💰 Real Costs of Living in Panama as a Digital Nomad
As a digital nomad considering living and working remotely in Panama, it's important to understand what costs you can expect whilst living in the country before you decided to pull the trigger and start your journey.
It's an important step to avoid running out of money and having to end your digital nomad journey prematurely.
To help with your research, in this article we'll discuss 5 monthly expenses you are likely to experience in Panama, in our top 4 recommended digital nomad destinations.
- ⛺️ Accommodation
- 🍕 Food
- 🖥 Co-working
- 📞 Data plans
- ⛑ Travel insurance
💸 Summary of Real Costs for 4 Digital Nomad Destinations in Panama
We've illustrated the expenses above in the table below, to provide you with an indication of what you monthly expenditure might be during high season in each of our 4 recommended digital nomad destinations.
We decided to highlight the costs during in high season, rather than low season, (when things are cheaper), as we've found that things will generally cost more than you expect...
Destination Accom Food Coworking Mobile Insurance* Total Panama City $1,551 $400 $80 $20 $45 $2,096 Boquete $1,312 $350 $200 $20 $45 $1,927 Bocas Del Toro $1,692 $200 $160 $20 $45 $2,117 Playa Venao $1,307 $150 $300 $20 $45 $1,822
*Safetywing 18 - 39 years old
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Break Down of Real Costs in Panama
#1 ⛺️ Accommodation Costs - $1500
As a digital nomad, finding the right living situation can make or break your experience. No one wants to feel cramped, uncomfortable, or far away from the things that matter to them.
It is worth noting that accommodation in Panama can be quite expensive. In the digital nomad hubs such as Panama City, Boquete, Bocas del Toro, and Playa Venao, the average cost for a decent apartment is around $1500.
Check out our recommended long-stay options in Panama
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#2 🍕 Food Costs - $600
If you're planning on traveling to Panama, then you're probably curious about what the cuisine is like and how much food costs. Luckily, Panama has a varied and diverse food scene with enough options to suit all budgets.
If you want to save some money, you could opt for a budget-friendly meals that won't hurt your wallet too much. Stick to local restaurants that offer traditional cuisine, where you'll find a decent meal for just $8.
If you cook at home, consider buying tropical fruits and vegetables from local markets to save money. Prices at supermarkets have gone up in recent years, but expect to have a monthly grocery budget of roughly $600.
#3 🖥 Co-working Space - $80-$300
As digital nomads, we dream of being able to work from anywhere, but sometimes working on a beach or in a café isn't as productive as we hope.
Fortunately, there are co-working spaces available to help us get the job done. Finding a workspace that is entirely yours can help you focus on your tasks and increase productivity.
Cost-wise, co-working spaces offer flexible subscription options, ranging from daily and weekly subscriptions to monthly ones.
Our recommended Co-working spots in Panama
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#4 📞 Mobile plans - $20
One of the most important elements for a digital nomad, especially when living in Panama, is having access to reliable mobile internet connections.
You can find different mobile plans from different companies depending on your needs and budget. Most plans offer unlimited data up to 4G speeds, which is more than enough for streaming music, online work, and browsing the web.
The cheapest mobile plan for digital nomads is offered by +Móvil and it costs just $20 a month, making it an economical option for those who want to stay connected without breaking the bank.
Step by step guide to setup a Local sim in Panama
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#5 ⛑️ Travel Insurance - $45
Travel insurance is critical for digital nomads on the move, not just to stay protected in case of illness or accidents while abroad but also to ensure that you can continue accessing your work, even if something goes wrong.
Digital nomad travel insurance policies offer coverage for flight delays, cancelled trips, lost luggage and more. The cost of travel insurance can vary depending on your destination and the length of time you will be travelling. We'd recommend Safety Wings, which is roughly $50 a month and provides coverage up to $250,000.
Our Recommended Digital Nomad Insurance Options
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⚡️ Conclusion
Living as a digital nomad in Panama can offer many advantages, including low costs of living and access to some of the most stunning beaches and mountainous terrains in Central America.
However, it is important to consider all the costs associated with living abroad before you make the move.
You can do this by building a budget and financial plan that takes into account monthly expenses such as groceries, co-working spaces, mobile plans, travel insurance, and rent, to name a few.
By doing so, this will make your journey as stress-free as possible. Good luck, and reach out to us on Instagram if you have any questions - @remotevagabond
*** This article is for informational purposes only and should not be taken as financial advice. We recommend consulting with a qualified financial advisor before making any decisions regarding your finances or lifestyle. ***