Paul D’Ambra
Almost everyone has at some point found him- or herself on vacation in a tropical setting, looked across the water to a secluded island, and thought…I want to vacation there.
For the more intrepid traveler, maybe it even goes a step further. Perhaps you’ve found yourself wanting to actually LIVE there. Or, heck, even own the whole stinkin’ island for yourself.
But then there’s that little voice in the back of your mind that beckons you back to reality. You know the one. The little whisper reminding you that there aren’t any 24 hour pharmacies on that island, that there are however a number of poisonous critters, and that there may also not be any internet access to speak of.
So you wonder. Could you really do it? I mean, sure you could survive there for a few days, or maybe even a week. But could you really live on a sparsely populated, or even…[gulp]…DESERTED island?
It’s true that island life isn’t for everyone. It’s basically a matter of considering your priorities and values, as well as weighing the pros and cons of living in a remote setting. We should also add that a number of those pros and cons pull double duty, as what is one man’s ideal picture of paradise might be another’s vision of absolute hell on earth.
It’s a weighted ranking system, really. And one where only you can assign each positive or negative attribute the importance it deserves. But to help you out, here are a few of the best and worst realities about living on an island.
Paul D’Ambra
Pro: Their undisturbed beauty is unrivaled by any planned development you can fathom.
Picture it. Powdery sand beaches, colorful splashes of tropical flora…with no signs of human intervention other than a hammock slung between two trees that’s gently calling your name. All this sits on the shores of the warm turquoise waters of your own private swimming pool that stretches infinitely toward the horizon.
There are no high-rise condos to block your view, no obnoxious souvenir vendors peddling their wares, and no loud neighbors blaring Jimmy Buffett on constant replay. Just you and whomever and whatever you’ve elected to bring with you.
Con: Sometimes a little development is a good thing.
Sure you’re considering island life because of its simplicity. But keep in mind that many islands, particularly the smaller, undeveloped ones, lack any utilities or infrastructure whatsoever. There may be no electricity, no hot water, no phones, no convenience stores.
What’s more, some islands that aren’t developed have remained that way because it’s not possible to get permission to develop them. So you can’t assume that you can later add some of the amenities you desire. That’s not always an option.
Compromise: If you’re someone who absolutely has to have a little bit of development to feel content or secure, you have basically two options available to you.
The first option is to choose a relatively larger island that has a few more amenities. There are some great options, like Roatan, Honduras, or Ambergris Caye, Belize, that offer all of the perks of island living but also have access to goods and services you might not find on a smaller island.
You won’t exactly be living the life of Robinson Crusoe, unless you can find a secluded lot somewhere well off the beaten path, but you’ll have those creature comforts you crave. You’ll also pay considerably more for property on one of these more developed islands.
Another alternative is to choose a secluded, private island that’s NEAR a place that has more development. A perfect example is Boca Chica Island, Panama. (Unashamed plug for our island!) There you can be completely alone with your thoughts and then, after only a 10-minute boat ride, find yourself on the mainland with access to all of the basic necessities you might need. For even more variety, the large city of David is only another half hour away once you reach the shore.
Salvatore Freni Jr
Pro: Island living is the epitome of freedom and easy living.
With no nosy neighbors, no authorities, no subdivision covenants, no schedules or deadlines, island life gives you the once-in-a-lifetime opportunity to live your life exactly the way you want to.
You make the rules. You set the agenda and the dress code. You essentially create your own reality. You can get up when you want to, spend your time doing whatever it is that fuels your existence, maybe take a siesta, and then get up and do it all again.
Con: There’s such a thing as something that’s too easy and too free.
While some people might jump at the chance to live a life of leisure and do nothing but swim, surf, fish, or snooze, there are others among you who might already be asking yourself what you’re going to do AFTER you’re done doing all those things.
The truth is that, for some, island life can become a bit monotonous and…well…downright boring without something productive to do or some way of contributing. Cabin fever can set in really quickly, especially if you’re living somewhere that’s completely deserted.
People from first-world countries have been conditioned to seek challenges and find satisfaction in overcoming obstacles. And by that we mean something a little more difficult than just figuring out how to get the coconuts down from that really tall tree.
Without enough healthy struggles, many people might quickly become frustrated with an all-too-easy lifestyle.
Compromise: Again another option is to choose a more populated or developed island with a few more options for socializing or a wider variety of activities to participate in.
You can also stick with the more secluded place and just look for other ways to find your purpose. A lot of island dwellers choose their locations because they’re the perfect setting for working remotely. The solitude and natural surroundings are great fuel for uncluttered thinking and ultimate productivity.
WWT
Pro: There’s an unlimited supply of fresh fish, fruit, and more.
Talk about fresh, organic, wild-caught foods. It doesn’t get any more natural than all of the amazing ingredients that are readily available on a tropical island.
You’ve never caught fish so easily in your life. And everything that grows on the trees is such a great natural complement to the flavors of the seafood. Coincidence? We think not.
So many people report weight loss and better health after moving to a tropical destination, even if they aren’t even trying to focus on their health. It’s just a natural consequence of island living, which is also often much more inherently active than even other tropical living options.
Con: On an island there’s little else in the way of supplies and consumer goods.
Depending as always on the level of development of your particular island, there may be very little access to the goods and services you need. You may have no stores at all, maybe just one, or perhaps only a boat that comes periodically to the island from the mainland and may or may not have the things you’re after.
The level of inconvenience to you will also depend on how high-maintenance your needs are. If you’re only slightly bummed that the local store doesn’t carry your brand of breakfast cereal, than that’s no biggie. If you absolutely can’t handle the fact that you never know whether the supply boat will have milk this week or not, then that’s a bigger issue.
There’s also the issue of paying slightly more for what’s sometimes lesser quality items, due to the added cost of transporting the goods. Transportation and availability become even more time- and money-consuming when it comes time to build an island home or make repairs or renovations as everything has to be brought over by boat.
Compromise: There isn’t really a whole lot you can do about this issue. What’s available is what’s available and your best bet is to just learn to have an extra measure of patience and to sweet talk the local business owners every opportunity you get.
This is also another area where living on a more populated island, or one that’s closer to civilization, affords you a much higher number of options in terms of goods and services. You just have to find the right balance between solitude and convenience.
Paul D’Ambra
Pro: Owning an island will make you a big hit at parties.
Let’s face it. Island ownership is the ultimate status symbol. Islands are the real estate equivalent of diamonds, extremely beautiful and valuable in their own right, but made even more desirable by their rarity.
Islands convey exclusivity, freedom, power, and a lot of other qualities associated with celebrities and other elite groups. It’s like having a yacht, except it’s a solid investment in real property.
Nothing shuts up the token show-off or the one-upper who’s bragging about his last blowout vacation like when you casually mention, “Yeah, that sounds kind of like my private island.”
That’s not to say that you should buy an island just for the bragging rights. In fact, that’s far from the mindset of most people who invest in island real estate. But there’s still the satisfaction of knowing you could brag about it. If you wanted to.
Con: There probably won’t be many parties on your deserted island.
Unless you’re willing to throw a soiree and somehow transport several dozen of your closest friends out to the island to attend it, you’re probably going to have to go elsewhere to find the above-described cocktail party.
Otherwise you’re going to have to be the one traveling to maintain any semblance of a social life. For that matter, you’re also going to have to travel a considerable distance for things like matches, movie nights, boat repairs, and access to postal services.
These occasional trips might not be a big issue to some, but it can be frustrating to run out of paint with ¾ of your room completed and a 45 minute one-way haul to the nearest hardware store.
Compromise: When loneliness creeps in or you discover your significant other just ate the last slice of bread you’ll get for a week, the best solution is to remind yourself of all of the amazing benefits to island living that far outweigh the occasional inconvenience.
Running out of eggs is a small price to pay for a panoramic view of both sunrise and sunset from your wrap-around porch. Spotty internet is not a bad trade-off when compared with the ability to enjoy complete solitude and total silence, save the howler monkeys and toucans flitting overhead.
Island living isn’t for everyone. And it isn’t for the faint of heart. But if you’re one of those for whom this lifestyle is a perfect fit, you’ll spend the rest of your days wondering why you didn’t make the leap sooner.
Don’t waste another one merely staring at that island in the distance. See what’s available and give island living a try for yourself.
If you’re a would-be expat who has your sights set on an island destination, then it’s likely Roatan, Honduras, has found its way onto your radar. It’s relatively inexpensive, yet offers a well-developed tourist infrastructure.
And, hey, if some of the globe’s top cruise lines have added Roatan to their list of stops, then surely there must be something there worth seeing, right?
Roatan is great, and its recent spike in popularity has certainly been warranted. But just in case you’re looking for a little less tourist traps and a little more authentic island atmosphere, let’s see how it stacks up against Boca Chica, Panama.
Viva Tropical
Round #1: Accessibility
Winner: It’s a Tie
Thanks to recent and coming improvements in both countries’ transportation options, you’ll find both of these islands incredibly easy to get to. Roatan, Honduras, is now accessible via direct flights from several major U.S. cities, such as Houston, Miami, and Atlanta.
You can basically hop on a plane and be there in as little as 2 hours. Not too shabby. This is a drastic difference from a few years ago when the only way to get to the island was via a ferry to the island or a separate domestic flight from the mainland.
Similar improvements are soon to come to fruition in Boca Chica as well. While Panama is also already accessible by way of a short international flight, Panama City has historically been the only option for arrivals.
That’s about to change when David’s Enrique Malek International Airport opens its runways to flights from the U.S. and other nations for the first time. Once you land, it’s only a 30 minute drive and a 10 minute boat ride and you’re on an island archipelago that feels more like you’re hours from civilization.
So, while Roatan is a slightly quicker trip (for now, anyway), Boca Chica stomps its Honduran counterpart in terms of access to other nearby destinations. If you need something that you can’t get on the island, you have to take a 90 minute ferry ride to the mainland.
Boca Chica’s islands require only a quick trip in a motorboat. Once on land, there are a ton of options for everything from shopping and dining to getting your boat repaired or picking up your dry cleaning. You can also explore nearby places like Boquete, Volcan Baru, and other popular tourist attractions in the Chiriqui province.
Round #2: Consumer Goods and Services
Advantage: Boca Chica
Speaking of dry cleaning and repair shops, that’s another area where Boca Chica wins out over Roatan. In Roatan you’re pretty much limited to the options available on the island. Most consumer offerings are located on the west end in places like Coxen Hole and French Harbour.
The options are decent, but the prices reflect the fact that they’ve had to be shipped over from the mainland. Plus if the island doesn’t have what you need, then back on the ferry you go.
From Boca Chica island, you can motor over to the mainland where the town of Boca Chica has enough to meet your basic needs. However, if you’re seeking something a little less common all you have to do is drive the half hour to David which is guaranteed to have what you’re looking for.
It’s so convenient that it wouldn’t be unheard of for someone to spend their day out exploring deserted islands in the archipelago, then shower, change, and head into David for a world-class steak dinner. In the city you’ll also find hardware stores, modern hospitals, government offices, and even a Mailboxes Etc.
James Willmore
Round #3: Investment Potential
Winner: Boca Chica By a Large Margin
The fact that you’re at least somewhat familiar with Roatan, Honduras, but may have never even so much as heard of Boca Chica, Panama, should be your first clue as to which has the greatest potential for appreciation.
Roatan is a well-developed tourist destination that’s been drawing international attention for a while. Boca Chica Island is a hidden gem. The mainland town of Boca Chica attracts a few tourists, mainly because of its popularity as a sport fishing mecca. But most of the islands of its archipelago are virtually untouched.
Roatan has a fair share of real estate that’s a little further off the beaten path as well, but its prices still reflect the level of development available on the island itself. Boca Chica, on the other hand, offers the same (if not better) gorgeous scenery and opportunities for adventure and exploration. But at rock-bottom prices.
Not to mention, that airport expansion we mentioned is about to cause the entire Chiriqui province, including Boca Chica, to explode. More and more travelers from all over the globe will begin visiting the area. Infrastructure will continue to improve. New businesses will open. And the result will be a tremendous spike in property values.
