The best country for foreigners is not Mexico or Spain: Panama is chosen as the best place to live in 2024

Mexico is a wonderful country with high historical and cultural value, beautiful landscapes, and advanced infrastructure. It's not surprising that it has been chosen as one of the best countries to live in. On the other hand, Spain is a European nation with modern social structures, enhanced security, and solid opportunities.

However, Panama has climbed over these two nations to take the first position when it comes to the best places to live in 2024.

At Mundo, we’re thrilled with this news because we have close connections to Panama and consider this jurisdiction a solid bet for nomad capitalist services. 

Searching the world for the best places: Panama is leading the ranking this year

In 2023, Panama occupied the third position on this very same ranking of the best countries to live in, while Mexico was the first. What happened that made Panama take this leap? The places to visit in Panama are numerous and compete with each other regarding beauty, functionality, and possibilities. However, not even the best beaches in Panama were the reason for this ascent.

To understand the situation better let's review the five parameters under which the best country for foreigners is assessed.

• Ease of settling in
• Possibilities to work and conduct business abroad
• Life Quality
• Personal finances
• Expat index including housing, digital life, language, and administration

Panama’s main rival when it comes to the best places: Panama or Mexico?

The advantages of Panama are clear as we can see in our many articles about the country including why it's the perfect fit for international businesspeople. Furthermore, the isthmus was given a healthy boost when Mexico stepped down under two of the categories for assessing the best countries to live in, and, particularly, the best places to live in 2024.

Undoubtedly, Mexico is home to a valuable culture, an educated society, and ample resources, nonetheless, it presented a significant drop in personal finances, descending to the 7th place. Moreover, when compared to Panama, Mexico presents certain issues making ex-pats feel concerned about their safety. 

In this regard, 34% of expats feel unsafe compared to the global average. Being slightly lower in security standards and having average ratings when it comes to public transportation and healthcare, Mexico rates 25th in the “quality of life” field. 

On the other hand, Panama is one of ex-pats’ favorite places having natural allure, financial security, relatively low crime rates, advanced infrastructure, and significant financial and business advantages. Improvements in public transportation, quality and availability of healthcare, and leisure alternatives have tilted the balance in its favor.

Mundo’s favorite parameter for the best places to live in 2024: ease of settling in

When choosing the best countries to live as a foreigner it's vital to recognize valuable residency opportunities. Beyond the best beaches in Panama and all the wonders we can find here, several unique programs offer paths to residency. It's worth noting that these were built with the purpose of catering to different needs. Today Mundo has chosen to highlight three of them.

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Panama is the best country for foreigners thanks to the Friendly Nations Visa

This option is unique because it doesn't necessarily require an investment. Although real estate is one of the options, it requires a much lower price when compared to the Qualified Investor Visa.

The key to the Friendly Nations is being from one of the 50 stipulated countries and proving that you have economic ties with the Republic of Panama. Once this is done the applicant must deposit a certain amount in a bank account to prove solvency. In general terms, this is an excellent option as it grants a work permit and allows for dependents. Residency term: two years with the possibility of renewal.

Panama is the best country for foreigners thanks to the Qualified Investor Visa

Investing in Panama is an excellent choice and grants permanent residency immediately. The options are three: bank deposit, Panamanian stock market, or real estate. Although the latter was originally stipulated as a minimum investment of $500,000, it has been lowered to $300,000 until October 2024. This means that there are only two months left to access this investment for a lower minimum. Residency term: permanent residency.

Panama is the best country for foreigners thanks to the Pensionado Visa

Another option that doesn't require investment is the Pensionado Visa, specially crafted for retirees. The main condition is to prove having a lifetime pension which can be from public or private sources. 

There's a minimum monthly stipulated of $1000 and the visa only allows for one dependent (the spouse). Even though it doesn't allow for a work permit, retirees in Panama access a variety of discounts stipulated by law. Furthermore, there's a real estate investment possibility which lets you lower the minimum monthly pension. Residency term: permanent residency.

Disclaimer: this article represents only a general overview of Panama residency visas and Panama as the best country for foreigners who want to emigrate. Therefore, this article must not be considered legal advice on migration. Before making any important migration decisions make sure to consult with a professional and conduct proper research.

Panama as one of the best places to live in 2024

At Mundo we are proud to present Panama as one of the most advanced countries to live if you want to emigrate. We've written quite a lot about this country and there's a perfectly good reason. A large part of our team is located in Panama and connected with local lawyers, experts, realtors, and banks.

We have a special bond with this country and a selective network that allows us to introduce our readers to the best services.

From free zones to solid banking and foundations, Panama provides best-in-class solutions not only for its region but also for investors worldwide. If you want to know more, click on the button below and contact our team.

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