Panama’s No-Hurricane Zone: A Refuge For Floridians

Florida is known as the “Sunshine State,” but life there is not all sunshine and rainbows. While many Americans have flocked to Florida due to its warm weather and financial benefits, many are contemplating other options in the aftermath of hurricanes Milton and Helene. 

The promise of having good weather year-round fades when hurricanes crush houses, take lives, and cause billion-dollar losses. 

Marc Clair, who oversees the content and marketing here at Expat Money, moved to Florida to escape the decay of California (not to mention that state's high taxes). But because of the recent hurricanes, he had to evacuate and stay in two Airbnbs across two states. Even though he and his family are thankfully safe and sound, he’s already thinking about moving elsewhere (while dealing with a damaged fence).

My advice to Floridians like him? Move to Panama. It has similar weather but no hurricane…along with a potentially much better tax situation. In this article, we’ll discuss why Floridians should consider moving to Panama and why you should also keep this Central American country on your radar. 

WHY PANAMA IS ONE OF THE BEST COUNTRIES FOR AMERICANS TO MOVE TO?

If you’ve followed my work for a while, chances are you know I live in Panama. It’s been five years since I moved here with my family, and I couldn’t be happier about our decision. Like I said in a previous post, Panama just checked all of our boxes, so we moved here after living in Abu Dhabi for almost a decade. 

Long story short, my wife and I came up with the “freedom criteria” to select our next destination. One of these criteria was safety and stability, and in this aspect, Panama delivers. The weather here is stable year-round, but since it’s south of the hurricane belt, we don’t face the emotional and financial toll that comes with hurricanes.

Moreover, Panama is one of the safest Latin American countries and is widely regarded as one of the best countries for Americans to move to. Panama offers not only beautiful surroundings but also a secure and comfortable lifestyle. This country just offers the stability and predictability every expat looks for. As my local Panamanian colleagues say, Panama is geographically blessed—there are no hurricanes or earthquakes.

FINANCIAL ADVANTAGES

Apart from offering peace of mind from hurricanes, Panama comes with a lot of financial benefits. For just $300,000 USD in Panama, you can get a better bang for your buck and obtain permanent residency through the Qualified Investor Visa. 

When it comes to taxes, Panama also outcompetes Florida. Right off the bat, it’s true that Florida has no state income tax, but the federal income tax of up to 37% applies regardless. In Panama, the top income tax rate is 25% and more importantly, there’s no tax on foreign-earned income, as Panama has territorial taxation.

These factors explain why Panama stands out as a safe haven for expats and investors who want to protect their wealth while maintaining a high quality of life. In Florida, you might get certain tax benefits, but the living costs are generally higher. In Panama, you can enjoy both low taxes and affordable living costs.

To further illustrate how far a dollar can go, in one of my podcast episodes, I told the story of how well my family and I were treated when we got sick. Although we had to go to an emergency room five times, it all cost us $1,400 USD (insurance covered everything). It would not be that cheap in the USA if you had to pay out of pocket.

Panama is not only one of the safest countries in Latin America, but it also has a strong expat community that includes people from all walks of life, from digital nomads to retirees

A STRONG EXPAT COMMUNITY

Panama is one of the most welcoming countries in the world to expats. The country's well-known economic stability and job opportunities have attracted many foreigners. It’s just normal to find expats from all over the world here!

Panama has diverse expat hotspots for every type of expat, too. Whether it’s the modern skyline of Panama City, the cooler highlands of Boquete, or the laid-back beaches of Boca del Toro, you’re sure to find a place to call home. When looking for the best places to stay in Panama, you’ll find options that cater to every lifestyle and preference.

Not only is Panama one of the safest Latin American countries, but the country’s strong expat community spans all these destinations and includes people from all walks of life, such as digital nomads and retirees. The digital nomad population has been drawn to Panama’s reliable internet, while retirees come for the affordable healthcare and popular Pensionado Visa Program, which offers discounts on medical services, transportation, and even entertainment.

Plus, with Panama’s excellent connectivity to major cities in the Americas, it’s easy to visit family and friends back home. Panama is not only one of the best countries for Americans to move to but also a great destination whether you want to set up a business, enjoy remote work, or stay close to loved ones. Its privileged location and accessibility make it a convenient choice for expats.

QUALITY OF LIFE WITHOUT THE STORMS 

Panama offers a tropical lifestyle without the threat of hurricanes. In Florida, hurricane season is a constant concern that brings with it evacuations, property damage, and, sadly, loss of life. However, Panama is located outside the hurricane belt, providing its residents with peace of mind and allowing them to enjoy the beautiful weather without the anxiety of upcoming natural disasters. This advantage also makes Panama one of the safest Latin American countries to call home.

Panama’s geographical advantage makes it a beautiful and practical destination. You can enjoy the sunny beaches or the lush rainforest without ever thinking about repairing your house or paying exorbitant insurance premiums. When searching for the best places to stay in Panama, you’ll find modern amenities, rich local culture, and beautiful landscapes that offer expats a fulfilling lifestyle. Whether you want the hustle and bustle of Panama City, the tranquillity of the highlands of Boquete, or the laid-back island lifestyle of Bocas del Toro, Panama offers something for everyone.

Moreover, it’s not only a great place to live but is also one of the best countries for Americans to move to. Panama offers a combination of safety, lifestyle options, and a welcoming expat community, making it truly an enjoyable place to live in.

Panama offers a safe and affordable alternative to Florida with similar tropical weather but without hurricanes, combining economic stability, low living costs, and a welcoming expat community for those seeking a better quality of life

CONCLUSION

Hurricanes have challenged Florida’s stability and security, and more residents are looking for safer and more affordable alternatives. Luckily for Floridians, Panama offers similar tropical weather but without hurricanes. It’s a reliable option if you want peace of mind, as well as other benefits like lower living costs, a favourable tax environment and affordable healthcare. 

The country’s ever-growing, established expat community and diverse lifestyle options make Panama a place for everyone seeking a better quality of life. The welcoming atmosphere, economic stability and connectivity to other major cities in the Americas only add to Panama’s appeal to expats from all over the world. 

If you want to escape devastating hurricanes and explore new opportunities, Panama is definitely the change you’ve been looking for.