How to move to Panama from Canada

Moving from Canada to Panama is both a big change and a complex process.No matter why you’re moving—whether for work or a lifestyle change—you’ll need to plan thoroughly to ensure a smooth transition..We’re here to help by outlining the steps you need to take in Canada and key points to consider when adjusting to life in Panama. Finally, we’ll show you how Wise can help manage your money—from holding your U.S. dollars to making international transfers at the mid-market exchange rate.

What Are the administrative essentials for moving to Panama from Canada?

Let’s deal with the red tape first — the type of documentation you’ll need for your move.

1. First of all, you’ll need the right residence permit or visa, and this will depend on the reason for your move.

2. Consulting a tax professional beforehand is important when you make an international move.

Every situation is unique so talking to a specialist can educate you on how your new non-resident status will impact things like filing your income tax or any possible departure tax you may owe.

How long does Panama's visa process take?

If you’re applying for the Friendly Nations Visa, expect the process to take about three years³. The Pensionado Visa typically takes six to twelve months.

Things to take care of in Canada before moving to Panama

To make sure you have everything in order before you move, here’s a list of things to take care of first.

• Inform your banks, credit card companies, any insurance companies, and government agencies such as the Canada Revenue Agency and Service Canada.
• Close your bank accounts: It might help to close your accounts in Canada, in case you pay monthly fees or have inactivity fees to pay.

• If you’re going to be converting currency — or holding funds in another currency — it’s a good idea to open aWise account!
• Arrange for Canada Post to redirect your mail to Panama. You have 6-month and 1-year options.⁴
• Book an appointment with your doctor and get copies of any medical records so you’re able to continue treatments when you get to Panama.
• If you are taking a pet with you, you’ll need to provide a Certificate of Good Health of Exportation for Small Animals when you get there.⁵ As far as traveling with your pet, you only have one option in terms of airline. Of the two that fly to Panama, Copa Airlines⁶ allows small dogs and cats in the cabin but they must be in a carrier, and it replaces your carry-on bag. Sunwing, the other airline that flies there, only allows registered service animals on flights.
• Cancel any memberships or subscriptions that you have here in Canada.

Travel expenses for flying from Canada to Panama

Flights from Canada to Panama are limited, only leaving from Toronto and Montreal and only flying to Panama City.

Please note that prices will vary depending on:

• time of booking and
• time of travel amongst other factors.

Preparing for your stay in Panama before leaving Canada

Don’t fly off to Panama unprepared — consider the following before you leave.

Medical requirements for living in Panama

Tropical countries and regions often have diseases not common in Canada, and vaccines are recommended before you travel.

Canada recommends the following vaccines:

All routine vaccinations recommended by your province

• Hepatitis A
• Hepatitis B
• Measles
• COVID-19
• Malaria
• Rabies
• Yellow fever

Estimation of monthly expenses

The following is a cost-of-living breakdown based on 1 person without rent.

*Currency rates are as seen on December 16, 2024, at 2 PM

Culture shocks to watch out for

Dress: In public, Panamanians dress neatly and conservatively. Men generally wear long pants and a collared shirt since shorts and sandals are deemed too casual. Women typically wear dresses in public or jeans and a nice top.⁸

Greetings: Panamanians typically greet each other with a handshake or hug. Men who are simply acquaintances shake hands, but close friends or relatives will hug. And depending on who they’re greeting, women will either shake hands, hug, or give a kiss on the cheek. Additionally, when addressing someone, it’s very important to use their title — Don for men and Doña for women, followed by their surname.

Get more out of your money with Wise

Since the US dollar is one of the main currencies in Panama, it’s important for Canadians to get the most out of their money. With a Wise account, you’ll get the following:

• Local account details in more than 10 currencies.
• The ability to manage over 40 currencies from your Wise account, including CAD, USD, and MXN.
• The advantage of the mid-market exchange rate when receiving or converting currencies — an excellent feature when traveling or shopping online in other currencies
• Minimal transfer fees starting at 0.48%^*
• You can send money to over 160 countries

Transportation in Panama

So what’s the best way to get around in Panama?

• Panama City has a good public transportation network. A rechargeable Metro card will give you access to Metro buses and trains within the city, making it a great way to get around.
• Of course, if you have your own car, that’s an option too. If you’ve driven in Toronto, navigating Panama City’s roads may feel somewhat familiar. You’ll typically experience heavy traffic, ongoing construction or road wear, potholes, and other issues. However, unlike in Canada, Panama City has fewer traffic lights, which can make driving more challenging.
• If taxi drivers perceive you as a tourist, they may charge you higher fares.There are no meters in the taxis, so it’s important to negotiate the price of your fare before getting in the car. You also can’t use your credit card in taxis.

Health insurance plans in Panama

For anyone moving to Panama from Canada, you have a choice of local and international health insurance plans. The local plans will be more affordable, but the coverage is more restrictive. The other alternative is international health insurance, which gives you better coverage and an option to look for treatment outside the country.

The two most popular health insurance companies in Panama are Family Medical and MAPRFE.

Final thoughts

Before moving from Canada to Panama, plan each step carefully—this will greatly improve your chances of a successful transition. That means applying the strategies we’ve covered—and taking advantage of Wise for the best conversion rates!

Sources:

1. Friendly Nations Visa
2. Retiring to Panama
3. Investing in Panama
4. Forward your mail
5. Traveling to Panama with a pet
6. Copa Airlines
7. Panama City cost-of-living