Scott Taylor grew up in Carlsbad, California, and lived there his entire life. It’s a great place to live-just outside San Diego, the "city of perfect weather"-the kind of place you just don’t leave. But Scott is leaving this idyllic town in search of an ideal of his own…he is moving to Panama. "I have long dreamt of the quality, inexpensive lifestyle of the tropics. Great food, beautiful beaches, friendly people, and the kind of low-cost living that can no longer be found in California," Scott tells me.
Scott isn’t a baby boomer with thoughts of retiring. Far from it-he is 28 years old. But this non-retiree has been dreaming of the tropics for 10 years, ever since he began reading International Living at the age of 18. The place that started it all: Roatan, Honduras. International Living was bullish on this gorgeous Caribbean island (part of Honduras’ Bay Islands) long before most mainstream travel publications. It looked and sounded amazing to Scott-a tropical paradise that precious few had discovered-and a potentially great place to live or invest.
It was this dream that sustained Scott as he got his real estate broker’s license at the age of 23 and began investing in southern California. "Shortly after, I decided it was time to take the next step toward realizing my dream of investing abroad. The first opportunity arose in 2004 in Panama, when I attended an Offshore Opportunities Seminar run by IL sister company The Sovereign Society."
He had read up everything he could on Panama and felt prepared for the visit. Though his loved ones expressed concern (they thought he was crazy!), he brushed off their words of caution. "I knew that Panama had come a long way from its days of Noriega notoriety, and that it was much more than just the Panama Canal. I did my research and knew Panama had been stable for many years. I was confident I could do business there," he says.
Before visiting Panama, Scott’s only sojourn into Central America was a visit to San Jose, Costa Rica. Though he knew Panama would be different from San Jose, he was taken aback at just how different it was.
He gives a vivid description of his first impressions of Panama, from getting off the plane in Panama City (and feeling the first blast of tropical heat and humidity) to driving through the intense jungle greenery before bursting into a vibrant, modern metropolis. "This is no banana republic," he thought, as his taxi darted past gleaming skyscrapers. Almost instantly he fell in love with the frenetic pace, the movement, the busy business center, and the hopping nightlife. "That’s what I like about Panama-the city, the energy, and the people." He was struck by the international flavor, and enjoyed meeting Panamanians and expats from the world over.
After that first foray into the "offshore scene," Scott was hooked. He decided his next seminar abroad would be an International Living event, where the focus would be real estate and relocation overseas-exactly the topics he wanted to explore. It seems it was meant to be, because, in 2005, a Live Overseas Seminar was scheduled to take place in San Diego-next door for Scott. He pounced on the opportunity and readily absorbed the reams of information offered throughout the event.
It was there that Scott first encountered IL staffers Martina Dunphy, Suzan Haskins, and Dan Prescher. His delight in meeting them rivaled his enjoyment of the conference. Happy to meet people who had already relocated, Scott spoke to Suzan and Dan about their many moves and the experience of living in a different country and learned a lot from them. His dream had never seemed more real and attainable.
The conference was a wonderful experience-so much so, that Scott decided to take the next step then and there. "I made my first overseas purchase-a piece of property in Buenos Aires, Argentina." Though the world was leery of the financial crisis in Argentina, International Living was talking about buying there. It made sense to Scott-a devalued market where property was bound to appreciate (and boy did it…early buyers saw their property increase in value by more than 100%).
Since then, Scott has traveled a great deal in Latin America. He visited Uruguay, Argentina, and Nicaragua, to name a few. (He has yet to visit Honduras, but it is still a dream of his…the tropical paradise he discovered 10 years ago.) Eventually, he began liquidating his holdings in southern California in favor of buying property abroad.
Though Scott loved every new country and cherished every new experience, he found himself drawn to Panama, and kept going back. He got to know the city and met more locals and expats. He says friendly IL staffers like Brandon Clogston, Eric Stapp, and Sarah Cox were part of the reason he enjoyed Panama so much. Most of his visits were short, though, with the majority of his time spent at IL conferences and tours.
In fact, Scott now estimates he has spent no more than eight weeks total in Panama (his longest stay was two weeks). Nonetheless, in February, 2006, he returned to Carlsbad after yet another wonderful trip and announced, "I’m moving to Panama." The announcement took his friends and family by surprise: "Yes, they thought I was crazy," he laughs.
"I discovered that I can live comfortably on less in Panama City. I enjoy the First-World atmosphere and convenience. And since most of my holdings are in Latin America, Panama is a great hub from which to travel," Scott says.
He has been all over Panama City and to most of the popular Pacific beaches, but would like to see more, including the Pearl Islands, the highland areas (including Boquete), the remote beaches of Bocas del Toro, and the lush, beautiful valley simply known as El Valle. While in Panama he plans to take Spanish lessons, and may even consider a "visit and learn" intensive program in another Latin American country.
I ask Scott what advice he would give to someone who wants to move and has done all the research, but is hesitant to take the final step. "Sometimes you just have to do it," he says. "I would regret not doing something more than doing it and failing, and you have to remember that you can always go back. Either way, you’re automatically a winner because you tried and were open to new experiences."
Editor’s note: International Living holds regular Live and Invest Seminars in Panama City for those interested in living or investing in this country. Our next Seminar is scheduled for August. For more information, see: www.internationalliving.com/events.
Panama fast facts
Panama is situated in Central America between Colombia and Costa Rica, bordering both the Caribbean Sea and the North Pacific Ocean
The country gained independence from Colombia on Nov. 3, 1903
In the same year, a treaty was signed with the U.S. allowing for the construction of the Panama Canal
Capital: Panama City
There are nine provinces: Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Herrera, Los Santos, Veraguas, and San Blas
Population: 3,191,319
Official language: Spanish
Panama uses the U.S. dollar
Religions: Roman Catholic (85%) and Protestant (15%)
Panama has two seasons-the dry season runs from January to May and the rainy season from June to December. Rains fall for one to two hours in the late afternoon during the rainy season. The temperature remains at an average of 80º F throughout the year
Panama’s total area is 30,200 square miles-land makes up an area of 29,340 square miles and the coastline is 1,550 miles. The country is slightly smaller than South Carolina
The interior terrain is steep rugged and mountainous while the coastal areas consist of large plains and rolling hills
The service sector accounts for four-fifths of the GDP. These services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism
Top five ways to spend a day in Panama City:
1. A bike ride along Amador Causeway
2. A fishing trip in Gatun Lake
3. Lunch at the restaurant overlooking Miraflores Locks
4. Riding the zip line above the rainforest at Gamboa
5. A boat ride to Contadora Island
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