Some people take the expression “work from anywhere” literally, while others don’t. A digital nomad is someone who travels the world in quest of both personal and professional experiences. Take the definition in a figurative sense if you choose. Traveling with a bag and logging in at hotels, bars, airports, and co-working spaces isn’t for everyone. There are several advantages to living as a digital nomad, including the opportunity to meet new people and create relationships, as well as the opportunity to learn a new language. Businesses run by these owners need a suitable location. And we’ve got the perfect location for you! Here are the perks of being a digital nomad in Panama.
Quick facts about Panama
- The Panama Canal has made Panama a popular stopover for travelers. In addition to the country’s canal, the natural attractions of the country include bird watching, whitewater rafting, and snorkeling.
- Biologists estimate that the biodiversity of Panama is three times greater than that of the United States, Canada, and Europe put all together. Panama is home to 10% of the world’s butterfly population and has over 976 bird species, many of which reside in Panama’s breathtaking national parks.
- In the year 2000, there were 2.8 million people living in Panama, according to the census. Around 1 million of these residents have Panama property in or near Panama City.
- There are more skyscrapers in Panama City than anywhere else in the Western Hemisphere except for New York and Chicago.
- As the first Latin American country to accept the US dollar as its currency, Panama has long been regarded as a pioneer. However, the national currency is the Balboa, which is only available in coin form alongside the Dollar.
- The official language of Panama is Spanish, but English is commonly spoken in the city.
The concept of being a Digital Nomad in Panama
Being one of the most linked countries in the world and the leading Latin American economy, Panama is no stranger to the Digital Nomad concept. Since the pandemic, the country has received a large number of digital nomads, and their numbers have risen significantly. An ideal time has arisen for the establishment of rules governing this new wave of digital nomads who plan on moving around the world as they want. If you decide to move to a Panama property, we recommend you employ professional help to simplify the entire process. But if you’re not convinced yet, here are reasons why it’s great to move overseas and be a digital nomad in Panama.
It’s affordable
Panama’s inexpensive cost of living, especially in comparison to other of Central America’s more developed economies, makes it a desirable destination to call home. In Panama City and the tropical beauty of Bocas del Toro, you can find a Panama property for as little as $1300 a month, but even if you’re making less than that, which isn’t unusual for a start-up, you can still live the Panama dream.
It’s very accessible
In spite of its size, Panama is strategically located at the crossroads of the American continent. It’s often called “the bridge of the Americas.” Direct flights are available to every major city on both continents from Panama. Tocumen International Airport serves as a hub for flights to and from Central and South America. Therefore, nearly all major airlines fly there.
The tax structure is favorable to commercial enterprises
When determining your tax liability, Panama does not consider any income you receive while working outside of the nation. There is only one tax to be concerned about, and that is the tax that applies to purchases made within the borders of Panama. And as we’ve learned from professionals at Easy Move KW, if you are living on a tight budget, you can cut costs by using this. This makes being a digital nomad in Panama much more affordable and comfortable.
The internet speeds on both mobile and desktop devices are quite fast
As a result of its strong commercial presence, Panama has extremely fast internet and mobile connections. The fact that several of the world’s major oceanic cables cross the country at various points makes remote work a lot simpler.
The city is vibrant and features a diverse population
People from all over the world visit Panama in search of a safe refuge in which to conduct business. Because of this, there is a diverse selection of cafes, bars, and restaurants from which to choose. And speaking of cafes, it has the world’s best coffee! All of this infuses large cities and popular tourist attractions with a lively and exciting spirit.
A visa for the digital nomad in Panama
Foreigners can now work remotely in Panama for a minimum of nine months under a new short-term visa. This type of remote job can only be performed as a freelancer or for a foreign firm. The maximum stay can be extended by nine months, bringing it to 18 months total.
Panama expects that this visa will attract remote workers and freelancers who will boost the economy by purchasing goods and services and investing in Panamanian businesses. The friendly nations visa, available to 50 different nationalities, is an option for visitors who appreciate Panama and wish to stay for an extended period.
Final words
One of the greatest perks of being a digital nomad in Panama is that you truly have the opportunity of a lifetime. If Panama becomes more popular, it may end up being overcrowded like Bali, but that hasn’t happened yet. And for the time being, it’s the right mix of inexpensive and conducive to hard work. But if the Panama property and towns and resorts start to grow expensive, you can either take advantage of it or move on. There are no limits to a digital nomad, after all!