Moving to Panama Checklist: Everything You Need Before You Go

Moving to Panama is more straightforward than most people expect — but the order of operations matters. Do things out of sequence and you waste months. This checklist is built around what actually needs to happen first.

6–12 Months Before Moving

• Visit first — spend at least 3–4 weeks in Panama before committing. Visit Panama City and your target area (Boquete, Coronado, Pedasi, etc.) in different seasons if possible. The rainy season (May–November) is very different from dry season.
• Research visa options — most retirees use the Pensionado visa ($1,000/month pension). Others use the Friendly Nations visa (from a qualifying country list), self-economic solvency visa ($300,000 in Panama investments), or reforestation visa. Identify which applies to you.
• Consult a US expat tax specialist — understand FBAR, FATCA, and how your specific income sources will be treated before you move. Not a general accountant — someone specializing in US expats.
• Research Panama health insurance — if you are under 65, private health insurance in Panama is very affordable ($150–$400/month). Over 65, options are more limited for new policies; research this early.
• Decide: rent first, buy later — almost every experienced expat advises renting for at least one year before buying. The area that looks perfect on a visit often feels different after six months of daily life.

3–6 Months Before Moving

• Hire a Panama immigration attorney — start your visa application early. The Pensionado visa process takes 4–12 months. Earlier is better.
• Get your documents apostilled — most visas require apostilled copies of your birth certificate, marriage certificate (if applicable), criminal background check, and pension award letter. Apostilles take time in the US; start early.
• Open a Panama bank account — this is harder than it sounds. Many banks require an in-person visit and several months of bank statements. Research which banks are most foreigner-friendly (Banistmo, Global Bank, and Multibank are common choices). Bring 3–6 months of bank statements, proof of income, and references.
• Decide what to ship vs. sell — Panama has import duties on most household goods. Many expats ship a small container of essentials and buy locally. Panama has IKEA, Costco, Panafoto, and most major appliance brands.

1–3 Months Before Moving

• Secure housing — book furnished short-term rental for your first 1–3 months. Do not sign a long-term lease before you have lived in the area. Sites: Encuentra24.com, PanamaEquity.com, and local Facebook expat groups.
• Transfer emergency funds — transfer 3 months of living expenses to your Panama bank account or ensure wire transfer access. International wire fees from US banks vary widely.
• Notify your US bank — let them know you are moving abroad. Set up international transfer capabilities. Consider accounts at Charles Schwab (reimburses all ATM fees worldwide) or similar.
• Sort US mail — set up mail forwarding through a US address service, or have a trusted person receive important mail. Virtual mailbox services (Traveling Mailbox, PostScan Mail) work well.

After Arrival

• Get your cedula — once your visa is approved, register at the National Immigration Service for your Panamanian ID card (cedula). This is required for the Pensionado discount card and many services.
• Apply for Pensionado discount card — separate from the visa itself. Apply through SENADIS with your cedula and residency card.
• Register with the US Embassy — enroll in the Smart Traveler Enrollment Program (STEP) at step.state.gov. Free, takes 5 minutes, useful in emergencies.
• Find a local doctor and dentist — Panama City has Johns Hopkins-affiliated Hospital Punta Pacifica and Hospital Nacional. In smaller towns, ask your expat community for recommendations. Set up care before you need it.
• Learn basic Spanish — even 200 words of Spanish dramatically improves daily life outside the capital’s expat zones.

When to Buy Property

The standard advice: rent for one full year before buying. Use that year to understand neighborhoods, seasons, commute times, and which areas you actually enjoy living in versus visiting. When you are ready to buy, see our guides to the property buying process, what your attorney should do, and tax implications for foreign buyers.