After visiting Panama, one retiring couple decided to go make it their permanent home. In 2008, for less than $250,000, the couple purchased a three-bedroom, three-bathroom (plus maid's quarters) condo in a new, nine-story building overlooking the Pacific Ocean. A similar place close to the water in North or South Carolina would sell for well over $1 million. The couple downsized their belongings and shipped some crucial possessions -- their car, their plasma TV and their Xbox -- to temporary digs in Panama City, where they stayed for a few months while their new home was being built in Punta Barco Village, about an hour's drive from Panama City. They could have retired comfortably in the U.S, but they live three to four times better down here."
Cohn does recommend that you consider a few things for you take the leap:
- Do a reality check
- Do your research
- Rethink your finances
- How to protect your health