's an old age pension, which I'm pretty sure you dont get, or the few hundred grand you deposite with the bank of Panama.
You have to prove income, and either that's an old age pension, which I'm pretty sure you dont get, or the few hundred grand you deposite with the bank of Panama.
#67
Re: Panama Republic - Help
I think that unless you meet their immigration requirements you will have a big problem staying there legally. Your children can be supported by their father to a degree but as you said above he is now married/living with somebody again and has other legal obligations. Also the fact that he is married again will not benefit you in any way.
Contarary to popular belief latin american countries do not have lax emigration procedures and one has to have a sizeable bank account deposited within the country, a regular proven monthly income, in some case buying a property helps or to buy a business that eploys locals etc..........of course the easiest option by far is marriage to a resident of that country.
Your best option if you have the time and money, is to go for an extended trip there and rent, I would imagine the 90 day rule applies in Panama for EU residents etc once there you can properly explore your options etc.
Contarary to popular belief latin american countries do not have lax emigration procedures and one has to have a sizeable bank account deposited within the country, a regular proven monthly income, in some case buying a property helps or to buy a business that eploys locals etc..........of course the easiest option by far is marriage to a resident of that country.
Your best option if you have the time and money, is to go for an extended trip there and rent, I would imagine the 90 day rule applies in Panama for EU residents etc once there you can properly explore your options etc.
#68
Just Joined
Joined: Jun 2009
Posts: 12
Re: Panama Republic - Help
Somebody already posted a link to the gun law page of this site earlier, but it really does have a wealth of information for anybody looking to move to Panama, invest there, move assets there, or anything else: http://www.panamalaw.org/directory_panama.html
As to the climate, well, it is HOT, except in the higher altitudes, such as Volcan. There are a LOT of foreigners that live in Panama City, it is true, and a large amount of the "locals" speak English, though generally the ones with a higher degree of education than the norm. Housing prices are really rising these days, and I would be very careful in any real estate transaction. There is a lot of fraud. In areas like Bocas del Toro, I'd also be really careful. You can't actually own property there--you can just use use it, according to the government. So never use a lawyer that is not from there to buy property--it's extremely risky and often fraudulent. Food can be cheap. The lifestyle is definitely good. However, these days the crime rate is rising. It's really not so different from living in any big city--it's just best to be cautious.
Hope this helped!
As to the climate, well, it is HOT, except in the higher altitudes, such as Volcan. There are a LOT of foreigners that live in Panama City, it is true, and a large amount of the "locals" speak English, though generally the ones with a higher degree of education than the norm. Housing prices are really rising these days, and I would be very careful in any real estate transaction. There is a lot of fraud. In areas like Bocas del Toro, I'd also be really careful. You can't actually own property there--you can just use use it, according to the government. So never use a lawyer that is not from there to buy property--it's extremely risky and often fraudulent. Food can be cheap. The lifestyle is definitely good. However, these days the crime rate is rising. It's really not so different from living in any big city--it's just best to be cautious.
Hope this helped!
#69
Banned
Joined: Sep 2009
Location: Clayton, Panama City, Panama
Posts: 5
Re: Panama Republic - Help
No, it's very simple what I want to achieve - a life for myself! I have sole custody all the time of twin 8-year-old boys, Their dad lives in Panama in a huge house with his new wife and her children. I think now is a good time for him to start bonding with them, shall we say. He is amenable to the idea, but I don't know how to physically do it. That's all.
If not, stay put. There's no safety net here. And without some money, that beautiful tropical weather is not much fun.
Thorwald
(SNIP)
Last edited by Mitzyboy; Sep 19th 2009 at 10:36 pm. Reason: No advertising iin the forums please
#70
Just Joined
Joined: Jan 2009
Location: Boquete, Panama
Posts: 22
Re: Panama Republic - Help
Whoa, I'm sorry guys but I just have to respond to some of the info posted here and if I step on anyone's toes, I apologize in advance.
As a pensionado (retiree) here in Panama you DO NOT need to deposit ANY money in the bank for ANY given period of time to qualify. You need to prove an income - social security, Gov. pension or private pension. At the moment the amount of that pension increased for $800 a month per couple to a little over $1,000 per month. As a Pensionado you may NOT work for someone else but you may run your own business.
As for child/ schooling costs; I'm not qualified to comment on that other than I sponsor a young child here (Boquete, Chiriqui) in a private school. She is 7 years old and with everything included - even extra curricular stuff - it runs about $100 mas o menos a month. Panama City may well be much more expensive.
Spanish; I know Gringos here who have lived here for 4 or 5 years and still don't speak a word of Spanish and they get by pretty well. Having said that, why would you NOT embrace the opportunity to learn a new language (and few local customs while you're at it)?
Downside? yes, land is not as cheap as it was a few years ago but if you "connect" and take your time you can still find some good deals. Other downside? too many Gringos (just kidding)
Upsides? Very affordable lifestyle, very affordable health care - I just had an ultrasound done for $50 and they volunteered to give me a $5 "pensionado" discount. I also had a $5 blood test done.
