Expat living in Panama City review! Pros & cons, cost of living, why I moved here, tax laws.
Вставка
- Опубліковано 13 жов 2020
- Incorporating my Agency in Panama, was one of the best decisions I ever made.
Many people have asked me questions like:
- Are taxes really 0% in Panama?
- What's the cost of living like there?
- Do you need to speak Spanish?
Today's video answers these questions + a lot more!
(including a mini walkthrough of our apartment lol)
-----------------------
If you’d like to grow your agency faster, check out agencyenlightened.com/ - Навчання та стиль
![8 Reasons Why Americans LEAVE Costa Rica [Why I Left]](http://i.ytimg.com/vi/cbGMngGx2xk/mqdefault.jpg)
![8 Reasons Why Americans LEAVE Costa Rica [Why I Left]](/img/tr.png)
Thanks for watching friends!
If you’d like to grow your agency faster, check out agencyenlightened.com/
Assigned to Panama in the late 80s while serving a 18-month U.S. Navy assignment; married local girl. Now retired since 2017, we have a nice house in Santiago where we spend a few months every year. I can say this, my blood pressure drops to almost normal levels while I am there. Don't know why, but I feel great down there. I eat better there because of the abundant market supply of fresh pineapples, melons, oranges, mangoes, bananas. I once bought 17 bananas for $1.00. Finally, Santiago is off the beaten path, and spouse is from La Colorada a small town about 10kms from Santiago.
Wow, you are a spender. We being living in New York for six months and in Panama for 6 months yearly for the past 10 years. Our monthly spending when we are in Panama including a four bedroom home with all amenities, including food and transportation and eating out is $1200.00 per month and we live about 15 minutes drive from where you are, our monthly total expenses when in New York is $3500.00. There is a lot more to see in Panama Bocas del Toro I pass, nice areas playa blanca, Taboga, islas de las Perlas. coast arriba and Costa Abajo Colon, Panama, Wow Las Tablas Panama, Penonome, Coclesito, Las palmas, lot of beaches Camping and trailing for camping and etc. Local Panama city taxis max $3.00 Uber is available, we don't even have a car there because it is cheaper to travel by taxi any place, when travelling long distance like to David Chiriqui or El Darien we may rent a nice car, so cheap if you have the proper credit and background. You have to get out of the box to enjoy paradise
In what area of Panama do you live?
I like the video thinking of leaving San Jose CA
Are you still there and how is it going?
Taylor, great video, and AWESOME apartment! I see why you went for the top floor, those views are awesome! I love travel, and hadn't had Panama City on my list, but I'm probably going to have to now! Videos like this really contextualize the ins and outs of what its truly like living somewhere else, and I really appreciate the walk through. Eager to see more, and learn more about your business!
Hello, from Panama but America. How can I enter only America? Is it close or far?
Very useful stuff Taylor. Thanks for the review. I am planning on moving to Panama City as a Canadian and consulting firm owner. You're literally in the position I will be in 1-3 months :)
Hey Taylor, awesome vid and really respect your choice of moving abroad!! Have you ever considered moving to Colombia, and why?
Thank you for this content. I’m thinking about moving to Panama City and need as much info as possible.
Hi Taylor, thanks for this video. I'm a Canadian citizen, and I'm currently in Panama City. I found this video to be very educational. I am inspired by how you managed to set up your life!
Good job bro, looks like your doing well there. I'm a Canadian who just rented in destiny as of Jan 2021, in the process of becoming a resident right now. Thanks for the info, short and sweet
That gray area you mentioned regarding taxes is very important. Can you do another video on it or recommend a attorney there that can explain it?
Thanks Taylor for sharing this. Actually I am thinking of just living there fir dew month. Good information thanks
Hey Taylor, Thank you for the nice insight. How about the health insurance? Which one did you pick and how much does it cost?
Are you able to maintain any ties to Canada once you go non-resident? For example, I use my canadian liscence to rent cars here (in Peru at the moment), as well as a canadian bank account?
I love the book in the background. I can't see what it says but it looks like Murray. Nice!
Nice video, thanks.
