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I agree that Panama and Costa Rica, then probably Mexico or Portugal, would be the best choices if I was interested in living abroad. But my wife and I just retired and decided to stay right here in rural Tennessee. Other than health care costs, it beats out all the choices for living abroad I have seen. We continue to live in our medium sized 3 bedroom ranch, with great utility costs, close to friends and family, convenient to shopping and entertainment, and while we do not live "rich" we certainly live quite comfortably, able to afford several trips a year and not just eke by. My advice to people in their 40s is to figure out where they would like to retire to, and then get themselves a paid for house there ASAP. Makes all the difference in the world.
@@dannyv2468va2 I agree with you. For us, that’s near our kids, grandkids, family, long term friends, church, in other words, right here. Between the above, that’s getting together 5-6 times per week. I have zero desire to golf. I have great desire to continue doing what we are already doing. It gives me joy.
I completely agree with you. I've seen couples who have retired to remote places, and then one of them dies or gets very ill. Then what? It makes no sense to me.
Excellent video. My Dad is thinking about living abroad and the top things he considers is health care and crime, esp given the soaring crime rate and medical/dental costs in the USA now.
I spent a week in Panama last year and I loved it. It was a tour for people wanting to retire there. Very informative, no sales pitch. I have to wait a few years before I can qualify for the Pensionado visa. Lots of expats there. I watched all the videos of people that went there on the YT channel panama relocation tours.
Nice objective presentation. I’m a retired expat from the US living in Phuket Thailand. Lifestyle is so much better for older expats than in the West provided you go easy on the bar scene.
@Sir Charles Sinderhorn I have been following Paddy Doyle on his motocycle journey across Thailand and that country looks like it would be a paradise to retire in
@@sirgalahad1470 I agree, it is. It’s easy on the wallet and eye but you must avoid thinking it should be more like the west. Accept and adapt and then life is easy. Thais avoid stressing about the future and live in the moment. Perfect state of mind too for retirees.
@@sirgalahad1470 : Though Thailand is fascinating, I think it's a good idea to read different vlogs on that country (especially the ones discussing the latest changes made in the laws affecting expats). Apparently, it's not exactly paradise, nor hell, but perhaps something in between, if you are able to adapt.
Regarding climate in Panama -- the Boquete region is the highlands of Panama. There you have the 'eternal spring climate' compared to the tropical/humid climate of most of the country. The Boquete area is a very popular destination for retirees.
A relative moved to Portugal a few years ago for retirement. So far, so good. They bought a house, and working on the language. Me? I'll stay here. Good video topic Geoff.
This was Geoff’s typical video…..WONDERFUL! Great info, well presented. Thanks for turning us on to International Living. Seems to be a good resource. Evan for us looking to stay 3-6 weeks at a time in various counties, this might be the perfect travel guide. All the best in 2022, Sir!
I spent a year (2019) in Chiang Mai, Thailand. I lived incredibly well on my late husband's IRA dividiends of $1100 per month. I plan to become a digital nomad. I loved SE Asia, very easy to travel to different countries. Full on internet and modern malls in every medium sized city. I also have friends who live in Albania (hop and a jump from Italy). Don't even need a visa to visit, roughly same cost as Thailand.
Yet another plus point of Albania -- US citizens get a visa good for 365 days (yes, one whole year). To renew the visa, just leave the country on a weekend visa run and you get another 365 days.
Thank you for mentioning Albania...I don't see anything on UA-cam about Albania as an alternative to S.E. Asia or Central American countries. What is the English language like by most people under 40 there? Health care costs?
Hi, great video. I am from Panama! A country that offers a bit for everyone! You do have to do your homework! More than happy to answer any questions you may have!
I am considering Panama for future residence. I am 65, financially stable, and do not want to be around a lot of folks! What part do you suggest for me to investigate? Thanks!!!
My informal business partner (General Manager of my main supplier) lived in Burbank, California up until about 2016. He and his wife had two choices, in his view: continue to work for the rest of his life and barely get by living in Burbank, or he could retire at age 60, living in Panama. It's now nearly 6 years later and I get a couple letters per year from him. They all say the same thing: he doesn't live like a king (he didn't have that much money), but he lives happy days 365/days a year, enjoying life and for the most part, doing whatever he wishes, and it beats the hell out of working 48 hours a week in Burbank, HOPING it will be enough to not go under, living in the highest taxed part of the USA. He spends some busy time volunteering for his Church, helping the less fortunate out locally. He golfs. He wanders beaches with a metal detector. He reads. Or he could struggle at a stress-filled job in Burbank 48 hours a week...
Wow, write letters eh? So nostalgic! As a family, my mom would read out the letters that came from abroad from our relatives, those were great moments!
Why I watch. This production clearly shows why many of your kith and kin so enjoy your productions, .Stated simply, you're a caring human who likes to help his fellow. Dig your stuff. and thank you for spending your time with us. Reagrads.
Good points. Then again, Colombia is #5 on the International Living list, and we have family in Colombia but not in Panama. So, for us, Colombia goes to the top of the list.
Most expats are not relying on International Living. They see things with rose colored glasses. The best source is the FB expat groups where you want to go. You'll find a lot of information from both sides.
We lived as temporary retirees in Panama (6 months) , Costa Rica (6 months) and Mexico (2 years) We loved all three countries, but my favorite was Mexico. Honestly, least favorite was Panama. Especially Boguete. It felt cold and damp. To me anyway. Plus, they make you quarantine your pets. International living is far more user friendly than people would imagine though.
@@TreesOnTheBeach i had a significant injury. I had to come back temporarily. Yes I go back. And im sure some people left Ecuador for Panama. I believe Panama has more modern conveniences, a mailing system, and one stop return to the USA. There are perks. But as I mentioned some people have different priorities. Cost and crime, and for some I am hearing, too many Expats.
Geoff - Thank you for taking the time to help us learn more about finances in retirement, as well as for providing the information in such an organized way. Will you consider adding an index or video chapters in the description so we can quickly access various sections of the video? Thank you for considering this and I wish you well.
My girlfriend and I will be retiring soon enough. We spent 3 weeks in Panama in Feb '23. We really liked the country and want to take another look down the road. Several others we met were doing the same and some have committed to moving there. Panama Relocation Tours have lots of helpful information and videos on YT.
