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Living in Panama: A Mixture of Low Cost of Living and Convenience

Jun 26, 2008
With its strategic location in Central America, with borders that connect North and South America, Panama is one of the most industrialized countries in Central America. It is also developing its economy as one of the largest ones in the region per capita and has the largest consumption in Central America for its goods and services, not to mention its international presence as a fiercely competitive banking and offshore center.

One of the benefits in living in Panama is that it has low Panama cost of living compared to other neighboring countries in South and Central America. You can choose to live their through rentals or through building your own house. Properties are available at affordable price in your preferred location. One thing that makes property more affordable is that it has tax incentives when you are a foreigner buying property. Aside form affordable property, below are some of the lists of Panama cost of living:

Construction for US style home - 40 dollars per square foot
Labor cost (unskilled) - 6 dollars per day
Full time maid (live in) - 120 dollars per month
Electricity - approx 10 cents per kilowatt
Water bills - 18 dollar per year
Cable TV - 30 dollar per month
Telephone service - approx 30 dollar per month
Internet access - 40 dollar per month

Subsequently, cost of other goods and services are also low such as haircut which costs only 2 dollars, beers cost as little as 35 cents, and a cup of coffee is only 30 cents if you know where to go.

If you have earned foreign income that is higher than Central America, you will definitely have the tendency to have higher standard of living because your money will go far as gods and services are offered at cheap prices. Most retirees and those simply looking for a good place to relocate, considers Panama. You can choose beaches and mountain locations and still get the Panama cost of living that is affordable and convenient. At the metropolitan Panama cost of living, it is usually higher as you can live more modernized lifestyle. However, compared to America and other industrialized countries with the same modernization development, Panama cost of living in the city is still lower.

Not only because of low Panama cost of living that Panama is a good place to stay, but it also has beautiful places where you can relocate to and call your new home. One retiree tells a story that while searching for that ideal piece of real estate to purchase, he was impressed by how extremely hospitable all of the people around him were. He gets the information that he needs and started living in Panama. As a start, he rented an apartment until he will be able to adjust to the place. Two things make him feel at home in Panama - the hospitability of the people and the wonderful places. He lives in cozy apartment and can shop around different malls with his money. Indeed, Panama cost of living is a mixture of cheap price but convenient and comfortable. By word of mouth, Panama is booming with all sorts of foreigners investing and relocating in different places in Panama.
About the Author
Laurie Cooper, of Cpanama Real Estate Corp., is an expert on Panama real estate. For more information, please visit http://www.cpanama.com.
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