The people who live in Panama City come from all over the world, many with ancestors who helped build the canal in the early 1900s. We’ve met people from Europe, Asia, South America, Australia, Canada, and the U.S., retirees and some who work for international organizations.
About 80% of Panama’s economy is based on its services sector, which includes the Panama Canal, the financial industry, tourism, and the Colón Free Trade Zone. Manufacturing and agriculture make up the remainder.
Within months of arriving, David was let go from his job in the U.S. It was the second time in two years from the same employer, so while it was a setback, it wasn’t a complete surprise. And, with most of our retirement savings tied to the markets, we’ve had to be extra cautious with our spending this year.
In June, David started up his own recruiting business that has really taken off, which requires only a telephone, internet connection, and 20 years experience in the hospitality industry.
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| Working from home |
We don’t regret spending our first year in Panama City. It’s more expensive than other parts of the country, but had easy access to our law firm and government offices. We’ve used this year to obtain our permanent residency visas, national ID cards, and driver’s licenses.
Setting up a bank account is far more difficult in Panama than in the U.S. Our immigration attorney helped us open an account, which requires documentation and a personal reference in Panama. We chose Banistmo—one of the largest banks—which offers a sophisticated app for online banking, paying bills, and transferring money, as well as an option for customer and ATM service in English.
Exploring the surrounding countryside without a car is difficult, so in July we bought a used 2019 Toyota Fortuner (4x4 diesel) with the help of a bilingual car broker who handled the bank transaction, registration, and insurance. The lowest-deductible option for insurance came out to less than $1,000 per year. We also got a reloadable Panapass device to pay tolls.
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| Toyota Fortuner in front of F&F Tower |
We discovered the value of a true four-wheel drive vehicle while visiting the Altos de Campana National Park and mountain town of Altos del Maria. For some reason, Waze—our navigation app—directed us onto some seriously remote, steep, unpaved roads for more than 10 km, which our Fortuner handled effortlessly.
Our truck is good for local excursions too, such as driving out to the Causeway Islands—four small islands (Culebra, Perico, Flamenco, and Naos) near the city accessible over the scenic Amador Causeway, a 6 km road and walkway lined with palm trees, built with the rock extracted from the canal.
Hundreds of luxury yachts, sail boats, and fishing trawlers dock at the islands, which also accommodates cruise ships and local ferries. The islands have dozens of restaurants, bars, ice-cream shops, and places to rent bicycles or electric scooters.
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| View from the Amador Causeway |
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