I am retiring in 2 months and just bought an AirBnB on the beach in Nicaragua. I am not sure I will be full time expat. But I will be able to at least sample the culture for long periods of time, and make an income, while figuring out where I will land in retirement.
Thanks for the interesting statistics. We looked at Costa Rica and there was a little too much crime for our liking. We have watched a ton of videos on panama and are taking a tour in January 2024. We fully intend to move when I hit 62 and get pensionado visas. I just cant take the US any longer!!! Thank you for all your insight into this and your financial advice.
Excellent content. The media is overwhelmed with worthless misinformation ranking best places to live based on gibberish. It’s refreshing to see organized and well thought out content ranking potential expat communities around the world.
An interesting presentation. I retired to Panama 22 years ago and even became a Panamanian citizen. I do think Panama is a good choice. There are other good choices as welk. I favour Latin Americsn countries becsuse I like the tropics and I am fluent in Spsnish. Panama uses rhe USD for their currency which also helps. Panama is pretty diverse so there are many different kinds of places from which to choose depending on your preferences.
@@daleboris-kane313 The dual citizenship question is interesting. When I became a Panamanian citizen I had to renounce my American citizenship. But only to the Panamanian government. I was not required to formally renounce my American citizenship to an officer at the US Consulate. So I still have my American citizenship. Actually it is difficult to lose your American citizenship and it will cost you $2350 to formally renounce it. If you don't pay up then you can't get rid of your American citizenship even if you want to renounce it. The Panamanian government considers me to be only a Panamanian citizen and not an American citizen. To enter Panama I have to use my Panamanian passport. When I enter the US I have to use my American passport. I think the US is somewhat similar to Panama in the way they look at a second citizenship. The US allows you to have as many citizenships as you please but only recognizes that you are an American citizen. My conclusion to my situation is that when I am in Panama I am only a Panamanian citizen. When I am in the USA I am only an American citizen. When I enter a third country I can use either my American or Panamanian passport. It is my choice. I became a Panamanian citizen in 2013. I was born in the US.
I am a U.S. expat. I live and own properties in Costa Rica and Panama. Lower taxes, higher standard of living, stable governments, low crime, great weather and the ability to excise Life, Liberty and the Pursuit of Happiness!
Military Man 71, I'm a 70 year old veteran and considering a move to panama. My question is are military benefits (Health) effected or reduced by moving from the states?
@@tmwamp6204 Great question. If you have service-connected disabilities, you can register online with the VA Foreign Medical Program, and use it abroad. Also, there is Tricare Overseas for military retirees. In addition, if you become a resident of Costa Rica or Panama, you can enroll in their national health care systems. I chose to enroll in Medicare, when I travel in the U.S., or I could use a VA hospital free of charge.
@@Rollercoaster555 No jab required Costa Rica, but you have to buy health insurance while visiting, or you become a resident with national healthcare. Yes, you can have VA check deposited into foreign bank. I have two U.S. bank accounts, I bring checking checks, and deposit them into my foreign banks which doesn't cost anything.
My husband and I are moving to Ecuador is 2026. Housing and healthcare are main reasons driving this move. We are excited though and wish we could leave sooner. We are working so diligently to save enough to afford a reasonably comfortable retirement. We still have to watch every penny . We even considered Thailand or Serbia. But the former is too hot and latter has snow.
For me they all sound good but leaving all my friends and family at this point in my life is a no go. Maybe for a couple of months but certainly not year round. People and friendships are very important to me. Not cheap living.
I can relate to the huge downside of leaving friends and family. That might be enough to dissuade me as well. However I feel compelled to point out that he _hardly_ touted cheap living; in fact he went out of his way to say there are all those other important factors. The question I have for myself is whether or not they'd outweigh rarely seeing loved ones.
Currently living in Panama. Healthcare is good in Panama City outside is suspect as the facilities tend to be public rather than private. Note if you go private they will want big deposits before they admit you if you don’t have insurance. Drugs prices are high. They seemed to have followed the US model. Equally not all drugs are available. If you want health insurance that will cover you globally you will pay for it. Currently spend $9200 per year with a $10,000 deductible. There are less expensive options but if you want coverage in the US it will cost you. Mountain climates are preferred to Panama City which is stinking hot during the day. Though the city comes alive at night. Great restaurants in PC due to the canal and cultural cross roads. Boquete is a North American ghetto great if that is what you want but you don’t get to experience the culture as they become very insular as they want to emulate the North American experience. Biggest benefit is discounts on airfares and connectivity to Europe and Latin America. Utilities cable internet etc are no great bargain if you want the full enchilada. Taxes are another issue that was not discussed. Panama only taxes on locally sourced income which is great. The best analogy I can think of is it is like moving to Florida without having to be in Florida. By and large good place to be short term (5-10 years) if you can get out when the rainy season gets to you.
It sounds pretty good but I read that Panama can be more dangerous than the U.S. Is this true in your experience? Safety is number one on my list followed closely by reliable, fast internet. 😊
@@infiad1275 I’ve never experienced a problem with safety. They don’t have the gun culture here which is a bonus. But like anything knowing where to go and not go is always important. There are parts of all American cities that are no go. Same in Panama. Safety is a relative term as well. It’s like reviews, unless you know the reviewer I personally think they are all crap. Just opinions without knowing one’s likes and dislikes. As for internet cable and wireless has been stringing 1gb fiber throughout the country. Tigo, the national cable operator is good as well. I have 400mb which is 25 times what I can get in rural America and I’m in rural Panama so no complaints there. I will say that there are service outages on occasion due to weather (high winds and rain) or scheduled maintenance but never longer than 5 hours. The mobile networks are insulated from the fixed line networks so you can always tether your device. Oh and one other thing that never seems to come up. You can drink water out of the tap here unlike a lot of other central and South American countries.
@@kurtschoenkopf8734 I can't tell you how good that is to hear. I guess I just did. Panama just moved to the top of my list. I really appreciate your informative reply.
Why are you lying Kurt about Health and Boquete is like USA Guetto like Kessington, PA or Detroit? Can not believe you are living in Panama, any place in Panama
Great video once again Jeff. And I too started my investigations of offshore retirement with a subscription to International Living. But today there are many expat groups on social media to get boots on the ground info. So don’t neglect free sources of great info, plus potential contacts once moved. 👍
I lived in Panama for two years. I liked it but it rains almost every day and very hot and humid. There are limited resources and you can’t just cant pop downtown and get it. Don’t even get me started with the crazy drivers that put New York cabbies to shame. Things do cost less but selection is limited. If you want to live there, I suggest you try it for a few months.