These projections are huge for investors.
Round #4: Atmosphere
Outcome: It Depends
Both Roatan and Boca Chica are great destinations with a really cool laid-back vibe. They also both have a good bit of variety if you’re willing to move around a bit. But each excels in a particular genre the other lacks.
In the more populated areas of Roatan you’ll find your typical Caribbean atmosphere. There are your usual tourist developments and hotels within walking distance of bars and restaurants that offer a vibrant night life.
Boca Chica doesn’t have that. There are good times to be had in Boca Chica, but they generally come in a more low-key format, like a relaxed happy hour spent on a restaurant patio.
By contrast, Boca Chica offers opportunities for complete solitude that would make even Robinson Crusoe drool. You can relax in a hammock on your private patio with nothing but your thoughts and a few howler monkeys to keep you company. Roatan has a few more secluded spots too, but they don’t compare.
Viva Tropical
Round #5: Tourist Infrastructure
Advantage: Roatan by a Landslide
Whereas Roatan has all the activities and tourist offerings you’d expect of any world-class vacation spot, Boca Chica’s options are drastically skewed towards one genre: aquatic adventures. It’s a great jumping-off spot for deep sea fishing, sailing, and other seafaring activities. For much more than that, you’ll need to venture to one of the other destinations in the province.
Roatan has a variety of options for dining, lodging, and other amenities. It’s a well-developed tourist hotspot. But that also has its drawbacks. Like the hordes of cruise ship passengers that crowd the beaches every few days or so.
It’s important to note though that Boca Chica’s relative lack of tourist offerings represents another great area that’s primed for growth. As the number of visitors to the area increase, there will be tremendous potential for entrepreneurs looking to profit by opening attractions like yoga retreats and sport fishing operations.
Michael McDonough
Round #6: Host Country
Advantage: Easily Panama
Outside of Roatan, there just aren’t a lot of expats flocking to Honduras. With the world’s #1 highest intentional homicide rate (82 of every 100,000 deaths), to say the country has a crime problem is a gross understatement.
Likewise its education system is fair, and its infrastructure is well below average for the region. You can’t drink the water, and many cities have inadequate wastewater treatment systems. Health care is also subpar, with only 57 physicians per 100,000 people.
Contrast this with Panama, whose infrastructure rivals that of first-world countries in some of the larger cities. It has good roads, reliable public transit, and some of the best internet and cellular access in all of Latin America.
There are a number of established expat communities where large numbers of English-speaking immigrants have more than paved the way for newcomers. There’s also Panama City, a bustling cosmopolitan city that many compare to Miami.
Panama’s schools are good. Its healthcare is great. It’s also one of the safest countries in the region, with less violent crimes in a year than New York City has in a day.
Panama’s government is pro-business, pro-investor, and extremely friendly to foreigners. Its pensionado program, with discounts as high as 50% on things like entertainment and travel, is the reason it’s often dubbed one of the best places to retire in the entire world.
Round #7: Snorkeling
Winner: Roatan
Boca Chica has a few private beaches where you can spend an afternoon snorkeling. Most notably there’s nearby Islas Secas, which is a 45 minute boat ride away, or Coiba National Park. It’s one of the largest marine parks in the world, but it’s a good 2-3 hours by boat.
In the waters surrounding Roatan there are over 100 diving and snorkeling sites, many of which are accessible directly from the beach. And since the island is so popular with cruisers, there are a number of outfits offering snorkeling excursions for tourists.
Round #8: Diving
Verdict: Boca Chica by a Nose
Roatan does have the benefit of being located near the Mesoamerican Barrier Reef, which reaches down to the island from Belize. As a result, it attracts many divers and is great for beginners.
However, Boca Chica lies in close proximity to a spot that offers some of the world’s best dives, according to National Geographic. Just 27 miles south is Islas Ladrones, which is teeming with schools of jack, snapper, and barracuda. There are also smaller species like surgeonfish, parrotfish, triggerfish, angelfish, and more that can be seen year round.
You can also spot several species of shark and, at certain times of the year, giant manta rays and humpback whales. Visibility near the island is 30-80 meters.
Further away, as mentioned for snorkeling, is Isla de Coiba, where you can explore a 330,000-acre reef which contains 60 of the world’s 75+ species of hard and soft coral. In these protected waters you’ll also find mullet, stingray, puffers, moray eels, and gentle sea turtles.
Snowmanradio
Round #9: Fishing
Winner: Boca Chica Hands-Down
Due to the abundance of species represented in Boca Chica, the fishing in its waters is second to none. A large majority of its tourist accommodations are comprised of fishing lodges, and the number of world record catches that were landed in and around Boca Chica is remarkable.
Most of these were snagged near Hannibal Bank, a world-famous fishing hotspot where the ocean floor rises sharply from thousands of feet deep to a mere 120 feet. Where this cliff juts out, tremendous schools of inshore fish merge with the offshore species who feed on them. Marlin in excess of 1,000 pounds and tuna over 300 pounds have been caught in these waters, as well as snapper, amberjack, and snook.
Since the island actually started as a commercial fishing hub (until tourism began to dominate), you won’t be disappointed with the fishing in Roatan. That is, unless you’ve already experienced the fishing around Hannibal Bank in Boca Chica. That’ll definitely ruin it for you.
Viva Tropical
Round #10: Land Exploration
Verdict: Boca Chica Takes the Round
Roatan has a few areas available for exploration if you’re willing to venture over to the east side of the island and get away from the more heavily touristed areas. There are botanical gardens and nature trails, but it’s also somewhat of a controlled environment.
By contrast, the jungles and rainforest of the Boca Chica archipelago are absolutely prehistoric. There’s an abundance of old growth trees and entire islands that are completely covered in dense untouched forest. There’s also a general attitude of preservation and conservation among the local population, as well as the developers who are starting projects in the area.
Take for example Boca Chica Island, the site of our latest Adventure Colony. It’s a place where like-minded expats can own their very own unspoiled piece of nature. It’s a community with a shared vision of living in harmony with the environment, as evidenced by Monte Vida, the world’s first crowd-funded park.
Viva Tropical
Grand Champion
Just like many of the individual categories, the verdict of which island destination is the right place to establish your expat home is one that’s best left for you to decide.
If you’re looking for an established spot with amenities already in place and a thriving expat community, then check out Roatan. If you’re a more intrepid expat who wants to be one of the first on the scene, for both investment potential as well as bragging rights, then Boca Chica might be the place for you.
Map of Boca Chica
Boca Chica Fast Facts
- Population: About 1,200 (Numbers are hard to nail down, but this is a good guestimate)
- Typical temperature: From 70 to 88 degrees Fahrenheit
- Nearest airport with U.S. flights: Tocumen Airport. Domestic flights to Panama City, Panama and international flights to Costa Rica depart from Enrique Malek International Airport in David
- Nearest U.S. consulate: Panama City, Panama
Map of Roatan
Roatan Fast Facts
- Population: 50,000
- Typical temperature: From 80 to 88 degrees Fahrenheit
- Nearest airport with U.S. flights: Juan Manuel Gálvez International Airport
- Nearest U.S. consulate: Tegucigalpa, Honduras
When looking at lists published by international living gurus citing the best places to live in and retire to overseas, the nations of Ecuador and Panama consistently appear among the places with the highest rankings.
As beautiful, affordable tropical destinations go, they’re among the best of the best. And, while they’re both excellent overall as places to retire, raise a family, start a business, or just live for a short time, each has certain areas where it shines brighter than the other.
We’d be hard-pressed to say which country is the best or, even more specifically, which one is the best for YOU and your particular situation. That decision is best left up to your family, based on your individual needs and priorities.
What we can do is highlight a few categories that are important to expat families and tell you which country excels in that area.
D. Bmcnicol
Round #1 – Lifestyle Hacks
Winner: It’s a Tie
One of the coolest things about living abroad is the ability to enlist help for tasks that you might be fed up with doing yourself, but would’ve never had the means to hire out in North America. Some examples are maids, gardeners, drivers, tutors, and nannies.
And domestic help is abundant and affordable in both Panama and Ecuador. We’d be tempted to give this category to Ecuador for its lower cost (around $10 per day for the services of a maid vs. $15 for the same work in Panama).
However, as is often true, you tend to get what you pay for. So some might argue that the quality of service you receive from domestic helpers is superior in Panama.
Eddie Codel
Round #2 – Connectivity
Outcome: Panama By a Nose
This is another area where both countries excel far beyond the reach of most of their Latin American neighbors. And, up until recently, this category would have gone to Panama by a landslide.
However, Ecuador is aggressively working to improve its internet coverage. As a result, the country’s connectivity is increasing by leaps and bounds with a goal of access in 50% of households by 2015. (It’s currently closer to 35%.) Free public access centers are also widely available across the country.
While Ecuador’s connectivity is great, Panama’s is excellent due in part to a long-standing U.S. military presence. In fact, it ranks #2 in all of Latin America for technology and internet penetration and #1 for wireless availability.
Most Panamanian cities offer affordable broadband service, and there are free wi-fi hotspots nationwide. Because of its technological advances, companies such as Dell, 3M, and Philips have chosen it for their regional headquarters and customer service centers.
Pavel Kirillov
Round #3 – Living Options
Slight Edge: Panama
Both Ecuador and Panama have a lot to offer in terms of variety of living options. When it comes to mountain towns, Cuenca, Ecuador, and Boquete, Panama, are among some of the top expat destinations in Latin America. There are others as well, such as Loja, Quito, and Vilcabamba in Ecuador and Volcan, El Valle, and Santa Fe in Panama.
There are also popular beach towns in both countries. Salinas, Ecuador, has been compared to Miami’s South Beach. There’s also Montanita and Manta. Panama has Bocas del Toro, the quintessential Caribbean beach town, as well as Coronado and Pedasi.
Panama City trumps places like Ecuador’s Quito and Guayaquil if you’re looking for something that more closely resembles a first-world city. The other place where Panama takes the cake is with its options for island living. Ecuador has the Galapagos Islands, a great place for tourists to visit or explore but not necessarily live.
However, Panama offers options like Boca Chica Island, which offer nature-loving expats the opportunity to own their very own piece of a private island that’s only a hour away from the country’s second-largest city and an international airport.
Wogo 24220
Round #4 – Green Living
Winner: Ecuador
While Panama has long had its sights on continuing to improve its infrastructure and commerce, it lags a bit behind in its sustainability initiatives. However, it is making some strides in the right direction. Take for instance the village of Kalu Yala, a development that has a goal of becoming the world’s most sustainable residential community.
Most green efforts in Panama are more grass roots and less government-driven. On the other hand, Ecuador has the unique distinction of being the only country in the world where the rights of the natural environment are protected by the nation’s constitution.
Sustainability issues are on the government’s radar in Ecuador as it battles issues like the threat of drilling in its Yasuni National Park, the most biodiverse place on earth.
Vilseskogen
Round #5 – Cost of Living
Clear Winner: Ecuador
Ecuador and Panama both offer the ability to live satisfying lifestyles for a fraction of the North American budget. As you can imagine, prices vary greatly from one city to the next, with some of the more developed areas running much closer to U.S. prices.
However, overall the cost of living is considerably less in Ecuador. In fact, it’s often one of the country’s biggest selling points, with many expat couples claiming to live just fine on a mere $1200 per month including rent, which averages around $450. This includes luxuries like high speed internet and once-a-week maid service.
Both countries have great discount programs for their senior adults, with Panama’s pensionado program being one of its most attractive benefits for retirees. However for most expats, particularly young families, it’s cheaper to live in Ecuador.
Rivera Notario
Round #6 – Ease of Access
Advantage: Panama
This was an easy one. Mainly because the majority of Ecuador’s incoming flights have layovers in places like Panama City (as well as Miami, Bogota, and places in the Caribbean). As a result, travel to Ecuador is longer and a bit more expensive.
It does have great public transportation once you fly in to Quito or Guayaquil, as well as connecting flights to a number of regional airports.
