Moving abroad may seem impossible without breaking the bank, but renting in Panama City is a steal! Panama is currently rated as one of the top places to retire, due to its bargain homes and the benefits of the pensionado program, which offers pensioner visas and exemptions. Today, the Panamanian isthmus is home to more than an international business hub. This paradise is home to the world’s most famous canal, over 900 species of birds and some of the world’s best coffee.

If you’re looking forward to immersing yourself in Panamanian culture, you can rent a taxi by the hour for less than 10 balboas, which is equal to the U.S. dollar, to the edge of the Panama Canal or visit the stunning churches and historical plazas throughout the Old City. Panama City is the perfect combination of city life embedded in a fascinating culture with a touch of a tropical feel. From beaches to mountains, volcanic springs to modern cities, and indigenous tribes to historical ruins, Panama’s diversity has made its cultural fabric exceedingly rich.

If that wasn’t enough, renting in Panama City is inexpensive and you can live like the locals do in a 1-bedroom apartment in the city center for as little as $540 a month. But if you prefer having views of the brilliant blue ocean or the luscious rain forest, Paitilla and Punta Pacifica are the crème de la crème of neighborhoods without the high price tags of U.S. waterfront communities.

You will never feel far from home living in Panama City, as many residents speak English as a second language. So don’t let the language barrier intimidate you when negotiating rent prices with the landlord. Rather than signing a lease for a full year, many contracts will allow you or the landlord to break the lease at any time, with a minimum of one month’s notice in writing. Don’t worry about becoming homeless with only a month to find a new place, as rent regulations in Panama benefit the tenant more than the landlord.

So have no fear of binding contracts and outrageous costs of an expat life in paradise. Have a sip of chicha, the delicious traditional fruit drink, and start indulging in the pleasures of life on a budget-friendly beachfront property, at a relaxing mountain retreat, or in a chic city apartment in Panama City.