We went on a Panama Canal cruise a few years ago, and while traveling through the canal this was the most oppressive humid heat I ever experienced in my life and I have traveled to lots of hot places. Definitely consider your heat tolerance especially if you are coming from a cold climate.
Check with local expat FB groups to get the real lay of the land. Many expats in Panama are leaving and moving to other Latin countries. The raise in prices and the crime that is developing is causing them to move.
Facebook groups are a hugely useful for expats. Retirees never learn about this! Search for "country name expat" or "big city name expat". Once you subscribe to one, FB will suggest others.
I love international living! The one country that they recommend quite often Portugal from what I've read and seen on their website and emails that is where I would love to retire to
Great video… I read many of the comments below. As for my wife and me, I’ve served for 37 years in the Marine Corps and have moved with my family around the world, including Central America. While they’re beautiful countries and the people are great, I’m happy to be living in the good old USA.👍🏽🇺🇸 we are also close to our three daughters and hopefully future grandchildren! We do plan to travel though. Semper Fi!🇺🇸
I think Panama is also a fully dollarized economy, thus does not have its own currency. I think this would add to stability for a smaller economy. I think this makes it a markedly different economic risk than many other countries. It’s a point worth investigating to add to your basis for ranking counties.
@@ES-mc3cc Panama has a very large banking sector and they get a lot of income from ships going through the canal and that won't stop whether the dollar is up or down.
Yes, due to the U.S.' presence in the Canal (until it was handed over by Clinton in '99,) Panama had used the US dollar for its currency for decades. Just a sensible move, insulating them from the volatility most other small nations' currency fluctuations are prone to suffering...
If your country's currency is strong (like US dollar for many year) and the local currency is weak, that's a good thing. Your foreign income goes farther. British and Australian expats have had trouble in Thailand, as the Thai Baht climbed against those currencies.
Panama is great. There are lots of opportunities to join and start bowling leagues and pickle ball leagues. I’m currently the commissioner of our pickle ball and bowling leagues and it’s going great. Weather is warm too.
By most accounts, PR is not cheap despite being underdeveloped. It's an island that produces very little and thus, so many things need to be imported. That's the problem with all islands. It does appear to have limited tax advantages, but I understand they have been exaggerated. Disclosure: I've never been to PR, but I have a smart colleague who is from there fill me in.
For me the tough part of retiring in a foreign country would be giving up Medicare. Not sure if healthcare is provided free by the country or if I'd need to buy health insurance. When I was in Panama it was cloudy and poured rain, like buckets of rain.
it is Seasonal and some people actually enjoy the rainy season . but it is not sunny all the time . from what I`ve heard Health care is Good and very affordable . you could fly back to the states if you ever needed to .
@@TimMaloneyNMactor To be sure, flights back to the US are abundant and short from Panama's one, compact international airport and by default close to everwhere in that tiny nation. It also is a major international airport with flights to just about every major city in the world. At least that was the case back in 2019, pre-pandemic, when I changed planes there. I was amazed at how such a tiny airport could host so much international traffic. In other words, it could be a great place for a globetrotting retiree to use as a base.
@@bernadettesandoval3990 Sadly , it is the only affordable option available . we feel fortunate to at least have that . not having Health Care at any age can be financially devastating , even more so , as we age . His concern is understandable .
Retire in Panama If you are planning to retire in Panama we can help with Panama Residency Visa. Typical processing time is 6 months. We have an expedited service that takes 6 weeks or less.
What a great video! I am thinking on moving from US to another country when I retire in a few years. All the items you covered are important, I am bilingual too so either Panama or Costa Rica will be perfect for me! I cant wait to try either one or the other. Thanks for this video. Do you have any for Costa Rica?
Excellent video. Great information. My wife and I are strongly considering becoming ex pats in retirement. Another good subject on this matter is collecting social security while living out of the US. I’m hearing in some cases you might not be able to collect SS if you leave the US. Some people have figured out a way around this. I would love to hear your advice on that one.
There’s no secret about it. Anyone can get their social security check living in another country, as long as it’s not in the group with countries like Iran, North Korea, China, etc., The social security website has all of the information there.
Whoa! To determine if one country is the best place to retire in this world, you world need to visit them all. I personally plan to retire SOUTH of the Panama Canal, in some pace that most gringos would be afraid to visit. But that's a lot of places I need to visit after I quit my job in June and do an epic tour of South America. And while Panama no doubt has its advantages for retirees, it can't possibly be for everyone. Not everyone likes hot and humid.
Excellent video , I will be 65 on the 1st July 2022 so this video is of real interest to me . Doing the research at the moment , it takes time but you have to get it right. I had zoomed in on two locations Panama and Portugal, currently live in Canada but moved from the UK back in 2007. Living on a fixed income means cost of living is up there but so is healthcare. The key thing for me is quality of life & healthcare. We own an apartment at the moment and we are looking at renting it out here in Calgary and moving to the selected country full time. The 6 month rule for tax and benefits means a 6 month flip flop. Have you ever considered doing a comparison between both countries?
My wife is Filipino. She like to retire there. Only problem. Its a long plane ride. Id like to be a snowbird leave here in winter come back in spring. Thank you for information. I enjoy your videos.
I have flown to Panama many many times with my airline job. Believe me Panama is far from a place I want to retire to. The city of Panama City is dirty, and far too many high rise drug money condos. Way to expensive. Flooded with hookers from many latin countries. Lots of casinos. Humid like here in Houston. Costa Rica or Colombia for Latin countries, would be far better options. Personally I prefer New Zealand or Australia. Both speak English. Brisbane or Sydney being my favorites, and South Island New Zealand.
"Colombia topped the list at 87". You are talking about an Andean nation with coastlines on the Pacific and Caribean. The type of climate in Colombia varies greatly throughout that nation, depending on location. Some locations near the coastal areas are hot and humid (like its neighbor, Panama). Others, in the higher altitudes can be chilly and cloudy, year round. Still others will have a perpetual spring-like climate. Due to it location near the equator, the climate intrinsic to a specific locale tends to be constant year-round. So, you have to pick the climate you like, as you are stuck with it year round and at least will have only one wardrobe for one season. The other nations along the equator have a similar dynamic. An Ecuadorean I know has explained how the climate varies throughout his small nation. Want cool, mild weather? Stay in Quito. Want warm year roundt? Stick to the coastal areas.
