The cost of living in Panama for foreigners. You can easily live comfortably with $2,000 or $1,500 a month in most places in Panama. A great advantage is that Panama has the US dollar as its currency, this mean you don’t need to calculate how much you are expending. The dollar in Panama contributes to the low inflation rate and its status as the most stable economy in Latin America.Restaurants
Eating in Panama at a low price restaurant can be done for less than $7 per person, while a 3 course meal for 2 people at a more expensive restaurant can be bought around $35. Meals in fast food restaurants are cheaper than they are in the UK or the USA.
Buying soft drinks like natural juices or alcoholic drinks is much cheaper than in other countries for less than $2. Example, a bottle of red wine good quality in Panama is around $10 or an imported beer is less than $1.90. When buying groceries you have many cheaper options, the cost of the milk for 1 litre is around $2, a loaf of bread is less than $2, and 2 liters of Coca-Cola is $2.50, which is below cost in the USA.
Panama has the best shopping centers in Latin America. Starting with the supermarkets: Riba Smith and El Rey, everything you would find in an American supermarket but at lower prices. And four major shopping malls: Multiplaza in Punta Pacifica, Albrook Mall, Multicentro on Avenida Balboa and Metro Mall near the international airport.
For less than $250 you can cover the cost of electricity, water, and internet. High-speed internet access is better than in the USA. Phone service and other basic services are also cheaper than the USA, example a cell phone data plan is only about $30 per month.
A monthly rent for 100 m2 furnished in an expensive area could be from $900 to $1500, and in a normal area around $600 to $900. City rents are cheaper than places such as New York and London.
A taxi trip cost around $2 and a monthly ticket for the local bus system or subway will only be around $15. In a business day, a taxi trip could cost around $15.
Families with children will find excellent private schools to choose from. Most foreign capitals have just one American accredited school, but Panama has three: The International School of Panama, Balboa Academy and the Metropolitan.
Financial Services Sector
Panama has a strong financial services sector, you will find ATM machines providing access to your USA account. You will find in Panama City a sophisticated banking sector with over a hundred banks. If you are looking for offshore activities there are many specialists who can provide personal or corporate services.
The health insurance and health care are inexpensive and is high quality. You may find English speaking trained doctors and dentists. Several hospitals are equipped with the latest in diagnostic testing and services. Prescriptions and over-the-counter medication are cheap. Full coverage health insurance policies are very reasonably priced for any age, as low as $250 for a couple.