Taulor i am also a Canadian citizen, what kind of business can you do there?
is crazy how I just found about your channel, Im a Asian/latino from Panama that is currently living in Canada for 15 years but now looking into going back someday..
then why did u move to canada?
@@taylor.benterud we shall meet up when the time is right :)
Thank you for sharing your perspective.👍
We had the opportunity to live in the jungle of Panama for 6 months, different from the city, but interesting.👋
❤️🙏🏼
Does IntraFast offer Fiber in your Building?
What’s health care like and where from Canada are you?
Hi Taylor, you said 1gb internet. Video streaming Netflix/youtube etc uses about 1-3gb per hour here in Australia & our average download speed is about 50-100mbps. I am guessing zoom is maybe similar. When you say 1gb. Do you mean per hour or at any one time. Please expand. I am looking to move to Panama & I use zoom a lot in conjunction with many other applications at the same time. Is there no plan that could be possible on in Panama?
Hello, I know this is an old video but I just found it. I just wanted to clarify that it is NOT normal to have 1GB internet in panama it is in fact quite rare. The 2 most famous internet providers which are ''Cable Onda'' and ''Cable&Wireless'' do not offer this service for residences, although it may be possible for corporate builduings. There are 2 internet providers that I know of that offer 1GB internet for residences, they are ''Interfast'' and ''Wipet'', however, the area where they offer this service is quite small so you would have to check if your house is in that area. This service can cost up to 100$ per month. Symetrical internet is also quite rare (wipet and interfast have it) and the 2 most famous service providers mentioned before do not offer this service. I currently have 400 MB download and 15MB upload speeds.
Moving to Obarrio next month and I’m excited. How many days does the maid come a week?
Hello, from Panama but America. How can I enter only America? Is it close or far?
Thanks for the video Taylor! Incredibly rare and highly relevant content!
As a non-resident of Canada and a PR in Panama, why do you choose to LIVE in Panama City as your home base?
Isn’t possible to achieve the above, and live wherever you wanted internationally while having the tax benefits?
When you become a NR of Canada, do you keep your CAD citizenship and passport? (I’d hope to be able to live in 3 places / year visa-free as a PR of Panama)
👊 Thanks a million!! Appreciate your input a ton
@@taylor.benterud I think he asked you why you live in Panama City in particular when its so expensive there and your clients are online so you could live anywhere with decent internet.
Aw man I’m disappointed about the beaches being so far 😩😩😩
great video ,are there job opportunities in the real estate industry
Good info on the taxes. But how much are you going to need to pay when that buckling bookcase behind you collapses and takes out the wall with it?
Hahahahahaha
How did you move your books, 📚 which shipping company
Great video. The service and spanish i definitely second
Nice, was expecting rent to be higher! I live in the nicest area in Manila, Philippines at the moment, and it's a lot more expensive :(
I mean its not as safe as like san jose but if your looking for a modern city with some cool history it’s pretty nice. Im moving from america to dubai but we’re still looking for possibly somewhere else in central america. Might go back to Singapore idk. We found this cool small island on the pacific side of costa rica with 12 residential houses with monkeys but its just not very nice. Do you suggest anywhere else in central America?
@@taylor.benterud ok thanks also we’re in a truff because The U.A.E declined our visas so we’re just going to be going to San Jose to see if we like it there and if not probably Czech
Panama stands out among the world's expat destinations because it offers solid infrastructure and First World amenities… close to North America. There are parts of Panama where one can live on $1,000 a month, all told. Places where you'll find few cons and plenty of pros, from pretty views to friendly locals.
Have you seen the the other cities and towns in Panama besides Panama City how they are?! they look as some suburbs in U.S.A.! If you think that's 1st rate and good infrastructure then maybe you used to live in Mississippi or Alabama or Guinea-Bissau!
One question about taxes. If I buy something in Panama and sell outside, for example in Germany, I must pay taxes or no? I have some company expenses in Panama but the major sell is in Europe
Nope!! No Taxes!!
It's duty free!!
no you dont if you buy something in panama you paid panama taxes there and is you sell outside panama we dont charge you a interest
Does UA-cam count as “client work”? (In another video you mentioned a stipulation of 0% tax was no direct client work). So does Panama make sense for youtubers?
