Living in Panama – experiences, challenges and what you really need to know

Many people who are considering a Plan B in Panama, real estate in Panama or emigrating to Panama ask themselves an important question:

Is everything really as easy as it is often portrayed?

After many years in Panama, I can say that Panama is an excellent country to live in, invest in and for a personal Plan B. At the same time, many things work differently than in the UK or Europe.

And that is exactly what I would like to talk about openly in this article.

Video: Challenges in Panama

1. Bureaucracy and Processes sometimes take longer

Panama is organised in a much more relaxed manner than many European countries. In practice, this means that some processes take more time.

A good example is opening a bank account, which can take several weeks. Administrative procedures are also often less strictly timed than in the United Kingdom.

However, this does not mean that things do not work – you just need a little more patience.

2. A different Working Culture

One aspect that many Europeans underestimate at first is the different work culture.

In Panama, work processes are often less structured than in the UK. Deadlines are viewed more flexibly, and it is completely normal to occasionally remind employees or partners of tasks.

Personal relationships play a much greater role than in many European countries.

3. Language: Lots of English – but not everywhere

English is spoken relatively widely in Panama City, especially compared to other Latin American countries. English is particularly common in international business, real estate and hotels.

Nevertheless, not everyone speaks English, of course. Spanish is often the most important language, especially in government offices, local service providers and smaller shops.

The good news is that people in Panama are very friendly and helpful. Even if you don’t speak perfect Spanish, many people will try to help you and find a solution.

4. Less public Market Data in the Real Estate Sector

One point is important for investors: the property market in Panama works somewhat differently than in the UK.

There are no central databases with decades of market statistics or extensive historical price series.

This means:

• less publicly available data
• a more project-based market
• local market knowledge is particularly important

Many interested parties first focus on life in the country and later find out about the various investment opportunities.

5. Differences in Mentality

Panama is a Latin American country – and the mentality there is very different from that in Central Europe.

Many things are more relaxed, less formal and more relationship-oriented.

This can take some getting used to for people from Germany at first. However, after a while, many come to appreciate this way of life.

6. Climate and Rainy Season

Panama has a tropical climate with relatively distinct seasons.

Dry season: December to April
Light rainy season: June to mid-September
Heavy rainy season: mid-September to mid-November

Rainfall is often short and intense. Afterwards, the sun often shines again.

Why I deliberately address these points openly

Many people are looking for honest testimonials about life in Panama.

My experience shows that Panama is an exceptionally attractive country to live and invest in – but it works differently than the United Kingdom.

Anyone who is fundamentally considering a Plan B abroad will find interesting opportunities for residence, investment and entrepreneurial activities in Panama.

Living and emigrating to Panama

If you wish to live in Panama for a longer period of time, you will need a residence permit. Panama offers various programmes and visa options for this purpose.

Frequently asked questions about living in Panama

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FRAPAN-Invest

Klaus Happ’s company “FRAPAN-Invest” advises investors who want to invest in real estate in Panama. Furthermore, Klaus Happ will be happy to advise you personally on the subject of “Plan B in Panama”.

The real estate market in Panama is internationally one of the most interesting for investments. We would like to be your trusted local partner and assist you with the initial purchase. Additionally, we can take care of your real estate in Panama in a sustainable way.

Profitable, safe and beautiful:
Investments in Panama