By contrast, Panama’s recently expanded Tocumen International Airport receives direct incoming flights from multiple U.S. cities, as well as various points in South America. David’s Enrique Malek International Airport will also soon begin welcoming international flights, opening up the western regions of Panama to expats and tourists from all over the world.
Matthew Straubmuller
Round #7 – Business Climate
Champion: Panama, Hands Down
To decide this category, you only need to look at the stats. The International Finance Corporation ranks Panama 55th in the world for ease of doing business, compared to Ecuador’s rank of 135th. This survey is based on factors that affect one’s ability to start and operate a local business.
This comes as no surprise, as Panama’s government has historically been extremely pro-business and pro-investor. It’s also somewhat of a tax haven and an increasingly popular place to open an offshore bank account. Panama also offers a whole host of visa options, with the number of choices increasing frequently.
Ecuador, on the other hand, has a reputation of being a bit unstable and unpredictable. It struggles with issues such as high government turnover rates and an economy that is based a bit too heavily on petroleum.
However, Ecuador’s economy is growing. The country is also taking steps to reduce the government’s influence in certain business sectors.
Gaspar Serrano
Round #8 – Banking
Advantage: Panama
Both Ecuador and Panama benefit from having a dollarized economy. However, both have seen requirements tightening in recent years due to laws like FATCA and other U.S. tax evasion agreements. As a result, it’s becoming increasingly difficult for foreigners to open an account.
That being said, the banking process is far more friendly to foreigners in Panama. It’s home to a number of international banks and is emerging as a major player on the global banking scene.
Ecuador, on the other hand, suffers from inconsistent regulations and subpar accounting standards, although its banks’ performance has improved in recent years. Due to the inconsistencies, however, the process of opening an account can be a bit long and tedious.
thinkpanama
Round #9 – Investment Opportunities
Our Pick: Panama
When you look at the ingredients for a savvy investment, they include factors like low costs, massive infrastructure projects, a focus on tourism, and government incentives. Both Ecuador and Panama have all of these. And lots of them.
Panama just has more. Its real estate is still affordable. The government has recently invested $15 billion in projects like airport expansions, new roads, and a metro system. There are tax breaks on everything from the importation of building materials to build a hotel to income tax on land purchased for reforestation.
Ecuador offers many of those same advantages, and often at a lower cost. So you could argue that in Ecuador there’s a bit more room for appreciation. However, the benefits of investing in Panama are just still too good to award this category to anyone else.
Presidencia de Republic de Ecuador
Round #10 – Health Care
Outcome: Another Tie
Ecuador and Panama both benefit from having excellent health care systems, with skilled medical staff and modern facilities. English is widely spoken by doctors in both countries, many of whom trained in the U.S, and hospitals offer the latest in technological advancements.
The low cost of care is also a big plus, with procedures generally running about ¼ of the price for the same service in North America. Health insurance is also affordable and widely available.
Both countries suffer from the same main drawback in this category: availability in rural areas. While they both have state-of-the-art hospitals, they’re found only in the largest cities. Clinics in more remote locations may be limited to basic services or even first aid only.
ThinkPanama
Round #11 – Consumer Goods
Winner: Panama
Both Ecuador and Panama have a surprisingly good selection of consumer goods. As a result, you usually need only drive to the nearest city to find exactly what you’re looking for, or at least a comparable replacement.
Where Ecuador suffers in this arena is due to its ever-increasing taxes. Many items have become more difficult to find, or at least more expensive, in recent years. Consequently, fewer and fewer items (like vehicles and cell phones) are being imported.
Panama, on the other hand, has become quite the shopping hub for folks all across Latin America. This is due in part to its low value-added tax of 7% (vs. 12% in Ecuador). We’ve even seen people who traveled from Ecuador to Panama City to buy several flat-screen TV’s due to the better prices and availability.
D. Rorfold
Round #12 – Foreign Land Ownership
Victor: Panama
In both Ecuador and Panama, foreigners who buy property have their rights protected by the constitution just the same as nationals of that country. There are also few restrictions on what land they can buy. Well, there’s only one really, and it’s in Panama where foreigners can’t own land within 10 kilometers of the border.
Both countries offer an abundance of land available at, in some cases, rock-bottom prices. However due diligence is absolutely necessary before buying land in either country.
Purchasing real estate as a foreigner can be a challenge, but the whole process is a bit easier in Panama. A good attorney is a must, so choose one who’s experienced in land transactions and can handle things like researching the title, drafting contracts, and registering the deed.
D Rorfold
And the Grand Champion Is…
Nah. We didn’t keep score. There’s just too much to love about both of these countries for us to try to give the trophy to one or the other.
What’s more important than our opinion is your own experience with each of these fine countries. So, if Ecuador and Panama are on your short list of potential expat destinations, then we suggest you open a new tab and start looking for flights. There’s no better way to pick a winner than to just let the two duke it out firsthand.
Map of Panama
Panama Fast Facts
- Population: 3.8 million
- Typical temperature: Temperature typically varies from 72°F to 91°F
- Nearest airport with U.S. flights: U.S. bound flights leave daily from Tocumen International Airport
- Nearest U.S. consulate: Panama City
Map of Ecuador
Ecuador Fast Facts
- Population: About 15.49 million
- Typical temperature: Ecuador is known for its micro climates.
- Major airports with U.S. flights: Quito, Cuenca and Guayaquil. Complete list of airports in Ecuador.
- Nearest U.S. consulate: Quito and Guayaquil
A R Vindgrove
There are so many good reasons to live in Panama. Some make the move for the climate, the friendliness of the Panamanian people, and of course because it is home to one of the best retiree discount programs in the world.
So it’s easy to see why Americans are choosing this country as their retirement haven.
But sometimes the best advice and position on life in the tropics comes from those who are living the expat lifestyle every day. Today, in our Expat Interview series we focus on three expats in Panama who share their living experiences and reasoning behind their decision to pick up their lives and move them to the tropics.
Expat Interview #1: Kris C.
Kris C.
Why did you choose to move to Panama? And how long have you lived there?
We were nearing retirement age and realized we didn’t have enough money to retire comfortably where we were, and that was if we worked until we were 70. We needed something more affordable.
We made a checklist of what we wanted – close enough to the US for visits to family, warm climate, stable government, crime under control, decent infrastructure…. and Panama just rose to the top of the list. We visited Panama City first and loved the country, but not the hectic pace of the city. Next we looked at David and knew it would work for us. We have been here 1-1/2 years and are very happy!
Where were you living previously?
Sarasota, Florida for 17 years.
What do you do with your time?
I don’t know how I stay so busy every day! There are still the usual daily chores, and I tend to cook from scratch more with all the great produce available here. I have more time for my photography hobby. I write a blog which is growing, and more and more people contact me through the blog. I’ve been riding my bicycle almost every day which is good exercise, and I’m also getting to know the city better and meeting new people.
I enjoy spending time with my friends. I try to study Spanish a bit every day. I like to work in the yard. I like to sew. Well looking at that list, it’s no wonder I stay busy. We are also traveling more both in and out of Panama.
What surprised you when you first came to Panama?
It is SO beautiful here. I think I loved it from the moment I saw those lush green mountains from the airplane window. I expected it to be really hot but it’s actually more comfortable than Florida in the summer. We hardly ever see mosquitoes and rarely get bitten or stung by anything even though we are outdoors a lot. The people are so friendly and welcoming, and adjusting to life here has been much easier than I expected. We have been made to feel like a part of the community, and members of a number of families.
If given a chance, which other South American country would you want to live in, and why?
When we decided that Panama was good for us, we really didn’t research other options. Something would have to change a lot before we’d consider moving. If it came to that, maybe Mexico, or Nicaragua? I hope to travel through Central America so when we get a chance to visit these other countries we should have a better idea of where else might work for us.
Expat Interview #2: Christopher Powers, Panama for Real
Chris Powers
Why did you choose to move to Panama? And how long have you lived there?
I chose to move to Panama because my wife, Marlene, is Panamanian, we lived 8 years together in the U.S., and we just decided we wanted a fresh, new start. Since she’d given my country a try for so long, it just made sense to try hers. Plus, I’d constantly moved our family from one place to the next in the U.S., at the whim of my employer, and it got to where my family was alone all the time.
For holidays, birthday, and any other significant event, it was only us. We’d just had twin boys, making it 4 kids total, and we wanted our kids to be surrounded by family and a warmer atmosphere. Panama is very family-oriented. Now, my kids have more of a life than we do. It seems they’re always at a cousin’s birthday party or a family get-together. We’ve lived in Panama going on 5 years.
Where were you living previously?
Prior to moving to Panama, we were living in Columbus, Ohio.
We’ve lived all over the place though. We started our family in Anchorage, Alaska, when I was stationed there while in the U.S. Air Force. From there we moved to South Florida (Boca Raton and Palm Beach Gardens) and then on to Chicago, Illinois before finally landing in Ohio.
What do you do with your time?
I spend most of my time working on my website, which is a site dedicated to helping people understand everything about Panama before they make the decision to move here. We (my family and I) travel all over this country. I write detailed reports and put together videos about each province, town, and neighborhood in Panama.
I tell you all about the cost of living, entertainment, utilities and infrastructure, medical care, and everything else you need to know. Plus, I write a lot of blog posts and articles giving people tips and pointers about living in or visiting Panama.
For example, I just wrote this post about the new Metro train system in Panama or my newest, probably most popular post yet on dating in Panama and if you just want to learn about one of the neighborhoods, here’s a video on the most popular beach town in Panama.
When I’m not working on Panama For Real, I’m busy punching out my next novel. If you happen to like dark urban fantasy (very action-packed and violent) check out my first novel, Mirror Images Book 1: The Darkness of Man. It’s only $.99 right now on Amazon (for Kindle).
What surprised you when you first came to Panama?
What surprised me most about Panama is how easy it actually is to live here. You spend so much time contemplating and trying to make sense of everything involved in a move overseas.
Then, when you finally do it, you realize it’s not all that difficult. You just have to adapt to your new lifestyle. The two most difficult things are learning Spanish (something I’m still struggling with all these years) and learning to truly relax.
Most people move to Panama because they want a slower pace, but they don’t realize what that actually means. Yes, it’s much more chill here in Panama. Everything slows down, but you have to realize that means EVERYTHING, to include anything involving the government. Don’t expect to get any paperwork filed easily. It takes forever here.
If given a chance, which other South American country would you want to live in, and why?
This is a tough one. Which country other than Panama would I like to try? If I could afford it, I think I’d have to say Argentina. Have you ever seen the photos and videos of the Argentina vineyards? I’m not even a wine drinker (I like my beer), but I think owning a vineyard would be awesome. And Argentina just looks so stunning. Yes, I’ll go with Argentina.
Expat Interview #3: Elizabeth Vance
Elizabeth Vance
Why did you choose to move to Panama? And how long have you lived there?
My former executive position brought me to Panama six years ago. We’ve lived since then – almost six and a half years.
Where were you living previously?
In the Chicago, Illinois area.
What do you do with your time?
I’m a writer and the bestselling author of two books about Panama. They include The Gringo Guide to Panama: What to Know Before You Go, and The Gringo Guide to Panama II: More to Know Before You Go. Both launched in the last 18 months, and have hit #1 and #2 for books about Panama on Amazon during that time.
In addition to writing, I run our household (which is more than it sounds like, but this is a developing nation, so everything takes longer than expected), and I consult part-time with companies considering moving to Panama and setting up business in Latin America.
What surprised you when you first came to Panama?
Ha! Almost everything. Probably the biggest thing that surprised me was that the city of Panama appears so glamorous with all the skyscrapers and glitzy night clubs and gorgeous hotels, but when you get down to conducting business and day to day life, the inefficiency and processes of getting anything accomplished can be exhausting.
Things here generally take three times longer to get done than they might in the U.S. I talk a lot about this and the realities of acclimating to life as an expat coming from North America to Panama in my first book.
If given a chance, which other South American country would you want to live in, and why?
