Thoughts On Transitioning to Panama
GH and I aren’t ready to full retire, either financially nor age-wise. But I freely admit that I don’t have the energy for work that I used to. I can’t do the daily 10-11 hour workdays that I used to keep, nor do I want to. That’s one reason why slowing down in Panama is so appealing.
But I would still need to keep up a moderate work pace for several more years and I keep wondering how Panama and I can “fit” together. I would love to continue my portfolio management business, though I would need to see what the regulations are in Panama. GH could continue to do computer work, even though I notice from various announcements that there are an increasing number of expats offering computer repair and maintenance services.
When we were in Panama City, in the Casco Antigua area, it was clear that there was room for a storage business. The renovated historic properties don’t lend themselves to large rooms and abundant storage, so I’m not sure how most expats there manage to store their goods. Even restaurants and bars would benefit from a nearby storage facility and there are no lack of rundown buildings in the area that could be re-purposed as storage facilities. There would be the question of how much people would be willing to pay for storage, but that’s just number crunching.
I was also surprised to learn that there are no sheep farms in Panama, at least on any real productive scale. I know the wet season is very wet, but surely not more so than New Zealand or Ireland. Perhaps agriculture could be an interesting entry, though I would need lots of help there.
The mail situation is terrible in Panama. The expats get their overseas mail from a MailBoxes, Etc. or a competitor. And the rates are steep because shipping or mailing FedEx or UPS from the US to Panama is absurdly high. If someone could arrive at a cost effective solution, they would make a killing here!
The supposedly tried and true method of launching a successful business is to find a niche and fill it. But it’s a little more challenging in Panama because the numbers often aren’t there. Most Panamanians aren’t wealthy enough to support North American business concepts and the number of expats , in many instances, would be too low to launch a major business idea.
So, everyone out there, what opportunities in Panama would you hang your star on? What business or industry would you grow? How would you do it?
Marta, I would love to hear more about what attracted you to Panama in the first place?
Perfect environment for aquaponics….. This would take some study to find out how to export your organic products. Lots of number crunching.