10 Best Places to Retire in Panama

If you are still undecided where to spend your retirement days, our list of best places to retire in Panama may give you some clarity.

Why would Panama be a country for you, you ask? Well, if you are retiring, you may well do it in the country that had been marked as the best retirement destination in 2016 and second best retirement destination in 2017 by International Living. This magazine has been making such lists for a quarter of a century, so you can be sure they know what they are talking about. In order to make their list, the magazine took into consideration multiple factors including the cost of living, infrastructure, lifestyle, difficulty in obtaining residence and much more. In 2017 Panama excelled in all factors, being narrowly beaten by Mexico for the top spot. International Living says that the “ease of living” is what attracts retirees to live here, alongside natural attractions, modern infrastructure, and friendly environment. Being retired in Panama means getting the full package. That was confirmed in the World Happiness Report, which ranked Panama as the 30th happiest country in the world. For comparison, Panama is better ranked than France and Spain.

Health care in Panama is provided by both government and the private sector. Private insurance has a better quality and is a lot cheaper than in the United States. According to WHO, the country spends 8.0% of GDP on health, while the life expectancy is at 78 years on average. Many doctors that work in the country are trained in the United States or Europe, so you can expect a satisfying care, especially in the metropolitan areas. The problem is that the rural areas of the country are often understaffed since physicians prefer being located in bigger cities. There are 1.59 physicians and 1.4 nurses alongside 2.2 hospital beds per 1,000 people.

Security and safety situation isn’t all that great. Crime and Safety report from 2017 for Panama compiled by the United States Overseas Security Advisory Council tells us that there is a significant crime threat in Panama. Although the situation is more favorable compared to other parts of Central America, you should still practice caution. This especially goes for the country’s big cities where the crime rates are the highest. The crimes include shootings, robberies, and theft. Residential burglaries were especially on the rise in 2017. The good thing, however, is that the rates of homicides, armed robberies and petty thefts all went down in 2016 compared to 2016. The shaky safety situation was recognized by the World Economic Forum report which ranked Panama at 79th place compared to other countries in terms of safety and security. If you are looking for a retirement destination that doesn’t have these issues, check out our list of Best Places to Retire in Canada.

In order for us to come up with a list of best places to retire in Panama, we have looked into recommendations from multiple sources including the Huffington Post, US News, Richard Detrich and International Living among others. The places that were recommended the most were then checked for the meal prices in an inexpensive restaurant and for the cost of rent for renting a one bedroom apartment inside and outside the city’s center. We obtained prices from Numbeo and Expatistan while also using contributions from users on various forums. Each place was awarded points for the cost of the meal and rent alongside the hospital to population ratio. The information displayed for the hospital to population ratio tells you (in theory) how many people are assigned to one hospital (taken from Google Maps).  Extra points were given for favorable weather averages. The information about weather averages was taken from World Weather Online and can tell you the highest and lowest monthly averages for temperature, rainy and sunny days in one year. We hope you’ll enjoy the list of best places to retire in Panama.

10. Coronado

IM Score: 8
Rent Cost: $1,425
Meal Cost: $10
Hospital to Population Ratio: –
Temperature: 84/89°F
Rainy Days: 14/31
Sunny Days: 0/8

Coronado has a large community of retirees, but the city has begun attracting younger population as well. The modern infrastructure paired with astonishing beaches even made families with kids find their home here. The rise in the popularity raised the prices as well, so you should expect to have the larger cost of living here than in some other parts of the country.

9. Panama City

IM Score: 9
Rent Cost: $865
Meal Cost: $10
Hospital to Population Ratio: 47,811
Temperature: 84/89°F
Rainy Days: 16/31
Sunny Days: 0/15

If you want to make sure you don’t lack anything you would usually have in the United States, the capital of Panama that ranks 9th on the list of best places to retire in Panama is an obvious choice. Panama City is considered a global city and it sure looks like it. Modern architecture, a large community of expats and amazing tourist offer all account for the fact that Panama City is an attractive destination for anyone and a city you can feel comfortable in. This, however, also had a negative effect on the city’s appeal to retirees. While decade or two ago, you could live comfortably with a small budget, that isn’t the case anymore, since the city is becoming more of a destination for people with a deep pocket.

8. Pedasi

IM Score: 13
Rent Cost: $575
Meal Cost: $7.0
Hospital to Population Ratio: –
Temperature: 86/90°F
Rainy Days: 1/31
Sunny Days: 0/23

This entry on our list of best places to retire in Panama is considered to be equal to what Panama City once was. Pedasi is a small town with close to 3,000 residents, located 4 hours from the capital, and provides its residents and visitors a calm and laid back atmosphere. The city is still developing, but you will find everything you need, starting from grocery stores and banks to recreational centers. According to some sources, Pedasi is really safe, having lower crime rates compared to the other parts of Panama. If you enjoy surfing, note that Pedasi has a growing reputation as a surfer hotspot.