I adore Colombia for the people and the culture. Bogotá is my favorite place, and my husband loves Medellín. The people are welcoming and warm. The food is delicious, and the shopping (especially for silver and leather goods) is fantastic.
Add that to the stunning mountain backdrop of either city and you have a winning combination. The ability to travel easily from Panama to every other capital in Central and South America is another reason why we chose to relocate here. That’s also a topic I cover in the second Gringo Guide book.
You can read more about me and my stories about Panama here.
New York Times best selling author Patrick Vlaskovits joins Josh for a Spunky Conversation. Their discussion touches on subjects from what you should really be thinking before you start a business to a broken board leash and a harrowing at-sea rescue. The latter occurred the last time they stand-up paddled in a secret location in Panama. Enjoy!
In this episode, we discuss:
- How to start a reliable business in an expat town.
- How to avoid dumb mistakes most people make.
- Why you should use Lean Business philosophy to make your next venture profitable.
- How the biggest obstacles to your success can be dealt with before you even start.
And much more.
Listen to the show
You can listen to the show using the player above or grab it and listen on the go via one of the following options:
- Click here to download the mp3
- Click here to subscribe via iTunes
- Click here for the RSS feed (non iTunes)
- Click here for the show archive
React to the Show
We appreciate your reaction to episodes of Viva Radio and feedback about how we’re doing.
Send us your thoughts any time in an email or comment below.
The Show Notes
- The Lean Entrepreneur by Patrick Vlaskovits and Brant Cooper
- Follow Patrick on Twitter
- Eric Ries the inventor of Lean Philosophy
- Boca Chica Panama – an article by Viva Tropical
- Boca Chica Island– Our adventure colony project in Panama.
Anoldent
The beautiful island of Ambergris Caye, Belize, was recently named the best island in the world by the readers of TripAvisor. The island takes top billing for the second year in a row, knocking out favorites like Bora Bora and Chile’s Easter Island.
When choosing it as their top pick, voters cited its beautiful natural environment, its perfect balance of quaint-meets-contemporary, and the myriad of activities the island offers. Here are a few of the things that make Ambergris Caye such a great choice for tourists and expats.
It has a relaxing laid-back feel.
Despite being popular enough to rank tops with TripAdvisor travelers, Ambergris Caye has retained its quaint island atmosphere. There are no high-rise buildings, no traffic lights, and nothing but palm trees lining the long stretches of beautiful beach.
Most everything is within walking distance, and most inhabitants do their walking in bare feet. Beyond that, golf carts are about the most sophisticated vehicles you’ll see on the sandy roads.
The people are an eclectic mix of locals as well as expats from all over the globe. Many residents come over from mainland Belize, but there are also immigrants from other Latin American countries, the U.S., and elsewhere. They’re all helpful, super friendly, and eager to share their love for the island with other newcomers.
Yet it’s far from sleepy.
Even though Ambergris Caye can be peaceful and quiet, there’s no shortage of things to do, thanks to its well-developed tourist culture. There are a variety of restaurants, due largely to its diverse blend of cultures.
You can visit a hot dog or burrito stand for lunch, snack on ceviche or stuffed jalapenos from a street vendor, and enjoy dinner at an elegant restaurant serving authentic Belizean cuisine. The island also has a happening evening scene, with plenty of bars, beach parties, and more.
It offers some of the world’s best scuba diving.
Ambergris Caye is less than a mile from the Belize Barrier Reef, the largest in the Western Hemisphere and the second largest in the world. It’s also a short distance from the Great Blue Hole, one of the world’s top diving sites.
The waters around the island are also great for snorkeling. The fishing is great, and you can also sail to the nearby cayes, like Caye Caulker which is another popular Belize vacation spot.
Not to mention, the amazing scenery.
Ambergris Caye is much more than the sand and sea of your average beach town. It does have some great sand beaches that have been cleared for the enjoyment of sunbathing tourists. But what’s even more interesting are the other ecosystems on and around the island.
From the mangrove swamp that occupies the center of the island to the jungles on the surrounding cayes to the reef itself, there’s so much to observe in Ambergris Caye. If you’re only looking for the white sand beaches with shady palms, you can definitely find them. But don’t miss the other opportunities the island offers.
If you like Ambergris Caye, you’ll love these options…
James Willamore
Roatan, Honduras
Located just off the country’s northern coast, Roatan is also only a short hop from the reef. As a result, it offers the same opportunities to explore seawalls and shipwrecks while swimming with dolphins and sea turtles in the warm waters of the Caribbean.
Except when there are cruise ships docked offshore, Roatan is pleasantly uncrowded compared to some of its Central American competitors. Yet it also enjoys all of the same amenities tourists and locals seek, like great bars and restaurants.
It has equally friendly locals, many of whom speak English, and plenty of expats. Prices there are also still relatively affordable.
Roman Königshofer
Bocas del Toro, Panama
Also located in the Caribbean is the archipelago of Bocas del Toro, Panama. The country’s vacation destination, it’s popular among travelers from all over the world.
With its network of buildings built on stilts out in the water, it’s everything you picture when dreaming about a Caribbean vacation. It also enjoys the same easygoing vibe as the other destinations.
Visitors to Bocas del Toro can participate in diving, snorkeling, world-class surfing, jungle hiking, or just relaxing on the beautiful beaches.
Jackiemora01
Nosara, Costa Rica
A longtime popular choice among expats, Nosara is a great mainland beach option. It’s known for its fantastic surfing and healthy, active culture. It’s also gaining popularity among young expat families.
It’s a safe community that lacks the drug problem that plagues many other destinations. Its longstanding status as an expat haven has resulted in the addition of many amenities families seek, such as quality schools.
It also has some of the country’s most beautiful beaches, which are protected from the scars of any large-scale developments. They offer nothing but shady palms, rocky cliffs, and long expanses of sand.
VivaTropical
Boca Chica Island, Panama
Located in an archipelago in the Gulf of Chiriqui, off Panama’s Pacific Coast, Boca Chica Island is one of the country’s final frontiers. Its sandy beaches give way to lush virgin rainforests, making it the perfect place to relax in a tranquil setting away from the crowds and noise.
From Boca Chica, you can hop to one of the over 50 surrounding islands and explore deserted beaches, eerie mangroves, and ancient jungles. The area also offers some of the world’s best sport fishing.
While it sounds remote (and it certainly feels that way), Boca Chica Island is only a 10 minute boat ride from the town of Boca Chica on the mainland, and then it’s less than an hour to the city of David (Panama’s 3rd largest).
Because of its excellent location, plus the massive renovation of David’s airport that now allows for international flights from the U.S., property on Boca Chica Island is also a fantastic investment. It’s the perfect place to enjoy an active tropical lifestyle without giving up any modern conveniences.
And thanks to our newest Adventure Colony development, you can still buy oceanfront lots in this up-and-coming area at unbelievable prices. For more information on the Adventure Colony experience and its investment potential, here are some helpful insights and cool video of the area.
Map of Ambergris Caye, Belize
Belize Fast Facts
- Population: 324,060
- Typical temperature: mid-80s
- Nearest airport with U.S. flights: Philip S. W. Goldson International Airport, Belize City
- Nearest U.S. consulate: Belmopan, Belize
BTimes
You’ve probably heard of beautiful Bocas del Toro, a group of islands off Panama’s Caribbean coast that, in recent decades, has become one of the country’s most popular tourist destinations.
But there’s also another emerging destination just a few hours away on Panama’s Pacific side that we think is, in many ways, superior (or at least on par) with its Caribbean counterpart.
That place is Boca Chica, Panama.
Because of their coastal locales, the two share many common attractions. However, each has specific areas where it excels beyond its competitor.
Both are fantastic places to visit or live, but–to help you decide if one of these destinations could be right for your next vacation or even your permanent home overseas–take a look at how the two stack up in several important categories.
Round #1: Accessibility
Winner: Boca Chica
The best way to reach Bocas del Toro is by plane, which is a 40 minute flight from Panama City or San Jose, Costa Rica. By land, travel is far less simple. Bocas del Toro is on the Caribbean (northern) side of the country, and the Pan American highway generally hugs the Pacific (southern) side. As a result, it takes hours to get from Bocas del Toro to any other decent-sized city, such as Boquete and David.
Boca Chica, however, is on Panama’s Pacific coast a short distance from the town of David, just over half an hour in fact, thanks to a new 4-lane highway. Even in a slow boat, you could get to one of Boca Chica’s closer islands from the airport in David in about 40 minutes or so.
That’s not to say that Boca Chica isn’t remote. Due to the fact that it has less people and tourist attractions, it feels much more secluded than Bocas del Toro once you get there. It’s just the ‘getting there’ part that’s much more advanced.
What’s more, Boca Chica also boasts proximity to a number of other adventures and attractions throughout the Chiriqui province, one of the nation’s biggest up-and-coming areas for tourism. There’s hiking and whitewater rafting at Volcan Baru, the country’s highest peak, coffee plantations and canopy tours in Boquete, and a number of other places to visit nearby.
Round #2: Consumer Goods and Services
Advantage: Boca Chica
Due to the problems with access and proximity to a large city, what’s available to you in Bocas del Toro is mostly limited to whatever is offered or sold locally. There are grocery stores, banks, ATMs, and a number of restaurants and bars. The town also offers basic health care in the form of a few public (and even a handful of private) clinics.
However, most (or, in some cases, all) of these are located in Bocas Town on the main island of Isla Colon. That means that if you’re staying elsewhere you’ll need to take one of the many water taxis, which are available on up into the wee hours of the morning.
If you need something beyond the local options, you have two options. You can drive the 4 hours over the mountain ridge to David where there’s practically every kind of service imaginable: hardware stores, modern hospitals, repair shops, government offices, and a variety of dining and shopping options. Or you can incur the cost (and the wait) associated with having goods shipped.
Boca Chica has roughly the same local options, in the way of small retail establishments. The major difference between the two is that the latter is a mere 40 minutes from David. As a result, it’s reasonable to conceive of driving into town for a world-class steak dinner or towing your boat into the city to a reliable mechanic.
Viva Tropical
Round #3: Investment Potential
Winner: Boca Chica by a Large Margin
Bocas del Toro, while still a great place to invest in property, is already very much on the radar of many travelers and would-be expats. Because it’s a well-known tourist destination with an established expat community, the prices in the area reflect that.
On the other hand, Boca Chica offers all the same gorgeous scenery and opportunities for adventure at prices that still represent a great value. But, most importantly, the Boca Chica area has screamin’ investment potential.
We mentioned that it’s close to David, much closer than Bocas del Toro. Well, factors like location and accessibility play a huge role when it comes to property valuation. As does infrastructure.
And both of those are better in and around Boca Chica, particularly in terms of the easy access to David and its international airport. Even more prophetic is what’s currently going on at said airport: millions of dollars in renovations and expansions that will soon open its runways to international flights from the U.S. (among other countries) for the first time in history.
What will result is more visitors and new residents in Boca Chica, which will in turn lead to the need for new businesses, even better infrastructure, and continually rising home and land prices.
Viva Tropical
Round #4: Atmosphere
Outcome: Boca Chica for Solitude, Bocas del Toro for Socializing
Both Boca Chica and Bocas del Toro have a great vibe. They’re just different in their appeal.
Bocas del Toro is your quintessential Caribbean beach town. It’s fun and funky with many of its buildings and businesses built out over the water on stilts (no high rise condominiums here). It’s charming and quaint, that is until nightfall when things can tend to get a little crazy as Bocas del Toro is known for its partying nightlife. Peace and quiet can be found, but you’ll have to venture outside of town or to one of the smaller islands.
Boca Chica, on the other hand, is quieter and a bit more subtle. Instead of hovering atop the water, its lodges and resorts are tucked away into hillsides or scattered among the many islands of the archipelago. There are good times to be had on Boca Chica evenings as well, but they’re usually in the form of lively happy hours on restaurant patios rather than in thumping discos.