Although I have retired to Panama I have made many trips to Colombia. The girls in Medellin are absolutely beautiful and they speak Spanish with the sexiest accent you will ever hear. Best of all they love for you to notice them even if you are an old fart like myself. If you want to live in a big city then I think Medellin is the nicest big city in Latin America. However you you want a small acreage out in the country then I think Panama is better. If you become a permanent resident in Panama you can spend up to 6 months a year in Colombia as a tourist. Have the best of both worlds. I always enter Colombia using my Panamanian passport.
The best place to retire is individualized. For example a single man in good health would need something different than a couple in good health. Then if your health is bad that totally changes things.
I have access to the best doctors in the world 10 minutes from my house (very near a large city). Everybody who moved away from a large city area has to drive back to the city when need top-notch doctors, because the local doctors in the middle of nowhere can't handle anything besides routine procedures, and the hospitals don't have the experience in delivering this level of care. Small towns are great and they can save you a lot of money. But understand you are moving away from transportation hubs for travel, moving away from the best doctors in the world, and moving away from concerts, and a variety of museums, restaurants, and other forms of entertainment that you'd like to enjoy in retirement.
Sir, I respectfully suggest that you visit Panama before proposing this for your viewers. Having actually lived there, in my humble opinion, this video does not present reality.
The idea seems nice, but logistics seem like a lot. Our mortgage is paid off and we have low property taxes. Selling and packing up to move seems kind of crazy difficult. If we could only keep our home base AND move to Panama, then maybe.
I have lived in four different countries for more than a year, south Europe, SE Asia and the USA. I would say the best place is where your loved ones are. As for cost of living, SE Asia is #1, as for weather, California, Hawaii, south Europe (the last one wins on food, at least for me, a southern European). As long as you have money, anyplace can be good. As for weather, SE Asia (PH more than TH) have typhoons that make the hurricanes they have in the USA look tame (the USA also has excellent infrastructure which makes hurricanes not that dangerous). PH gets 20 typhoons a year, so many that the people are nonchalant. The weather in PH is also terrible, outside of Manila too much rain (about 9 months out of the year) and in Manila lots of rain in August, but recall the fictional scene in the Netflix series "Narcos" where the actor playing Pablo Escobar complained about being exiled in Panama because the weather was too perfect compared to Colombia! So even perfect weather can become monotonous if you don't have seasons, or a wet/dry side of the island like in Hawaii. Happy retirement! Remember the 4% rule...or even now some say the 2-3% rule.
![8 Reasons Why Americans LEAVE Costa Rica [Why I Left]](http://i.ytimg.com/vi/cbGMngGx2xk/mqdefault.jpg)
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
I think this is also a great time to invest in private equity and cryto. Can you give a pointer ?
I currently work with *STEPHANIE KOPP MEEKS* a financial expert i met in a seminar
Yes I have made a very huge returns on my investment with Stephanie
I agree that Panama and Costa Rica, then probably Mexico or Portugal, would be the best choices if I was interested in living abroad. But my wife and I just retired and decided to stay right here in rural Tennessee. Other than health care costs, it beats out all the choices for living abroad I have seen. We continue to live in our medium sized 3 bedroom ranch, with great utility costs, close to friends and family, convenient to shopping and entertainment, and while we do not live "rich" we certainly live quite comfortably, able to afford several trips a year and not just eke by. My advice to people in their 40s is to figure out where they would like to retire to, and then get themselves a paid for house there ASAP. Makes all the difference in the world.
Portugal is great!
There is a reason millions of people come to the USA
Live where ever you like and feel comfortable at I like the Philippines but the best place on Earth is where you want to be!
@@dannyv2468va2 I agree with you.
For us, that’s near our kids, grandkids, family, long term friends, church, in other words, right here.
Between the above, that’s getting together 5-6 times per week.
I have zero desire to golf. I have great desire to continue doing what we are already doing. It gives me joy.
I completely agree with you. I've seen couples who have retired to remote places, and then one of them dies or gets very ill. Then what? It makes no sense to me.
Excellent video. My Dad is thinking about living abroad and the top things he considers is health care and crime, esp given the soaring crime rate and medical/dental costs in the USA now.
I spent a week in Panama last year and I loved it. It was a tour for people wanting to retire there. Very informative, no sales pitch. I have to wait a few years before I can qualify for the Pensionado visa. Lots of expats there. I watched all the videos of people that went there on the YT channel panama relocation tours.
Thanks Annie!
Can you sent me info of the tour you went with?
Thanks Annie!
It was probably a , Panama Relocation Tour.
Nice objective presentation. I’m a retired expat from the US living in Phuket Thailand. Lifestyle is so much better for older expats than in the West provided you go easy on the bar scene.
@Sir Charles Sinderhorn I have been following Paddy Doyle on his motocycle journey across Thailand and that country looks like it would be a paradise to retire in
@@sirgalahad1470 I agree, it is. It’s easy on the wallet and eye but you must avoid thinking it should be more like the west. Accept and adapt and then life is easy. Thais avoid stressing about the future and live in the moment. Perfect state of mind too for retirees.
@@sircharlessinderhorn3452 Exactly.
@@sirgalahad1470 : Though Thailand is fascinating, I think it's a good idea to read different vlogs on that country (especially the ones discussing the latest changes made in the laws affecting expats). Apparently, it's not exactly paradise, nor hell, but perhaps something in between, if you are able to adapt.
One of my friends retired to Malaysia and loves it.
Crime and safety should definitely be on the list - major oversight.
#8 bro
I thought it was- it was mentioned and came up trumps
Regarding climate in Panama -- the Boquete region is the highlands of Panama. There you have the 'eternal spring climate' compared to the tropical/humid climate of most of the country. The Boquete area is a very popular destination for retirees.
how is the health care system in Boquete?
@@amylee9 You mean in Panama. It's top quality, it would be a much better deal than in the States
A relative moved to Portugal a few years ago for retirement. So far, so good. They bought a house, and working on the language. Me? I'll stay here. Good video topic Geoff.