Hi John!
Sorry can you further clarify? Are you referring to UA-cam Ad revenue?
Your calculations are pretty exact for living in
so called developing countries, and the beauty is as you have mentioned the labour is super cheap and this is not only a fact for panama it goes as well for South east asian countries and from what I see the quality of life its comparable with Kuala lumpur. The Panama time lol is unfortunately applicable on almost all warm countries except Singapore😁Anyway great insight 👍🏼
What about banking, you mention about the company and the taxes, but banking would be in Panama and how about the interest rates and the credit? Can you get a business loan?
@@taylor.benterud you ever got around to make that banking video?
easy panama is known for our banking system most of all we have a lot of banks and yes it easy to get a loan and credit rates are lower than u.s. by far
PLease make a video on the details of operating your business to avoid tax. Bunch of Canadians want some hints
@@taylor.benterud Thanks a million
@@taylor.benterud definitely would help!
what about gas?
thank you for sharing!
I've lived there 4 years and what he is saying is true
I’m looking to retire there & I’m fine living with the locals cheep and stress free
I'm trying to move there any jobs teaching English
Can you provide the link for a personal chef?
He must be a great Chef that he is all booked up
are you on speed
How does one build a business in Panama
Did they finally open up the jw mariott pool to the public? I was there this past November and was told only building residents were allowed(figured for a fee they would allow visitors but no). Nonsensical COVID rules in Panama, sun is a disinfectant not a bad thing. Should find me a cash gig over there for 3 months
@@taylor.benterud Should be visiting back in a few months will try again haha thats if they dont revert to an 8pm curfew. Great views from that Building
@@CRAPO2011 any news? have you been there?
Do they tax churches?
I like your comment about Panamanian time, but I don’t think you have heard of Africa time. I live In Swaziland and everyone says that tomorrow is another day. No concept of time here
That's true. Labour is indeed cheap but in comparison with other latin american countries we have Hell expensive wages.
Is there a lot of crime in Panama? Do you feel safe walking down the street late at night?
I'm Panamanian, it's very safe. Crime only occurs in the poorer outskirts of the city, places you won't go anyway. Neither I nor anyone I know has ever been robbed or anything.
@@gabo1841997 ; Do you currently live in Panama?
@@vivveene yep
@@gabo1841997 ; Can we talk.
Is it safe to retire there?
Yes tons of people do
Any endemic diseases there? Health issues generally.
What is your agency's line of work?
>> FACTS
And you must be outside the US for at least 330 days in the year.
Business is amazing 🤩 😂 that’s a lot of money. I’m looking to retire there and 400 sq ft. Is fine can I find a place with the locals . If I had BIG retirement money like you have sure a nice little place but w/the locals is fine with me. 😀
Felt the video was helpful. I would say the key word is “high end”. Based on that again you are living very inexpensive. Would you arrive at a USA airport or Canadian airport and said U would like “high end”living. The prices would far exceed the numbers you quoted.
Omg, you spend so much! With that money you could live like a king in Romania
🙏🏼
I’ve been there. 🤙
Cuanto cuesta una casa en san miguelito o calidonia
No se
Hello there, thank you for the video and information. I was thinking to move there, but it sounds more expensive then NYC. You haven’t talk about Heath insurance or in general either. Only Trump, Rockefeller, and Roshild can live there.
❤️
is it safe tho?
@@michaelkirkland1929 er no not even ur capitol building! so....do the math genius
@@samrya4916 I've lived in the USA, for 62 years,I know it's not safe, I was responding to the person asking was Ciudad de Panama safe, get a life Neanderthal.
@@michaelkirkland1929 er old man! get a pacemaker!
Service doesn't suck ...you just have to roll with the slow pace...USA & CN need to slow down...WHEN IN ROME....LOL
Yes why why why 👏👏
Haha hit it on the nail, service just sucks. You need to have plenty of time on hand to eat because servers dissapear. Pricing mysteriously goes up if your not paying attention.