Autoridad de Turismo de Panamá
Round #5: Tourist Infrastructure
Advantage: Bocas del Toro
By comparison, Bocas del Toro is the much more established of the two areas, particularly when it comes to tourist attractions in Bocas del Toro. Populated by locals, as well as an established expat community, it caters to backpackers, families, honeymooners, and more.
Bocas del Toro has plenty of hotels and restaurants, most of which are concentrated in and around Bocas Town. There are also dive shops, deep sea fishing charters, a number of boat cruises and tours, bike and moped rentals, and various land and sea excursions…everything you’d expect to find in a Caribbean beach town.
On the other hand, many of these same operations are just beginning to appear in Boca Chica. You can enjoy most of these same activities there. You just might have a harder time locating a few of them (with the fishing, sailing, and other aquatic adventures being the overwhelming exception, as they’re all abundant in Boca Chica).
As mentioned, Boca Chica is poised for tremendous growth in the coming years. The potential for new tourism offerings is certainly there. It’s also another great investment option for entrepreneurs who want to open a boutique hotel or sport fishing lodge.
Round #6: Surfing
Advantage: Bocas del Toro
Both Boca Chica and Bocas del Toro have beautiful beaches that are perfect for swimming or sunning, including long stretches of secluded beaches where you can find yourself totally alone.
However, if hitting the surf is the excitement you crave, you’re better off in Bocas del Toro.
Some of the best spots include Bluff Beach, which has large enough waves even for advanced surfers; Carenero Point, which has the islands’ longest left break and perfect tubes when the conditions are right; and Isla Batimentos, which is home to the popular Wizard Beach and Red Frog surf spots.
There’s good surfing to be found near Boca Chica, but getting there will require a little longer drive or boat ride than in Bocas del Toro.
Round #7: Snorkeling
Advantage: Bocas del Toro
The same goes for snorkeling. There are a few private beaches in Boca Chica where you can enjoy a day of snorkeling. You can also take a 45 minute boat ride to the waters around the nearby Islas Secas, or a longer 2 to 3 hour trip to Coiba National Park, one of the largest marine parks in the world.
The options in Bocas del Toro are much more prevalent. One of the best places is Bahia de Almirante in Admiral Bay, with its protected coral reefs, clear waters, and few waves. In and around Bocas del Toro you can see reefs, kelp forests, shipwrecks, caves, over two dozen types of coral, and hundreds of species of fish.
Another popular spot is Hospital Point. It’s only five minutes away by boat, making it easily accessible and a great way to get in a little exploring without taking up too much of your day. You can rent equipment for as little as $12 per day and hire one of many locals along the wharf to drop you off and pick you up for around $3.
Chuck Holton
Round #8: Diving
Verdict: Boca Chica Wins
Bocas del Toro has a number of good options for scuba diving, often the same spots you would go for snorkeling as some of the reefs go down as deep as 60 feet. However, the waters around Boca Chica offer some of the world’s best dives, according to National Geographic.
Islas Ladrones, which lies 27 miles due south, is teeming with schools of jack, snapper, and barracuda. There are also smaller species like surgeonfish, parrotfish, triggerfish, angelfish, and more that can be seen year round. You can also spot several species of shark and, at certain times of the year, giant manta rays and humpback whales. Visibility near the island is 30-80 meters.
Slightly farther away, along Isla de Coiba, you can also explore a 330,000-acre reef which contains 60 of the world’s 75+ species of hard and soft coral. In these protected waters you’ll also find mullet, stingray, puffers, moray eels, and gentle sea turtles.
CMC corkle 2005
Round #9: Fishing
Winner: Boca Chica Hands-Down
As you could guess based on the abundance of species represented in Boca Chica, the fishing in its waters is second to none. Fishing lodges make up a big majority of the tourist accommodations in the area, and we’ve lost count of the number of world record catches that were landed in and around Boca Chica.
Much of these whoppers were reeled in near Hannibal Bank, a world-famous fishing hotspot where the ocean floor rises sharply from thousands of feet deep to a mere 120 feet. This underwater cliff is home to the merging of schools of inshore fish with the offshore species who feed on them. Marlin in excess of 1,000 pounds and tuna over 300 pounds have been caught in these waters, as well as snapper, amberjack, and snook.
These and other species can also be caught in Bocas del Toro. The best fishing is a bit more seasonal there and, while still world-class, it isn’t even in the same ballpark as Hannibal Bank.
Round #10: Land Exploration
Verdict: Boca Chica Takes the Round
Being composed at least partially of islands, both Bocas del Toro and Boca Chica have plenty of options for exploring. Each island offers its own varied topography and environment. You can find hundreds of different species of monkeys, reptiles, birds, and plants, many still unidentified.
We’re giving this round to Boca Chica based mainly on the fact that its islands and jungles have a much more otherworldly appeal to them. A number of its islands are completely covered in untouched rainforests, with an abundance of old growth trees so ancient-looking that you would almost bet they pre-date the great flood.
One such is Boca Chica Island, the location of our latest Adventure Colony. To help maintain the island’s prehistoric feel we’ve created Monte Vida Park, a 50-acre crowd funded preserve dedicated to protecting the surrounding rainforests and in turn adding value to property on the island.
Because of Boca Chica’s incredible investment potential, as well as its stunning natural environment, it was a natural choice when we were looking for a spot to establish a place where like-minded people could take advantage of all the area has to offer.
Alex E. Proimos
The nation of Panama has touted itself as “The Way.” The way to adventure, the way to realizing your dreams, the way to a dream vacation, or the way to whatever it is you may be looking for.
And it’s true.
Every year thousands of expats are finding exactly what they’re seeking in Panama. Whether it’s an opportunity to start their own business, the ability to experience new adventures with their family, or just a quiet place to settle down and enjoy the fruits of their labors.
So, what is the secret to Panama’s appeal? There are actually too many to name. But here are just a few facts about Panama and why expats continue to pick it as their destination of choice.
1. Panama has unmatched natural beauty and biodiversity.
Christoffer Undisclosed
Almost half of Panama’s land mass consists of rainforests, mountain cloud forests, and mangrove wetlands. And they’re all teeming with an abundance of flora and fauna. Not to mention all the aquatic species in the surrounding seas and coral reefs.
Much of the country’s biodiversity is due to its strategic position as a “biological corridor” connecting the Americas. Its Darien province, which is almost impenetrable and lacks much infrastructure, is considered by some as one of the most biodiverse areas in the entire world.
It’s home to jaguars, harpy eagles, American crocodiles, giant anteaters, and more. Among the country’s other species are over 10,000 types of plants (including 1,200 varieties of orchids and 1,500 types of trees) and over 250 types of mammals, several of which can be found nowhere else in the world.
2. Turtles and whales and birds…Oh, my!
Of all the animals to see in Panama, few are as prevalent and as fascinating as these. Five of the eight species of sea turtles in the entire world swim ashore to nest on Panama’s beaches. Several national parks encompass havens for these turtles that swim in by the thousands to lay their eggs in the sand.
Panama is also home to a whopping 972 species of birds, more than the U.S. and Canada combined. You can observe them in the mountains or in the mangroves. One of the best places is in Baru Volcano National Park, where you can spot the Resplendent Quetzal along with many other species.
Every year from June to November, humpback and sperm whales migrate to Panama’s Pacific Coast to mate. The sight of them leaping out of the water in areas like Coiba, the Gulf of Chiriqui, and the Pearl Islands is quite a sight to behold.
3. Finding the right climate in Panama is almost as easy as adjusting your thermostat.
In general, Panama has a warm, tropical climate with very little seasonal variation. Coastal areas are much more hot and humid, and the mountain towns are more temperate with less rainfall. The year is essentially divided into a rainy season (roughly April to December, give or take a month or two depending on location) and a much drier rest of the year.
Finding the right climate for you basically involves testing out spots on a sliding scale from Caribbean to Pacific and from lower to higher elevations. The Pacific coast is a bit cooler and drier, with a nice evening breeze. The Caribbean side, by contrast, gets significantly more rainfall and is a few degrees warmer.
Likewise, you can also adjust your temperature and humidity by moving further up into the mountains. It gets cooler and cooler (maybe even too cool for some), with areas like the Cordillera de Talamanca in western Panama even seeing a little bit of frost.
With such great weather year-round, Panama’s residents can enjoy its beauty and opportunities for adventure in every season! In other great news, while parts of Panama do see the occasional strong thunderstorm, it’s outside the hurricane belt.
4. Panama is an ocean lover’s paradise.
Diesel Demon
Panama is a narrow isthmus that connects Costa Rica in Central America with Colombia in South America. It’s lined by miles and miles of coastline on both the Pacific Ocean and Caribbean Sea. Its coastal ecosystems consist of gorgeous beaches, rocky cliffs, mangrove forests, and coral reefs.
As a result, Panama’s coasts offer opportunities for every water sport and activity imaginable. Coiba National Park contains the longest reef on Central America’s Pacific coast. Both it and Chiriqui Gulf National Marine Park are great places to go diving or snorkeling or watch whales and dolphins.
The name “Panama,” in the Indian language, means “abundance of fish.” It’s a great place for sport fishing, as a number of world record fish were caught of its shores. Surfing is also popular in Panama, particularly in world-famous Santa Catalina. Other available water sports include paddle boarding, kayaking, and kite surfing.
5. Panama’s fun doesn’t stop at the shore.
Panama’s interior offers a wealth of other options for adventure. Many hiking trails wind through the country’s jungles and rainforests, including several that run through Metropolitan Natural Park in Panama City, the only protected forest in Central America that’s located within the city limits.
A hike to the summit of Volcan Baru, the country’s highest point, affords visitors the opportunity to simultaneously take in views of both the Atlantic and Pacific Oceans. The most intrepid adventurers often start this hike at midnight in order to reach the peak by sunrise.
Not far from Volcan Baru, also in the Chiriqui province, is the mountain town of Boquete which offers some of the world’s best zip lining tours through the canopy of the cloud forest. The area also has some first-rate places for kayaking and whitewater rafting, with rapids ranging from Class III to Class V, depending on the season.
6. Panama’s capital city is truly cosmopolitan.
Jasperdo
Much of Panama enjoys great infrastructure for a developing country. In Panama City, it’s top-notch. There’s world-class shopping, fine dining, museums, modern medical facilities, and much more. And recent urban development has attracted even more residents to this thriving hub.
But it’s not all concrete and skyscrapers. As mentioned, Panama City has a 655-acre rain forest within its limits. There you can find a variety of birds and mammals, including toucans, parrots, and sloths.
There’s also a coastal strip with lots of green space that leads to the Old Town, Casco Viejo. This area, a UNESCO World Heritage site, is a unique blend of ancient and modern. With its boutique hotels, located in historic buildings, and open-air cafes it’s an eclectic mix of people and cultures.
7. Panama is a unique and diverse blend of people and customs.
Speaking of culture, Panama is a great place to go if you want to experience the real, authentic customs and traditions of a nation’s people. Panama is still home to 7 different indigenous tribes, although they represent only 6% of the country’s total population. They live in groups called comarcas, which are self-contained sovereignties, with many being very welcoming to visitors who want to observe how they live.
Among the cultural heritage of these ethnic groups are indigenous dances, like the tamborito and congo. They also produce a variety of handmade arts and crafts. These include molas (patchwork pictures that can be sewn to garments or used as pillow covers or wall hangings), jute bags, wood carvings, beaded jewelry, and woven baskets. (However, one of the most commonly mistaken facts about Panama is the origin of the Panama hat. It actually hails from Ecuador.)
Locals also celebrate a number of festivals, most notably Carnival which takes place four days before Ash Wednesday. Towns elect two queens to represent separate sections of the city. For five nights, the queens and their troupes entertain the crowds with parades, dancing, and fireworks.
8. The Panama Canal is an amazing piece of living history.
The largest contributor (directly and indirectly) to the nation’s GDP, the Panama Canal is such an integral part of the story of the country’s progress. And it’s currently undergoing a massive expansion.
