Young Professionals Relocating to Panama
(arcoproperties.com) For the last five years, Panama has been marketed as one of the best destinations in LatinAmerica for retirees. During this period, we saw baby boomers arrive to the country and settle here either for good or for at least a summer home. Today, as the financial crisis continues its course and groups like "Americans For Prosperity" reach out to fight over the US government bailout plan, this is a far different scenario.
With the US and specific places like New York going out of jobs for all ages, but specially the younger crowd, Panama, somehow is now attracting a completely different profile almost by accident: young, professional and entrepreneurial. Alone or in young couples, they are exploring the country for far more than just a "clear our minds" vacation. Attracted by exactly the same things retirees where attracted to: affordable health insurance and lifestyle, but with the added component of a world of niche business opportunities, Panama might just be the place where they can "wait it out". Be what they always wanted to be, at least for two years while things get ready.
Most of them are coming with a concrete objective: a one or two year plan, where they can cut their living expense considerably, try new businesses that would be cost- prohibitive in the States and just enjoy Panama´s huge outdoors diversity (mountain, beach, two oceans, everything reachable in a long weekend). Some are choosing to live in the modern part of Panama City, but for those with a taste for authenticity and an eye for tourism related businesses (or just those who can work from home) the upcoming historic city of Casco Antiguo (or Casco Viejo) is where they are setting their headquarters.
This year the "young invasion" of Casco Viejo entrepreneurs include Americans, Venezuelans, Italians, French, British and Deutch among others. Running anything and everything from a pizzeria to soups & salad restaurant to property management services, Casco Antiguo is the perfect playground as it enjoys a revitalization momentum and the privilege of being Panama City´s second tourism attraction.
Casco Antiguo has currently only one hotel (Canal House Panama) and several short term rental apartments where you can stay per night, week or month. It also has, however, at least another two hotels currently under construction, another one starting this year. As hotels get built and open, more opportunities become available. And "opportunity" seem to be the young public´s middle name, and frankly, today´s most valuable asset.
