4 days ago
What It Means To Be Wealthy In Panama
Casco Viejo in Panama City, Panama, offers an affordable lifestyle, accessible visa options, and plenty of charm. getty
Looking to explore a tropical paradise with a rich history and vibrant culture? Panama is currently one of the five trending places that Americans are seeking out to start a new life overseas. But what does it means to be wealthy in Panama? What are the average earnings and net worth, and what would the cost of living and visa opportunities be for expats?
Settled by the Spanish in the 16th century, the country joined Colombia, Venezuela, and Ecuador in a union, and then later signed a treaty with the U.S. to gain independence by building a canal. But as Lonely Planet says, "Panama is so much more than a window into the canal." It is rainforests, skyscrapers, colonial buildings, tropical seas, plus it really is the link between two oceans and two continents.
In 2023, Panama's national gross income per capita was $17,870 as per Statista, whereas in comparison, the average household net-adjusted disposable income per capita in the U.S. is $51,147, making the income gap between the two countries significant.
This figure corresponds to data from CEIC that places monthly earnings in Panama in August 2023 at $1,288.
Panama is known for its affordability, especially when compared to the U.S., where, according to Numbeo, the cost for a single person per month, not including rent, is as follows: Switzerland: $1,659
France: $1,200
U.S.: $1,166
Germany: $1,139
Ireland: $1,112
U.K.: $1,095
Australia: $1,050
Canada: $1023
New Zealand: $1,012
Japan: $927
Italy: $905
Latvia: $874
Greece: $832
Panama : $800
: $800 Malta: $801
Spain: $731
Thailand: $650
Mexico: $637
Portugal: $592
Philippines: $573
Brazil: $466
According to Numbeo, the cost of living in Panama is approximately 50% lower than in France or in the U.S., excluding rent. For example, a single person's monthly expenses (excluding rent) average around $800 in Panama, compared to $1,166 in the U.S.
Rent in Panama is also significantly cheaper. A one-bedroom apartment in Panama City's city center costs around $800 per month, while in the U.S., rent is 80% more expensive, on average. Groceries and dining out are also more affordable in Panama.
Utilities, transportation, and healthcare are other areas where Panama shines in terms of affordability. Public transportation is widely available and costs a fraction of what it does in the U.S.. At the same time, healthcare is both high-quality and affordable, making Panama a popular destination for medical tourism. Being Wealthy In Panama—The Top 1% And Average Net Worth
In Panama, the richest 20% of the population hold just over 50% of the income, as per Statista. And in 2021, the richest 1% held just under 20% of the income.
In Panama, the average asset wealth per capita in 2024 was $33,571. In the World Economics Inequality rating, Panama rates a D, out of a possible A-E, with E being the worst a country can be for wealth inequality, meaning much of the national income is in the hands of the few. In comparison, the U.S. rates a C-rating. Being Wealthy In Panama—Getting A Golden Visa Or A Digital Nomad Visa
Panama offers several visa options for expats of all ages and in all life circumstances. The Friendly Nations Visa is ideal for people who want to invest in Panama in exchange for residency. Citizens of over 50 countries, including the U.S., can apply by either establishing a business, securing employment, or making a real estate investment of at least $200,000.
Panama's Digital Nomad visa allows Americans to live and work in the country for 9 months with the option to renew once. Applicants must prove an income of at least $3,000 per month and work for a company outside of Panama.
Additionally, Panama's Pensionado Program is, globally, one of the most attractive retirement visas. Retirees who can prove a monthly pension income of at least $1,000 are eligible for permanent residency and enjoy numerous benefits, including discounts on healthcare, transportation, and entertainment.
Being wealthy in Panama is about more than just financial stability—it's about enjoying a high quality of life in a country that offers natural beauty, cultural richness, and modern conveniences. With its affordable cost of living, competitive salaries, and welcoming visa programs, the country is an ideal destination for expats, retirees, and digital nomads alike. MORE FROM FORBES Forbes 5 Trending Retirement And Golden Visa Destinations For Americans By Alex Ledsom Forbes Here's How Retirement Visas For U.S. Expats Compare, Based On New Data By Alex Ledsom Forbes The Prettiest Village In France, Voted By The French—In Pictures By Alex Ledsom
