Panama has had close ties with the United States since back when it was trying to win independence from Colombia. The relationship between the two countries was further solidified when the U.S. offered its support in constructing the Canal. Both of these facts contribute to the standing relationship that the remains today. Visitors to Panama find many similarities between this Central American gem and the U.S. and that is precisely what draws many retirees to Panama.

To start off with, when you arrive in Panama there is no need to worry about exchanging money, converting pesos to dollars or anything like that. The official currency of the country is the U.S. dollar. While you may be trying to break away from some aspects of life in the States, rest assured fast food will follow you wherever you go. McDonald’s, Burger King, Wendy’s, TGI Fridays – they’re all here! Hotel chains similar to those in the States are more than common, as are rental car companies. Even condo units are owned and operated by American based companies and given names such as Pacific Winds and San Francisco Bay. (For information about renting a condo through ThePanamaGringo.com click here.)

Eating and staying at American places will cost you standard American dollar, but it isn’t the only way to live. You can still live for cheaper in Panama than you can in the United States. In addition, you don’t have to pay taxes on any income you earn while outside of the country, and you can save money on property taxes as well…

There are so many benefits to retiring abroad. For those of you who think you wouldn’t be able to make it in South or Central America, I think you should give Panama a shot. It’s a lot more like the States than you might expect. That isn’t, of course, to downplay Panamanian culture or the Panamanian mindset, which is very different than that of the States. I’m just saying, there are a whole lot of people down here trying to make relocation more comfortable for you. Why not give it a shot?