I'm sorry to come on a little heavy handed with this post but I wonder why people post information when they obviously don't have first hand experience. Panama is a great alternative to what's going on in many other parts of the world. I've been here 7 years now and I'm not moving.
que tengan un buen dia.
As a pensionado (retiree) here in Panama you DO NOT need to deposit ANY money in the bank for ANY given period of time to qualify. You need to prove an income - social security, Gov. pension or private pension. At the moment the amount of that pension increased for $800 a month per couple to a little over $1,000 per month. As a Pensionado you may NOT work for someone else but you may run your own business.
As for child/ schooling costs; I'm not qualified to comment on that other than I sponsor a young child here (Boquete, Chiriqui) in a private school. She is 7 years old and with everything included - even extra curricular stuff - it runs about $100 mas o menos a month. Panama City may well be much more expensive.
Spanish; I know Gringos here who have lived here for 4 or 5 years and still don't speak a word of Spanish and they get by pretty well. Having said that, why would you NOT embrace the opportunity to learn a new language (and few local customs while you're at it)?
Downside? yes, land is not as cheap as it was a few years ago but if you "connect" and take your time you can still find some good deals. Other downside? too many Gringos (just kidding)
Upsides? Very affordable lifestyle, very affordable health care - I just had an ultrasound done for $50 and they volunteered to give me a $5 "pensionado" discount. I also had a $5 blood test done.
I'm sorry to come on a little heavy handed with this post but I wonder why people post information when they obviously don't have first hand experience. Panama is a great alternative to what's going on in many other parts of the world. I've been here 7 years now and I'm not moving.
que tengan un buen dia.
#71
Re: Panama Republic - Help
Great reply Dagda, and thank you very much for the updates.
I clicked back to the start of the thread and notice that it started in March 2007.. maybe some of the old stuff is being perpetuated by leaving it in an active thread.
I clicked back to the start of the thread and notice that it started in March 2007.. maybe some of the old stuff is being perpetuated by leaving it in an active thread.
#72
Just Joined
Joined: Feb 2010
Location: Near Toronto, Ontario, Canada
Posts: 17
Re: Panama Republic - Help
Whoa, I'm sorry guys but I just have to respond to some of the info posted here and if I step on anyone's toes, I apologize in advance.
As a pensionado (retiree) here in Panama you DO NOT need to deposit ANY money in the bank for ANY given period of time to qualify. You need to prove an income - social security, Gov. pension or private pension. At the moment the amount of that pension increased for $800 a month per couple to a little over $1,000 per month. As a Pensionado you may NOT work for someone else but you may run your own business.
As for child/ schooling costs; I'm not qualified to comment on that other than I sponsor a young child here (Boquete, Chiriqui) in a private school. She is 7 years old and with everything included - even extra curricular stuff - it runs about $100 mas o menos a month. Panama City may well be much more expensive.
Spanish; I know Gringos here who have lived here for 4 or 5 years and still don't speak a word of Spanish and they get by pretty well. Having said that, why would you NOT embrace the opportunity to learn a new language (and few local customs while you're at it)?
Downside? yes, land is not as cheap as it was a few years ago but if you "connect" and take your time you can still find some good deals. Other downside? too many Gringos (just kidding)
Upsides? Very affordable lifestyle, very affordable health care - I just had an ultrasound done for $50 and they volunteered to give me a $5 "pensionado" discount. I also had a $5 blood test done.
I'm sorry to come on a little heavy handed with this post but I wonder why people post information when they obviously don't have first hand experience. Panama is a great alternative to what's going on in many other parts of the world. I've been here 7 years now and I'm not moving.
que tengan un buen dia.
As a pensionado (retiree) here in Panama you DO NOT need to deposit ANY money in the bank for ANY given period of time to qualify. You need to prove an income - social security, Gov. pension or private pension. At the moment the amount of that pension increased for $800 a month per couple to a little over $1,000 per month. As a Pensionado you may NOT work for someone else but you may run your own business.
As for child/ schooling costs; I'm not qualified to comment on that other than I sponsor a young child here (Boquete, Chiriqui) in a private school. She is 7 years old and with everything included - even extra curricular stuff - it runs about $100 mas o menos a month. Panama City may well be much more expensive.
Spanish; I know Gringos here who have lived here for 4 or 5 years and still don't speak a word of Spanish and they get by pretty well. Having said that, why would you NOT embrace the opportunity to learn a new language (and few local customs while you're at it)?
Downside? yes, land is not as cheap as it was a few years ago but if you "connect" and take your time you can still find some good deals. Other downside? too many Gringos (just kidding)
Upsides? Very affordable lifestyle, very affordable health care - I just had an ultrasound done for $50 and they volunteered to give me a $5 "pensionado" discount. I also had a $5 blood test done.
I'm sorry to come on a little heavy handed with this post but I wonder why people post information when they obviously don't have first hand experience. Panama is a great alternative to what's going on in many other parts of the world. I've been here 7 years now and I'm not moving.
que tengan un buen dia.