The 90-year old waterway, which is already operating at almost 100% of its ability, will have doubled its capacity by the time its over $5 billion expansion project is completed in 2015. A new Observation Center gives visitors the opportunity to watch the construction, as well as take in views of Gatun Lake. Also available are full and partial tours through the canal, where visitors can experience the journey for themselves.
9. Panama enjoys a pleasantly low cost of living.
While it’s true that the cost of living is low throughout most of Latin America, it’s difficult to find a much better bang for your buck than in Panama. Costs vary, of course, from one area to the next (with larger cities requiring much more money to live on than more rural areas).
However, it’s within reason that a couple could enjoy a nice standard of living for $1,500 or less, including rent, in most parts of Panama. And that includes such luxuries as the services of a maid and gardener.
Other services that are quite reasonable in Panama include reliable high-speed internet, public transportation, and excellent health care.
10. Panama is an excellent place to invest or do business.
Not only is Panama a great place to visit or live, it’s very friendly to investors or those who want to open a business, particularly in the tourism industry. Its tax laws are favorable, and setting up a Panamanian corporation is relatively simple.
The government has also recently signed into legislation a number of incentives that make it even more attractive to invest in Panama.
Whether you want to start up an outfit that offers ATV jungle tours, or you just want to buy a piece of land and build your own little piece of island paradise, Panama is a great place to make that happen.
Bonus Facts About Panama…#11. Panama is home to two Adventure Colonies.
I know what you’re thinking. What’s an Adventure Colony, right?
Adventure Colonies are our one-of-a-kind developments that are specially tailored towards would-be expats like you who share our love for the natural environment and a life lived a bit more simply. After reading these facts about Panama, I’m sure you can see why we chose it for our first two projects.
Playa Burica is located on Panama’s Pacific coast on a peninsula the country shares with Costa Rica. Its oceanside lots are covered with untouched jungle, making it great for adventure lovers. It’s also a savvy investment choice, as several factors make the area prime for a boom in the coming years.
Our newest development, Boca Chica Island, is a 400 acre private island covered in jungle and rainforest. It lies 10 minutes off of Panama’s Pacific coast and is surrounded by about 50 other mostly uninhabited islands. We think Robinson Crusoe would approve.
If your idea of a dream destination abroad involves something more–or in this case, less–than a string of high-rise condos and all-inclusive resorts, then maybe an Adventure Colony could be right for you.
Map of Panama
Panama Fast Facts
- Population: 3.8 million
- Typical temperature: Temperature typically varies from 72°F to 91°F
- Nearest airport with U.S. flights: U.S. Bound flights leave daily from Tocumen International Airport
- Nearest U.S. consulate: Panama City
Boca Chica Panama from Seagull Cove Lodge – Photo by Viva Tropical
There aren’t many places in Central America, or anywhere for that matter, where you can truly have it all. Pristine natural beauty, access to modern conveniences, solitude, and adventure lurking around every corner.
These are all things that top most expats’ wish lists of characteristics they want in a home in the tropics, but unfortunately they aren’t often found wrapped up together in one neat little package.
I’ve found just such a place in Boca Chica, Panama.
What’s even less common is finding a place that offers all of these features at a great value and–as a really sweet bonus–unbelievable investment potential.
Unless, like me, you’re one of the first on the scene.
Even rarer is having the opportunity to invest in this same beautiful bargain property and watching its value increase soon after its purchase due to no effort on your part.
That’s happening in Boca Chica.
Boca Chica Panama Boat Launch – Photo by Viva Tropical
And it’s not just because it’s a quaint little fishing village that tourists and expats are just beginning to catch wind of, although it is. A lot of tropical hotspots get their start that way, and that’s great.
But Boca Chica is different. Not only is it a place with aesthetic appeal to please your senses, it also offers a serene natural environment with plenty of opportunities for active living that can actually help you improve your health and wellbeing. And, seeing as how this beautiful landscape is less than an hour away from an airport that’s about to receive international flights from the U.S. for the first time, its potential return on investment could have you smiling all the way to the bank.
****Disclaimer: This is NOT just some rumored up-and-coming hotspot whose bandwagon I’ve decided to hop on.****
If you’re thinking that it sounds like I’m incredibly optimistic about both the lifestyle and the Panama Real Estate investment potential offered by Boca Chica…well, then you’d be right. However, what you should also know is that these opinions are not ones at which I arrived hastily.
I’m not quick to jump on the bandwagon of some these “undiscovered gems” that are sure to be the next big thing in tropical real estate. By contrast, when my business partner and I were looking for a place to serve as the location for our newest development, we drove the entire Pacific Coast from Nicaragua all the way down through Ecuador, excluding Colombia.
Boca Chica was the place that stood out from the rest.
Not only for its amazing landscapes and the incredible lifestyle it offers. But, due to several factors I’ll discuss later, it hits an out-of-the-park home run in terms of investment potential.
Tropical Modern Villa in Boca Chica – Viva Tropical
Boca Chica, Panama, is like all of your tropical fantasy settings rolled into one.
Photo From Bolanos Island – A short hop from Boca Chica
There are no words to describe the landscape of Boca Chica and its surrounding islands. But I’ll try.
Located on Panama’s Pacific Coast, the Boca Chica mainland is a relatively unknown destination that’s accessed by only one paved road. Its rolling green hills are dotted with a few eco-friendly lodges and cabanas that wind their way down to secluded inlets with private beaches.
On the horizon, in the Gulf of Chiriqui, is an archipelago that is made up of over 50 islands, many completely uninhabited, which National Geographic described as “myriad emerald isles strewn like jewels in a sapphire sea.”
I couldn’t have said it better. It’s on these islands where the real beauty of Boca Chica, Panama, is to be found.
Equally as important as their beauty is the diversity to be found on the islands near Boca Chica. On some are deserted sand beaches lined with shady palms. On others murky mangroves, with their eerie silhouettes, give way to dense jungles, teeming with species that have yet to be identified.
A few islands are almost completely covered in primary rainforests, completely untouched by human interference. You could explore for the rest of your life and never see all the amazing sights in and around Boca Chica, nor could all the memory cards you own contain the images you’d want to document.
Boca Chica Islands – Isla Gamez. Photo by Viva Tropical
It’s just the right distance from civilization.
Before you start picturing Robinson Crusoe or a delirious Tom Hanks with his volleyball, let me bring you back to reality. While these islands may have the feel of some faraway land that time forgot, they’re actually relatively close to the mainland, with some being as little as a mile or less off the coast.
Once on the mainland, not only is there the village of Boca Chica, but the bustling city of David (Panama’s third largest) can be reached in well under an hour. In David, you can buy groceries or electronics, get a massage, have your teeth cleaned, see a new release at the multi-screen movie theater, or even hop a flight to Panama City for a much more glamorous getaway.
You may not want to do any of these things. In fact, once you arrive in Boca Chica, you’re likely not going to want to leave. Ever. Just know that these amenities and more are a short distance away should you need them.
This is why Boca Chica is such a great place to enjoy a remote tropical lifestyle without sacrificing access to any modern conveniences. While you’re there you can unplug and recharge your mind and soul. But, when you get ready, it’s a quick trip into town to restock.
Phil Carter
Boca Chica offers a whole lot more than just lounging around on a deserted beach.
Because of its location and layout, the Boca Chica, Panama, area is an ocean lover’s dream. There’s so much to do on and around the many islands. It’s perfect for someone who’s looking for an active tropical lifestyle.
Island-hopping
Of course, as I mentioned, there’s island-hopping. Popular destinations are the beautiful beaches of Isla Bolanos (see video below) and Isla Gamez, as well as Punta Bejuco on the mainland. Another great place to explore is Monte Vida Park, a 50-acre crowd funded park on Boca Chica Island, whose aim is to preserve and protect the island’s rainforest.
Sport-fishing
The waters that surround the islands are brimming with aquatic life, much of it quite tasty. Nearby lies the world-famous sport-fishing destination, Hannibal Bank, home to over 50 IGFA world record catches. At this location, the ocean floor rises drastically from thousands of feet in depth to under 200 feet. These high elevations push oxygen and nutrients to the surface, attracting massive numbers of bait fish, which in turn draw large fish like black marlin and yellowfin tuna. Fishermen from all over the world travel to the Gulf of Chiriqui where they pay thousands of dollars to spend a week reeling in sailfish, swordfish, snapper, and more until they can barely move their arms. In fact, here’s a video of the 300-pound yellowfin tuna I caught just a few years ago off the coast of Boca Chica.
Scuba Diving and Snorkelling
This same underwater topography makes the area a prime spot for diving as well. As you swim among coral reefs and layers of volcanic rock, you’ll see colorful fish, sea turtles, and giant manta rays, with as much as 80 feet of visibility when conditions are right.
Some great sites are Islas Ladrones and Islas Secas. Coiba National Park is another popular dive spot, where the Smithsonian Tropical Research Institute estimates as much as half the species visible are as yet unidentified.
Surfing
Panama is also becoming a popular surfing destination and was home to the 2010 ISA World Masters Surfing Championship. A good place to find great waves in the Gulf of Chiriqui is off the coast of Moro Negrito, an island with a small surfing community. It boasts a few grass huts, a handful of instructors, and swells as much as 20 feet high.
While these spots do offer some world-class surfing, I should mention that accessing them does require either a bit of a drive or a quick boat ride. So if being able to walk straight out your back door and down to the water with your board is highest priority, there are better real estate options in other parts of the Chiriqui province.
Sailing
Boca Chica, Panama is also great for boating enthusiasts. Its waters have ideal sailing conditions, and you can rent a vessel at the Boca Chica marina or the Port of Pedregal, as well as the new Marina and Yacht Club on Isla Palenque. Other options for exploring include motor boats and even kayaks.
Boca Chica is a nature lover’s paradise.
Every single inch of Boca Chica’s land and sea is swarming with plant and animal life, a majority of which you’ve never seen before. In the rainforests, toucans and howler monkeys soar overhead. At sea, bottle-nosed dolphins swim alongside orca and sperm whales.
Study after study has proven the scientific benefits that being in nature has on your health, and there’s plenty of it to be found in Boca Chica.
Huge Rainforest on Boca Chica Island
Mangrove Forests
In that place in between, the inner mangroves serve as a source of beauty and play an incredibly crucial role in the delicate balance of the tropical environment. Their roots filter pollutants and prevent them from reaching the open sea. Their nutrient-rich water and soil sustains a variety of species, including young tropical fish that hide in the mangroves’ depths until they’re large enough to survive in the nearby reefs.
They also prevent erosion and serve as a buffer from flooding due to hurricanes. On the flip side, they also serve as reservoirs, slowly releasing their supply during Panama’s dry season.
Standup Paddle-boarding with Boca Chica Mangroves in the distance
Migratory Whales
One of the most majestic sights in and around Boca Chica is the migration of the humpback whale, which makes its annual 4,000 mile trek (the longest of any animal) from the arctic to the warm waters of the Gulf of Chiriqui, their tropical mating ground.
They’re seen often starting as early as May, but their sightings peak around October and November just before their return.
National Parks
The waters around Boca Chica are home to Chiriqui Gulf National Park and Coiba National Park, both home to a number of marine species including whales, dolphins, and turtles. While many of these can be seen throughout the gulf, they’re most prevalent within the parks’ protected waters.
Visitors to the parks can enjoy sailing, whale watching, snorkelling, fishing, and camping.
There’s even more if you’re willing to venture a short distance from Boca Chica.
As if all of that wasn’t enough, there are even more things to see and do if you’re willing to take a short drive inland from the coast of Boca Chica, Panama. The Chiriqui province is full of amazing adventures, so much so that the Panamanian government has been heavily developing it as a major tourist draw.
Whitewater Rafting
Both the Rio Chiriqui and the Chiriqui Viejo rivers are home to some of the country’s best whitewater rafting. The high elevations and frequent rainfall make it a perfect destination for enjoying year-round rapids, ranging from Class I to Class V.
Boquete
Nearby Boquete, in the Chiriqui highlands, is a popular expat destination and a great day trip from Boca Chica. Famous for its flowers and coffee plantations, it’s a beautiful place to spend some time.