This was Geoff’s typical video…..WONDERFUL! Great info, well presented. Thanks for turning us on to International Living. Seems to be a good resource. Evan for us looking to stay 3-6 weeks at a time in various counties, this might be the perfect travel guide. All the best in 2022, Sir!
I spent a year (2019) in Chiang Mai, Thailand. I lived incredibly well on my late husband's IRA dividiends of $1100 per month. I plan to become a digital nomad. I loved SE Asia, very easy to travel to different countries. Full on internet and modern malls in every medium sized city. I also have friends who live in Albania (hop and a jump from Italy). Don't even need a visa to visit, roughly same cost as Thailand.
Your husband was a lucky man. If you need someone to carry your suitcases I'm your huckleberry.
We plan to divide our time in retirement between the US, Portugal and Chiang Mai. Such a great city to be a digital nomad in!
Yet another plus point of Albania -- US citizens get a visa good for 365 days (yes, one whole year). To renew the visa, just leave the country on a weekend visa run and you get another 365 days.
Thank you for mentioning Albania...I don't see anything on UA-cam about Albania as an alternative to S.E. Asia or Central American countries. What is the English language like by most people under 40 there? Health care costs?
What?? A strong independent women living off of husband’s labor? That’s a shame. Where is the money you made?
Hi, great video. I am from Panama! A country that offers a bit for everyone! You do have to do your homework! More than happy to answer any questions you may have!
I am considering Panama for future residence. I am 65, financially stable, and do not want to be around a lot of folks! What part do you suggest for me to investigate? Thanks!!!
Great information, already being to Panama 6 times, retiring there in August 2022.
My informal business partner (General Manager of my main supplier) lived in Burbank, California up until about 2016. He and his wife had two choices, in his view: continue to work for the rest of his life and barely get by living in Burbank, or he could retire at age 60, living in Panama.
It's now nearly 6 years later and I get a couple letters per year from him. They all say the same thing: he doesn't live like a king (he didn't have that much money), but he lives happy days 365/days a year, enjoying life and for the most part, doing whatever he wishes, and it beats the hell out of working 48 hours a week in Burbank, HOPING it will be enough to not go under, living in the highest taxed part of the USA. He spends some busy time volunteering for his Church, helping the less fortunate out locally. He golfs. He wanders beaches with a metal detector. He reads. Or he could struggle at a stress-filled job in Burbank 48 hours a week...
Burbank was a middle class , sleepy town . today a tiny 2 bd 70 yr old house is typically 7-$800,000
@@TimMaloneyNMactor Facts! Sometimes even more.
Oh, that was a good thing to talk about your friend. It helps me a lot! Thank you!
Yeah, yeah, yeah. Compare the cesspool that is urban California to Panama. Right.
Wow, write letters eh? So nostalgic! As a family, my mom would read out the letters that came from abroad from our relatives, those were great moments!
I have been listening to this channel for about two months; I think the information is solid. Thank you! For the info. Don't stop!😁
Why I watch. This production clearly shows why many of your kith and kin so enjoy your productions, .Stated simply, you're a caring human who likes to help his fellow. Dig your stuff. and thank you for spending your time with us.
Reagrads.
Thank you Geoff! You certainly do your research for these awesome videos!
Good points. Then again, Colombia is #5 on the International Living list, and we have family in Colombia but not in Panama. So, for us, Colombia goes to the top of the list.
Most expats are not relying on International Living. They see things with rose colored glasses. The best source is the FB expat groups where you want to go. You'll find a lot of information from both sides.
My criteria--- 1. low crime 2. good health care. 3. low cost of living. 4. not overly crowded. 5. clean water and food.
I lived as a kid in Panama and it was one of the best places we lived. One thing you didn’t mention is that Panamá dollar is 1:1 with the US dollar.
Panama uses the USD as it’s currency.
@@MASH2031 they have their own currency, Panamanian Balboa, which is the equivalent to the USD.
@@goththicus they use the dollar. coins are in the Panamanian balboa, but paper money is the US dollar.
@@goththicus
We lived as temporary retirees in Panama (6 months) , Costa Rica (6 months) and Mexico (2 years)
We loved all three countries, but my favorite was Mexico.
Honestly, least favorite was Panama. Especially Boguete. It felt cold and damp. To me anyway.
Plus, they make you quarantine your pets.
International living is far more user friendly than people would imagine though.
Did you investigate Ecuador? I loved there 5 years. Loved it. Many are skipping your locations and heading farther south.
Panama is my top spot for foreign retirement living. Geoff confirmed it
@@Dachdogoriginal No, not yet. We still have a home in Mexico, but we un-retired and are back in the US. Lol.
@@Dachdogoriginal I hear a lot of expats saying they used to live in Ecuador. If you loved it, why did you leave? Are you going back?
@@TreesOnTheBeach i had a significant injury. I had to come back temporarily. Yes I go back. And im sure some people left Ecuador for Panama. I believe Panama has more modern conveniences, a mailing system, and one stop return to the USA. There are perks. But as I mentioned some people have different priorities. Cost and crime, and for some I am hearing, too many Expats.
Geoff - Thank you for taking the time to help us learn more about finances in retirement, as well as for providing the information in such an organized way. Will you consider adding an index or video chapters in the description so we can quickly access various sections of the video? Thank you for considering this and I wish you well.
My girlfriend and I will be retiring soon enough. We spent 3 weeks in Panama in Feb '23. We really liked the country and want to take another look down the road. Several others we met were doing the same and some have committed to moving there. Panama Relocation Tours have lots of helpful information and videos on YT.
I am retiring in 2 months and just bought an AirBnB on the beach in Nicaragua. I am not sure I will be full time expat. But I will be able to at least sample the culture for long periods of time, and make an income, while figuring out where I will land in retirement.
Panama is great! Knowing the language helps a great deal.
Thank you for a well-presented, factual video with concise info. I found it very helpful as I prepare to go visit Panama to check it out.
Thanks for the interesting statistics. We looked at Costa Rica and there was a little too much crime for our liking. We have watched a ton of videos on panama and are taking a tour in January 2024. We fully intend to move when I hit 62 and get pensionado visas. I just cant take the US any longer!!! Thank you for all your insight into this and your financial advice.
Paid off home, low property taxs. I'll stay in the US and travel to other places.
Always a great video packed full of important info!
Additional Criteria:
11) Taxes
International living is a great source of information. Love the criteria.
