Panama Ranks First as Favorite Destination for Foreigners to Live

Panama ranks first as the preferred country to live for retired foreigners and those working in multinational companies, according to the recent Expat Insider report by InterNations.  Four out of five foreigners (82%) are happy with their life in Panama, far exceeding the world average of 68%. 

During 2023, Panama occupied the third position in this same report.  One of the most prominent factors is financial satisfaction, with 74% of respondents happy with their financial situation, 20 percentage points above the global average.  Panama leads in this regard, ranking first in financial satisfaction and fourth in the overall personal finance index.  88% of expats consider their household income to be sufficient or more than sufficient for a comfortable life, compared to 70% worldwide. 

Housing affordability is another strong point of Panama, with more than three in five foreigners (62%) rating it favorably, compared to 34% globally.  Additionally, the report highlights Panama in fourth place with 98% of respondents praising access to online services and 94% finding it easy to obtain a visa.  One-third of the foreigners living in Panama surveyed for this study are retired, a figure considerably higher than the global average of 11%.  However, those who are working find Panama to be a favourable environment, with the country ranking 12th in the Overseas Work Index.  They highlight the work-life balance and the number of weekly working hours, which on average are 41.0, slightly below the global average of 42.5 hours.  In addition, nearly half (47%) work remotely, compared to 20% globally. 

Although Panama ranks 16th in the Quality of Life Index, foreigners highly value personal safety, with 90% rating it positively.  The country also stands out in healthcare (ranked 15) and public transport affordability (ranked 8).  However, car infrastructure and public transport availability could be improved.  Foreigners said they felt welcome and “at home”, with 73% saying it was easy to get used to the local culture and 74% satisfied with their social life. Furthermore, 41% of respondents strongly agreed that the local population was friendly towards foreign residents. 

In short, Panama not only offers an excellent quality of life and financial opportunities for expats, but also a welcoming and safe environment, making it the ideal destination for those looking to settle abroad.