Canopy Tours
Another popular attraction is zip lining or canopy tours through the cloud forests of Chiriqui. It’s a great adrenaline rush, and it’s also one of the best ways to see the forest interior, as well as birds like the resplendent quetzal.
Volcan Baru
The highest point in Panama, at 11,400 feet above sea level, Volcan Baru is also a short distance from Boca Chica. A hike to its summit is a once-in-a-lifetime opportunity. Many visitors start at midnight, reaching the peak just in time to see the breathtaking sunrise and hope for a clear view of both the Atlantic and Pacific Oceans.
Overlooking Boca Brava Hotel & Boca Chica – Photo by Viva Tropical
But I haven’t even told you the best part.
I hinted around at the investment potential hidden deep beneath the surface of the waters around Boca Chica, Panama. Now let me unpack a little bit more about why it’s such a savvy choice.
For starters, there’s still a ton of investment upside.
Boca Chica has all the ingredients for a world-class destination: natural beauty, plenty of adventure options, and close proximity to services and amenities. Yet, it’s still relatively unknown.
As a result prices haven’t skyrocketed. Yet. Even with all of these amazing opportunities, you can still buy oceanfront property on one of the many gulf islands at a really great price.
The Panamanian government is in the process of investing tens of millions of dollars into the Enrique Malek International Airport in David, which you’ll remember is less than an hour from Boca Chica. These improvements include expansions and renovations that will open this region of Panama to direct international flights from the U.S. and Canada for the first time ever.
Accessing Boca Chica, which is already easy, is about to become simpler than ever.
What that means is an increase in visitors to the area, an increase in new businesses, and a big jump in real estate values.
It’s a foolproof formula that my business partner and I have used time and time again with our own real estate investments. I’ve seen it on a small scale, where the value of an inaccessible virgin beach was driven up sharply just because they built a road where there wasn’t one before.
I’ve also seen entire regions benefit from improved infrastructure. Take Costa Rica’s Daniel Oduber Quirós International Airport in Liberia, for example. When it was built in the late 1970’s, the province of Guanacaste was just a hole in the wall. The building of an international airport changed that.
It set things in motion, and today the region is full of resorts like the Four Seasons and a Hilton.
The country saw a similar phenomenon when talk surfaced about the possibility of a new international airport in its Southern Zone. The mere mention of its construction, which still has yet to begin, was enough to spur tourism operators into business and cause real estate values to increase.
It’s easy to see why we bought a 400-acre island in Boca Chica for our newest Adventure Colony.
Boca Chica Island – Our Latest Adventure Colony
That’s why I’m so sure that Boca Chica is the single best place to buy real estate in Central America. Because I believe in this model for real estate investment, because I love Boca Chica and its serene natural environment, and because I believe there are others out there who might also like to benefit from the opportunities it offers.
That’s why it’s the site my partner and I have chosen for our latest Adventure Colony. What’s an Adventure Colony? It’s a place for people who want a tropical lifestyle, but not the kind that involves gated communities or all-inclusives or high-rise condos. The island is almost completely covered in primary rainforest, and we intend to keep it that way.
If you’re interested in learning more about the Adventure Colony lifestyle and how you can invest in property on Boca Chica island, you can get the answers to your questions by downloading our latest ebook.
Map of Boca Chica
Boca Chica Fast Facts
- Population: About 1,200 (Numbers are hard to nail down, but this is a good guestimate)
- Typical temperature: From 70 to 88 degrees Fahrenheit
- Nearest airport with U.S. flights: Tocumen Airport. Domestic flights to Panama City, Panama and international flights to Costa Rica depart from Enrique Malek International Airport in David
- Nearest U.S. consulate: Panama City
For would-be expats looking to relocate to Central America, Costa Rica and Panama are natural front runners.
And for good reason.
Located adjacent to one another at the southernmost end of Central America, the two are quite similar in many ways. Both consistently top the lists of best places to retire in Latin America, and the world for that matter.
They both boast amazing vistas, near-perfect climates, modern amenities with a low cost of living, excellent health care, and some really great options for how you can spend your free time. However, there are a few areas where one nation has a slight advantage over its neighbor.
While many areas of consideration depend largely on personal preference, we lined up Panama vs. Costa Rica in a head-to-head cage match to see which one comes out on top.
Use the Infographic on Your Own Site
Round #1: Lifestyle Hacks
Advantage: Costa Rica
Both Panama and Costa Rica offer the opportunity to simplify your life by hiring out a number of services that, quite frankly, you’d just rather not have to do on your own. You can easily enlist the help of a gardener, a driver, a tutor for your children, or even a full-time maid who cleans your house, buys your groceries, does your laundry, and prepares your meals six days a week (for less than $15 per day).
While the costs are fairly close, domestic help can be a bit more expensive in Costa Rica. Why’d we pick it as the winner if it’s the more expensive of the two? Easy.
When comparing Panama vs. Costa Rica, Costa Rica has a much more customer-oriented service culture. So, while you may pay a few more dollars per day for domestic help in Costa Rica, the extra money is totally worth it in terms of the quality of personal service you’ll receive.
Round #2 – Connectivity
Winner: Panama by a Landslide
Due in part to a long-standing U.S. military presence, Panama is one of the most connected countries in Latin America. Broadband internet service is available in most cities and is very affordable. There are also numerous free wi-fi hotspots nationwide.
In fact, Panama was recently named #2 in all of Latin America for technology and internet penetration. It also earned the #1 spot for wireless availability. That’s why so many multinational companies like Dell, 3M, and Philips are choosing to establish regional headquarters there.
By contrast, Costa Rica is light years behind its Central American neighbors in terms of internet speed. Although its average connection speed has increased 43% percent in the past year, it’s still only 2.1 megabytes per second. (Streaming a movie requires 1.5 Mbps, or 4 Mbps in high definition.)
Brian Gratwicke
Round #3 – Living Options
Outcome: Varies by Region
This category is a hard one to call. Both Costa Rica and Panama have such varied topography and eco-climates. Not to mention all the other factors that can vary greatly from one region to the next, such as climate, infrastructure, and proximity to attractions.
For comparison’s sake, we’ll compare Panama vs. Costa Rica in four subcategories and examine the top cities expats are choosing for each type of area.
-
Mountain towns…Winner: Panama A popular mountain destination for North American expats in Costa Rica is Atenas. Located in the Central Valley, it enjoys mild weather year-round, great views of the surrounding mountains, proximity to San Jose, and an established expat community. Boquete, Panama, offers all those things plus cooler temps, better roads and infrastructure, and a million things to do nearby, from ziplining through cloud forests to climbing volcanoes to sport fishing off the coast.
-
City living…Champion: Panama Again Panama City, the nation’s capital, is a vibrant cosmopolitan city that caters to residents and travelers looking for both business and adventure. It offers world-class shopping and dining, as well as a 655-acre rain forest that’s within its city limits. On the other hand, San Jose, Costa Rica, is much smaller, much less attractive, and much more limited in terms of anything interesting to do.
-
Beach communities…Advantage: Costa Rica Beach living is right in Costa Rica’s wheelhouse. Towns like Nosara and many, many more have been drawing nomads and expats for decades, and the country caters very well to this genre. Costa Rica’s beach towns have everything you need, from aquatic adventures to quaint accommodations. Panama has a few good options, such as Coronado near the capital, but none can hold a candle to the laid-back coastal cities of Costa Rica.
-
Island retreats…No Contest: Panama Costa Rica was almost a no-show for this match. There just simply aren’t many island living options available for comparison. Cano Island offers a serene natural setting among the reefs, but with such slim pickings island ownership is pretty much out of the question. However, in Panama, you can own your own piece of paradise on our own Boca Chica Island, a 400-acre private island offering lots ranging from 5 to 50 acres. It’s just off the coast in an area that’s surrounded by a multitude of land and sea adventures.
Round #4 – Green Living
Winner: Costa Rica, Hands Down
Both Panama and Costa Rica have great options for living in harmony with nature. However, Costa Rica is committed to protecting its natural environment, due largely to its importance in the country’s eco-tourism industry. Almost ¼ of its total area is dedicated to parkland.
Over 90% of the country’s electricity comes from renewable energy sources, with a plan to increase this to 95% by 2014. It’s also on its way to becoming the first carbon-free economy in the world.
Both countries have tons of options for eco-tourism, from jungle tours to mangrove exploration to scuba diving.
Smilla4
Round #5 – Cost of Living
Slight Edge: Panama
Panama and Costa Rica both boast a cost of living that is a fraction of that of the U.S. or Canada. However, from the cost of property to the cost of a bunch of bananas, prices are a bit lower in Panama on average.
It’s true that in both countries there are certain regions or cities (typically the most developed or heavily-touristed areas) where everything from rent to a three-course meal runs close to North American prices, but in general you can find more places in Panama where those expenses are considerably less.
One of the largest contributing factors to Panama’s affordability for many expats is its Pensionado Program. Available to “retirees” of any age, those who meet the income requirements can qualify for discounts ranging from 15-50% on everything from health care to entertainment.
Round #6 – Ease of Access
Verdict: It’s a Tie
Panama and Costa Rica are fairly neck and neck in this category, each for their own reason. Panama takes the prize for international arrivals and departures. Its Tocumen International Airport has flights to several North American cities, as well as various points in South America, making Panama a great destination for those who want easy access to faraway places.
Costa Rica wins for being a great jumping-off point for other adventures throughout Central America, due to its more central location and affordable travel options.
Round #7 – Business Climate
Advantage: Panama
The International Finance Corporation ranked Panama 55th in the world for ease of doing business, compared to a rank of 102 for Costa Rica. Their findings are based on an examination of 10 factors to determine which countries are most conducive to the startup and operation of a local business.
And the difference is obvious if you’ve experienced the business climate of the two nations. Panama’s government is extremely pro-business and pro-investor. It’s also something of a tax haven. Costa Rica on the other hand is much more bureaucratic, with slower processes and higher taxes and fees.
Arturo Sotillo
Round #8 – Banking
Winner: Costa Rica (For Now)
With changing regulations, in both the U.S. as well as Costa Rica and Panama, this category tends to fluctuate greatly over time. However, for the past few years at least, banking for North Americans has typically been easier in Costa Rica.
This is mainly in terms of opening and holding a bank account. Both countries share many of the same requirements (identification, proof of residence and income, etc.). However, Costa Rica only requires a $25 minimum deposit (vs. Panama’s $1,000). Panamanian banks may also ask for additional documents such as proof of employment or reference letters from one or more North American banks.
One difference worth noting is that Panama’s official currency is the dollar, while Costa Rica uses the colon. Because it’s so thinly traded, the colon generally follows the dollar. However, in the event of a financial crisis, this could mean problems for Costa Rica.
Round #9 – Investment Opportunities
Our Pick: Panama
To put this showdown into perspective, let’s use the analogy that Panama is basically the Costa Rica of twenty years ago. When North American retirees began to get tired of the overcrowded expat communities and rising costs of Mexico, they turned to Costa Rica. Now that Costa Rica has reached mega-expat status, people are looking to Panama.
Costs are still lower and, as a result, there is much more capacity for growth. In addition to those factors, the Panamanian government is and has been placing heavy emphasis on tourism investment, largely in the form of tax incentives. It’s also possible for foreign residents to obtain financing in Panama, something they can’t get in Costa Rica.
Round #10 – Healthcare
Outcome: Too Close to Call
Healthcare is excellent in both Costa Rica and Panama. The two countries both have inexpensive public health care, with Costa Rica’s being touted as one of the world’s best low-cost medical programs. In fact, the quality of its health care system is ranked 36th in the world by the WHO, with the U.S. in 37th place.
Both countries also have private hospitals available, where many of the doctors speak English and trained in the U.S. Panama has several state-of-the-art hospitals that are affiliated with world-renowned facilities in the U.S., such as Johns Hopkins.
