The drive from my hometown of David west to the town of Volcan in Chiriquí Province is one of my favorite scenic routes in all of Panama. I pass cattle pastures, dairy farms, horse stables, and chicken farms framed by rolling green hills. At certain vantage points I look out over the landscape and can see all the way to the Pacific coast. Colorful flowers and a surprising variety of trees and foliage decorate the roadway as I wind my way up the slope of the mountain.
First, let's set the scene: Common legal grounds enabling someone to acquire a second passport include marriage to a foreign citizen or birth in a foreign nation. In some countries like Ireland and Greece blood ancestry is a basis. Then there's formal naturalization, meaning you apply and qualify for citizenship status.
Cost of living is one of the major concerns for many retirees considering a move overseas. It’s one of the reasons my husband and I chose to settle in David, the capital of Chiriqui Province in western Panama. Life here is not only pleasant, relaxed, and fun, but super affordable. We average about $1,500 a month for our living expenses. Here is a typical monthly budget for myself and my husband:
Swimming with endangered green sea turtles in Akumal, strolling the cobblestone shopping district in Playa del Carmen, exploring cenotes or ancient Maya ruins or just lazing in a hammock…this is my life today. But it’s a far cry from where my husband Don and I were back in 2008. In the wake of the financial collapse and the deep recession that followed, our comfortable existence was completely upended. At an age when we expected we could begin to slow down, we found ourselves starting over in a very inhospitable economy. Add to that Don’s second heart attack and the loss of his health insurance when his job disappeared, and you have a recipe for real desperation.
After enduring too many cold winters I decided it was time to move overseas. Shoveling snow just to get to work and more shoveling to get back into the garage at night was exhausting. It was adding more time to my work day, meaning less time for relaxing at home. Plus I hated how the cold dictated how and when I did everything. It would take twice as long to get anywhere. And my cost of living was going up and up and my heat bills just kept rising. Then there was the worry about the wear and tear on the car due to the freezing temperatures, frozen pipes, downed power lines, and power outages.
“I go into my kitchen and look out over my pool to the ocean. I can see all the way to the mountains in neighboring Costa Rica. On my terrace are beautiful potted plants including orchids hanging from coconut trees. I feel blessed,” says Lawrence. Lawrence and Jeanne were living a high-powered life in the Big Apple, working and raising three children.
Neither Yvonne nor Michael Bauche qualiﬁed for a pension in Canada. And so the adventurous duo decided to embark on a round-the-world trip that has seen them visit Belize, Guatemala, Honduras, Portugal, Italy, France, and the Caribbean. “We cut our expenses in half,” says Yvonne of their new life on the road. “Running two cars, paying for electricity, gas, phone, cell phone, internet, food, and eating out used to cost us almost $4,000 a month. Our average expenditure is now about $2,000, and we live and play very well on that.”
The older I get, the more I love technology. It’s supposed to work the other way, I know. The older I get, the more I’m supposed to kvetch and complain about all those dang, newfangled whatchamacallits that were supposed to make our lives easier but ended up making them more complicated and unmanageable. Sorry, but I can’t go there. I love a strong cell signal and a big, fat data pipe that will stream any video and transmit any file I want without a moment’s hesitation. I love having instant access to information about anything, anytime I need it.
I stumbled upon the Italian town of Biassa quite by accident while looking for rooms to rent in the famed cinque Terre— five pastel-colored towns built along the cliffs of Liguria—and I knew right away that the town would be perfect. While I love Italy in the summertime, full of laughter, sunshine, and gelato, I also crave peace and quiet, to get away from the crowds and experience something authentic, something all my own.
There are many countries around the world that offer you the right to residence without having to be physically there. The biggest benefit of having residence in another country is the ability to avail of offshore and financial protection strategies that would otherwise be unavailable to you as an America citizen.