I take great pride in being able to answer most questions individuals have when considering a move to Panama. How to open a bank account? Is a Visa needed? Can we bring our dog? How do I get a drivers license? The other day, however, I was unprepared when a United States citizen, told me she was leaning heavily toward taking a job transfer to Panama as opposed to one in her own country. I’ve not explored that question a great deal.
“I never thought I’d be saying this, but Panama appears to be the better choice,” she said to me over the phone from London. “We’ve been here for over six years and finally got the word we could transfer home. Both my husband and I work for the same company and we’ve been pretty anxious to get transfers back to the States. They have given us the option of either transferring to Panama City or San Francisco,” she explained and immediately the beauty of the Bay Area and the Golden Gate Bridge popped in my head.
“I’m not even sure why they threw in Panama. Everyone just expects we’ll be moving to San Francisco,” she laughed. “But the assignment covers both North and Central America and right how Panama actually seems better when you consider the airports, how far a US-based salary would go in Panama and private school fees!” she continued.
“Our oldest child will be starting first grade and we want to complete the move so it won’t be as hard to leave her friends. London is all they have ever known,” she continued. “Our youngest isn’t quite two.”
I listened carefully, knowing this was a very big decision, but I couldn’t help but feel Panama would just be another foreign country; a stop on their eventual way home. “Why wouldn’t you just take the transfer back to the US?” I responded. “Don’t get me wrong—I love Panama—but the US is home and I’m assuming that’s where you eventually want to live permanently.”
“Well, we thought it was, absolutely,” she said, “but we’ve had live-in help for as long as we’ve been in London. I’m not sure I can manage two children and a demanding career without help. In the United States, help is very, very expensive!” she continued. “I sound like a baby, but I’m just being realistic. We’ve gotten used to live-in help. We like having time in the evenings with the children and not worrying about running another load of laundry.”
“Domestic help here is pretty inexpensive” I said, wondering privately just how expensive it could be in San Francisco. “Maybe $450 to $500 a month” I offered. I know it’s more common in Panama to have help on a daily basis but it a relatively new concept for someone to live with a family.
Domestic Help More Affordable in Panama
“Really? It’s more than that per week,” she said. “Then you have Social Security payments, all the government paperwork and providing a car. They don’t work over forty hours. Not that I want to work anyone to death, it’s just I work more than 40 hours and while the hours can ebb and flow, I like having the option of it being acceptable to work sometimes more than 40 hours a week.”
“No, you don’t need to provide a car and they don’t maintain a 40 hour work-week,” I said quickly. “They normally work six days a week. Having help has become a very common practice that expats, especially those with children, have embraced here in Panama. Most of the new residential buildings include maids’ quarters as part of the living space,” I added, thinking we would need to set up an additional appointment to chat. “It’s considered a very good job. Competition is keen and moe and more are taking “live-in” positions.”
Comparing the Cost of Real Estate
“And, I’ve been looking at home prices,” she said. “We are used to outrageous prices for London flats, but wow, real estate in San Francisco is expensive. There are lots of beautiful new buildings in Panama City,” she continued. “It’s hard to beat the prices there, especially when you consider all the amenities.”
“Have you seen the new developments in Costa del Estes?” I asked. “We have some stunning properties for you to consider and they are much less than what you would be paying in San Francisco.”
I immediately thought of the new offering, Le Marque, with it’s 60 levels, 48 of them offering three apartments per floor of three-bedroom residences, plus a maids’ quarters with a private bathroom. Lots of amenities with pools, social areas for the children and walking distance of everything Costa del Estes has to offer including parks, high-end restaurants and grocery complexes. There would be no need for a car for the children’s care giver.
“I know we want to buy, but we’d like to rent first, just to make sure. Costa del Estes is top of our list based on the research, but what about renting first?”
“Perfect,” I responded, “because there isn’t a lot to permanently move into right now. The area is just exploding. I don’t have enough inventory right now to meet demand. Multi-national countries are transferring people almost daily. By renting, you could make sure Costa del Estes is where you want to be, then we’d look at best options and secure some great deals on properties that are on the market, but not ready for occupancy. You could even do some customization concerning the layout because they won’t be totally built out,” I continued. “A home of your dreams,” I added thinking Costa del Estes was a perfect option.
“The schools are there, everything is within walking distance, there is a big central park, wonderful restaurants and the growth is pretty dramatic,” I said. “Your investment would be solid in Costa del Estes.”
“I never thought it would be Panama,” she said, “but I’m pretty excited at the possibilities. Our families are on the east coast so everyone would be in the same time zone as opposed to three hours ahead in California. It’s not terrible that we have a five hour difference in London, but still, I like being in the same time zone. Travel is comparable because I can be in Atlanta in three and a half hours.” I could tell she was putting everything together and I felt confident she was making a great choice.
“My daughter currently goes to a school taught in English and Mandarin. I’m sure she’ll do fine with Spanish,” she continued almost talking to herself. “A different language is nothing new to them. The weather is also an improvement. I know it rains in Panama, but at least it’s normally sunny. Have you experienced London—grey and cloudy—in winter? I’ll take hot!, she said laughing.
“What this transfer to London has taught us, is that the world is not boxed off into countries anymore. It’s all very fluid with easy travel,” she continued and then added, “Of course the new airport at Tocumen International will make things even easier!”
“Why don’t we set something up for you,” I said, considering how remarkable it really was that Panama City seemed a better fit than San Francisco.
“We need to stay under a million,” she said cautiously. “I never thought I’d say such a thing. More money than my parents would have dreamed of, but it’s a different world. That would be a ‘Starter Home’ in San Francisco. We’ll have money for bilingual schools, live-in help and still be able to live.”
“We’ll find something stunning for a million,” I said carefully. “Much better than what you could get for that in San Francisco.”
“Wait till I have to explain this to the in-laws,” she laughed. “Seriously. I can’t wait. Panama!”
That phone call made me feel good. Panama City, one—San Francisco, zero.