Panama’s only drawback is the accessibility of its modern private medical facilities. They’re often found only in the largest cities, specifically Panama City and David. Those in rural areas may have trouble finding the care they need, as often only first aid is available in the most remote areas.
World Bank
Round #11 – Consumer Goods
Winner: Panama
We mentioned that the cost of living is slightly higher in Costa Rica. This is especially true when it comes to consumer goods, like groceries–for instance–which generally run about 15-20% higher than in Panama. Exports are also taxed more heavily in Costa Rica, so as a result a lot of products are much harder to find.
Costa Rica also has a higher value added tax (VAT), 14% vs. 7% in Panama. It also has a lot more taxes on luxury items like cars, electronics, and appliances. Compare this with Panama which has lower taxes and even a number of duty-free zones.
These factors have made Panama quite the shopping hub for folks in Latin America. In fact, on one of our last trips to Ecuador we met some people who were on their way back from Panama City where they’d gone specifically to buy several flat screen TVs, due to the country’s lower prices and better selection.
Round #12 – Foreign Land Ownership
Undisputed Champ: Panama
Panama has virtually no restrictions on the ownership of property by foreigners. In fact, there’s only one, and here it is. Foreigners, or foreign owners of Panamanian corporations, can’t own property within 10 kilometers of the country’s borders. That’s it. Also, under Panamanian law, foreigners have all the same protections as citizens.
By contrast, Costa Rica’s land ownership laws are not as liberally applied to foreigners. Land considered restricted or concession areas, including 95% of all beachfront property, is not eligible to be owned by foreign residents (unless they’ve lived in Costa Rica for at least 5 years). The only option for use of this kind of property is through 49% ownership in a corporation with a native Costa Rican.
The buying process is also much easier in Panama, where a good attorney can help to simplify things like title searches, purchase agreements, and the registering of the deed.
Coco Lime Monkey
Panama vs. Costa Rica…Which is the Grand Champion?
Were you keeping score during that match-up of Panama vs. Costa Rica? If so, we would advise you to take our recommendations with a grain of salt. Panama and Costa Rica both offer a host of great places to live as an expat. And determining which one is right for you depends 100% on your values and what you want out of your life in a new location.
Want to Learn about Residency Options?
Each one of these countries has different strengths, but you can listen to our interviews with the experts and find out what it takes to become a resident or if you need to do it at all. The Costa Rica residency interview is here and the Panama residency discussion can be found here.
Our best advice? Plan a trip down to Central America. Check out both of these amazing expat destinations and choose for yourself which one is right for your family.
Viva Tropical
Boca Chica, Panama is a little-known island destination that delivers big on adventure and atmosphere. Located on Panama’s Pacific coast, Boca Chica offers its visitors and residents opportunities for sport fishing, snorkeling, surfing, and awing over its exotic flora and fauna. With so much to see and do, Boca Chica has been gaining much attention recently, as more and more people are finding out about this coastal hideaway and all it has to offer.
And of course we have a special affection for Boca Chica, since that’s the home of our 400 acre private island Adventure Colony.
Because it’s somewhat remote, Boca Chica is also an ideal destination for those looking for a more relaxing or romantic getaway. Its fine sand and dark water make it a beach lover’s dream. Its tropical climate and landscape of lush valleys will make you think you’re in paradise. There you can sunbathe on an almost isolated beach or venture out to one of Boca Chica’s 50+ islands, many of which are uninhabited.
Boca Chica, Panama is within arms reach of banana plantations, deserted islands, jungles, mountains, and a marine park with coral reefs that are home to whales, manta rays, and a variety of sporting fish. And with the new airport in nearby David, it’s now easier than ever to access Boca Chica and all of these great attractions.
With so many opportunities for adventure in and around Boca Chica, it’s the perfect place to set up camp while you explore the area. Here, in no particular order, are the hotels that rank at the top of our list for accommodations on the Boca Chica mainland.
Gone Fishing Panama
Gone Fishing Panama
This resort offers upscale accommodations that include professionally decorated rooms, a large bar and dining area, and a vanishing edge pool that offers panoramic views of the surrounding natural beauty.
Gone Fishing Panama offers fishing charters aboard Good Fellas, its state-of-the-art 31′ boat. They’ll also take you for a day and a half excursion to Coiba Island National Maritime Park, a whale watching cruise, a jungle tour, a road trip to several nearby destinations (like Boquete), or just about anything else you want to do.
You can also relax on the beach or by the pool or take part in a variety of other land and sea activities, such as snorkeling, horseback riding, waterskiing, sailing, surfing, hiking, or bird watching.
The hospitality at Gone Fishing Panama is unrivaled. And the food is fantastic. Many packages include three meals a day. The menu includes the freshest fruits, vegetables, and herbs (many grown on site), as well as the “catch of the day” which is usually caught just a few hours before it’s served.
In-room massages are offered, as are manicures and pedicures. The bar has dancing and karaoke nightly. The beautiful grounds are available for weddings and other events.
Bocas Del Mar
Bocas del Mar
At Bocas Del Mar you’ll find the fresh, modern amenities you’d expect from a first world hotel. It’s the newest lodging establishment in Boca Chica and the one that most closely resembles the traditional hotel experience. Its 16 individual bungalows, or cabanas as the locals call them, are contemporary and well-appointed accommodations set into the natural beauty of tropical gardens and alongside the sparkling sea.
With a dedicated focus on customer service and attention to detail, the staff promises to deliver personalized attention and service to maximize each guest’s resort experience. Bungalow amenities vary, but some include hot tubs, private parking spaces, or dedicated courtyards.
Bocas Del Mar has two infinity pools, with waiter service for drinks and snacks. There’s also a gourmet restaurant and bar serving an international-style menu. Room service is also offered. Fresh seafood, including lobster, is usually available. The kitchen will also gladly prepare your very own fresh catch if you have one.
The resort has a private dock where you can book a variety of excursions such as deep sea fishing charters, island-hopping trips, and the hotel’s very own “4 Hour Tour” aboard its 26′ boat. The staff is very knowledgeable about Boca Chica and the surrounding areas and are more than happy to recommend and book tours for their guests. Transport to and from the airport in David is available upon request.
Seagull Cove Lodge
Trip Advisor
The accommodations at Seagull Cove Lodge feel like more of an extension of the natural environment. With its unique layout, it is a place where you can enjoy the beauty and tranquility of the area as well as modern conveniences and exceptional service. Each of its 5 bungalows offers an ocean view, and they cascade down a lush hillside where they lead to a tiki bar that’s built right out on top of the beautiful Pacific Ocean.
The lodge’s rooms offer plenty of privacy, while its common areas invite guests to meet and mingle with others from all across the globe. Committed to creating a harmonious atmosphere, the property has lots of green space, a private beach, and tropical gardens. It’s a great place to relax, rejuvenate, and recharge.
The Mediterranean-style lodge boasts a tranquil fountain lounge bar, a gourmet restaurant, and an artistic pool. Fresh fish is delivered daily to the private dock, and the menu is constantly changing. The chef at Seagull Cove Lodge serves up Central American and international fare that guests enjoy from tables overlooking the ocean.
Your day can be spent relaxing on the beach, or you can choose from a variety of activities. Excursions such as sea kayaking, whale watching, and deep sea fishing can all be arranged for you by the staff.
What are you waiting for? Plan a trip to beautiful Boca Chica, and book a reservation to stay at one of these fine establishments.
With its perfect climate, sandy beaches, and serene setting, Boca Chica is a destination all its own. But in addition to the opportunities to stick around and relax on its beaches and explore its waters, Boca Chica also offers a number of nearby attractions that can all be accessed and enjoyed within the course of a day.
Boca Chica is a great destination for expats who want plenty of options nearby for adventure and exploration. It’s also a great landing spot for the traveler who’s looking for a peaceful retreat where they can still easily get out and enjoy extreme sports or just connect with nature.
In Boca Chica itself, you can go snorkeling, scuba diving, or fishing. You can also visit Chiriqui Gulf National Park, which is home to sharks, turtles, and stingrays. But if you’re willing to venture out a little further, here are several great day trips to keep you entertained during your stay.
1. Go swimming at Los Cangilones de Gualaca.
This natural swimming hole lies in a basin that was created by the Esti River over the course of many thousands of years. Visitors can take a refreshing dip in its cool waters and enjoy the beautiful scenery that surrounds this natural wonder.
In addition to the pool, the formation also includes a channel which has enough current to provide some decent exercise, much like a stationary lap pool. You can bring a picnic or go into the local village for some food. Guided tours of the area are also available.
2. See two oceans from the top of Volcan Baru.
Ken Mayer
Panama’s highest point, at 11,400 feet, Volcan Baru offers an eight-mile hike to its peak that is best attempted by only those in excellent physical shape. The path takes hikers through lush hillsides and jungles before finally reaching the rocky cliffs of the summit.
Many ambitious travelers begin their climb at midnight, hoping to reach the summit in time for the breathtaking sunrise that illuminates views of both the Caribbean and the Pacific. Although clouds often obscure the view, the volcano’s peak also offers a panoramic view of the surrounding 35,000-acre park that is home to pumas, tapirs, and over 250 species of birds.
3. Save a sea turtle at Playa la Barqueta.
The wildlife refuge at Playa la Barqueta is home to five different species of sea turtles, which nest on its beaches. Olive ridley, hawksbill, loggerhead, and green sea turtles can be seen from June to November. Olive ridleys can also be seen from November to March, along with the enormous leatherback turtles.
At night during high tide you can see the turtles crawling onto the beach to bury their eggs in the sand, where two months later the babies will dig their way out and shuffle back to the sea. On occasion, visitors may see local advocates releasing rehabilitated turtles that have been injured by poachers or natural predators.
4. Zip through the clouds on a canopy tour in Boquete.
Angie Harms
Nearby Boquete offers many opportunities for adventure. But none can “top” the zip line tours located high in its mountainside cloud forests. Not only will participants enjoy a rush of adrenaline, they will also enjoy a guided tour through centuries-old forest as they zip past waterfalls and a variety of wildlife.
Species spotted along the 3.5 to 4 hour tour might include monkeys, exotic orchids, and possibly even the rare resplendent quetzal. Guides provide plenty of instructions and safety precautions. The 12 lines cover a total of three kilometers through the lush forests.
5. Discover ancient artifacts at Sitio Barriles.
Dianne Fristrom
Located near the town of Volcan, Sitio Barriles is one of Panama’s most famous archaeological sites. It’s also one of the few that’s regularly accessible to the public. On display at Sitio Barriles are a number of ancient artifacts, many unearthed from that very location.
Items unearthed indicate that the location was once a ceremonial site. They include basalt rock artifacts from Volcan Baru, pottery, and urns containing ashes of the ancient deceased. In addition to the artifacts, the owners of the property use the adjoining land to grow coffee, which is available for purchase. They also offer a selection of cheese, wine, and jelly.
6. Recharge from your adventures in the hot springs of Caldera.
Outside of Boquete lies a series of mineral water pools that are renowned for their healing properties. The Caldera hot springs are a great place to soak and recover from a few days of physically demanding adventures in and around Boca Chica.
These pools are uncrowded, and several large stones offer privacy for you and your group of travelers. For a refreshing splash following your hot bath, try taking a dip in the adjacent Rio Caldera whose cool waters also offer the occasional hot pockets.
7. Bodysurf at Las Lajas Beach.
Mor
Not too far from Boca Chica are the beaches of Las Lajas, which extend for eight miles along the coast. This stretch of coast owes its appeal to its water temperature and mild current that’s perfect for bodysurfing or swimming. Not to mention, it’s a place where you can stroll along the beach forever.
Not overly crowded, the beach is dotted with a few little shacks and cheap restaurants. However, your best bet is to pack a lunch. You’ll likely be eating it alone on your very own stretch of isolated beach.
What’s your favorite day trip from Boca Chica, Panama?
When visiting Boca Chica, you’ll likely be tempted to stick around in close proximity for the entire duration of your stay. However, if you choose to wander out in search of adventure, these and other destinations are well within arm’s reach.