FACTS we all happy for what we got but at some point we all going to get older and we going to need cash, that is the reason you will need a future tax free planning in order to live good
and free of high expenses, here is an example you got a boat, you have to park it at the marina, it cost lot of money to park, ok let me go look for a country that offer free park and tax haven
ok we will take the boat to Marbella Spain, now you see why is important to understand the U.S. TAX CODE in order to live tax free at low cost living, THE U.S. tax code give you the opportunity
to exclude $108,700.1 in PANAMA IF YOU OWN A CORPORATION but you can not have client from panama other wise you will be tax in PANAMA just stick to the U.S. TAX CODE TAKE CARE
Try telling someone from Small Town, USA, that Panama City is tiny.
😂
Sorry misspelled your name
Dude !!!!! 20/25/30 dollars for maid per day or 400/500 per month is called cheap ?! Maybe you need to travel more to get what's " cheap " mean. A month rent of a flat in Thailand/ Vietnam and Eastern Europe is maximum 200-250 dollars per MONTH ! 20 dollars a month food in Moldova , Poland and Latvia !!!! Just get a book to read that might help
Great video, I am thinking of doing the same. However, AG is right, this is isn't cheap. I can afford it but dont think I'd drop that much, but damn having a life of a personal trainer, chef, sounds tempting. If youre making 150k+ a year yeah sure this is affordable, but at that point most things will be cheap especially if its tax free. Also doesnt hurt to split with your GF.
This is just comparable to a US city, or Canada even. Colombia you could have a similar life for way less, or Mexico City
He just means cheap comparable to Canada.
You can live in northwest of England 🏴 for the same around $2000 per person per month with amazing scenery, greenery and hospitality of local Englishmen and beautiful English women but you’ll be paying taxes though
It rains 95% of the time it’s nice with the homely feeling but gets boring even Manchester Birmingham the city’s are to small
gray clouds all days no sun and cold weather man here in panama you get sun a lot and rain a lot good soil for fresh food water everywhere you can drink from tab no issues you use dollar and you dont have wars or countries wanting to attack you or anything like that and its 0% income tax as well easy to build a business crime is low people are relax and theres no woke bs or media bs stuff
6:50 In America, a service economy, service sucks
In Panama, another service economy, service swallows
Having lived in Panama for years myself, I concur 100% with his experience.
Have a girl living with you there, but still need a chef, and a maid, she better be damn gifted in bed!
The "service " in America is from the Philippines or India.
Lol
I know right? I mean what feminine value is she bringing to the table? It's all done for her
I would say you 'r really lucky to pay a maid 25 per day... Usually they work half of the time for $30 rate.. ThaT's my case and i'm Panamanian.
bro i pay my maid 20$ per day and she cleans everything and make dishes as well
Is more cheap Thant USA
Waoooooooo bellísima panama
Hello, from Panama but America. How can I enter only America? Is it close or far?
I'd be curious what your maid is paying for her place or your cook or personal trainer. What would a small cement box cost? Say 300 sq feet, like a small bachelor or studio apartment. The money you are spending is mind boggling. If you're using your place for business it could be rationalized but as your clients seem to be online....it just seems completely wasteful. Organic is smart I have to admit. You can't put a price on your health.
Not here is one hundred dollars at day for a maid
Great video but first thing first, learn how to cook and save that money! Paying $2500 in rent is waaaaaaaaaay to much there, look around and you'll find better deals. I could see spending $3500 a month there but most definitely not 5K to 7K, learn to save and quit living to impress. I fully retired at age 50 and I remember those days in the past were I blew so much money on nonsense, trust me and live modest and bank it for the future! If you want nice and cheap accommodations try moving to Asia.
$2,500 is cheap for a nice condo lol and it's on the top floor.
Average apartment prices go for 1k
@@Jzarecta Is he paying the Gringo rate?
@@cryptotrader4307 maybe, then again it's a penthouse so there is that.
@@cryptotrader4307 He probably is. As a Panamanian, I'm sure I can get better deals.
@@user-vz3fh6oj7d Can a Gringo drive a nice luxury car in Panama without worrying about getting killed? How is the safety over there? I heard that an American recently got killed in Columbia, likely because he had money. And probably got set up by the girl he was dating.
