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By The Panama Gringo | October 13, 2008
Panama City has been transformed from a run-down third world city, to a bustling metropolis with a first world infrastructure. Hip neighborhoods attract more and more positive attention from outside investors, pursuing creative business adventures at third world costs.
In a place where you can live at 1/10 the value of the United States, investment or retirement in Panama has proven to be one of the best lifestyles one can adopt.
Courtesy of our friends at Semusa Realty in Panama City, here is a pricing chart identifying some of the basic costs for living in Panama City.
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MONTHLY EXPENSE (In US Dollars)
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PANAMA *
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Residence (House or Condo)
• 3 Bedroom
• 2,000 Square Feet
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Investment - $ 200,000
Rent - $ 1,500.00
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FIX COST
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Electricity
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$175
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Water (Very Safe to Drink The Best in Latin America )
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$20
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Phone (Includes Monthly Fee and Estimate Usage)
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$50
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Live-In Maid (If you can afford Highly Recommended)
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$150
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Cell Phone
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$ 50
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Condo Maintenance Fee
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$ 200
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Internet Services (Residential)
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$ 30
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Cable Service
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$ 50
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Gasoline ($2.35 Per Gallon Estimate)
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$ 50
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Groceries (Monthly for Family of 4)
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$ 500
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Fire Insurance (Building & Content)
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$ 50
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Health Insurance (Basic Coverage for Family)
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$ 150
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Car Insurance (Based on a $ 30,000 Auto)
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$ 100
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Gas (Cooking & Water Heater) Note: Some Condos include it on the Maintenance Fee
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$ 30
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OTHER REFERENCE COST
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Mortgage Interest Rates (Usually about 2 point higher than US Very good for Latin-American Standards)
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%6- %8
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Property Tax (Yearly)
• Land
• Betterments
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From 0% to 2%
From 0% to 2%
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Taxis within Panama City
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$1.50
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Sales Tax
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5%
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Dinner at Fancy Restaurant (For Two with Wine)
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$ 60
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Movie Theater
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$ 3.50
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Bottle of Wine (Plenty of Variety) Mayor Re-Export Business from the Colon Free Zone
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$ 8
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Schools
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$ 6,000 Capital Donation
$ 6,000 - $8,280 Tuition
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Gymnasium Monthly
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$ 65
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Dentist
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$ 35
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Doctors Appointment
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$ 40
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Note: All indicated cost are estimates based on a family of four, cost may vary
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Topics: Panama - Relocation |
Comments
January 1st, 2009 at 4:19 pm
With these prices Florida may again become the choice of many retiring americans. The median price of a 2000 sq foot house in Cape Coral is only about 115,000 and you can find many for even less. Electricity most of the year (winter-no AC) is less than 100.00 per month. Gym memberships (to full gyms) as low as 10 per month. Tuition to Florida colleges as low as 4,000 for instate tuition. Cell phone service 19.99. The only thing on this list that is not more expensive than Florida is probably the health related costs and the real estate taxes.
Can’t figure out the auto insurance. I pay 184.00 per month currently for 4 cars and two teenage drivers. So 100 for 1 car seems expensive.