Business Insider Features Boquete

This article from Business Insider provides a unique, firsthand look into Boquete, Panama, a town that has become a beloved destination for American retirees. Through interviews with people who have lived and thrived in Boquete, the article offers an authentic perspective on why this town has captured the hearts of so many seeking a peaceful and affordable retirement.

The story delves into the transformation of Boquete from a quiet coffee town into a vibrant community that blends Panamanian charm with the comforts familiar to American expats. Local residents share their experiences and insights, giving readers a true sense of what life in Boquete is really like. These firsthand accounts provide invaluable information, making it clear why Boquete has become such a popular choice for retirees.

Real estate and relocation experts, including Jason D. Cohen, CEO of Casa Solution, are among the others who provide further important insights into the history and recent changes in the Boquete community.

By speaking directly with those who have made Boquete their home, the article offers a genuine understanding of the town’s appeal and the reasons behind its growing popularity.

Thank you to the author, Monica Humphries, for this great article!

Boquete, Panama, was once a quiet town home to rainforests and coffee farms. Then came the retirees.

by Monica Humphries, Aug 20, 2024, 5:02 AM EDT

Excerpts:

“Seeing Americans — especially those around retirement age — is standard in Boquete. The town’s year-round cool temperatures and the affordable cost of living have earned it recognition for being one of the best places to retire.

“While some people moved because retiring in the US was too expensive — if not impossible — others told me they came to avoid America’s divisive political climate. Regardless of why they ended up in Boquete, the town has changed drastically in the past two decades because of retirees, and the influx doesn’t seem to be slowing down anytime soon.”

“Founded in 1911, Boquete remained a quiet town for decades. The region was known for its coffee plantations and an annual flower festival. Beyond beans and blooms, Panamanians were lured to Boquete for its comfortable weather.

Situated about 4,000 feet above sea level, Boquete’s temperatures hover around 70 degrees Fahrenheit year-round. The town has long been a weekend escape for Panamanians living in nearby cities like David, where temperatures can reach the 90s.”

“It helped when AARP named Boquete the No. 1 foreign retirement destination in the Western Hemisphere. In 2005, Fortune Magazine featured the town as an idyllic place to retire.”

“The small town sits at the bottom of a valley where the outline of mountains can be spotted in every direction. It’s one of the greenest places I’ve visited: tropical flowers fill gardens outside family-owned restaurants, and massive palm fronds reach toward the sky.”

“Boquete is still a small Panamanian town. Walmarts and McDonalds have yet to reach the serene valley and Spanish was the language I heard most. But walk down any street, and older Americans are impossible to miss. They’re also eager to share how they ended up in Boquete. Jackie Lange, 70, moved to the town in 2010 to escape the Texas heat.”

“Each expat I spoke with had a different reason for the initial push to move to Boquete, but they all mentioned similar motives for staying. Mild temperatures, the cost of living is cheaper, healthcare is affordable, the economy uses the US dollar, no one talks about politics, and you can get by only speaking English.

Boquete is also home to tour companies showing off the technicolor landscape, grocery stores, and nearby hospitals. Lange owns one of those companies, Panama Relocation Tours, which takes groups to meet with immigration lawyers to discuss visa options. For many retirees, getting residency in Panama is easy with the pensionado visa, which requires proof of income or a pension of $1,000 a month and an additional $250 for each dependant.

While $1,000 is required, realistically, retirees can comfortably live in Boquete for $1,400 a month as an individual or $2,000 as a couple, Lange said.”

“Lange estimates that her team helps about 100 people move to Panama monthly. And it’s not just Boquete, Panama City and the San Carlos area are also popular retiree destinations in the country.”

“Jason Cohen, the CEO and owner of the Boquete realty company Casa So lution, said a decade ago, homes in Boquete were priced between $150,000 and $500,000. Today, properties range from $200,000 to $2,000,000. “As Boquete gained international recognition, and with baby boomers approaching retirement, the allure of living in a foreign country grew,” Cohen added. “This, coupled with Panama’s economic expansion, led to a dramatic surge in prices from 2002 to 2006.”

“Young and others said the arrival of the expat community has also positively impacted Boquete. The surge of hotels, restaurants, and businesses means more job opportunities for Panamanians.

Rios said she’s grateful for the tourism and retirement community in Boquete. About 80% of Rios’ patients are foreigners, and those patients are partly why her Odonto Smile Clinic has grown from two employees to an office with two doctors, four assistants, and three specialists.

Before the retirees came, Laws worked in coffee fields, making $5 daily. “I came from the bottom of the bottom,” he said.

Now, Laws runs a successful tour company where he spends his days showing off his beautiful home.

“I love to live around the retirees. I love business. I love to talk to the tourists,” he said. “I want to live the rest of my life in Boquete.”

“Ditching the American rat race

The Americans I spoke to also plan to live the rest of their lives in Boquete, and they said it’s their job to integrate into the town’s community and culture — not the other way around.”

For an inside look at why Boquete has the ultimate retirement destination and for more about Boquete’s recent history, read the full article here: Boquete, Panama: How to Retire in Paradise.

For More about Boquete including maps, virtual tours, real estate for sale and more, visit the Casa Solution Boquete community page.