Cost of Living in Panama
Panama has one of the lowest costs of living in all Central and South America. Colombia is cheaper if you don't mind being an occasional kidnap/robbery victim. Actually many legitimate Colombians have moved to Panama and are setting up businesses here. Honduras is cheaper but there is no infrastructure for medical, phones, internet etc. Ecuador has little infrastructure but it sure is cheap. Belize isn't so cheap and has little infrastructure. Costa Rica is not really cheaper and has a serious crime problem plus there are no longer benefits for Expats and you would have to pay income tax on your offshore income like retirement, social security etc in Costa Rica. Mexico has a serious crime problem with drug gangs executing mayors and police chiefs their first day in office and kidnappings are common. It is debatable if Mexico is cheaper than Panama but they do tax offshore income in Mexico so it is probably more expensive for this reason alone and the crime situation makes it hazardous. I am sure you could find some safe areas in rural Mexico but then you have no infrastructure like internet, phones, cell phones, good highways, medical, good water, etc. So that brings us back to Panama which is the only country that seems to have it all - no taxes on offshore income, extremely low crime (lowest crime rate in Latin America), great food (not good, great), very good internet at USA prices, good phones, good cell phones, cable and satellite TV, friendly people, the ability to buy just about anything you can buy in the USA probably for the same price or less, many consumer goods at a fraction of the USA prices, nice climate, 2.5 hours by plane to Miami and so forth.
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Related Tags: money, business, panama, panama banking, offshore real estate, offshore banking, legal
The author is a researcher, with years of experience in finances and real estate.
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