$7000 in a third world country? How much did you spend in Canada, 14k, 20k, 25k?
1k
@@taylor.benterud you spent 1k a month back home?
Omg dude what f.... lol have you been to all 9 provinces? Beaches 8 hours? One of the best beaches are in the Atlantic and that is only 30 minutes on the freeway. BEFORE you make videos do your research bruh. And as far a the rent that is cheap for 1700 pr 1800 apartment and that view and area.
@@taylor.benterud yeah right one of the provinces has like 10 beaches within so I doubt that you have been to all 10 provinces and all the Flora and Fauna that their is to visit and explore with their museums and monuments. The ancon, the aguadulce beaches, and their native San Blas island has like infinity beaches and tourism to explore. Dude you need to get a real tour guide.
Sup
He is right about the service.
On the other hand I thought Trump Tower was more expensive 2500$ is kind of cheap compared to other buildings in the city.
Cool vid... I dont want to live the life I live in USA in PTY so yeah my cost will be lower. Living that life in the USA is why I'm trying to get off the hamster wheel and leave LOL 😆
So in other words.. Panama is kind of Expensive and also kind of Sucks due to bad services etc. according to this video at least.
Not speaking much English is not a con... It is a Spanish speaking country, it's up to us expats to adapt to the culture
I am in my own country in south Florida and people don't even speak English here. Miami is a foreign country now and all Americans have moved out of Miami.
It's a con for the expat/foreigners in general though not for some others!
Just bcoz Spanish speaking country doesn't excuse that they shouldn't improve in English the global language! After all, do you expect people to learn every major language of every place they move to even if they go there to just spend a few weeks or months?!
and if you go to most countries in Europe & Asia & Africa they will gladly try to use or speak English with foreigners they don't expect foreigners to learn the local language(s), except most or a big part of Spanish speaking Latin America.
I will be happy to leave Calgary
Do take care alright bye
This is Definitely not one of the best buildings. And actually 2500 is not that, I saw some buildings at 3500 same size.
Subjective opinion lol
This Taylor guy seems like a real creepy scammer. That's my subjective opinion. He has friends???
☹️☹️
The former Trump building is far from the best building in Panama. It's not even the best building in Punta Pacifica.🤣🤣
What buildings do you like Victor?
I feel like this video is kind of not what most people do while in Panama. You live in an apartment that would cost you $15k a month in NY, have a personal trainer that’d cost you $800 a month, a maid that would be at least $2k and a chef. Yeah no one really moves down to Panama to do that. They move there to enjoy the laid back lifestyle. You’re doing basically what everyone says not to do when moving out of your home country, trying to make Panama into Canada. I feel like this video wasn’t really helpful at all because you chose to live like Paris Hilton in stead of actually going down to immerse yourself in the culture. It really sounded like: “here’s how you live in Panama if you’re a spoiled rich kid”.
You can live other places closet to beaches in Panama for $1200-1500 per month. Don't like apartment living. CORONADO...
Im just thinking what a few are probably thinking is that "you" had a personal trainer or your girl had one? You dont look like you workout 1 hour in your life, just looking at the image in front of me ok, just sayin...
He definitely doesn’t look “out of shape” .Everyone doesn’t want to look like “The Rock” . I’m sure if he has a personal trainer coming to his home that he is not deadlifting 300 lbs in his house 🙄...
@@ktown4751 Skinny doesn't mean you're in shape neither, there's a ton of skinny sick people also...
@@msway836 why are you hating on the man. He doesn’t look sick,he’s just slim .
@@ktown4751 Hating? There we go again, I can have an opinion about this topic if I choose to Karin, I never said he was sick, I was talking in general sense, I don't know him personally, stop jumping to assumptions.
