We just finished a week vacation where we spent ten days dreaming of moving to Boquete. First day back to work and wondering if Shelly and I chucked it all and moved, can we make it there with $60,000.00 and our talent? We will not qualify for Soc. Sec. for another 10 years but do not want to wait!
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I like your enthusiasm! I'm agreeing with you. We can make it for several years on the money I think and we are hard working, I'm getting ready to pull the trigger!
Shelly is a Physical Therapist specializing in older folks and I in manufacturing quality.
Better to have the income part sorted out-hard to find a job here and opening a business has allot more downsides
than upsides.
Before anyone mentions this in a rude manner, I will try to in a nice one. You will need a work permit to legally work here. And, unfortunately, a lot of licenses, degrees, etc will not transfer here, especially medical ones. You can own a business here, however, a work permit is required to actually work or participate in daily activities of that business. To get a work permit, you will need an official residency status. You mentioned that you are not of retirement age, neither am I. My Visa has a Permanent Residency status and I also have gone through the Work Permit process as I will own a business and plan to work in it. Neither one of these was a particularly difficult process, just tedious and took a while. And there is an expense with both. I don't really think jobs, here in this area of Panama, are easy to come by. In David, it might be a little easier.....and PTY of course. Just my two cents....
I'd stick it out a few more years and get that $60k up a little higher. The reality is that there are many many expats in the same boat as yourselves. Finding a way to earn, let's say $2000/month to live on is not obvious. The cost of living in Panama has gone up drastically over that last 10 years, inflation has been at probably running at about 10%. You really want to avoid touching that capital, and it's hard for me to see how you could move down here, get set-up, and start generating income without doing that.
If you're able to do some form of tele-work for a company back home (tele-marketing, support etc...) then, that may very well be viable.
What interest rate can I expect to get on my cash in Panama?
It depends. Reputable banks give you a couple of %pts. Credit Unions have offered much higher rates, but some have been plagued with governance issues, among other things.