7. El Valle de Anton

IM Score: 22
Rent Cost: $400
Meal Cost: $4.5
Hospital to Population Ratio: 7,602
Temperature: 84/92°F
Rainy Days: 2/31
Sunny Days: 0/27

Slightly larger than Pedasi, El Valle de Anton, the next on the list of best places to retire in Panama, is all about nature. It offers plenty of natural attractions and beautiful landscapes that you will never be tired of enjoying. You will be close to the coast, but not directly on it, since El Valle de Anton is nestled between mountains and forests. The city represents one of the favorite weekend destinations for people across Panama, but the expat and retiree communities are also becoming bigger in the recent years.

6. Boquete

IM Score: 23
Rent Cost: $525
Meal Cost: $4.88
Hospital to Population Ratio: 6,333
Temperature: 69/77°F
Rainy Days: 13/31
Sunny Days: 0/15

In the recent years, Boquete has been attracting large groups of expats and retirees from both the United States and Europe. The city’s metropolitan area has around 19,000 residents, with more than 3,000 of them being foreigners from 30 different countries of the world. If you like diversity and meeting people from different cultures, then you’ll feel like home in Boquete. The appeal of the city includes one of the best offers of cultural attractions in the country and pleasant climate that is cooler than in the other parts of the country.

5. David

IM Score: 24
Rent Cost: $325
Meal Cost: $4.88
Hospital to Population Ratio: 18,107
Temperature: 84/92°F
Rainy Days: 2/31
Sunny Days: 0/27

Located just 40 minutes from the previous entry on our list of best places to retire in Panama, David is a big city that boasts a modern infrastructure but offers significantly lower cost of living compared to Panama City. The city has all the conveniences you may ask from the place you live including modern healthcare facilities, shopping options, and other services.  No matter do you like exploring the forests and wildlife or taking a swim in the Pacific Ocean, David is close to it all.

4. Bocas del Toro

IM Score: 24
Rent Cost: $450
Meal Cost: $4.5
Hospital to Population Ratio: 7,366
Temperature: 85/90°F
Rainy Days: 27/31
Sunny Days: 0/2

We are continuing our list of best places to retire in Panama with this city, that is close to Panama’s border with Costa Rica, and it won’t offer you the modern feel like Panama City for example, but if you are leaning more towards traditional lifestyle, you’ll love Bocas del Toro. The city and the whole province sit partially on the mainland and partly on the group of islands. The housing on the mainland is a cheaper option, but living on one of the smaller islands has its charms. The weather, unfortunately, isn’t so great and you’ll see lots of rain all year round. Also, some islands lack the basic infrastructure like roads, electricity and clean water.

3. Las Tablas

IM Score: 26
Rent Cost: $400
Meal Cost: $5.0
Hospital to Population Ratio: 2,236
Temperature: 86/90°F
Rainy Days: 1/31
Sunny Days: 0/23

This is the city where you will get the least rain and the sunniest days in Panama. And you don’t have to pay much for that luxury. The prices are moderate starting from the basic groceries to utilities. The city’s infrastructure needs more work, but you won’t be in any major discomfort because of that. The word is that the locals are friendly and that there is an established community of expats and retirees that will welcome you with arms wide open.

2. Santa Fe

IM Score: 28
Rent Cost: $475
Meal Cost: $4.08
Hospital to Population Ratio: 1,500
Temperature: 86/90°F
Rainy Days: 14/31
Sunny Days: 0/13

A small city of 3,000 residents, Santa Fe that ranks second on the list of best places to retire in Panama, looks like a perfect destination for people who just want to spend their days exploring the nature, drinking coffee and enjoying the sun. The city has found a perfect blend of tradition and modern values and will offer you the relaxed lifestyle you may badly need after all those years of hard work.

1. Volcan

IM Score: 28
Rent Cost: $375
Meal Cost: $4.0
Hospital to Population Ratio: 12,717
Temperature: 69/77°F
Rainy Days: 13/31
Sunny Days: 0/15

The most affordable option on our list of best places to retire in Panama is also the one we will recommend the last. The reason why Volcan is a perfect retirement destination lies in the fact that you’ll get the ultimate retirement experience and perks of similar destinations like Boquet but for a fraction of the price. Most people don’t know about the beautiful landscapes and peace that Volcan offers, which contributed to its affordability. If you are on a budget (and even if you have plenty on your disposal) Volcan will be the right choice. You’ll just have to hurry, since it is just a question of time before more people find about it.