Hahahaha well I’d have to do a naked video for you to have an accurate assessment
Your building is not the best in Panama City. The former Trump was involved with tons of problems since its construction and lots of people who bought pre construction even lost their down payment. Your apartment in that building is very small for the rent you pay and is because the owner's monthly maintenance is very high, again, in that particular building. If you look at the Pacific Village complex next to you, you can rent a huge three bedroom apartment with four bathrooms, maid room and laundry for less than $2500, and with front view to the Pacific Ocean. Also, that building has a full gym with spa and trainer, social areas, pool, playground for kids, basketball, squash, racketball courts... etc and indoor parking is included with the rent. At the former Trump, parking is extra. Of course, is your choice to have a chef, private trainer... etc and buy organic produce that's your case which makes living expenses not cheap. However, if you go to the produce Wholesale market (Merca Panama) you will be paying a fraction of what you pay in a regular supermarket as a Riba Smith which is expensive. Super 99 and El Rey are as good and a lot cheaper. Panama City is just another city. If you want to appreciate the beauty of Panama you have to go to Boquete, Volcan, Cerro Punta, Bocas del Toro and not far from the city you can go to the Caribbean side and experience gorgeous beaches as Isla Grande and along the coast around Portobelo. And for your information.... the Balboa only exist in coins. Panama's Constitution doesn't allow the Balboa in paper, only the US dollar. All the Balboa coins are minted in the USA.
All great words!
How American could move to the 3Rd world???? I cry every day for having a permanent ban for entering us:((( I love USA and Americans with all my heart!!!
Panama is not 3rd rate! and people have different reasons/perspectives.
Are the women hotter than American women
One of the many problems no one addresses is the Panamanian currency. Although Panama has its own currency (the Balboa), however, Panama also uses the U.S. dollar. The Balboa to U.S. dollar exchange rate is 1-to-1, which doesn't make since when it comes to GDP. The Gross Domestic Product (GDP) in Panama was worth 52.94 billion US dollars in 2020. Compare that to the U.S. GDP in 2020 at l$20.93 trillion. So how did the 1-to-1 exchange rate balance off? Someone with subject matter expertise in economy explain this...
No idea
You are a rich kid...; living of family money.....you do not earn my respect....!!!!! What college university did you graduate from????? Navy....jajajajajaja NC. USA retired GB
wow you are bleeding money
all of the expenses you list. No budget at all.
I know the people in the slums there they dont have a choice but to work for the minimum. I hate i seen this video.
This guy seems like a real scammer.
Indeed
Not agree with you.
Dude why dont you just buy a house
do you have to renounce your US Citizenship to be a resident of Panama
2500 PENTHOUSE WITH VIEWS IN TRUMP TOWERS....THATS THE COST OF A STUDIO IN NYC.. LOL
Panamá’s time zone doesn’t change. They are always EST. They just don’t observe daylight savings time. Also, a lack of English speaking in a country whose official language is Spanish is YOUR problem, not a con for the country. And if you are paying $2500 per month for an unfurnished unit in The Ocean Club (the JW Marriott is the hotel next door), you got a pretty bad deal.
you're pretty rude
Lack of English speaking is definitely a con for many! do you expect to go to India or China and speak their languages even if only there for a few weeks or months?! c'mon eeh! you see even places as Nepal and Sri Lanka abundant in English knowledge but Panama and most places in Latin America don't seem to care much about catching up somehow, though Mexico and Uruguay are doing better.
@@lorenk.775 Just like you would expect a foreigner to learn YOUR language when they move to YOUR country, you should expect to learn THEIR language when you move to THEIR country. If you want English in Central America, Belize is where you should go.
@@hotglasschick , you are being subjective instead of objective! and Belize sucks balls in general, looks like Liberia! until maybe it changes.
I certainly don't expect people to learn any language if they are gonna be anywhere as tourists or for just a few weeks or even a few months each time, so get off your high horse of defending Spanish speaking countries for their failure to absorb and learn English (most of them at least), the most important & most useful & most popular language of the world! and the #1 language for business as well!
Also, most countries of the world have English as at least one of the official languages, on top of that most of the most populous countries also have English as one of the official languages!
and even China & Russia prefer English as a 2nd communicative language/foreign language, above any other by far.
Besides those points, some countries have 20+ languages, so according to your flawed logic if you stay there a long time or move there you should learn all or most of those languages?!
And if the foreigners are spending much more money there than the locals and or significantly contributing to the local economy, those locals better accommodate the foreigners or the foreigners can leave and contribute to other places!
My honest advice to you: try to see things from many angles!