Excellent content. The media is overwhelmed with worthless misinformation ranking best places to live based on gibberish. It’s refreshing to see organized and well thought out content ranking potential expat communities around the world.
Great Video and presentation. Retired 3 plus years ago in portugal. Very much at home here.
Thanks for the comment
An interesting presentation. I retired to Panama 22 years ago and even became a Panamanian citizen. I do think Panama is a good choice. There are other good choices as welk. I favour Latin Americsn countries becsuse I like the tropics and I am fluent in Spsnish. Panama uses rhe USD for their currency which also helps. Panama is pretty diverse so there are many different kinds of places from which to choose depending on your preferences.
I am about to search this but, may I ask if one may have dual citizenship (USA Panama) and not sure travel back & forth was touched upon?
@@daleboris-kane313 The dual citizenship question is interesting. When I became a Panamanian citizen I had to renounce my American citizenship. But only to the Panamanian government. I was not required to formally renounce my American citizenship to an officer at the US Consulate. So I still have my American citizenship. Actually it is difficult to lose your American citizenship and it will cost you $2350 to formally renounce it. If you don't pay up then you can't get rid of your American citizenship even if you want to renounce it. The Panamanian government considers me to be only a Panamanian citizen and not an American citizen. To enter Panama I have to use my Panamanian passport. When I enter the US I have to use my American passport. I think the US is somewhat similar to Panama in the way they look at a second citizenship. The US allows you to have as many citizenships as you please but only recognizes that you are an American citizen. My conclusion to my situation is that when I am in Panama I am only a Panamanian citizen. When I am in the USA I am only an American citizen. When I enter a third country I can use either my American or Panamanian passport. It is my choice. I became a Panamanian citizen in 2013. I was born in the US.
@@robertgillies9382 please do a UA-cam channel. You have a lot of good info. 👍
I am a U.S. expat. I live and own properties in Costa Rica and Panama. Lower taxes, higher standard of living, stable governments, low crime, great weather and the ability to excise Life, Liberty and the Pursuit of Happiness!
Military Man 71, I'm a 70 year old veteran and considering a move to panama. My question is are military benefits (Health) effected or reduced by moving from the states?
@@tmwamp6204 Panama has excellent VA benefits for expats.
@@tmwamp6204 Great question. If you have service-connected disabilities, you can register online with the VA Foreign Medical Program, and use it abroad. Also, there is Tricare Overseas for military retirees. In addition, if you become a resident of Costa Rica or Panama, you can enroll in their national health care systems. I chose to enroll in Medicare, when I travel in the U.S., or I could use a VA hospital free of charge.
Hey man do you have to get the jab vaccine to go there.and can you get direct deposit of VA check
@@Rollercoaster555 No jab required Costa Rica, but you have to buy health insurance while visiting, or you become a resident with national healthcare. Yes, you can have VA check deposited into foreign bank. I have two U.S. bank accounts, I bring checking checks, and deposit them into my foreign banks which doesn't cost anything.
My husband and I are moving to Ecuador is 2026. Housing and healthcare are main reasons driving this move. We are excited though and wish we could leave sooner. We are working so diligently to save enough to afford a reasonably comfortable retirement. We still have to watch every penny . We even considered Thailand or Serbia. But the former is too hot and latter has snow.
Visit Medellin, Colombia and be surprised.. Modern city with top notch medical care..
lol
Your videos are truly excellent, very concise and informative and truly a pleasure to watch. MANY THANKS!!!!
Great video,- lots of useful information. Surprised that safety wasn’t on the criteria list. In my opinion it’s very important.
Thanks for the comment
For me they all sound good but leaving all my friends and family at this point in my life is a no go. Maybe for a couple of months but certainly not year round. People and friendships are very important to me. Not cheap living.
I can relate to the huge downside of leaving friends and family. That might be enough to dissuade me as well. However I feel compelled to point out that he _hardly_ touted cheap living; in fact he went out of his way to say there are all those other important factors. The question I have for myself is whether or not they'd outweigh rarely seeing loved ones.
Currently living in Panama. Healthcare is good in Panama City outside is suspect as the facilities tend to be public rather than private. Note if you go private they will want big deposits before they admit you if you don’t have insurance. Drugs prices are high. They seemed to have followed the US model. Equally not all drugs are available. If you want health insurance that will cover you globally you will pay for it. Currently spend $9200 per year with a $10,000 deductible. There are less expensive options but if you want coverage in the US it will cost you. Mountain climates are preferred to Panama City which is stinking hot during the day. Though the city comes alive at night. Great restaurants in PC due to the canal and cultural cross roads. Boquete is a North American ghetto great if that is what you want but you don’t get to experience the culture as they become very insular as they want to emulate the North American experience. Biggest benefit is discounts on airfares and connectivity to Europe and Latin America. Utilities cable internet etc are no great bargain if you want the full enchilada. Taxes are another issue that was not discussed. Panama only taxes on locally sourced income which is great. The best analogy I can think of is it is like moving to Florida without having to be in Florida. By and large good place to be short term (5-10 years) if you can get out when the rainy season gets to you.
It sounds pretty good but I read that Panama can be more dangerous than the U.S. Is this true in your experience? Safety is number one on my list followed closely by reliable, fast internet. 😊
@@infiad1275 I’ve never experienced a problem with safety. They don’t have the gun culture here which is a bonus. But like anything knowing where to go and not go is always important. There are parts of all American cities that are no go. Same in Panama. Safety is a relative term as well. It’s like reviews, unless you know the reviewer I personally think they are all crap. Just opinions without knowing one’s likes and dislikes. As for internet cable and wireless has been stringing 1gb fiber throughout the country. Tigo, the national cable operator is good as well. I have 400mb which is 25 times what I can get in rural America and I’m in rural Panama so no complaints there. I will say that there are service outages on occasion due to weather (high winds and rain) or scheduled maintenance but never longer than 5 hours. The mobile networks are insulated from the fixed line networks so you can always tether your device. Oh and one other thing that never seems to come up. You can drink water out of the tap here unlike a lot of other central and South American countries.
@@kurtschoenkopf8734 I can't tell you how good that is to hear. I guess I just did. Panama just moved to the top of my list. I really appreciate your informative reply.
Great report Kurt
Why are you lying Kurt about Health and Boquete is like USA Guetto like Kessington, PA or Detroit? Can not believe you are living in Panama, any place in Panama
Great video once again Jeff. And I too started my investigations of offshore retirement with a subscription to International Living.
