Both Panama and Costa Rica have a lower cost of living than the U.S. The US, the UK and other regions. Your cost of living is more or less similar and ultimately depends on your personal quality of life. However, Panama's economy is based on the Panamanian balboa and U.S.
dollars. This means that residents of Panama enjoy a more stable economy. Your cost of living is more or less similar and ultimately depends on your personal choices. However, pensioners in Panama can obtain significant discounts on basic services, medical care and entertainment through the Pensionado program.
If you are a retiree living on a pension, you can save and reduce your cost of living in Panama with the pensioner visa. During a visit to Costa Rica last week, I found myself mentally comparing tourism in Costa Rica with that in Panama. The following table shows my observations and is not based on any research; the information in the table is based on my personal experiences in these countries. Although Costa Rica and Panama have similar historical and natural attractions, their economies are comprised of different industries.
Costa Rica's economy depends on the export of fruits such as bananas. Panama depends on the economic and banking sectors. Both countries are trying to attract similar types of travelers. We calculated the prices of Costa Rica and Panama as a weighted average per population of 9 and 10 cities, respectively. Homicide rates in Panama and Costa Rica are lower than in most Latin American countries and rival those of Uruguay, Paraguay and Chile.
The average salary after taxes is enough to cover living expenses for 0.8 months in Costa Rica, compared to 0.7 months in Panama. From stunning Pacific and Caribbean coastlines to formidable volcanoes and lush rainforests, Costa Rica is a tropical paradise. The decision to retire in Costa Rica or Panama depends on what you value above all else and where you feel at home. While Costa Rica's Internet connectivity is decent, it's slower than Panama's, which is one of the best in the region.
Panama and Costa Rica have earned a reputation for welcoming expatriates, and their governments offer many benefits and programs, especially for retirees. You'll enjoy a more cosmopolitan scene in Panama, while Costa Rica has more natural beauty and outdoor experiences to offer. If you're a fan of warm, tropical weather and sunny days at the beach, Panama and Costa Rica are the perfect destinations for you. These Latin American countries don't have four distinct seasons, and you shouldn't expect snowfall in the winter months.
Whether it's the biodiversity and adventurous attractions of Costa Rica, or the modern infrastructure and comfortable lifestyle of Panama, you'll find something you'll love about both countries. Whether you're retiring in Panama or Costa Rica, you'll find that both countries have modern facilities and a good quality of life. Beyond the beautiful beaches and the wealth of natural beauty, Panama and Costa Rica offer stability, comfort and a better quality of life. While considered to be some of the safest countries in Central America, some minor crimes can be found in larger cities.
