Panama has certainly faced its share of challenges in recent months.
The closure of Cobre Panama, one of the world's largest copper mines and a significant source of income for the country, has had a major impact. Riots related to the mine's closure severely disrupted the economy and daily life in late 2023, prompting many expats to leave temporarily or even permanently.
To make matters worse, a lack of rain has caused severe problems for the Panama Canal, another vital source of income for the country. At one point, the bandwidth of passing ships decreased by 50%.
Adding to the turmoil is a political soap opera. The ongoing political persecution of Ricardo Martinelli, the former president who spearheaded many of the country's infrastructure projects, draws vivid comparisons with current events in the United States. It's as if Panama were missing only an assassination attempt on a presidential candidate to complete the parallel.
So does all this mean Panama is now a no-go zone for expats? Countries, much like stock markets, go through cycles. While Panama may be undergoing a "correction" at present, it is poised for eventual recovery.
Just as buying stocks can be more profitable when few others are interested, obtaining residency and purchasing property in a country is best done when there is less competition. At the very least, you'll face fewer people vying for resources at the immigration office and in the property market.
Despite these difficulties, we believe Panama remains a solid "Plan B" destination worth your attention. Learn more about Panama's latest events and the opportunities we see there in this report.
The stream of news from Panama over the past couple of years has been nothing short of amusing, and not in a good way. First Quantum Minerals copper mine If you follow news from the country, you have probably heard that in November 2023, Panama infamously closed Cobre Panama — a gigantic $10 billion copper…
