When it comes to getting a second residency, living there in a long-term basis is never the plan. A lot of countries that offer residency programs are undesirable places to have a long-term stay in the very first place. However, this is possible in Panama where you can live a great life in this beautiful country.
Why is Panama a great place for second residency?
When it comes to its geographical location, Panama is a great hub. Its geographical location is excellent for many different locations within the America in a span of hours. There are daily flights from the international airport of Panama to the other parts of the world. You can expect for more flights coming in and out in Panama as the airport grows more.
Its nature is full of rainforest and tropic islands. If you are outside of the city in Panama, you can arrive in just 30 minutes to the exquisite landscape of the rural area of this city. Your eyes will witness a thick, green fauna wherever your eyes wander. Also, there’s a plenty of great choices for exploration and hiking. Different and numerous islands await for your visit. The Bocas del Toro and the San Blas Islands are the most popular ones to visit.
Panama is both warm and rainy. Its temperature is between 23-30ºC for most of the year. It rains daily for several hours during the summer season. The weather in Panama is precisely one of the factors that this country is not getting a top score with most of the expats.
Panama’s People and Its Culture
The Latin American has a friendly culture. Comparing it to its neighboring country, Colombia, the Panamanian people are more aloof and reserved.
Is the Panamanian economy good?
Panama has a stable economy where it has a solid growth as its currency is in the value of dollar. Dof the last few decades, the development of the Panamanian economy is doing very well. Its banking sector has a big role and the Panama canal is bringing in a constant revenue too.
Another important role is its US dollar currency. There are several Latin American countries that are struggling in keeping a stable currency and are consistently facing the high risk of inflation. However, Panama doesn’t have its own central bank or own currency. Thus, the government cannot simply print money and find it hard to inflate the currency in generating a revenue to keep it going. The money must be from the other sources such as some specific programs that would bring investors in the country.
Is Panama a safe country?
The Republic of Panama is generally a safe country. It is a must that you look after yourself especially in the dark areas of the major cities in Panama. A higher risk is present for pickpockets than what you are used to in the Western countries.