Cost of Living in Panama: A Retiree's Financial Guide

Housing Costs

• Rent (1-2 bedroom apartment):

  • City Center (Panama City): $800 - $1,500

  • Luxury City/Beachfront: $1,500 - $2,500

  • Coastal/Suburban Areas (Coronado, Boquete, David): $500 - $1,000

Utilities Included: Most rentals include building maintenance and sometimes water

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Utilities and Basic Expenses

• Electricity: $50 - $150 (varies with AC usage)

• Water: $20 - $40

• Internet (High-Speed): $30 - $50

• Mobile Phone: $10 - $25

• Streaming/Cable: $25 - $50

• Gas (cooking): $3 - $5

​Monthly Total: $140 - $320

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Healthcare Costs

Panama's healthcare system is modern and affordable, with many doctors trained in the U.S. or Europe.

• Private Health Insurance: $100 - $250 per month (age-dependent)

• Doctor Visit (specialist): $20 - $50

• Doctor Visit (general practitioner): $15 - $30

• Prescription Medications: 40-70% less than U.S. prices

• Dental Cleaning: $30 - $50

• Hospital Stay (private room): $150 - $300 per day

Monthly Average (with insurance) $150 - $300

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Dining and Groceries

• Grocery Monthly Budget: $300 - $500

• Local markets offer fresh produce at excellent prices

• Imported goods cost more but are widely available

• Mix of local and imported shopping keeps costs reasonable

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• Dining Out:

  • Local Restaurant Meal: $5 - $10

  • Mid-range Restaurant: $15 - $25 per person

  • Fine Dining: $40 - $80 per person

  • Coffee at Café: $2 - $4

  • Beer at Restaurant: $2 - $4

Estimated Monthly (cooking + dining out): $400 - $700

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Transportation

• Public Transportation:

  • Metro Bus: $0.25 - $1.50 per trip

  • Metro Subway (Panama City): $0.35 per trip

  • Monthly Transportation Pass:** $20 - $40

• Private Transportation:

  • Taxi/Uber/Didi: $3 - $10 per ride (within city)

  • Monthly Transportation Pass: $20 - $40

  • Car Ownership (gas, insurance, maintenance): $200 - $400

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Entertainment and Lifestyle

 Gym Membership: $25 - $60

• Movie Ticket:  $5 - $8

• Golf (18 holes): $50 - $120

• Beach Club Membership: $50 - $150/month

• Housekeeping (bi-weekly): $40 - $80/month

• Gardener (weekly): $60 - $100/month

Monthly Average: $100 - $300​

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Comfortable Lifestyle: $2,500 - $3,500

Ideal For:  Retirees who want modern amenities, regular dining out, and domestic help while still enjoying significant savings.

• Rent: $1,000

• Utilities: $200

• Groceries: $400

• Dining Out: $350

• Healthcare: $200

• Transportation: $200

• Entertainment: $250

• Household Help: $100

• Miscellaneous: $300

 

Luxury Lifestyle: $4,000 - $6,000+

Ideal For: Those seeking upscale living with all the comforts, beachfront property, golf, and fine dining.

• Rent: $2,800

• Utilities: $250

• Groceries: $500

• Dining Out: $600

• Healthcare: $300

• Transportation (with car): $400

• Entertainment & Activities: $500

• Household Help: $200

• Club Memberships: $150

• Miscellaneous: $500

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Pensionado Visa Benefits - Extra Savings!

 Retirees with a Pensionado Visa enjoy significant discounts:

• 25% off utility bills

• 20% off medical consultations

• 15% off hospital bills

• 25% off restaurant meals

• 25% off airline tickets

• 30% off bus, boat, and train fares

• 50% off entertainment (movies, theaters, sporting events)

• 25% off hotel stays (weekdays)

 Annual Savings: $1,500 - $3,000 depending on lifestyle

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Estimated Total Monthly Budget

• Modest Lifestyle: $1,200 - $1,800

• Comfortable Lifestyle: $1,800 - $2,500

• Luxury Lifestyle: $2,500 - $3,500

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Cost Comparison: Panama vs. U.S.

• Overall cost of living is 50-70% lower than most U.S. metropolitan areas

• Same quality of life at a fraction of the cost

Important Considerations

• Prices vary by location (Panama City vs. coastal towns)

• Individual lifestyle and spending habits impact total costs

• Currency is U.S. dollar, eliminating exchange rate complexities

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Ready to Start Your Panama Retirement Journey?

 Whether you're looking for a beachfront condo, a mountain retreat in Boquete, or a modern apartment in Panama City, Turnkey Panama is here to help you every step of the way. From finding the perfect property to navigating residency requirements, we make your transition seamless.

 

Contact us today for a personalized consultation and let us help you turn your retirement dreams into reality.

📧 Email: concierge@turnkeypanama.com

📱 Phone: 484.341.0810

🌐 Web: www.turnkeypanama.com

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Disclaimer

Costs are approximate and subject to change. Individual experiences may vary. 

Note: All prices are approximate and in USD. Costs may vary based on location, lifestyle choices, and current market conditions. Information current as of 2025.