But today there are many expat groups on social media to get boots on the ground info. So don’t neglect free sources of great info, plus potential contacts once moved. 👍
I lived in Panama for two years. I liked it but it rains almost every day and very hot and humid. There are limited resources and you can’t just cant pop downtown and get it. Don’t even get me started with the crazy drivers that put New York cabbies to shame. Things do cost less but selection is limited. If you want to live there, I suggest you try it for a few months.
We went on a Panama Canal cruise a few years ago, and while traveling through the canal this was the most oppressive humid heat I ever experienced in my life and I have traveled to lots of hot places. Definitely consider your heat tolerance especially if you are coming from a cold climate.
@@nightengale2123 it took me 6 months to almost get used to it. I lived across from Miraflores locks.
is the climate any better on the west side?
Check with local expat FB groups to get the real lay of the land. Many expats in Panama are leaving and moving to other Latin countries. The raise in prices and the crime that is developing is causing them to move.
Facebook groups are a hugely useful for expats. Retirees never learn about this! Search for "country name expat" or "big city name expat". Once you subscribe to one, FB will suggest others.
Whére are they now moving to? Thank you
@@SherrilynnGrayer.prettyeyes Some inquire on FB groups in Ecuador. They say they're contemplating Ecuador or Portugal most of them.
I love international living! The one country that they recommend quite often Portugal from what I've read and seen on their website and emails that is where I would love to retire to
It's gotten much more expensive (major towns) in the last year.
Great video… I read many of the comments below.
As for my wife and me, I’ve served for 37 years in the Marine Corps and have moved with my family around the world, including Central America.
While they’re beautiful countries and the people are great, I’m happy to be living in the good old USA.👍🏽🇺🇸 we are also close to our three daughters and hopefully future grandchildren!
We do plan to travel though.
Semper Fi!🇺🇸
Semper Fi!
Hey J p why did you comeback just because of your 3 daughter's
I think Panama is also a fully dollarized economy, thus does not have its own currency. I think this would add to stability for a smaller economy. I think this makes it a markedly different economic risk than many other countries. It’s a point worth investigating to add to your basis for ranking counties.
Since the dollar may soon crash in the US, that won't help Panama at all.
@@ES-mc3cc Panama has a very large banking sector and they get a lot of income from ships going through the canal and that won't stop whether the dollar is up or down.
Yes, due to the U.S.' presence in the Canal (until it was handed over by Clinton in '99,) Panama had used the US dollar for its currency for decades. Just a sensible move, insulating them from the volatility most other small nations' currency fluctuations are prone to suffering...
If your country's currency is strong (like US dollar for many year) and the local currency is weak, that's a good thing. Your foreign income goes farther. British and Australian expats have had trouble in Thailand, as the Thai Baht climbed against those currencies.
@@ES-mc3cc Not happening.
This video is so good. Please do Portugal next! That’s where we plan to retire.
I suggest you look at the quality UA-cam channel "Our Rich Journey". They retired early to Portugal. Good information.
Great job, as usual. Thank you for providing informative, useful and well articulated research.
The criteria for retiring in the Philippines is Filipinas. As a single 65 year old American man it's a compelling reason.
YES !
Panama is great. There are lots of opportunities to join and start bowling leagues and pickle ball leagues. I’m currently the commissioner of our pickle ball and bowling leagues and it’s going great. Weather is warm too.
Geoff watching your videos is like drinking a nice warm cup of hot chocolate. Very comforting.
I have wondered about Puerto Rico. As its a territory of the US Medicare is used there.
good point , thanks
By most accounts, PR is not cheap despite being underdeveloped. It's an island that produces very little and thus, so many things need to be imported. That's the problem with all islands. It does appear to have limited tax advantages, but I understand they have been exaggerated. Disclosure: I've never been to PR, but I have a smart colleague who is from there fill me in.
Very informative I always enjoy your thoughtful videos
For me the tough part of retiring in a foreign country would be giving up Medicare. Not sure if healthcare is provided free by the country or if I'd need to buy health insurance.
When I was in Panama it was cloudy and poured rain, like buckets of rain.
it is Seasonal and some people actually enjoy the rainy season . but it is not sunny all the time . from what I`ve heard Health care is Good and very affordable . you could fly back to the states if you ever needed to .
@@TimMaloneyNMactor To be sure, flights back to the US are abundant and short from Panama's one, compact international airport and by default close to everwhere in that tiny nation. It also is a major international airport with flights to just about every major city in the world. At least that was the case back in 2019, pre-pandemic, when I changed planes there. I was amazed at how such a tiny airport could host so much international traffic. In other words, it could be a great place for a globetrotting retiree to use as a base.
@@clintfalk xlnt point , thanks
Funny because Im trying to escape from Medicare!
@@bernadettesandoval3990 Sadly , it is the only affordable option available . we feel fortunate to at least have that . not having Health Care at any age can be financially devastating , even more so , as we age . His concern is understandable .
Good to know about Int'l Living. The magazine also has a Facebook page.
Retire in Panama
If you are planning to retire in Panama we can help with Panama Residency Visa. Typical processing time is 6 months. We have an expedited service that takes 6 weeks or less.
Excellent video Geoff, please review a few additional places to retire in the future. Thanks Much......
Thorough and excellent assessment. Thank you
What a great video! I am thinking on moving from US to another country when I retire in a few years. All the items you covered are important, I am bilingual too so either Panama or Costa Rica will be perfect for me! I cant wait to try either one or the other. Thanks for this video. Do you have any for Costa Rica?
Excellent video. Great information. My wife and I are strongly considering becoming ex pats in retirement. Another good subject on this matter is collecting social security while living out of the US. I’m hearing in some cases you might not be able to collect SS if you leave the US. Some people have figured out a way around this. I would love to hear your advice on that one.
There’s no secret about it. Anyone can get their social security check living in another country, as long as it’s not in the group with countries like Iran, North Korea, China, etc., The social security website has all of the information there.
Have your SS direct deposited in Charles Schwab. Withdraw cash from an ATM machine and Charles Schwab allegedly will reimburse all ATM fees.
Puerto Rico 🇵🇷 🙌 😎 💕 🥳🏝 im retired I love it 😀 the weather is like Hawaii
which area? and how's the healthcare?
