Steve Thorson
Dear Class of 82
My family and I just recently moved to Panama at the end of November. We have been looking for opportunity to move outside of the US for some time now. My internet based business can be managed and run from any location, so we decided it was time for the move. We chose Panama after much research. We did not want to go to Asia or on to Australia, as they were too far away for consistent travel back to the US. Europe was ruled out because it is too expensive, too restrictive, and too wet, dreary, and cold. So, the remaining areas were Central America, South America, or the Caribbean. South America was too far away and unstable, so we settled our research on the Caribbean and Central America. The final three choices were Puerto Rico, Costa Rica, and Panama. Choosing Panama was actually a no brainer for many reasons.
First, the country itself is very nice. There is good infrastructure, communications, and entertainment. It is now politically stable and has been for over a decade. The people are great and very friendly and honest. There is very little crime in the country, especially when compared to US standards. There are no earthquakes, hurricanes, or other catastrophic weather. You can swim in the Pacific Ocean and Caribbean Sea in the same day. And, most importantly, it is ALWAYS WARM.
Second, from a financial standpoint, the country is the best deal I have ever found. It has 89 international banks and is ranked equal to Switzerland for banking privacy. There are NO TAXES - corporate, personal, capital gains, interest earned, etc. There are 15 and 20 year exemptions on real estate taxes when building or purchasing new. The official currency is the US Dollar, so there are no exchange rate risks. And, there is no inflation, as the country does not print paper money.
Finally, the cost of living is 30% of what it is in the US. There is good health care that costs about 5% of what it is in the US. We have so much fun going out to eat or shop or entertain as the prices are so inexpensive compared to waht we are used to in Chicago. For example, taxi rides anywhere in the city are $1, Blockbuster rentals are 50 cents to 75 cents, and the movie theater costs $2.50.
Hopefully everything will work out good for us and we will be here a long time. We have already made some friends adn found an English speaking bible church with an amazing collection of nationalities. American, British, Canadian, European, Panamanian, Columbian, Chinese people are worshipping together. It is a lot of fun.
Steve Thorson
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