Retire in Panama: 5 Places to Live Better for Less

Many of us dream about retirement long before it becomes a reality. Regardless of how rewarding and interesting you find your work, there’s something to be said for finally leaving behind the restrictive schedule, emails, and deadlines of professional life. In retirement, you can finally dedicate all of your time to the activities and people that bring you joy. 

When it’s finally time to enter this exciting new chapter, you want to make sure you can enjoy it to the fullest. Without having to stress about the financial practicalities of retirement. More and more, people are choosing to retire in other countries that provide a high quality of life with a low cost of living. Not only does Panama strike this balance perfectly, but it also provides a number of other perks to further sweeten the deal for retirees. 

Through the pensionado visa program, anyone with a lifetime pension that meets a few criteria can retire in Panama with some incredible benefits. These include huge discounts on entertainment, dining, transportation, travel, utilities, and more. Add these discounts to the already reasonable cost of living in Panama, and you can easily live out the rest of your life in paradise, without having to stress about finances. 

So just where are the most popular places to retire in Panama? Read on to find out!

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Pedasí: The Ultimate Retirement Destination

We love Pedasí’s laid back vibe and friendly residents, both of which make this an ideal retirement destination. Located on Panama’s Azuero Peninsula and within a short drive of tons of great beaches, Pedasí offers something for everyone. Plenty of expats have already chosen to call Pedasí and the surrounding communities home. Yet it still has maintained a distinctly Panamanian vibe. 

Retirees will often spend their days visiting one of the nearby beaches such as Playa El Arenal or Bull Beach. Many local beaches offer great conditions for surfing, paddle boarding, bodyboarding, and even kiteboarding. There is also plenty of beaches ideal for those who merely want to lounge in the sand, stroll the coast, or maybe take a dip. 

As far as amenities go, Pedasí has everything you need to live out your golden years in comfort. Dozens of dining options are scattered through the town, and expats are often pleasantly surprised to find that high-quality international fare is just as prevalent as Panamanian eats. Whether it’s woodfired pizza, French classics, or Belgian beer you’re after, Pedasí has it, thanks to the diverse group of expats who call this community home. 

Mountain Retreat in Boquete

If it’s mountains and not beach that is your idea of retirement bliss, then look no further than Boquete. This tiny village tucked in the mountains of central Panama is home to one of the largest expat retiree communities in all of Latin America. With striking natural landscapes in every direction, and a fun and friendly community that you’ll quickly be a part of, Boquete is the perfect place for those looking to retire in peace. 

One of the reasons that Boquete is so popular with expat retirees is because it’s so easy to adapt. Given the already thriving expat population, you’ll find that nearly everyone in Boquete speaks English. Whether you’re grabbing a coffee in a quaint cafe or enjoying a scenic hike with new friends, you don’t necessarily need to learn a new language to fully immerse yourself in the Boquete lifestyle. 

This robust expat community also means that Boquete offers plenty in the way of comforts and amenities. There are dozens of eateries and shops located throughout this quaint mountain town that residents love to frequent. The Tuesday artisan market is also a popular community event, and there are even options if you’d like to book yourself a spa treatment to really take relaxation and rejuvenation to the next level. 

Caribbean Retirement in Bocas del Toro

If your retirement dreams include nothing less than the most beautiful Caribbean beach your imagination can muster, then look no further than Bocas del Toro. This group of islands on Panama’s Caribbean coast will impress even the most well-traveled retirees. With turquoise waters, swaying palms, and soft white sand, Bocas del Toro offers everything that beach dreams are made of. 

The epitome of Caribbean paradise can be found at Red Frog Beach on Bastimentos Island. Almost completely void of tourism, this is the perfect destination if you want to enjoy the best of the Caribbean living all to yourself. Red Frog Beach offers a wide sandy beach framed by lush tropical landscapes and tons of nature. A short boat ride to Bocas Town, where you can find plenty of dining and shopping options, Red Frog Beach offers a perfect secluded oasis, but within a short commute of all the amenities, you could want. 

While real estate options at Red Frog Beach have traditionally been very limited, there are a handful of new developments that offer luxury condo living right on the water. And best of all, retirees can buy their own slice of paradise for a fraction of what a similar condo would cost anywhere else in the Caribbean. 

Retiring in Coronado

Coronado is a perfect place to retire in Panama. Especially for those who don’t want to give up any home comforts but are looking for an affordable beach town to enjoy. Located only an hour or so from Panama City, Coronado is immensely popular with retirees, and for good reason. 

Here you can find a friendly community and stunning beaches at every turn. Coronado tends to be quiet during the week, meaning residents have the quaint town and sandy beaches to themselves. Coronado offers something for everyone. Whether it’s a morning stroll on the sand, and an afternoon dip in the sea or an evening spent with friends at a local happy hour. Additionally, Coronado is also known for being the least rainy spot in Panama. Making it a favorite destination for those who want to live out the rest of their lives under sunny blue skies. 

Finally, many expats choose Coronado because it provides the perfect mix of comfort and amenities along with local flavor. Supermarkets, banks, hardware stores, veterinarians, hospitals, shops, restaurants, and pharmacies are all plentiful. Meaning retirees can carry on living their best lives without feeling deprived (yes, there are even some American fast-food chains).

Island Life in Isla Contadora

Isla Contadora is the epitome of a tropical island paradise. This stunning island located off the coast of Panama City is accessible by both ferry and by plane. Once you’re there, though, your transportation options are limited to golf carts, bikes, or your own two feet. As there is a no-car policy on the island. This makes it a perfect retirement destination for those who spent much of their careers sitting in gridlock traffic commuting.

Isla Contadora has a friendly island vibe where all of the residents seem to know each other by name. Dotted with a dozen or so beaches, you can spend your days exploring each one and choosing your favorites. There are plenty of dining options dishing up fresh local seafood and Panamanian favorites. As well as the more generic favorites, pizza, salads, and pasta dishes.  

Prices on Isla Contadora can be a bit higher than some of the other destinations on this list, as everything there is to buy on the island must be brought over from the mainland. That said, with the pensionado visa, living on Isla Contadora is still extremely affordable compared to what it would cost to retire to a tropical island nearly anywhere else in the world. 

Retire in Panama – Make it a Reality!

Want to learn more about retiring in Panama? Check out our pensionado visa guide to get all the details on who’s eligible and exactly what this amazing program for retirees entails. Considered one of the best pension benefit programs worldwide, a pensionado visa makes retiring in Panama a no-brainer. 

Convinced that Panama is the perfect place for you to retire? Then contact Panama Equity and let us find the perfect property for you. We can make the transition a breeze, so you can start living the retirement of your dreams in no time.

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Panama Equity

Panama Equity’s expert team has been a trusted authority in Panama’s real estate market since 2007. Our knowledgeable staff brings years of experience, market insights, and a passion for helping clients navigate the diverse opportunities Panama has to offer. From luxury beachfront properties to commercial investments, our articles are designed to provide valuable information, actionable advice, and the latest trends in Panama real estate. Whether you’re buying, selling, or investing, Panama Equity is your go-to source for expert guidance.