Holy S....Great video Panama 🇵🇦 3 hrs from Miami 😊
Whoa! To determine if one country is the best place to retire in this world, you world need to visit them all. I personally plan to retire SOUTH of the Panama Canal, in some pace that most gringos would be afraid to visit. But that's a lot of places I need to visit after I quit my job in June and do an epic tour of South America. And while Panama no doubt has its advantages for retirees, it can't possibly be for everyone. Not everyone likes hot and humid.
Excellent video , I will be 65 on the 1st July 2022 so this video is of real interest to me . Doing the research at the moment , it takes time but you have to get it right.
I had zoomed in on two locations Panama and Portugal, currently live in Canada but moved from the UK back in 2007. Living on a fixed income means cost of living is up there but so is healthcare. The key thing for me is quality of life & healthcare. We own an apartment at the moment and we are looking at renting it out here in Calgary and moving to the selected country full time. The 6 month rule for tax and benefits means a 6 month flip flop. Have you ever considered doing a comparison between both countries?
Actually, this topic is a nice addition to channel.
Easy to understand and no bs. Thanks !!!! Subscribed….
No bugs, cool temperatures and a big canal to fish in.
I am of the same idea. And East Europe too.
Thank you for you presentation.
Que the Van Halen! Panama!
Like red
My wife is Filipino. She like to retire there. Only problem. Its a long plane ride. Id like to be a snowbird leave here in winter come back in spring. Thank you for information.
I enjoy your videos.
Seems like Philippines just too backward
Been to PI many times too. Cheap living, but sooo humid.
Thanks for information .
That was very well done. Thanks
Thanks for this invaluable info.
One of my buddies retired to Panama and he and his wife loves it there.
I have flown to Panama many many times with my airline job. Believe me Panama is far from a place I want to retire to. The city of Panama City is dirty, and far too many high rise drug money condos. Way to expensive. Flooded with hookers from many latin countries. Lots of casinos. Humid like here in Houston.
Costa Rica or Colombia for Latin countries, would be far better options.
Personally I prefer New Zealand or Australia. Both speak English. Brisbane or Sydney being my favorites, and South Island New Zealand.
David Lee Roth nailed it.
Spend a couple of months living in a place to see how it suits you. No one size fits all solution.
Personally I would choose Costa Rica over Panama but that's just me.
"Colombia topped the list at 87".
You are talking about an Andean nation with coastlines on the Pacific and Caribean. The type of climate in Colombia varies greatly throughout that nation, depending on location. Some locations near the coastal areas are hot and humid (like its neighbor, Panama). Others, in the higher altitudes can be chilly and cloudy, year round. Still others will have a perpetual spring-like climate. Due to it location near the equator, the climate intrinsic to a specific locale tends to be constant year-round. So, you have to pick the climate you like, as you are stuck with it year round and at least will have only one wardrobe for one season.
The other nations along the equator have a similar dynamic. An Ecuadorean I know has explained how the climate varies throughout his small nation. Want cool, mild weather? Stay in Quito. Want warm year roundt? Stick to the coastal areas.
Although I have retired to Panama I have made many trips to Colombia. The girls in Medellin are absolutely beautiful and they speak Spanish with the sexiest accent you will ever hear. Best of all they love for you to notice them even if you are an old fart like myself. If you want to live in a big city then I think Medellin is the nicest big city in Latin America. However you you want a small acreage out in the country then I think Panama is better. If you become a permanent resident in Panama you can spend up to 6 months a year in Colombia as a tourist. Have the best of both worlds. I always enter Colombia using my Panamanian passport.
@@robertgillies9382 thanks for the info. what do you think of healthcare in Columbia versus Panama?
The best place to retire is individualized. For example a single man in good health would need something different than a couple in good health. Then if your health is bad that totally changes things.
You have the best Canal…..
Great video!!! Thanks again... 💗
Great synopsis but I still am left wondering about safety/crime?
And don’t forget the canal.👍😀
Literally any country is better than the USA to retire in.
Puerto Rico 🇵🇷 is also an option
Thanks so much for this great video!
Warm regards
Jennie
Well done, sir.
I'm seriously considering moving to Mexico or Panama.
I wonder how objective International Living is since they make money by helping people live internationally.
good info, thanks!
I'm about to find out
I love Novi Sad, Serbia
Geoff…fantastic!!
I have access to the best doctors in the world 10 minutes from my house (very near a large city).
Everybody who moved away from a large city area has to drive back to the city when need top-notch doctors, because the local doctors in the middle of nowhere can't handle anything besides routine procedures, and the hospitals don't have the experience in delivering this level of care.
Small towns are great and they can save you a lot of money. But understand you are moving away from transportation hubs for travel, moving away from the best doctors in the world, and moving away from concerts, and a variety of museums, restaurants, and other forms of entertainment that you'd like to enjoy in retirement.
🇺🇸 VERY informative. Your like spock. Thanks.
Most thanks ❤️
Sir, I respectfully suggest that you visit Panama before proposing this for your viewers. Having actually lived there, in my humble opinion, this video does not present reality.
The idea seems nice, but logistics seem like a lot. Our mortgage is paid off and we have low property taxes. Selling and packing up to move seems kind of crazy difficult. If we could only keep our home base AND move to Panama, then maybe.
that is my plan.
Can you rent it out for a couple of years while you try out Panama?
thank you
I have lived in four different countries for more than a year, south Europe, SE Asia and the USA. I would say the best place is where your loved ones are.
As for cost of living, SE Asia is #1, as for weather, California, Hawaii, south Europe (the last one wins on food, at least for me, a southern European). As long as you have money, anyplace can be good.
As for weather, SE Asia (PH more than TH) have typhoons that make the hurricanes they have in the USA look tame (the USA also has excellent infrastructure which makes hurricanes not that dangerous). PH gets 20 typhoons a year, so many that the people are nonchalant. The weather in PH is also terrible, outside of Manila too much rain (about 9 months out of the year) and in Manila lots of rain in August, but recall the fictional scene in the Netflix series "Narcos" where the actor playing Pablo Escobar complained about being exiled in Panama because the weather was too perfect compared to Colombia! So even perfect weather can become monotonous if you don't have seasons, or a wet/dry side of the island like in Hawaii. Happy retirement! Remember the 4% rule...or even now some say the 2-3% rule.